Entries by DomresRealEstate

Former Lykes home on Bayshore is listed for sale at $6.9 million

June 8, 2022 in /by

A home built by Tampa's Lykes family is on the market after an extensive renovation by a local developer. The home at 4707 Bayshore Blvd. is listed for sale at $6.995 million by The Hughes Shelton Group with Compass. Steven Anthony Luxury Homes paid $3.75 million for the home in July 2021. The renovations were designed by Enrique Crespo. “We are thrilled to bring this iconic estate to market,” Jeff Shelton, principal agent, said in a statement. “The developer and design team did an amazing job…

Report: Tampa Bay housing market shows signs of cooling down

June 7, 2022 in /by

Last month may go down as a turning point in the red hot housing market since the coronavirus pandemic's start. A new report from real estate listings website Realtor.com found that the number of new listings to hit the market last month rose for the first time since June 2019 nationwide. As a result, May home shoppers had 8% more active listings to scroll through than they did last year. In Tampa Bay, new listings increased by 11.2% year-over-year with a median price of $437,000, a 30% increase…

Exclusive: Waterfront South Tampa mansion sells for $9.89 million (Photos)

June 3, 2022 in /by

A waterfront South Tampa home that was built speculatively two years ago has sold again — at a 53 percent increase over its 2020 sales price. The home at 38 Sandpiper Road in Beach Park sold for $9.89 million to an undisclosed buyer in an off-market transaction. A deed for the sale has not yet been filed. Jennifer Zales of Coldwell Banker Residential Real Estate represented the buyer; Greg Margliano of Compass represented the seller. Zales represented builder Tulia Homes by Legion Construction…

What homebuyers need to know about escalation clauses

June 2, 2022 in /by

People who have signed contracts with homebuilders recently may be surprised to see an unexpected line item in their contracts: escalation clauses. While the wording and terms of escalation clauses can vary per contract, their purpose is the same. They require the homebuyer to cover an agreed-upon portion of material and labor costs that increase from the time the contract is signed to the time the build is complete. For example, let’s imagine a homebuyer signs a builder contract for a $1 million…

Report: Homebuilding in Tampa Bay slows down as housing market cools off

June 1, 2022 in /by

Sun Belt metros continue to be one of the hottest places for homebuilders throughout the nation, according to a new report that highlights which areas need it the most as inventory continues to dwindle. Seattle-based Redfin Corp. (NASDAQ: RDFN) recently found that 49 of 53 U.S. metropolitan areas with more than 1 million residents issued more single-family building permits per capita in the first quarter than they did on average in the 10 years before the pandemic. While homebuyer demand has started…