Entries by DomresRealEstate

Report shows home affordability in Tampa has improved slightly, remains below historical median

July 22, 2019 in /by

While home affordability in the Tampa area has improved slightly in the past year, homes are expected to stay unaffordable until the next possible recession. A new report from John Burns Real Estate Consulting shows that 57 percent of Tampa metro households are able to buy an existing entry-level home with a 5 percent down payment. An entry-level home in the Tampa metro area costs $172,400, which is 20 percent beneath the median home price of $215,500. Homes have become more affordable than last…

Tampa Bay home prices outpace income

July 19, 2019 in /by

Earnings in Tampa Bay are simply not keeping up with housing prices. According to a report from ATTOM Data Solutions, average earnings in Hillsborough, Pinellas and Pasco counties fall considerably short of the annual income required to buy a house, based on a 28 percent front end debt-to-income ratio and 3 percent down. The average resident in Hillsborough County earns slightly more than $54,000, compared to a required annual income (for a house) of $58,258. In Pinellas County, the average income…

Tampa Bay’s mortgage delinquency rate has dropped

July 15, 2019 in /by

More Tampa Bay homeowners are keeping up with their mortgages. According to a loan performance insights report from CoreLogic, this past April, the mortgage delinquency rate in the Tampa-St. Petersburg-Clearwater metropolitan area, 3.9 percent, was 2.4 percentage points lower than it was in April 2018, when it was 6.3 percent. The serious delinquency rate decreased, too. This rate — which measures payments that are 90 days or more past due, including loans in foreclosure — also decreased by…

Outback Steakhouse founder swaps mansions with hedge fund boss

July 11, 2019 in /by

J. Timothy Gannon, the co-founder of Outback Steakhouse and Tampa-based Bloomin’ Brands, has exchanged Palm Beach mansions and millions of dollars with hedge fund executive Laurence M. Austin and wife Molly M. Austin. Gannon sold his 7,005-square-foot beachfront mansion at 1300 N. Ocean Blvd. for $12.23 million to the Austins. On the same day, the Austins sold their 5,802-square-foot home at 235 Nightingale Trail to Gannon for $5.76 million. The listing agent for the home at 1300 N. Ocean Blvd.…

Developers of 53-story mixed-use Riverwalk Place to begin external demolition of CapTrust building in downtown Tampa

July 2, 2019 in /by

The developers of the 53-story Riverwalk Place will begin external demolition of the CapTrust building, a process expected to take more than a month and affect traffic patterns in downtown Tampa. The developers — a partnership of Tampa's Feldman Equities and West Palm Beach-based Two Roads Development — said on July 2 that they will begin external demolition on July 8. Internal demolition of the building has been under way since at least early May. On July 5, the developers said via a spokesman…