Home affordability decreases in Tampa metro area alongside national trends

While low mortgage rates have helped affordability, prices shot up too much to maintain historic affordability levels, according to a new report. Homes in the Tampa metro area were less affordable in the second quarter of 2021 than the historic average, alongside national declining home affordability for average workers and soaring prices.

While other economic sectors are seeing gradual recovery from the pandemic, home affordability backslid, despite a 22% spike in the median national home price in the same quarter in 2020 to a record of $305,000. About 61% of counties in the nation with enough data to analyze saw median home prices of single-family homes and condos increase by at least 10% this quarter, according to a report by Attom, a property data company based in California.

“That was up from 48% of counties in the second quarter of 2020 to the highest point in two years, as home prices have increased faster than wages in much of the country,” the report said.
Four counties in the Tampa Bay metro area fall into this category.

• In Pasco County, the year-over-year median home price increased 32% to $250,000.
• There was a 24% increase in Hernando County, to a median home price of $228,900.
• Hillsborough County saw a 20% increase to $295,000 in the second quarter of 2021. This is the fourth-highest increase in the country among counties with at least 1 million people.

In Pinellas County, the year-over-year median home price increased 16% to $289,900.
While low mortgage rates have helped affordability, prices shot up too much to maintain historic affordability levels, Teta said in the report.

“The near future of affordability remains very uncertain, as it has throughout the pandemic,” he said. “For the moment, the situation is a mix of positive and negative trends.”

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Home affordability decreases in Tampa metro area alongside national trends

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Chorizo caramel swirl ice cream, anyone? Oddfellows Ice Cream Co. is on it.
The popular Brooklyn-based business is bringing its signature collection of wacky flavors to Tampa this fall. Think miso cherry, olive oil, chocotorta and passionberry buttercake ice cream.

The 1,500-square-foot shop at Hyde Park Village will mark Oddfellows’ first location in the South. It joins six other storefronts in Brooklyn, Manhattan, Boston, and Korea. Tampa ice creamery will operate at 718 S Village Circle from 11 a.m. to 11 p.m. every day.

Oddfellows opened in 2013 after Kumar commissioned Mason to whip up pretzel ice cream for his then-pregnant wife. The shop has since exploded, drawing hungry customers with milkshakes and decked-out banana splits. It also serves vegan flavors, alcohol-infused tubs, wine, and beer.

“We made a name for ourselves with unconventional flavors,” said Oddfellows co-founder Mohan Kumar, who visits friends and family in Tampa regularly. “And that is what we are bringing here. Over the last five years, I’ve seen the food scene explode in Tampa. I love the people. I love the vibe.”

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Median existing-home prices soared 23.6% year over year to a record high of $350,300, as monthly price gains continue. Median existing-home price across all housing types hit a record high of $350,300 in May, up 23.6 percent from the year before, according to a new report released Tuesday morning by the National Association of Realtors (NAR). Home prices rose across all U.S. regions as the new high marked 111 consecutive months of annual price gains since March 2012.

Existing-home sales dropped slightly for the fourth consecutive month in May, with sales down 0.9 percent from the previous month to a seasonally adjusted annual rate of 5.8 million. However, existing-home sales were still up 44.6 percent year over year from 4.01 million in May 2020.

“The market’s outlook, however, is encouraging,” Yun added. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

By the end of May, total inventory reached 1.23 million units, an increase of 7 percent from April, but down 20.6 percent year over year. That amount of inventory represents a 2.5-month supply, up from 2.4 month supply the previous month, but down from 4.6 month from the previous year.’

Properties spent about 17 days on the market in May, which reflected no change from April, but is down from 26 days in May 2020. Nearly 90 percent of properties sold in May spent less than one month on the market.

First-time homebuyers made up 31 percent of May sales, the same proportion as in April. Investors, or second-home buyers, made up 17 percent of home sales, also equal with the number of investor-buyers in April.

Distressed sales (foreclosures and short sales) made up less than 1 percent of sales in May, equal to the rate in April.

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Tampa International ranks among the most affordable departure airports

As the number of Americans flying rebounds, travelers leaving out of Tampa International Airport are in luck — the airport recently ranked among the most affordable based on average airfare, according to FinanceBuzz.

TPA ranked 11th, with average airfares of $259.91. However, it was far from the most affordable in Florida. Fort Lauderdale-Hollywood International was the second most affordable in the report at $214.87, followed immediately by Orlando International at $215.93. Miami International ranked just below Tampa at No. 12 with average fares of $265.82.

The report looked at average domestic airfares from the 45 busiest airports in the country using data published by the U.S. Department of Transportation.

The most affordable airport on the report was McCarran International in Nevada. The most expensive was John F. Kennedy International out of New York.

The national average fell from $352.27 to $292.20 from 2019 to 2020, marking the lowest average airfare tracked by FinanceBuzz going back to 1995.

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A historic cigar factory in West Tampa could soon find new life as apartments.
Tampa developer Omar Garcia has filed plans with the city to convert the century-old factory at 2111 N. Albany Ave. into Albany Cigar Lofts, which would include 40 apartments. On the land surrounding the factory, Garcia is planning 10 townhouses ranging from 2,000 to 2,400 square feet. The project will also include 55 parking spaces.

The factory, built in 1903, sits on 1.33 acres, which includes the vacant lot at the corner of North Albany Avenue and West Walnut Street. It's currently owned by a trustee that paid $1.95 million for it in 2018, according to Hillsborough County property records.

The surrounding neighborhood has seen a development boom in recent years. The Bryan Glazer Family Jewish Community Center opened in 2016; developers have poured millions into apartments; and restaurants are popping up around the area.

The plans require a rezoning approval from Tampa City Council, which will hold a public hearing on the project on Sept. 9.

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Hillsborough to take a close look at school boundaries

A penthouse condominium in Virage Bayshore sold for $6.9 million, a near-record price per square foot.

John and Pamela Keiser, who sold their Davis Islands home to the husband of Tampa Bay Buccaneers co-owner Darcie Glazer Kassewitz, bought the Virage penthouse the same day that sale closed, according to Hillsborough County property records.

The penthouse seller, Gretchen Shires, paid $6.605 million for the condo in February, according to county records. The condo's worth increased by 4.45% in four months, though its listing price was even more ambitious: Toni Everett, founder of the Toni Everett Co., initially marketed the penthouse for $7.9 million.

The purchase price breaks down to $1,015 per square foot. It is the second-highest price per square foot ever paid for a condominium in Hillsborough County; the top price is $1,010 per square foot, which another Virage penthouse sold for in February, according to the Multiple Listing Service.

Home sales — whether single-family properties or condos — in Tampa rarely top $1,000 per square foot. That is a price range more commonly seen in Sarasota, though the home the Keisers sold to the Kassewitz family clocked in at $1,258 per square foot.

Nine of the 10 most expensive condos sold in Tampa in the last decade were in Virage; the other unit was in the Bellamy, according to Hillsborough County property records. Virage, which includes 71 units in 24 stories, offered the city's first new condos since the Great Recession.

Virage likely won't hold those records for long: Units in The Edition Tampa, a tower that includes boutique hotel rooms and branded condominiums, will likely crush the $1,000 per square foot threshold, as will the Ritz-Carlton Residences.

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Former Rays manager Joe Maddon is selling his iconic Bayshore Boulevard home and relocating to Arizona to be closer to work and family.

Maddon and his wife, Jaye, moved to Tampa after he got hired by the Rays for the 2006 season and continued to live there in the offseason after he left, taking jobs managing the Cubs in 2015 and Angels in 2020.

He has remained active in the Tampa Bay charity community, and his Respect 90 Foundation will remain based here. Maddon, 67, is also a partner, with Michael Stewart, in the South Tampa restaurant Ava, which will remain open.

“Tampa Bay will always feel like another home to Jaye and I,” Maddon said via text message. “This decision was based on the opportunity to spend more time with family. Through our Respect 90 Foundation, we will remain closely tied to the Tampa Bay area community which has been so great to us over the years. We cherished our time spent there and are so grateful for the many friendships we will continue to maintain.”

The Maddons bought the historic 5,403-square foot home, which was built in 1917 and whose past owners include former Bucs coach John McKay, in 2012 for $1.76 million. They did extensive renovations and updating and are now listing it for $3.9 million.
The main house, in a Dutch Colonial style, has four bedrooms and 3½ baths, with hardwood floors and updated kitchen and bathrooms, with an expansive view of Hillsborough Bay and the wide sidewalk promenade. Guest quarters over the detached three-car garage include two bedrooms and one bath, plus a room that was Maddon’s “man cave,” with five televisions.

There also is a salt-filtration pool with private outdoor living space, including a covered bar and fire pit. The home is located at 1001 Bayshore Blvd.