Troubled Tampa Neighborhood Getting a Facelift

Sulphur Springs Water Tower

Tampa Mayor Bob Buckhorn has been on a mission to turn around Sulphur Springs.  The neighborhood, which is located within the Tampa city limits is home to more than 6,000 Tampa residents and boasts some famous landmarks like the Sulphur Springs Water Tower and is also home to what was widely considered the first indoor shopping venue in the state of Florida.

Over the past several years the neighborhood has been the focus of city-led demolitions and code enforcement, which has led to 10% of the residential parcels becoming vacant lots.  The Mayor, along with Bob Mcdonaugh, the city's economic development chief, have developed a plan to revitalize the area with new homes.  Their hope is to attract new young families to the area.

The city will be using $1 million dollars in federal funds that Tampa received to rehab distressed properties.  City leadership outlined the specifications for interested builders at a workshop last Friday, calling for modest houses between 1200 and 1300 sqft with porches out front.

To further entice prospective homeowners to move into the neighborhood, the city has increased police patrols and upped its inspections of code enforcement in the area.

The first lots to be improved will be located around the elementary school and recreation center, with hopes that the new homeowners and families with grease the wheels for private real estate investment in the community.  


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 Source: Tampa Tribune

Florida New Home Purchase Growth Outstripes the Country

For the month of September, Florida new home purchases grew faster month over month and year over year than the rest of the country.

The Mortgage Bankers Association's Builder Application Survey showed that for the total US mortgage applications for newly built homes drop 1% month over month.  But in the state of Florida, those applications rose 1.6% and marked an increase of 10.7% over September of last year.

There are several new home construction sites in the Tampa Metro area, including Arbor Woods by Taylor Morrison which just started construction this month.


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Source: Florida Association of Realtors

Florida Backs Mississippi in Flood Insurance Lawsuit

Flood insurance rate hikes have been big news recently, especially because of the amount of increase Florida homeowners are likely to see in their premiums.  Last month, Mississippi led the Gulf states with a lawsuit aimed at the federal rate hike.

The lawsuit claims that the Federal Emergency Management Administration failed to complete its due diligence under the Biggart-Waters Flood Insurance Reform Act.  Specifically, that FEMA did not complete an affordability survey of the higher flood insurance premiums by the deadline of April 2013.  In fact, they have not completed one at all.  

On October 10th, Gov. Rick Scott, Attorney General Pam Bondi and CFO Jeff Atwater announced that they had only filled a brief in support of the Mississippi lawsuit, but did not rule out further action, hoping that they will be successful with their lawsuit or that congress and the president will take action immediately stop the rate increases.

The Florida legislature has also proposed other efforts to stabilize the rates such as being removed from the federal program and instituting its own state backed program similar to the Florida Hurricane Catastrophe Fund.


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Source: News Service of Florida

Average 30 Year Mortgage Rate at 4.23%

Thursday of last week, Freddie Mac said the average 30 year mortgage rate increased by .01% to 4.23%.  The avg 15 year rate also increased from 3.29% to 3.31%  Both are still on lows since the month of July.

Decreases over the last month were spurred by the Federal Reserve's insistence that they will not slow the pace of bond purchases.  Also the government shutdown and the economic uncertainty that followed has been affecting the rates loan recipients are receiving.

On another note, the government shutdown has also thrown a wrench into some buyer's closings as furloughed agencies are having a hard time keeping up with demand for federal income tax returns and social security information.  With 30% of all home loans being backed by the Federal Housing Administration, the FHA is having trouble keeping up with the pace as well.

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Source: Florida Association of Realtors

Land O Lakes Homes | Devonwood

Ascott Model Villa

Devonwood is a gated community that lies just west of the SR54 and Hwy 41 intersection in Land O Lakes, FL.  Devonwood is comprised of Villa style homes with luxury design and features.  Designed and built by Southern Crafted Homes, this community boast homes from 1400 sqft to over 2000 sqft all with access to the Cabana style pool and exterior home maintenance included.  Close access to the Veteran's Expressway and Hwy 41 makes it very easy to get into and out of town.



Homes for sale in Land O Lakes: Click Here

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