My clients decided to start their home search for waterfront properties in Tampa. There are really only a few neighborhoods that offer bay and gulf access: South Tampa, Davis Islands, Harbour Island, Dana Shores and the Bay Crest area. There are other communities, but they are further away from where my clients wanted to live, which is the South Tampa area.
I pulled a search based on price only, and in S. Tampa there was 1 home listed under 500K. The only other areas that had waterfront homes for sale under 500K were Dana Shores and Bay Crest.
First we looked at a bank owned property in Bay Crest listed for 335K. It was basically original 1967 inside and needed 50-100K in improvements. Of course this is just my opinion. The neighborhood itself was not very well kept and we both felt that the price was too high to be able to renovate. Since this property was bank owned, the Real Estate agent told us they were not negotiating on price yet because it had not been on the market long enough.
The second home we saw was located in the Dana Shores area about 2 miles away. There's a nice public golf course called Rocky Point, across from this subdivision. The water view, access to Tampa Bay and depth of the canal seemed suitable for the buyer's 30' boat. The price difference was only 20K between the two homes, as this home was priced at 355K, just reduced from the original price of 498K. It's been on the market for almost a year.
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The sellers have maintained this home throughout the years. The roof is newer, The AC is brand new and they had already done the renovations from the original 1960's style. It's about 1600 sf, however the lot is large and there's plenty of room to add up, in the front or back of the home if someone needed more space down the road.
The Dana Shores Waterfront Community has had more appreciation than Bay Crest. The home just across the street was a newer custom built very large home. This is always a good sign when buyer's are tearing down older homes and building mini mansions in your neighborhood.
This is one of the best deals I've seen for a waterfront home in this condition. If you are looking for a starter waterfront house close to the Tampa Airport, Westshore Business District and major highways the location is ideal.
I have a feeling that this property will move quick with the recent price reduction this week. Homes are selling if they are priced right and savvy home buyers will buy low and sell high.