Tampa Bank Owned Properties

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Tampa, Florida, is home to amazing tourist sites. While these are not on the level of the attractions in Orlando, which are known around the world, Tampa has great places for shopping and some of the best museums in the southeast. It is also home to the Florida Aquarium and to Bush Gardens Park. There are many foreclosed homes in the area that can be bought at a bargain price. Many people own properties in this area that they use in the vacation months. This kind of property is also a good way to have some extra income during the height of the tourist season. There are many different kinds of foreclosed properties to choose from, everything from single-family houses and condos to huge, luxurious estates.

At any one time in the past year, about 6,500 homes have been in some stage of the foreclosure process. These offer investors a potential bargain in which they can buy cheap and sell them off for a substantial profit. The median sales price for homes in Tampa is around $100,000. Any potential investors should be aware that home sales have declined sharply in the past year; there has been an 84.5% drop!

There has also been a steady downward trend in property values in the last couple of years. Only a couple of neighborhoods have shown a sharp increase in price, and only around 10% at that, so not precisely an investment with a huge potential return. Even so, Tampa is still a city with many attractions, not the least of which is its warm climate. This alone is enough to bring flocks of retirees from the northern states every year, looking for cheap property for sale. If bought at the right time, a foreclosed property could be resold in the warm months of the year with relatively few problems.

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Our listings includes Bank of America foreclosures in Tampa FL, Wells Fargo Foreclosures in Tampa FL, and a lot more of trusted sources, like:

• » Fannie Mae REO in Tampa FL
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Introduction to Tampa, FL

Tampa is one of the major cities in the state of Florida and has a population of 335,709. While a small city, Tampa is part of the Tampa-St. Petersburg-Clearwater metropolitan area which has a population of 2.7 million and is the second largest metro area in Florida and the 4th largest in the southeast. With a humid subtropical climate due to its proximity to the Old Tampa Bay and the Hillsborough Bay, Tampa has an area of 170.6 square miles (112.1 of which is land and 58.5 of which is water). Tampa was originally discovered by gold seeking Spanish explorers in the 1500s. Not finding any gold, the explorers left Tampa, causing the city to be ignored for the better part of 200 years. By the mid-18th century, the U.S. bought Tampa from Spain for the purpose of creating a Native American reservation. For most of the 18th century, Tampa was considered “wild country” and was not heavily populated. However, by 1855 there was a large enough population that Tampa was considered an official city of Florida. Tampa remained inconspicuous during much of the 19th century. Considered a mere fishing village, Tampa first became prominent in the 1880s when it started mining phosphate. The creation of a railroad linking it to other shipping ports along the East Coast also significantly helped its growth. During the 20th century, Tampa focused its economic efforts on the cigar industry, producing over 500,000,000 cigars per year. The city saw record population growth during the mid-20th century which caused the expansion of its public transportation and education systems. Currently, Tampa’s economy struggles due to the recession and has seen a decline in its population.

Living in the City

Tampa is comprised of nine distinct communities: Northwest, West, Southwest, North, Central Tampa/Downtown, South, Northeast, East, and Southeast. Each district contains dozens of communities. The most well known and popular communities include Forest Hills, Sulphur Springs, Tampa Heights, Palma Ceia, Hyde Park, Tampa Palms, Ybor City, College Hill, and Davis Islands. The city contains many entertainment venues, museums, and attractions. Some of the venues include the Tampa Theatre, Gorilla Theatre, the 1-800-ASK-GARY Amphitheatre, the David A Straz Jr Center for Performing Arts, the Florida Orchestra, the Opera Tampa, the Master Chorale of Tampa Bay, the Tampa Bay Symphony, the Museum of Science & Industry, the Tampa Museum of Art, the USF Contemporary Art Museum, the Tampa Bay History Center, the Henry B Plant Museum, the Ybor City Museum State Park, and the Tampa Bay Firefighters Museum. The city is also home to three professional sports teams: the Tampa Bay Buccaneers, the Tampa Bay Lightening, and the Tampa Rays. Many notable schools are also located in Tampa such as the University of South Florida, which is the 11th largest campus in the country with over 46,000 students enrolled. The University of Tampa, Hillsborough Community College, Eckerd College, and St. Petersburg College are other universities and college in the city. The city also offers public transportation in the form of a streetcar line, public buses, and a paratransit service. There is also a high speed rail train that runs to all the major cities in Florida. Tampa also has a prominent port in Tampa Bay.

Job Opportunities

The economy of Tampa is focused on service positions, finance, retail, transportation, tourism, and national defense. The city has undergone extensive development in the past few years in an effort to bring new businesses to the city. In doing so, a number of construction jobs have been created. There are several Fortune 1000 companies in Tampa who are key job providers. They include WellCare Health Plans Inc, OSI Restaurant Partners, Raymond Kames Financial, and TECO Energy. Tampa is also home to a lot of military organizations such as the MacDill Air Force Base which is one of the largest employers in the city with over 15,000 active employees and military personnel. Other organizations include the 6th Air Mobility Wing, the United States Central Command Headquarters, the 927th Air Refueling Wing, the United States Special Operations Command, the United States Marine Forces Central Command Headquarters, and the United States Special Operations Command Center. The Port at Tampa Bay is also one of the leading places for job opportunities in the city. Tampa’s seaport is the 7th largest in the country as well as Florida’s largest port. The port controls about half of Florida’s transportation commerce. It is also a popular tourism center as many cruise ships are docked at this location and use it as a port of call. Tampa’s port is the port of call for Holland America’s MS Veendam, Carnival’s Legend and Inspiration, and Royal Caribbean’s Grandeur of the Seas. Currently, the unemployment rate is 11% and over 27% of the population work in service oriented positions. Tampa’s economy is not beneficial to people looking to start their own business, if only because the economy’s instability and harsh job market doesn’t allow for business growth or prosperity.

Real Estate Market

Tampa’s real estate market used to be booming, but has fallen slightly in the past decade. Many of the neighborhoods have been renovated to encourage more residential activity. However, the real estate market is very beneficial for those looking to buy a house rather than sell. The average price per square foot is $88 which is a decrease of 1.1% as compared to 2010. The average sales price for a home is $105,000 which is a decrease of 4.5% and $5,000. In the past year the number of completed home sales decreased by 25.5%. The average listing price for a home is $23,511 which around the same price as the previous year. The popular neighborhoods in Tampa are Old Seminole Heights, Tampa Palms, Cory Lake Isles, Sun Bay South, and Hunters Green. The listing price for these areas ranges from $119,361 to $387,340. The median home cost in Tampa is $155,100 with a home appreciation rate of -9.57%. Of all the homes in the city, 30% are valued between $100,000 and $150,000. The current homeowner percentage in Tampa is 48.27%. The number of houses on the market that are vacant is 9.90% and 41.83% of the population rents houses, condos, or apartments. The average price range for apartments in Tampa is $700 to $750 for a studio, $800 to $950 for a one bedroom, $1,000 to $1,200 for a two bedroom, and $1,200 to $1,500 for a three bedroom.

Weather

Tampa enjoys a humid subtropical climate. Its summer days are hot and slightly humid with an average high of 70 to 90 degrees Fahrenheit and an average low of 52 to 76 degrees. The number of sunny days is around 246 with a UV index of 6.9. Despite its location, Tampa has never officially hit 100 degrees Fahrenheit. Its winter season has an average high temperature of 70 degrees and an average low temperature of 50 degrees during. The temperature rarely falls below freezing. The number of rainy days is around 106 with an average rainfall of 47 inches per year. Tampa can occasionally experience tropical storms, hurricanes, and tornadoes. Since this type of weather deposits a lot of rain and debris, houses should be elevated to prevent water damage such as rotting, mold, or rusted pipes. A drainage and sewage system is also recommended.

Cost of Living

Tampa is a relatively expensive city, though not as expensive as the rest of the country or the rest of Florida. The cost of living is attributed to urban sprawl and economic decline. The average salary for a household is $43,636 while the per capita income in Tampa is $26,872. Around 16.60% of the population earn less than $15,000, while 11.85% earn between $15,000 and $25,000, and 12.30% earn between $25,000 and $35,000. Out of the entire population, 17% of people are living at or below the poverty line. Tampa institutes a sales tax of 7%, an income tax of 0%, and a property tax of 1.34%. The credit score is 6892 which is ten points below the national average. The popular banks used in the city are SunTrust and Bank of America.