TBO.com - TBO is Tampa Bay Online

Suncoast Pasco News

Realty Pros See Pasco Rebound

ADVERTISEMENT

By Carl  Orth | The Suncoast News

Published: February 23, 2008

TRINITY, Fla. - TRINITY, Fla. - The Pasco County real estate market might be showing signs of life.

The recent passage of the Amendment No. 1 overhaul of the state's property tax system could be applying the medicine, several local real estate professionals believe.

"The market isn't normalizing yet, but I think we're bottomed out," Dewey Mitchell, co-owner of the Trinity-based Prudential Tropical Realty, said the one exception might be condos, he said.

Amendment No. 1, which among other things doubles the homestead exemption, to $50,000, and grants portability of limits on property assessment increases, should give a short-term boost, Mitchell expects.

But at some point state lawmakers will have to address fairness across the taxation spectrum, Mitchell added.

In the meantime, "We're trying to be a contrarian to the market," Mitchell said. He was referring to Prudential Tropical Realty's acquisition of four area real estate firms. The most recent buy-out was First Choice Realty.

Greg Armstrong, owner of Coldwell Banker F.I. Grey & Son Residential Inc., also believes the local market may be turning a corner.

"Mental healing is taking place because the phones are ringing" once again for agents, Armstrong remarked.

Practically no calls were coming in for the three months before voters OK'd Amendment No. 1 on Jan. 29, Armstrong said.

Another positive sign, Armstrong believes, is the recent declaration from Florida's best-known economist, Henry "Hank" Fishkind, that the Pasco County real estate market is in the forefront of a housing market recovery that might not reach other parts of the state for three or four months.

Low prices and low interest rates on mortgage loans are enticing buyers, Armstrong says. Sales so far this February are on track almost to match numbers from February 2007, he notes.

Another good sign, Armstrong says, is that the number of mortgage foreclosures in December went down for the first time in about two years and declined even more in January.

"Portability is the key issue" to buyers, Armstrong said. Some buyers simply weren't willing to risk paying more taxes on a smaller residence than their old homes.

Amendment No. 1 has "started the healing process," Armstrong commented. "It is delivering as advertised."

"Everybody has their opinion about Amendment 1," Mitchell said, but he is most impressed with the fundamental strengths of West Pasco.

"I think our area is very viable," Mitchell said. "We have employment growth. We're still very desirable to a lot of people. I think the long-term prospects are very, very good."

Although nobody could be reached for comment at the Pasco Building Association, the home-building trade group is continuing its Parade of Homes through tomorrow, Sunday.

Call 727-375-8922, or go to the Pasco Building Association Web site, www.pascobuilding.com, for more information on the Parade of Homes.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT