In his latest vlog, Joe Lewkowicz discusses one of the most picturesque features of his niche Northwest Tampa market: its many spacious lakes. With so many diverse features, lakefront properties can pose an interesting challenge to buyers and sellers. But, with decades of real estate experience, Joe uses his expertise to clear the air and discuss lakefront property performance in 2015 and 2016 in Northwest Tampa.
Northwest Tampa is the lake district of Hillsborough county. There are more than 50 lakes that are larger than 25 acres in the area. The three largest lakes in the area are: Lake Carroll at 210 acres, Lake Magdalene at 252 acres, and Lake Keystone at 434 acres. Because of the nature of lakefront property it can be hard to get an idea of value of both properties and homes on the lakes. Valuations will differ by lake size, lake views from the house, total lot size, location into the business district, the area or neighborhood, and finally the house itself. The homes range in size from 1,118 sq. ft. to over 28,000 sq. ft., which makes comparisons by median price or cost per foot irrelevant. There are some factors however, that can shed light on the current lakefront market on this side of town.
Some people prefer to build their own homes on lakes. According to the MLS statistics, there were seven sales on lake lots priced between $200,000 and $400,000 and one that sold for $500,000. The lot sizes varied significantly, as did the locations and size of the lakes.
As for the houses sold in 2016, there were 59 lakefront sales this last year, compared to 51 in 2015. On the larger lakes, Keystone had seven home sales in 2016 compared to 12 sales in 2015; but, prices in 2016 ranged from $600,000 to $2,645,000, while in 2015 the prices ranged from $380,000 to $1,750,000. Lake Magdalene had three sales in 2015, ranging in price from $275,000 to $481,000 and four sales in 2016, with prices from $365,000 to $975,000. Lake Carroll, which is the closest of the large lakes to the business district, had four sales from $590,000 to $1,122,500 in 2015, compared to six sales in 2016, with a price range of $455,000 to $805,000.
In 2016 there were 42 homes sold on smaller lakes in the area. The lakes I mention here range from 24 to 135 acres. Twenty-three of these were sold on lakes that are 24 to 50 acres, and 19 were sold on larger lakes of 50 to 135 acres. The median percentage of negotiation for all lakefront properties was 6.17%, however, eight of the homes negotiated by more than 15% off the final list price. The median days on the market was 75 days from listing to closing on contract. Of the homes that sold, 23 had reduced the list price before ultimately going under contract and closing. Thirty-six homes had no price reduction before being sold.
As mentioned earlier, the median time on the market according to statistics was 75 days and the median negotiation was 6.17%. This seemed a short time to me, considering I had known some of the homes to be for sale for a good period of time. In digging further into length of time on the market, I looked at the 16 lake front homes that sold for $1,000,000 or more in 2016. The attached chart will tell a different story from the basic statistics. Six of the homes sold took less than six months from listing date to closing date. These six homes also negotiated the least amount from final list price to sale price. Six of the homes were on the market a total of more than two years but not always with the same real estate agent or company. Four of the homes took more than four years to sell. Many of the homes had drastic price reductions from the first time they were on the market until they finally closed.
Original list price Sold Price Months on Market
$1.40M $1.00M 23
$1.06M $1.00M 5
$1.90M $1.10M 34
$1.20M $1.12M 2
$1.25M $1.14M 2
$1.25M $1.20M 2
$1.50M $1.32M 3
$2.20M $1.40M 33
$1.60M $1.42M 32
$3.20M $1.70M 53
$2.00M $1.75M 12
$3.77M $1.83M 79
$1.97M $1.92M 3
$3.50M $2.64M 50
$6.40M $2.80M 35
$14.00M $3.90M 82
Northwest Tampa has a vibrant lakefront community perfect for anyone who loves the outdoors and scenic views. If you would like more information about your property or are looking for lakefront property in the area, call Joe today at 813-908-7293. Remember, no-one works harder to sell your home!