Greetings from one of your newest neighbors on Torrey Hills Lane! My three boys and I moved into this community in February of 2017 and we are so happy here! As a resident of Lutz for the majority of my life, I had the privilege of watching this beautiful neighborhood come out of the ground from the raw land it once was. Since the beginning, I’ve felt this neighborhood has something special with its front porch architecture and small town feel. Now as a homeowner, I get to experience the warmth and caring nature of the residents here – it’s unlike any neighborhood I’ve ever lived in!
Market strength both in our neighborhood, our area and nation remains strong! Nationally, Florida ranks among top states for continued growth and a recent news article predicted that Orlando and Tampa will have “little to no chance of falling prices in 2018”. This good news is attributed in part to large businesses opening, expanding and relocating here, along with household incomes that continue to rise. Compared to other metro areas such as San Francisco with a median sold price of $900,000 or San Diego with a median sold price of $607,000, it’s easy to see incredible value and affordability in the median sold price of the Tampa Bay area at $255,685.
In our local Tampa Bay market consisting of Hillsborough, Pasco and Pinellas Counties tracked by GTAR (Greater Tampa Realtors), prices continue to rise – most recently at an 8.6% increase over a 4 year spread. With our area approximately 73 months into the recovery, we continue on the upward part of the expansion side of the market cycle. Reflections had another banner year in real estate with 12 homes selling in 2017, a decrease from 13 sales the year before, accurately reflecting the lack of homes available for sale in the marketplace. Reflections median sold price in 2017 was $292,000, up from 2016 median sold at $280,000. The price band niche of our neighborhood strongly favors sellers due to the rapid pace of time on the market before obtaining a contract, combined a with relatively low number of homes for sale, causing market price indicators to trend upwards. The current median price per square foot is $144, up from last year at $135/sf.
Florida Executive Realty
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