Monday, October 10, 2016

Townhomes Surge in Popularity

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Even as single-family home prices are rising in the Tampa Bay area townhomes are becoming all the rage. Builders and buyers are finding townhomes quite appealing as evidenced by the number of them being built and bought recently, up 54% from last year.  New townhouses were being built at twice the rate of single family homes from South Tampa to downtown St.Pete. 

Why? Dave Bullock, CalAtlantic Home's President, explains, "You can own a really nice townhome in a nice gated community in a really great area for less than you can rent." New Jackson Square townhomes near Hillsborough Avenue in Tampa were recently suggesting a monthly mortgage payment on a three-bedroom unit could be as low as $1587.   A nearby apartment community was renting their three-bedroom units for $1800 per month. It makes for a powerful comparison.  Once insurance and taxes are factored in to a purchase, the monthly payments can still be less or nearly equal to monthly rent prices.

Townhomes cost on average about $224,000 which is nearly $100K less than a single family home. But price is only one factor drawing buyers.  They are roomy when compared to an apartment and often have lower maintenance costs when compared to single-family homes. They are different from condos being that they are typically two stories high, built side by side with one or two shared walls. Owners of townhomes hold title to the land beneath the building unlike condo owners. They still pay a fee for maintaining common areas like pools, gyms and security. 

Urban living is gaining renewed interest and professionals seem to be moving away from wanting anything to do with yard work. It is likely that with the lure of personal garages, increased square footage and proximity to downtown hubs, we will see an increase in the number of townhomes popping up throughout Tampa Bay.

Our team would like to show you some townhomes first hand.  Let us know which ones you would like to see by checking out our website at www.Suncoasthome.com.  

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