I was thinking over the weekend about how real estate seems to have a cycle every 20 years more or less. In 1972, when I was but 9 years old, I remember my family was building a home off Crystal Lake Road in Lutz. The Builder was Burton Builders, one of Tampa’s finest and largest of the day. About 1/3 of the way through, the real estate bust of the day caused Burton Builders to go under. I don’t remember how the house got finished, but it did. And Burton Builders was no more. A victim of the declining real estate market. (I do remember that my mother purchased the property from the late Juanita Dennis, a North Tampa icon. It was a four acre parcel and I remember the purchase price for the land was $10,000.
Then, in or around 1990, just about the time I was breaking into real estate, I remember the land across the street from the 4 acres I talk about in the first paragraph was an orange grove in the 1970’s. I used to play in those groves. Now, it was a beautiful new, gated community of about 200 homes. Some of Tampa’s best builders were building in there. Deja Vu! Apollo Homes, one builder I remember had to devolve, along with most, but not all who were building in there. The market slowdown and the Savings & Loan scandal (anyone remember that?) killed real estate! There were about 12 homes in Crystal Lakes Manors that were incomplete, the builders just walked away leaving about 1/3 of the community unfinished! . By 1993-1994, the son of the original developer of this community, Richard Shimberg, picked up the remaining 50+ lots and built out the community and did an excellent job. A few of the builders from this era are still here today! Shimberg Homes is one of the finest builders in Florida, Grey Homes, an original builder from the 1980’s is still around (Vinny Testaverde just purchased one of his homes across the street from our office on Lake Keystone) and Dura Homes. He was a drywall contractor in the 1980’s and early 90’s. Today, in my opinion, he builds the absolute highest quality home I have ever seen. All born from the Crystal Lakes community in one way or another.
Speed shift to 2008. Deja Vu! Look at 1972 and 1989 (17 years in between) and compare to 1989 to 2007 (18 years). 72-89-07 were all years of “bust” in real estate. My $10,000 four acre lot today right were it is in Lutz would sell today, no doubt for close to a million dollars and would be the home of 8-9 houses instead of the one that sits on it today (mom, you should have just held on to the land). The $180,000 homes that Shimberg built in Crystal Lakes Manors are worth today, in this market, after the bust about $450,000 to $480,000. Remember, the savings and loan crisis of the late 80’s and early 90’s will most likely mirror the impact of the sub-prime market of a few years ago. Those who buy real estate in down markets always seem to be the ones making all the money!
Now, who is ready to buy some real estate? Deja Vu!
Filed under: Housing, Mortgage, Real Estate, Realtor, Tampa, Tampa Bay, Uncategorized | Tagged: builders, burton builders, crystal lakes, crystal lakes manors, dura, durakovic, Housing, Real Estate, savings and loan, shimberg, Tampa, Tampa Bay, values | Leave a comment »