5125 Palm Springs Blvd UNIT 11306, Tampa, FL 33647

Here’s an in-depth analysis of the condominium unit at 5125 Palm Springs Blvd UNIT 11306, Tampa, FL 33647, taking into account current market conditions and refinancing considerations:

Property Details:

• Address: 5125 Palm Springs Blvd UNIT 11306, Tampa, FL 33647
• Property Type: Condominium (specifically, within the Oxford Place at Tampa Palms community)
• Bedrooms: 2 beds
• Bathrooms: 2 baths
• Square Footage: 1,089 sqft (living area)
• Estimated Refinance Payment: $1,624/mo (This is the payment provided in your input.)
• Built in: 2001 (24 years old)
• Stated Value: $190,000 (This is the value provided in your input. This aligns well with recent listing and sale prices for this specific unit and similar units within the complex.)
  • Current Listing Price for UNIT 11306: $199,000 (as of July 2025). This unit was listed for $220,000 in April 2025 and had a price change to $209,000 in June 2025 before the most recent $199,000.
  • Recent Sales of Similar Units (5125 Palm Springs Blvd):
    • Unit 9207: Sold for $199,000 (2 bed, 2 bath, 1k sqft)
    • Unit 10102: Sold for $192,500 (2 bed, 2 bath, 1k sqft)
    • Unit 10108: Sold for $202,500 (2 bed, 2 bath, 1k sqft)
    • Unit 10303: Sold for $160,000 (2 bed, 2 bath, 1k sqft)
    • Unit 9302: Sold for $198,834 (2 bed, 2 bath, 1,089 sqft) on July 7, 2025.
• Last Sale Price for Unit 11306: The search results indicate a listing removed in July 2018 for $1,250, likely a rental listing. A previous sale price for this specific unit was not readily available, but the recent sales of comparable units confirm the current market value.

Financial Aspects & Fees:

• HOA Fees: This is a critical component for condos. Public records for Unit 11306 show:
  • Monthly HOA Fee: $446 (This is a significant part of the monthly housing cost.)
  • Association Fee 2: $398 (paid quarterly). This indicates total monthly fees could be even higher. One source quotes “Average Monthly Fees $578.67”.
  • Fees include: Community Pool, Maintenance Grounds, Security (Gated), Trash, Insurance (likely building master policy, not personal contents), Maintenance Exterior, Pest Control, Pool Maintenance, Sewer, Water, Escrow Reserves Fund, Manager.
• Property Taxes:
  • 2024: $3,067 (on an assessed value of $154,635)
  • 2023: $2,850 (on an assessed value of $140,577)

Additional Property Features and Community Amenities:

• Community: Oxford Place at Tampa Palms, a desirable gated community.
• Amenities: Playground, Clubhouse, Fitness Center, Swimming Pool, Tennis Courts, Recreation Facilities, Basketball Court.
• Interior: Likely includes standard condo features, though specific updates would vary by unit.
• Parking: Open parking.
• Location: Centrally located with easy access to the University of South Florida (USF), various shopping centers, dining options, and major highways connecting throughout Tampa.
• Pet Policy: Pets are allowed with breed restrictions and a maximum weight of 30 lbs.
• Lease Restrictions: Minimum lease term of 1-2 years.

Tampa, FL (33647 Zip Code) Real Estate Market Trends (as of July 2025):

• Market Condition (33647): The 33647 zip code is currently considered a Neutral Housing Market. This suggests a relatively balanced supply and demand, with reasonable prices and typical time on market. However, it’s shifting from a previous “Seller’s Market.”
• Median Sold Home Price (33647):
  • $480,000 in June 2025, down 1.2% from last year.
  • Median price per square foot was $209.
• Median Sold Price by Bedrooms (33647, specifically relevant for condos):
  • 2-bedroom homes: $220,000 in June 2025, down 8.1% year-over-year. This indicates a notable decline in value for 2-bedroom properties in this zip code, which is relevant for this specific condo unit.
• Average Home Value (33647): Around $478,064 (Zillow), down 3.6% over the past year (through June 30, 2025).
• Median Days on Market (33647): Homes are taking longer to sell, with an average of 66 days in June 2025, a significant increase of 88.5% compared to 35 days last year. This indicates a much slower pace of sales.
• Sales Activity (33647): 76 homes were sold or pending in June 2025, up 15.2% month-over-month.
• Sale-to-List Price Ratio (33647): A high percentage of homes (77.6%) sold below asking price in June 2025, suggesting buyers have strong negotiation power. Only 13% sold over asking.
• Overall Tampa Bay Market: Experiencing a “market correction.” Prices are “stabilizing” rather than crashing, but modest declines are expected through the end of the year. Condos, in particular, are seeing “less action due to new regulations and rising insurance costs.”

Current Mortgage Refinance Rates in Tampa, FL (as of Monday, July 21, 2025):

• 30-Year Fixed Refinance: Average APRs are approximately 6.845%.
• 15-Year Fixed Refinance: Average APRs are around 5.899%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.420%.

Note: These are average rates and are subject to change based on individual borrower qualifications (credit score, debt-to-income ratio), specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida (Condos have specific considerations):

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you have at least 20% equity). A new appraisal will be required to determine the current market value and calculate your LTV.
• Condo Specific LTV: For condos, lenders can be more stringent. The condo association’s financial health and owner-occupancy rate can also impact loan eligibility. Many lenders require a high percentage of owner-occupied units and healthy reserves.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. A higher score (740+) typically qualifies for the best rates.
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, though some programs may allow up to 50%. Remember to factor in the HOA fees when calculating DTI for a condo.
• Property Occupancy: The home is generally required to be your primary residence.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns.
• Closing Costs for Refinance: Expect to pay 2% to 6% of the new loan amount in closing costs. This can include appraisal fees ($600-$2,000), title services ($300-$2,000), origination fees (0.5%-1% of loan), and recording fees.

Analysis for this specific property:

The stated value of $190,000 for 5125 Palm Springs Blvd UNIT 11306 is consistent with recent sales and current listings within Oxford Place at Tampa Palms. The estimated refinance payment of $1,624/mo is plausible, but it’s crucial to understand what this estimate includes. For a condo, the actual total monthly housing expense will be the refinance payment plus significant HOA fees (around $446 – $579/month for this unit) and potentially other associated costs.

The Tampa 33647 market for 2-bedroom homes (condos often fall into this category) has seen an 8.1% decrease in median sold price year-over-year. Days on market have significantly increased. This indicates a cooling market, where appraisals might come in lower than expected, potentially impacting the LTV and the amount of equity available for a refinance. Also, the general slowdown for condos in Tampa due to “new regulations and rising insurance costs” (as noted by a local real estate broker) is a factor to consider.

Strong Recommendations for the Homeowner:

1. Get a Detailed Breakdown of the $1,624/mo Payment: Understand precisely what this estimate covers (Principal & Interest, property taxes, homeowner’s insurance). This estimate likely does not include the substantial monthly HOA fees ($446 – $579+), which are a non-negotiable part of condo ownership and will be factored into affordability calculations by lenders.
2. Obtain a Professional Appraisal: This is paramount for any refinance. It will provide an objective, current market value, which is vital for calculating equity and LTV. Given the recent price adjustments for this unit and the cooling condo market, the appraisal will be key.
3. Verify Current Loan Balance: Know the exact outstanding balance on the existing mortgage to accurately determine current equity.
4. Inquire About Condo Association Specifics: Lenders will scrutinize the condo association’s financials, reserve funds, and owner-occupancy rates. Ensure the association is in good standing, as this can affect refinance eligibility and terms.
5. Shop Around for Personalized Refinance Quotes: Contact multiple lenders (banks, credit unions, and mortgage brokers) and specify it’s a condo refinance. Compare the APRs, interest rates, all closing costs, and get a clear understanding of the full estimated monthly payment, including P&I, taxes, insurance, and HOA fees.
6. Assess Your Goals: Decide if the primary goal is to lower the interest rate, reduce the monthly payment, or potentially take cash out. Given the current market, ensuring sufficient equity will be important for favorable terms.