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Homeowner Is Hopeful

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By KEVIN WIATROWSKI

kwiatrowski@tampatrib.com

Published: October 19, 2008

WESLEY CHAPEL - When he moved to Bridgewater in 2005, Mark Spector paid more than $350,000 for his home on Bridgegate Drive.

Today, Spector's home is worth just under $259,000, according to an estimate by the Pasco County Property Appraiser's Office.

"Every original homeowner out here is probably underwater," said Spector, acknowledging his situation. "Almost nobody is expecting to sell anytime soon."

In the aftermath of the housing bust, half to nearly three-quarters of people who bought homes as the Tampa market peaked in 2005 and 2006 now owe more on their homes than their homes are worth, according to an analysis by Zillow.com, a Web site that follows the real estate market.

That analysis describes hundreds of property owners in Bridgewater and elsewhere in Pasco County, which granted more than 15,000 single-family home building permits in the peak years.

As a result, Pasco County has been hit the hardest by equity losses in the Tampa region, with about 67 percent of homes sold during the peak showing lost equity, Zillow.com's analysis says.

In Bridgewater, those losses this year have ranged from a high of 61 percent to lows of 1.5 percent. A few property owners in Bridgewater have made money on sales this year, but just barely.

"Your only impact is a paper loss right now," Spector said. "You're only affected if you have to sell."

Reporter Kevin Wiatrowski can be reached at (813) 948-4201 or kwiatrowski@tampatrib.com.

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