What to buy in Hernando County

Single-family homes are the most sought-after properties, followed by manufactured or modular homes, condos and townhouses. They are located in all parts of the county, within and without golf, gated or active adult communities. Many gated communities have custom single-family villa or patio homes. There are also plenty of acreages available for residential and commercial use.

"The high end of Hernando County real estate ranges from waterfront and acreages to homes in the better gated communities and in historic Brooksville. Those properties are sprinkled throughout the entire county, east to west and north to south," stated Mary Crouse.

There are presently more than 2,000 single-family homes for sale in Hernando County. Prices for homes on one acre or less range from $29,900 (.18 acres) to $700,000 (.62 acres), depending on location.

Prices for single-family dwellings on four or more acres range from $68,000 (5.3 acres) to $1.9 million (41 acres).

There are several types of factory-built homes available for purchase: manufactured, modular, panelized, pre-cut and mobile. They are described collectively as "manufactured homes" on MLS listings.

The Manufactured Housing Institute defines a manufactured home as "A single-family house constructed entirely in a controlled factory environment, built to the federal Manufactured Home Construction and Safety Standards, better known as the HUD Code." Manufactured homes may be single or multi section, and are transported to the site and installed. On-site additions like garages, decks and porches must be built to local, state or regional building codes.

Modular homes are factory-built to state, local or regional code where the home will be located, and are transported to the site and installed.

Panelized homes are factory-built homes in which panels - a whole wall with windows, doors, wiring and outside siding - are transported to the site and assembled. The homes must meet state or local building codes where they are sited.

Pre-Cut homes use building materials that are factory-cut to design specifications, transported to the site and assembled. Pre-cut homes include kit, log and dome homes and must meet local, state or regional building codes.

Mobile home is the term used for manufactured homes produced prior to June 15, 1976, when the HUD Code went into effect. By 1970, these homes were built to voluntary industry standards that were eventually enforced by 45 of the 48 contiguous states.

There are hundreds of manufactured homes for sale in Hernando County ranging in price from $35,000 in a deed-restricted community to $100,000 on 4.8 acres to $875,000 on 11.4 acres. Many are in gated communities like Brookridge and High Point. Some commercial properties can also contain manufactured structures.

There are a number of golf, gated and 55-plus active adult communities in Hernando County. For descriptions of some of these, see the "Where to Buy" article in this Buyer's Guide. Real estate in these communities ranges in price from modest ($35,000) to high-end (under $350,000) single-family or manufactured homes.

"There are small and large communities, with and without amenities," said John Crouse.

Mary Crouse discussed some buyer considerations when purchasing property within a gated community. "Especially in the newer communities, you need to understand community development fees for things like roads and lights. They can be added into the cost of your ad valorem (property) taxes. These are different from homeowner association fees.

"Some places include homeowner association fees in community development fees, some don't. Not all communities have all these fees. Different fees cover maintenance of common areas and streets, development of land for lots, sewers, etc. Some non ad valorem taxes can include community development or homeowner association fees."

"There are all kinds of questions to ask. You need an experienced, knowledgeable Realtor to guide you through the myriad of options when purchasing a home in a community," stated John Crouse.

The Crouses added there are also some nice, established, deed-restricted, nongated communities with properties for sale.

There are close to 100 condos and townhouses for sale on the Hernando County MLS. Most are in Spring Hill and Weeki Wachee, with a few in Brooksville. Prices range from $58,900 to $215,000.

Acreages are available in virtually all parts of the county. While not currently shown on the MLS, some farms and ranches may also be available. "There may be some up for private sale," said Mary Crouse.

A review of MLS through Weichert Realty showed more than 500 parcels of land available from under a quarter acre to more than 250 acres, ranging in price from $120,000 to more than $7.5 million. Some acreage is zoned for commercial use, other parcels are residential.

Gary Schraut of Century 21 Alliance Realty offered his considerable expertise on the state of commercial property sales in Hernando County.

"The current commercial real estate market is one of the best buying opportunities we have seen in a long time," Schraut stated. "Large commercial retail centers, local neighborhood retail centers and commercial and industrial vacant land are all available."

We asked how prices in Hernando County compared to other Florida locations. "Price is driven by demographics and need," Schraut said. "Throughout Florida commercial values have declined. The opportunity may exist in Hernando County to secure a better property at a lower price do to the amount of new commercial construction that took place in 2005 and 2006.

"Although the Airport Industrial Park has done well, we've been unable to secure the large employer - 200 to 500 manufacturing employees - that can help sustain a local economy through tough times. Hernando County is doing much better today in its efforts to attract business, but for many years we simply did not create enough jobs during the good times. We're now paying for that with high unemployment, which obviously has a negative impact upon housing and the rest of the local economy.

Are there any incentives for buyers considering commercial property in Hernando County? "For existing properties the best incentive is price. With vacant land, we have a large amount of existing commercial or industrial property that have entitlements in place, which allows for quicker development."

How have commercial property sales been? "We have been steady, but the market is soft."

In general, how have real estate sales been this year for you? "Very good. Prices have declined, but we are still selling property. Single-family sales have increased significantly. Condos, farms and acreage are very weak. Commercial is also very soft."

Are you selling more regular sales, or foreclosures/short sales? "One noticeable difference from three years ago is that we are selling more owner-financed properties."

Is your customer base changing? Are you selling to more young families vs. retirees? "We are seeing more people who are unable to obtain financing due to tougher lending guidelines, both for commercial and residential properties."

In east Hernando County, Dave Hill said the real estate business has picked up considerably since the first of the year and things are steadily increasing. "There's still lots of property for sale; more people are out shopping, looking trying to get the best deal possible. I've been through a lot of slumps, but never one as bad as the past two and a half years. While we deal in some short sales and foreclosures, we sell more regular sales."

He said in east Hernando County there are a couple small mobile home areas for sale, but most (east of U.S. 41) are single-family homes, farms and ranches. He said his customer base has changed over the years from mostly retirees to about half being families coming both from within Florida and from out of state.

Hill added home prices in Hernando County depend on what category you're looking in. "Ten to 15 years ago we were probably cheaper than other places in Florida. We're still less expensive than some of the metro areas. The cost of building a 2,000-square-foot structure here versus in a suburb or Tampa or Orlando probably isn't that different; but the land under it is probably less expensive."

Before you find a home

All the Realtors Hernando Today interviewed stressed it's more important than ever to consider what you can afford before you start looking at houses. Lenders are scrutinizing applicant's finances more carefully. Many people are finding they don't qualify for the financing they expected or can't borrow at all.

Getting pre-approved will help you know how much you can borrow, so you can start looking at houses you know you can afford, including considering present and future taxes, fees, insurance, credit card payments and subsequent utility and maintenance costs. Don't count on a future pay raise as part of your financial stability.

Figuring your debt-to-income ratio (DTI) can also be an eye-opening experience. You can get help calculating your DTI online at http://myhome.bankofamerica.com/.

It's important to consult with a Realtor or financing professional to make sure you have all the right paperwork to show a complete financial picture to your lender.