President Donald Trump’s trade war is putting a lot of pressure on the economy, but one small Florida city has been seeing an influx in investors. Because real estate prices are so low and supply is relatively limited, some people believe investing there now could be very lucrative in the future.
The “who is buying all the houses right now” is a question that has been asked many times in the past. The answer to this question is that people are investing in real estate because of the low interest rates and high demand for properties.
Tampa is known by a variety of nicknames. Some nickname it Big Guava, a play on the Big Apple and the abundance of guava trees in the Florida city. Because of its history as a cigar manufacturing center, smokers choose Cigar City. Then there’s Lightning Capital of North America, owing to the high frequency of electrical storms.
But, whatever you name it, this three-million-strong Florida metropolis on the Gulf of Mexico provides outstanding real estate investment opportunities. By October 2021, housing prices had risen 28.7% year over year, and homes had only been on the market for a median of six days in both September and October, according to Zillow.
“There are a lot of purchasers, including investors and institutional buyers, as well as individuals migrating here from areas like Boston, New York, and Chicago,” says Bryan Waters, a broker with Mynd, a property management and investment platform, in the St. Petersburg office. “If they’re trapped at home, at least they’ll have some space and be able to go outdoors all year.”
Deposit Photos provided the image.
Before you invest, do some research on flood zones.
Prospective Waters advises Tampa investors to consider the risks associated with the subtropical environment.
“Make sure the house is built to last,” he advises. “There are many older houses, some dating back to the 1920s, and if you purchase one, make sure the foundation is sound and sturdy.”
And one particular pest is well-known among Tampa residents.
“Termites are a serious problem,” he admits. “You must do your due diligence, which includes an inspection.” Termites will infest your house if you live here. It’s not a question of if, but rather when.”
Furthermore, the rising seas caused by global warming necessitate the purchase of adequate flood insurance by homeowners.
Aside from that, Tampa-St. Petersburg-top-ranked Clearwater’s white sand beaches, big sports teams, and a varied economy with a rising tech profile are luring 115 individuals every day to this expanding metro region.
Waters outlined five Tampa communities that provide excellent real estate investment opportunities.
Gabriele Maltinti / istockphoto / Gabriele Maltinti / istockphoto / Gabriele Maltinti / istock
South Tampa is number one.
The primarily residential region of South Tampa, which is home to MacDill Air Force Base, is “very hot,” according to Waters. “Homes are in high demand here, and they’re hard to come by.” It’s a fairly upscale area, and finding decent prices is difficult.”
There are automobiles everywhere in many neighborhoods of South Tampa because of the abundance of street parking.
“It’s a pretty compact area with a lot of single-family houses on top of one other,” he says. They’re meant to be two-lane roads, but there will always be parked automobiles obstructing one lane.”
According to Waters, the area has been completely renovated. “Many’scrapers’ have come in and demolished and rebuilt old structures, or older buildings have been totally refurbished,” he said. “There are million-dollar mansions around that have been tastefully remodeled.”
According to the numbers:
- According to Realtor.com, the median house listing price is $620,000.
- Increase from the previous year: 3.5 percent
- The median number of days on the market is 54, down from 63 a year ago.
Google Maps is the source of this image.
2. Hyde Park in London
Hyde Park is known as SoHo because of its location south of Howard Avenue, which CultureTrip describes as “chic and contemporary.”
It’s home to the 1920s-era Tampa Theatre, one of the country’s oldest movie theaters; Bayshore Boulevard, where you can see dolphins and manatees; and the misleadingly called nightclub Hyde Park Café, among other things.
It’s also the home of Big Cat Rescue, Carole Baskins’ sanctuary made famous by the Netflix series “Tiger King,” which has been closed to guests indefinitely.
According to Waters, Hyde Park is near to South Tampa, and much of what applies to that area also applies to this neighborhood.
“It’s highly popular, very in-demand,” Waters adds, “with lots of million-dollar properties.”
Since 1904, the Gasparilla Pirate Festival has held an annual Parade of Pirates in these communities, named for the famous (and maybe mythological) pirate José Gaspar.
“It’s a large festival that goes down Bay Shore Boulevard in both South Tampa and Hyde Park,” Waters explains. “Having a place to live there is pretty nice.”
Google Maps is the source of this image.
Channel District No. 3
Amalie Arena, home of the Tampa Bay Lightning ice hockey club, which has won back-to-back Stanley Cups, is located in the pedestrian-friendly Channel District, and is just one of the high-performing teams that have led residents to refer to their city as “Champa Bay.”
Water Street Tampa is a mixed-use development that has attracted investment from none other than Bill Gates. At Splitsville, James Beard Award-winning chef Art Smith prepares Southern cuisine.
Waters explains, “This area is really near to downtown and very close to the big canals, so it’s exactly where all the cruise ships come through.”
“Condominiums make up a large portion of the housing stock. Prices are a little more difficult to nail down, but everything is new or just refurbished, and it’s a pretty hip, compact area.”
According to the numbers:
- According to Realtor.com, the median property listing price is $500,000.
- Increase from the previous year: 12.4%
- The median number of days on the market is 84, down from 90 a year ago.
csfotoimages / iStock / csfotoimages / iStock / csfotoimages / iS
Ybor City is number four.
Ybor City is a large Cuban neighborhood with a famous cigar store, named after Vicente Martinez Ybor, the Spanish entrepreneur who launched the region’s cigar manufacturing enterprise. LGBTQ hangouts, as well as dance clubs and college pubs, abound in the sector’s vibrant nightlife.
“It’s a touch tough,” the neighborhood’s Waters adds. “It’s a hotspot for nightlife, with a slew of late-night events.” There are certain areas you don’t want to go through late at night, but it’s near to everything else that’s enjoyable to be around. And since the area is changing due to high demand, things are becoming a little safer.”
The area is substantially less expensive than South Tampa or Hyde Park.
“You can find a lot of little, charming, older houses for $300,000 to $400,000 that may sell for as much as $600,000 to $800,000 after a makeover,” Waters adds.
According to the numbers:
- According to Realtor.com, the median house listing price is $249,000
- Year-over-year growth: nil
- The median number of days on the market is now 47, up from 43 a year ago.
WGCPhotography / istockphoto contributed to this image.
Seminole Heights is a neighborhood in Seminole County, Florida.
A cruise down Central Avenue in Seminole Heights is a slice of heaven for the architecture enthusiasts since it’s lined with Craftsman, Arts & Crafts, Florida Cracker and Florida Vernacular homes.
And admirers can get up close to at least one, by booking a table at Front Porch Bar & Grill, a casual dining spot in a Victorian with a wraparound porch. For more adventurous foodie, the hungry can head to the Refinery, hosted by three-time James Beard Award finalist Greg Baker.
And, since the area is adjacent to Route 275, residents can easily go to both downtown and the beaches after finishing their meals.
“This area is just north of downtown St. Pete, and the lots are a bit larger,” adds Waters, “so many of the houses have garages.”
Because there are less automobiles on the road than in South Tampa, traffic is a bit less congested.
“You’re not going to find anything under $400,000 here,” Waters adds. “Homes frequently sell for between $400,000 and $1 million.”
According to the numbers:
- According to Realtor.com, the median house listing price is $349,800.
- 9.7% decrease from the previous year
- The median number of days on the market is 50, which is unchanged from the previous year.
MediaFeed.org syndicated this story, which first appeared on MYND.com.
TampAGS / Wiki Commons / TampAGS / Wiki Commons / TampAGS / Wiki Commons
MediaFeed has more.
gorodenkoff/istockphoto is the source of this image.
AlertMe
The “florida real estate forecast next 5 years” is a blog post that discusses the surprising reason why real estate investors are flocking to Florida.
Related Tags
- list of companies moving to florida 2021
- florida real estate market 2022
- will real estate ever be normal again
- blackrock real estate holdings
- who owns blackrock real estate
