- Tampa consistently ranked among country’s top ten real estate markets for past few years
- Tampa Bay market consists of Tampa, St. Petersburg and Clearwater, each with variety of investment opportunities
Tampa Bay Market Anchored by Variety of Industries and Economies
Like San Francisco, the Tampa Bay real estate market benefits from the gift of geography. Tampa Bay itself, an arm of the Gulf of Mexico, is, if you squint, shaped like a crescent and sheltered on the west by the Pinellas Peninsula.
Tourism and a strong military presence are economic mainstays for the state. St. Petersburg, Clearwater and Tampa all have military bases within their cities as well as world-renowned beaches that drive the hospitality and retail sales industries. Likewise, financial and technology services and corporate headquarters use Tampa Bay as hub locators.
Tampa, specifically, is home to major manufacturing businesses including Johnson & Johnson, Coca Cola, GE, and Honeywell. All three Tampa Bay cities are home to 67K healthcare jobs, 22% of Florida’s medical and pharmaceutical manufacturing workforce and 14% of the state’s biotech companies.
State of the Tampa Bay Market
With just a 1.1-month supply of for-sale homes, housing prices are climbing like everywhere else in the country. But, unlike most everywhere else, the Tampa Bay housing market is still quite affordable (median price of $271,000).
Under current market conditions (low interest rates), investing in fix-and-flip properties and in small multifamily homes (duplex, triplex, fourplex) are worth considering for long-term buy-and-hold investors.
Most Attractive Neighborhoods for Investment
The most attractive neighborhoods for buy-and-hold investors to consider include Temple Terrace and University Square plus the east Tampa neighborhoods of Ybor, Seminole Heights, Tampa Heights, Disston Heights and the city of Gulfport bordering on both St. Petersburg and the gulf.
All the above mentioned neighborhoods in East Tampa and elsewhere are seeing respective home prices start in the low $200Ks and climb up to the low $400ks with rents running from the mid-$1,500-$1,900 range.
You and/or your potential real estate investor clients may want to consider Tampa Bay as a well-priced investment marketplace.
Thanks to The Motley Fool’s Millionacres.
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