Tampa’s robust business climate, tropical weather and well-priced homes turns Yankees fans into full-time residents.
Tampa’s Baseball Scene
The Yankees are among 14 MLB teams that come for Spring Training in the Florida Grapefruit League but for the Yankees, Tampa is home. The George M. Steinbrenner Field has been the Yankee’s spring training facility for over 25 years.
During MLB’s regular season from April through October, Steinbrenner Field is home to the Tampa Tarpons, the city’s Minor League Baseball team and the Low A affiliate of the Yankees. Tampa’s home MLB team is the Tampa Bay Rays, shared with St. Petersburg.
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Sports history buffs, visitors and residents alike, throng to Tampa’s Ybor City, home to the Tampa Baseball Museum at the Al Lopez House. This museum covers 135 years of baseball heritage.
Tampa Itself
Tampa sits between Old Tampa Bay to the west, Tampa Bay to the south and Hillsborough Bay to the east. The city extends northeast through the edge of Hillsborough County and the Lower Hillsborough Wilderness Preserver.
The city boasts of sun-kissed scenery, Gulf Coast beaches and a wide range of architectural styles and price points.
Price Points in Tampa
Comparatively, Tampa is known for a more affordable cost of living than other places. However, like most every other part of the country, the concept of Tampa’s affordability has been stretched by a lack of housing in the face of huge demand.
According to Jonathan Miller, President and CEO of Miller Samuel and author of the Douglas Elliman Q4 2021 real estate report for Tampa, “Like the overall market, we’re seeing inventory fall sharply and prices rise sharply.”
The luxury tier of Tampa’s housing market (defined as the upper 10% of sales) is now seeing the median sale price for luxury single-family homes and condos in South and Greater Downtown Tampa hit $1.15M, an increase of +18.8% y/y.
With fewer homes available for purchase this year compared to last, average sale prices have risen even higher. Luxury single-family homes are now going for nearly $1.4M and luxury condos are selling for almost $1.2M
Tampa’s Housing Stock
According to Santiago Corrada, president and CEO of Visit Tampa Bay, “You can look at (Tampa’s) modern architecture, Spanish Mediterranean architecture, homes valued at tens of millions of dollars…and they’re all very different.”
The Q4 2021 Douglas Elliman report indicated that the median sales price for a luxury condo in Tampa was $672,000.
Quality of Life a Major Selling Point for Tampa
Along with great weather, cultural diversity, a plethora of outdoor activities and attractions, Tampa offers a favorable business and tech environment, the state’s largest port and tax friendliness to Florida residents. In fact, Florida residents living anywhere in the state do not pay any income tax.
Great Amenities
Tampa’s active professional sports scene boasts teams competing in three of the four major professional leagues and three separate pro sports venues. In addition to Steinbrenner Field, home to the Yankees during spring training and to the Yankees’ minor league team, the Tarpans, year-round, the NFL’s Tampa Bay Buccaneers play in Raymond James Stadium, the NHL’s Tampa Bay Lightning play in the nearby Amalie Arena and the MLB’s Tampa Bay Rays play in Tropicana Field in St. Petersburg.
Because of Tampa’s rich arena infrastructure, Tampa is part of the regular rotation of host cities for both the Super Bowl and the Stanley Cup.
Great dining, shopping and yacht clubs round out Tampa’s offerings to residents and visitors alike.
Who Lives in Tampa
Rachel Fisher, managing broker with Premier Sotheby’s International Realty in Tampa, is seeing many buyers relocating to Tampa from California, Connecticut, Illinois, Massachusetts, Maryland, New Jersey and New York.
Many luxury buyers looking for second homes and/or investment properties who used to go to Miami “…are now flocking to the Tampa area because it still offers so much growth opportunity,” said Fisher.
Market Outlook
Industry experts say that Tampa is in line for market growth. According to Jonathan Miller of Miller Samuel, “Tampa is one of those markets where the pace over the last couple of years has morphed from a fairly brisk market to a rapidly moving market.” In fact, during the second half of 2021, more than 40% of all home sales went to bidding wars.
Sotheby’s Fisher said, “Inventory is moving quickly and selling for more. We do not expect to see a drastic change in this trend in our market.”
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