Q: What is happening in the Tampa Luxury Home market?
A: This month’s Florida Realtor magazine just came out and had a great article written about the Luxury Home market here in Florida entitled “Steady as She Goes”. In short, the luxury market is poised for a rebound. The luxury home market is increasing in activity and closed units according to MLS statistics. Here in Tampa, business services and healthcare will generate a low level of job growth and will help housing start to climb in 2011. The article states, according to Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida, “if you want a glimpse of what 2011 might have in store for Florida, just hit replay”, and “the worst is behind us”. Home prices currently are back to about what they were pre-boom in 2001. New construction has picked up on the Gulf Coast and we are seeing high end luxury homes taking shape resulting from tear downs on waterfront lots.
I grew up on the other coast of Florida, in Palm Beach County. What’s impressive to me about the luxury market here in Tampa Bay is how you can get the same type of luxury home as you could in Palm Beach, on the Gulf (as opposed to the Atlantic) for millions less. A home that would cost $10 million in Palm Beach might be $3 million in Tampa or St. Petersburg. Tampa Bay is one of the most affordable places to buy luxury waterfront property in this Realtor’s opinion.
The state’s population will rise by 140,000 in 2011, compared to 100,000 in 2010. Foreclosures and short sales will continue to affect Tampa’s housing market at all price points until that inventory is sold, which may take another 12-24 months. Of course those distress sales are attractive to all buyers – one of the biggest clicked on links on our site is our Tampa Luxury Foreclosures! But as inventory is starting to decrease in Tampa, the market is evening out and for many Sellers, now is also an opportunistic time to sell, and buy again. Contact us for a market analysis to find out what your home might be worth in today’s market.
Interesting Facts about Florida:
- 1,000 people move to Florida each day
- There are 19 Commercial Airports
- 1,800 Miles of Coastline
- 14 Deepwater Ports
- 12 International Airports
- 1,250 Golf Courses – more than any other state
- 1,200 miles of sand beaches
- 370,000 hotel rooms in Florida
Source: Florida Realtor Magazine