Real estate investors are benefiting from Tampa Bay’s robust economy, with the Tampa-St. Petersburg- Clearwater MSA producing more than $133 billion in GDP for 2015, and earning Tampa Bay the ranking of 2nd largest economy in Florida.
So, why is Tampa Bay’s economy thriving, and why is this metro area one of the hottest places to invest in real estate?
Tampa is a Top 5 City for Flipping Houses
There’s a lot of money in flipping houses for investors who understand the market, and Tampa Bay is one of the best places for flippers.
Home values have been steadily rising since the 2007 crash, which has helped real estate investors make more money in Tampa Bay.
- Metro Tampa ranked 4th in the nation for flipping volume.
- Metro Tampa ranked 6th in the nation for house flipping returns.
- Cities in greater Tampa Bay ranked among the highest for average gross profit and ROI.
These stats also reflect that Tampa Bay is a hot market for millennial homebuyers, and data shows that the ROI for flips in Tampa is very strong.
Employment, GDP, and Population Are Rising
One reason for the high demand in housing is that the economy in metro Tampa Bay is vibrant. Tampa Bay was ranked the 3rd best city in the country to find a job, with 36,000 jobs created in just one month this year (January 2016).
Another factor leading to an increase in the population is that more Baby Boomers are retiring, and many retirees choose Florida as their retirement destination. By the year 2030, studies have shown that Florida, California, and Texas will have 46% of the total population growth in the country.
Plenty of Global Investment
Tampa Bay is also experiencing a great deal of real estate investing from foreign investors.
Foreign investors are often willing to pay cash, and willing to pay slightly higher prices to enter into lucrative markets. It’s estimated that as many as 23% of foreign real estate investors view the Tampa Bay area to be profitable, and as many as 70% of all condominium purchases in this area are by foreign investors.
With this kind of activity from foreign investors, supply should remain relatively low, while profits continue to rise.
People Want to Live Here
People’s desire to live in Florida is one thing that is highly unlikely to change.
The quality of life in Tampa Bay is difficult to match in other parts of the U.S. Weather and local beaches are two of the primary reasons people want to live here, in addition to recreational activities, world-class hospitals, universities, a reasonable cost of living, and more.
Tampa’s future plans to develop the city include an aggressive master plan to develop an area spanning from downtown to Ybor City, down Armenia Avenue, North along historic Nebraska Avenue, and all the way to Hillsborough Avenue.
As a result, Tampa is positioning itself to continue attracting industry, jobs, and residents, creating a perfect environment for real estate investors.
Graystone Investment Group
Graystone Investment Group is an experienced Investment Group wholesaling properties in metro Tampa Bay. We serve clients who flip homes in as little as 30 days, as well as clients who hold high cash flowing rental properties.
Unlike other wholesaling groups, we find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years, at no extra charge.