Tarpon Springs, Florida, is a small city with a big personality. Its long history as a place for harvesting natural sponge, it’s vibrant and active Greektown Historic District, and its picturesque landscapes and waterfront properties, when combined with a growing economy and expanding real estate market, make Tarpon Springs a desirable city for real estate investors.
Tarpon Springs, Florida
Tarpon Springs is on the Gulf of Mexico, about thirty miles northwest of Tampa, and has a water-focused environment since it was first settled in 1876.
Named for tarpon jumping out of the waters, Tarpon Springs became a popular city for visitors from northern states looking to escape the bitter cold winter.
Throughout its history, Tarpon Springs has been a leader in the natural sponge industry, which at one point brought in millions of dollars. There are many waterfront sites where visitors and residents alike can see sponge fisherman working. And there are also sponge packing houses, museums, and diving boats. Other museums feature the history of the Greek community, the city, and some of its early inhabitants.
When the sponge industry was at its peak, many divers came from Greek islands like Aegina, Hydra, Kalymnos, Symi, and Halki. As a result, Tarpon Springs also has a thriving Greektown Historic District, with the highest percentage of Greek Americans of any U.S. city.
Residents of Tarpon Springs sell Greek goods and cuisine, along with fresh seafood and imported goods. And its waterfront location makes it an ideal site for water sports like swimming, boating, windsurfing, and fishing. From barrier islands and state park preserves to city parks and bird nesting colonies, residents and visitors alike enjoy the city’s location.
Real Estate Investing in Tarpon Springs, Florida
As part of the greater Tampa Bay area, Tarpon Springs has a wide variety of properties for investing in real estate. The urbanized city makeup includes residentially zoned historic homes and commercial structures in both traditional neighborhoods, mobile home sites, and contemporary suburban areas.
Real estate is available in commercial, retail, and industrial land uses, and the city is particularly interested in redevelopment and renovation of properties.
In the past decade, leadership and government officials from Tarpon Springs have been working to create a more modern, family-friendly, walkable environment that promotes employment opportunities while preserving the historical characteristics and charm.
Houses in Tarpon Springs are readily available for purchase, as the city works to overhaul its image, which is expected to continue pushing home prices upward while also attracting new residents.
Investment Property in Tarpon Springs
In the past few years, property values in Tarpon Springs have increased more than 10 percent, and the growth is expected to continue.
- Financial Factors: Single-family homes in Tarpon Springs range from two-bedroom to five-bedroom properties. Homes that need primarily cosmetic improvements typically range in value from $160,000 to around $200,000, while median sales prices hover slightly higher at $215,000 to $220,000.
- Environmental Factors: It’s important to invest in properties that have an engineering report and inspection. With a higher incidence rate of flooding and sinkholes, as with investment property in many Florida cities, investors should have a thorough inspection of the property.
- Potential Market: Tarpon Springs has a growing community and is working to improve the city’s various neighborhoods. With an increase in the property values and population, the city is ideal for real estate investors.
With its small-town feel and continuous improvements, Tarpon Springs is an ideal place for real estate investors who want residential, retail, business, and industrial properties in a city poised for continued growth.
Graystone Investment Group
Graystone Investment Group is an experienced real estate wholesaler in 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.