Tampa Bay’s home sales flat, prompting more predictions of normalcy
Tampa Bay’s competitive real estate market continued to follow the trends seen over the last year in August, as inventory remained low and median sales prices were double-digit percentages higher than a year ago.
But there were also slight signs of change. Pinellas County had about 5 percent fewer single-family home sales compared to August 2020, Hillsborough had about 3 percent more sales, and Pasco’s remained close to level with just a 1 percent increase, according to new numbers released Wednesday by Florida Realtors.
Those figures, relatively flat when compared to some of the year-over-year gains of months past, lead some industry professionals to believe the market’s fervor is ever so slightly starting to level off. Hernando County was the exception, with about 18 percent more sales than the same time last year. Nationally, sales of single-family homes, townhomes, condos and co-ops also decreased by 2 percent from July to August, and were 1.5 percent lower than one year ago, according to the National Association of Realtors.
“Sales slipped a bit in August as prices rose nationwide,” said Lawrence Yun, the association’s chief economist, in a news release. “Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.”
Ruben Gonzalez, chief economist at Keller Williams Realty, also pointed out that the “abnormal surge” of sales in the second half of 2020 will increase the likelihood of negative year-over-year percentages, even if sales this fall stay relatively strong compared to normal years. But he also predicted a “return to normal seasonal patterns.”
“Home sales will remain strong going into next year, but we should see inventory levels continue to slowly trend toward more normal levels and home price appreciation begin to slow over time,” he said in a statement.
Higher prices continue to be a major concern of economists as affordability continues to erode. The national median price last month hit $356,700, marking 114 straight months of year-over-year gains. The median sales price was $362,000 in Pinellas, $358,000 in Hillsborough, $316,000 in Pasco and $273,000 in Hernando.
But Carol Hasbrouck, a St. Petersburg-based Realtor with Charles Rutenberg Realty, said she has noticed some sellers reducing prices after they listed their houses too high.
“I personally have not had any sales with multiple offers in the last three sales I’ve done,” she said, though she noted they were all higher-end properties between $400,000 and $1.5 million.
Homes more in the price range for first-time buyers attract stiffer competition, she said, and she still hears about buyers struggling to compete with cash offers and homes selling above asking price. Tampa Bay’s inventory, measured in how many months it would take to deplete all listings at the current sales pace, was still less than half the already low national average. Cash sales were also significantly up in all four counties when compared to last year.
“It’s definitely still a sellers’ market,” Hasbrouck said. “I do feel a slight easing up.” Read the full article here.
Monday, November 15, 7-9pm Armature Works lawn Families and friends of all ages are welcome to bring lawn chairs and blankets to enjoy this free outdoor showing. Enjoy food and drinks from any of the vendors within Heights Public Market.
Saturday, November 20, 6:30-11pm Renaissance Tampa Dessert First is an unforgettable adults-only evening filled with Girl Scout Cookie-inspired original dessert creations by chefs from some of the Tampa Bay area's favorite restaurants, a plated dinner, drinks, and an auction.
Sunday, November 21, 12-4pm Hotel Haya Shop a micro collection of artist, makers, and small business with a heavy focus on high end vintage wares, plant and garden ornaments, ceramic housewares and handmade jewelry.
Saturday, November 27, 8-11pm 3 Daughters Brewing New York, NY Dueling Pianos show is a high-octane fiesta that's part rock show, part comedy show and all sorts of craziness rolled into one big outrageous party. The audience becomes part of the show in a sing-along, dance-along, thumpthetables-along extravaganza.
FREE Admission
North Straub Park Lighting
Santa and Mayor Rick Kriseman will light up the tree and North Straub Park. Enjoy festivities with family and friends. **See St. Pete Pier article below with more details on things to enjoy in downtown St. Pete.
Event begins November 27th at 6:00 PM. Actual Tree lighting begins at 7:00 pm Address: 304–344 Bayshore Dr NE, Saint Petersburg, FL 33701, United States
Tuesday, November 30, 7:30pm Mahaffey Theater This annual tradition wraps a whimsical, Broadway-style musical infused with contemporary circus artistry into the ultimate holiday gift for the entire family.
$35 – $65 Admission
Tampa's Spotlight Charity Event of the Month:
Derrick Brooks Charity Blackjack Tournament at Hard Rock
The mission of Derrick Brooks Charities, Inc. is to provide educational opportunities for socio-economically challenged youth that will instill, inspire, broaden and develop cultural and social vision outside of the walls in which they live, to ensure that these young people have every chance to develop into the strong, productive leaders of tomorrow.
HARD ROCK EVENT CENTER Location: Seminole Hard Rock Event Center 5523 Orient Road Tampa, FL 33610 Buy your spot here
This Month's Market Trends in Tampa Bay CLICK IMAGE FOR UPDATED INFO
Downtown Tampa gets another long-delayed moment in the spotlight
Thanks to a Super Bowl and a trio of championship boat parades, the downtown Tampa skyline has, in the past year or so, scored as much global airtime as ever.
“We have been on the world stage, and people have seen what we’ve been doing,” said Lynda Remund, president and CEO of the Tampa Downtown Partnership. “I think it’s been to our benefit.” Those in the urban development community, however, have been watching downtown Tampa even longer.
The city’s waterfront parks, Riverwalk and burgeoning Water Street Tampa district have drawn such attention that two years ago — well before the Bucs and Lightning started winning titles — the International Downtown Association announced that Tampa would host its next annual conference, a meeting of urban leaders from downtowns around the world.
After going virtual last year due to the coronavirus pandemic, that conference finally arrives in Tampa on Oct. 20, giving around 600 attendees firsthand looks at how Tampa’s downtown has evolved — not just since 2019, but even since last year’s postponed gathering.
It isn’t the first large convention that’s come to Tampa since the pandemic. But it could be one with significant long-term impact, both here and afar.
“II think it is going to be one of the most profound leadership gatherings for our industry in decades,” said David Downey, president and CEO of the International Downtown Association. “For the first time in almost two years, we’ll be able to get CEOs from around the country connecting with one another outside of their daily lives to really contemplate the future of downtowns, town centers, Main Streets and urban districts moving forward. There’s a lot riding on the success of this conference.”
One focal point of the convention will be Water Street Tampa, the $3.5 billion development by Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment. Water Street developers Strategic Property Partners have been presenting at International Downtown Association events for years, so many members are already familiar with the project’s scope and first-of-their-kind wellness initiatives. Vinik is among this year’s keynote speakers.
In another sign of Tampa’s transformation, the pandemic delay meant some projects that wouldn’t have been finished last October are now open for business, including the Tampa Marriott Water Street, an office tower, two residential towers and a Publix GreenWise Market.
“So many other cities stopped everything that they were doing, and we didn’t, so things were progressing this whole time,” Remund said. “People have had a window into what’s happening in downtown for over a year now.”
Curious whether people in your neighborhood are testing positive for coronavirus? The Florida Department of Health, Division of Disease Control and Health Protection has launched an online tool to map cases of coronavirus by ZIP code.
For real time COVID-19 updates for Florida data click here.
If you do not receive updates from the City of Tampa make sure to sign up by texting:
TAMPAREADY to 888-777.
Tampa Foodie:
Bocelli Tampa
At Bocelli Modern Italian we provide a unique dining experience bringing you a mix of traditional Italian cuisine and modern dishes that Chef Cristian makes with the freshest and finest ingredients. We make all our pasta fresh and in-house along with our brick oven pizzas. We're located on Bayshore Blvd just 1 mile from the side gate of MacDill Air Force Base. We have indoor and outdoor seating, along with a private back room that can be reserved for dinner parties, business and more. We look forward to having you and serving you some of the best Italian food you'll have in Tampa."
Craig’s Favorites:
My favorite appetizer is their meat balls. They make them to order and offer beef, pork, veal and pancetta. They are flavorful, moist, and come with pomodoro sauce, grilled focaccia bread, fresh parmesan, and basil.
My favorite salad is the Kale salad, It comes with quinoa, brussels, bacon, corn, cherries, pecans, ricotta, Salata & creamy sherry mustard vinaigrette. This salad is the perfect balance of greens, sweetness, creaminess, and crunchiness. It is incredibly satisfying and could serve as a meal.
My favorite entrée is a very tough a decision. I couldn’t choose just one, so I decided to share with you my top two. They both are excellent. Their grouper comes prepared in a buttermilk charred onion sauve, sautéed spinach, roasted tomatoes, blistered shishito peppers, peperonata, and blend herbs. The grouper is locally caught, and the preparation is bursting with savory flavors.
My other favorite entrée is the pepper crusted filet mignon. It is prepared with charred cipollini onions, broccolini, confit tomato, crispy shallots, and a Barolo reduction. Chef Cristian knocks it out of the park with this dish. It has incredible flavors and textures. If you aren’t familiar with Barolo it is a Italian red wine often referred to as “the king of wines.”
If somehow you managed to save room for dessert, I highly recommend their cookie skillet. It is a chocolate chip cookie freshly baked in a cast iron skillet and served with a scoop of ice cream and caramel sauce. It is decadent. Just make sure to order 20 minutes in advance.
Built-for-rent houses coming to Tampa Bay suburbs as industry booms
Florida has long been home to the sprawl of suburbia — the landscapes of near-identical houses with emerald lawns are as quintessential to the state as its reptile-filled swamps.
But a new type of suburb is sprouting around Tampa Bay: those with new homes only for rent. Even as the housing market has an insatiable demand of homes for sale, a growing contingent of companies is focusing on constructing built-for-rent subdivisions for what they describe as an equally hungry clientele that signs leases almost as quickly as the homes can be erected.
The built-for-rent trend started in Arizona, and after much success has been spreading, with rental communities appearing in Denver and then Texas, said Brad Hunter, founder and president of Hunter Housing Economics, which advises developers and investors.
“It’s like a tidal wave that is just about to crash on the beaches of Florida,” he said. “I see it suddenly hitting this year.”
Within Florida, Tampa Bay is a particular hot spot. The industry is exploding so quickly that solid numbers on built-for-rent neighborhoods are hard to come by, but Hunter is tracking nearly 20 communities, many still in their early development stages, from Ruskin to Port Richey. Statewide, roughly 600 units were developed for rent last year, according to Hunter, who’s based in West Palm Beach.
“This year, it’s going to be multiples of that, and in 2022 it’s going to be magnitudes greater,” he said. Before the Great Recession, renting out single-family homes on a large scale was considered an untested business model, with question marks about whether it would be too costly to manage scores of spread-out houses compared to dense apartment complexes. But after the market crashed and left a glut of homes for sale, now-behemoth corporations like Invitation Homes bought up thousands of houses and rented them out to tenants, proving with their profit margins that the idea was feasible.
When the housing market recovered and cheap houses became harder to find, the built-for-rent concept was born. Hunter said the industry first started around 2012, but the past five years is when it’s picked up the most speed.
With more people working or attending school from home, young families are looking to branch out from apartments and get more space, she said. Plus, buying homes has gotten more expensive. Florida is an attractive market to built-for-rent developers because of its population influx with out-of-staters moving south combined with the market’s desirability and low supply, she said.
In the past, critics have accused the single-family rental industry of gobbling up too many houses that would otherwise be homes for first-time buyers, keeping more people in the rental market and preventing them from building generational wealth. The industry countered that their properties make up a small percentage of the total American housing stock, and single-family rentals allow families who couldn’t otherwise afford to buy a house to be able to live in neighborhoods of their choosing, which often come with access to better schools.
Public given opportunity to weigh in on major changes to St. Petersburg's roadways
St. Petersburg is in the beginning stages of planning for the removal of Interstate 175 and/or 375. Forward Pinellas, the county's planning organization, solicited public feedback at an in-person open house Tuesday. The organization is working in conjunction with the city and the Florida Department of Transportation as part of the Downtown St. Petersburg Mobility Project.
Bulldozing the highways would open up acres of space for real estate development and increase the connectivity of neighborhoods. Currently, there are zero pedestrian pathways across I-375 and just one elevated path connecting Campbell Park and an isolated portion of Fifth Avenue near Tropicana Field.
There are potential downsides to removing I-375: slightly increased travel times and the possibility of emergency services being unable to reach Bayfront Health hospital on time. Pinellas and St. Petersburg leaders are considering a compromise where parts of the highway would be removed. A partial removal would free up 12 acres for development rather than 25 to 28. The demolition of I-175 is not mutually exclusive to those options, Forward Pinellas Executive Director Whit Blanton said.
"175 is less of a problem in removing than 375," Blanton said. "You can accommodate the traffic using 175 now on Fourth and Fifth Avenues within the existing footprint. You can have multilane roadways that can be two-way or one-way, whatever. And they would handle the traffic."
Removing I-375, meanwhile, would result in an extra minute or so delay for drivers trying to reach I-275. "The question is," Blanton said, "is it worth it to have one more minute of travel time? Or is that unbearable?"
Some members of the public also have concerns about traffic during the demolition of the freeway and the construction of a pedestrian-friendly boulevard.
But Blanton expects support for the projects. The real fight will come when leaders decide what to do with the open space. Businesses and residences could reside along parts of the boulevard, but open parks are also a possibility.
Blanton and Evan Mory, St. Petersburg's transportation director, are both bikers themselves. They believe highway removal and converting roadways like Dr. MLK Jr. Street and Eighth Street to a two-way traffic flow would make the transportation network safer. One impetus for the mobility project was the two Tropicana Field redevelopment proposals. The city already began its Complete Streets initiative in 2019 and is looking for ways to handle a growing population.
St. Petersburg city council will be briefed on the mobility project on Dec. 9 and a final recommendation could come Jan. 20, Mory said.
"This is, at least in recent history and likely in all of history, the first time that the entirety of the downtown transportation network has been comprehensively studied, including the Interstate feeders," Mory said in a written statement.
St. Pete Pier to have real ice rink for the holidays
Skaters in balmy St. Petersburg will have waterfront ice skating when Winter Beach opens Nov. 20-Jan. 17. The St. Pete Pier will have a real ice-skating rink set up next to Spa Beach for the holidays, the city announced Tuesday.
Skaters in balmy St. Petersburg will have a view of Tampa Bay while gliding on real ice. The 4,000-square-foot ice rink will be the centerpiece in what they will call Winter Beach. It will also have an adjacent shopping village, food and holiday events.
Craig’s Take: There is nothing that makes it feel more like the holidays in Tampa Bay than the waterfront ice skating rink in St Pete. I highly recommend making it an evening to never forget. Be sure the evening includes taking a horse and carriage tour through downtown St Pete’s historical waterfront district. The pickup location is a very short walk from the rink. It is right out of a Christmas Hallmark movie. While you are there, be sure to walk-through the magical Straub Park and check out the Christmas Tree and lights. The city will light up the tree and park on Saturday, November 27th at 6:00 pm. When walking through the park you will most certainly want to see the more than 100-year-old Banyan Trees. There is one Banyan Tree in Straub Park that is one of the most iconic spots in St Pete to take photos. Whether you are a local or visiting you must add this to your photo album.
Click here to get more information on the carriage tour
Florida’s Tech Capital Tampa's Rising Tech Scene Earns the Spotlight
When Forbes named Tampa the No. 1 Emerging Tech City in the U.S. in August, locals nodded in agreement. But people across the country raised an eyebrow and leaned in to learn more. Champa Bay’s technology scene has been exploding for the past several years under the radar, mainly by word of mouth. Now, the word is getting amplified on the national stage, and the city couldn’t be more excited.
“I am incredibly proud, but not surprised,” Mayor Jane Castor says of Forbes’ ranking. “Tampa is soaring to new heights.”
Tampa has been a benefactor of the new tech migration. With technology at the forefront of today’s society and the COVID-19 pandemic shifting more workers remote, companies are seeking out attractive new cities like Tampa in which to stake their flags.
Where better than Tampa? Its enviable weather, low state taxes, reasonable cost of living, winning sports teams and proximity to the airport and beaches would make nearly anyone want to move here. Add in a progressive local government, welcoming tech community, ample resources and talent, and strong universities, and it’s no wonder Tampa has become such a tech magnet. “It’s a great recipe to support tech companies,” Castor concludes.
Forbes says Tampa could shape up to be the next Silicon Valley, with Tampa ranking higher on Forbes’ list than Miami, New York City, Austin, Texas, and San Francisco, which respectively placed second through fifth.
“Tampa is quickly turning into Florida’s tech capital,” Forbes’ article states. “Tampa’s positioned to become one of the tech capitals of the American South in the coming decade.”Tampa has recently attracted an impressive list of startups, tech companies and executives. Within the past year alone, many companies announced plans to relocate to or expand in Tampa, including ReliaQuest, Celsius Network, International Data Corp, OPSWAT, Genesis Systems, Pfizer and Fisher Investments. From Silicon Valley, Tampa welcomed JetBridge, TrustLayer, and founders and executives from notable companies such as Instagram, Snapchat, Wag! and HelloFresh.
Craig’s Take: Tampa’s economy has historically been made up of tourism, health care, construction, financial services, and maritime industry. Until recently, the tech industry has been slowly becoming a more prevalent industry in Tampa.
I am not surprised Tampa was named the No. 1 Emerging Tech City in the U.S. I am shocked by the timing. This is recognition is happening much earlier than what I expected. The reason I say this is Tampa has just recently put together a comprehensive plan to become a nationally recognized tech HUB. Tampa has yet to really reap the full rewards of Bill Gates and Jeff Vinik’s $3.5 billon dollar investment into Tampa via the Water Street development. The Water Street development of class A office buildings and luxury apartments are designed to attract tech-focused talent and companies. Equally if not more important than the investment into the buildings of Water Street is Jeff Vinik’s investment into starting Embarc Collective. Embarc was founded in 2019 with the intention of raising venture capital to help tech start-ups in addition to attracting talent and keeping the local talent from leaving Tampa. In two short years the impact of Embarc has been felt throughout not just Tampa but the whole country.
In years past companies from Silicon Valley were relocating to cities like Austin, TX, Seattle Washington, and San Diego, California to name just a few. That made more sense because it is much closer to Silicon Valley than moving all the way across country to Tampa. To say I am excited to Tampa now attracting some big-name companies and executives from Silicon Valley would be a understatement. There are several factors in play here. The biggest is companies allowing their workers to work remote. Tampa has been one of the biggest benefactors of this.
What does this mean to Tampa’s economy? This is hugely important to diversity and long-term growth of our economy. If Tampa can become a tech hub that can compete with other tech cities like San Francisco, Austin Seattle, Portland, New York City, Boston, and Atlanta our economy will be incredibly strong and robust. If you look at those other cities mentioned, you are going to fail to find one that compares well with Tampa in all the following categories. Incredible year-round weather, top rated beaches, water access, no state income tax, affordable cost of living, multiple pro-sports teams, political diversity, and business friendly city. It also means more mid to higher paying jobs.
Tampa is currently responsible for more than 25% of the state's tech jobs, with more than 2,000 new jobs expected this year.
What does this mean towards real estate values?
The real estate market is driven by 7 economic factors. 1. Supply 2. Demand 3. Employment 4. Wages 5. Demographics 6. Interest rates/availability of credit 7. Government policies and subsides.
The reality is an emerging tech industry positively influences 4 out of those 7 factors. Business.org reports that tech professionals make anywhere from 20% to 85% more than the average salary in their states. In addition to the increase in tech professionals we are also attracting high-net worth business owners. We are and will continue to see even larger impact on the Tampa Bay housing market.
2619 Bayshore Boulevard, Unit 1800 is at The Sanctuary which is a 17-story luxury tower offering only one residence per floor. Directly on Bayshore Blvd, each home offers unparalleled water views through a dramatic 48’ frameless window system rarely seen in our area. This residence offers the unique opportunity to have a 2-story home in a condominium tower. With ceiling heights of 10’ and 4 large balconies with glass railings, these residences make the tranquility of nature part of the home. A private elevator foyer with double doors leads to a great room open to the 2nd floor providing 20’ ceilings, 20’ tall frameless glass windows, a grand staircase and endless views.
Gaggenau appliances come with a VIP white-glove service with 5-year warranty and include gas cooktop, built-in coffee maker, speed microwave oven and the refrigerator/freezer columns and dishwasher feature cabinet panels. The 11’ kitchen island features a quartz countertop with waterfall edge.
Standard luxury appointments include 2’x4’ porcelain tile, drywall ceilings, integrated 4” LED overhead lighting, Smart-home pre-wiring, kitchen drawers with stainless steel interiors, custom pantries with pull out drawers, and Rohl plumbing fixtures throughout. 4 parking spaces included; parking lift or limited number of private garages available for purchase. Exterior features include a grand entrance flanked by stone water features and beautiful wood faced parking garage doors. For those who want the very best, The Sanctuary is not to be missed!
Craig’s Take:
This is the highest priced ever paid for a condo in Tampa. To create this remarkable penthouse the top 2 floors were converted into one residence with a private rooftop pool. Essentially, the residence is 3 floors when taking into account your very own private rooftop pool. Tampa Bay has never seen a condo like this before. In Florida, Miami is known to have the most incredible condo residences. This penthouse rivals some of Miami’s most prestigious penthouse condo residences. Ironically the buyer is a corporate entity that has a Miami mailing address. Pre-construction pricing for this unit started back in 2019 at $5.2M. The sold price ended at $7,203,932 after they expanded the footprint of the residence. Development and sales like this excite me. It shows how far Tampa has come in the luxury condo residence market. I am excited to see other developers aim for new heights and surpass this incredible condo. I do expect this record condo sale to remain for some time.
**Check out this property listing from Realtor.com here.***
Tampa Bay Featured
Luxury Listing
A private gated entrance to 706 Guisando De Avila welcomes you to this one-of-a-kind estate in Tampa's premier private gated country club community of Avila. Perfectly positioned for the ultimate in privacy and exclusivity, on just under 6 manicured acres, overlooking the golf course, pond and conservation area. Featuring impeccable attention to detail inside and out, with a main house, guesthouse, 10 bedrooms, 10 full baths, 3 half baths and boasting over 28,893 masterfully-crafted square feet (including a 2,620 SF Guesthouse). Meticulous design elements include a grand foyer entry, ballroom, executive library, 14 fireplaces, wine room, elevator, numerous terraces and 5+ car garage. An inviting gourmet kitchen delivers warmth and timeless design, beautifully blended with top-of-the-line stainless appliances, generous center island and breakfast area.
A distinguished master retreat boasts a gracious living area/media room, along with an opulent bath. The grandeur continues outdoors to an inviting pool and spa, surrounded by spectacular grounds and lush landscape, with a cabana and fireplace, marvelous limestone terrace areas and entertaining pavilion with outdoor kitchen. Appointments include marble, limestone and concrete block construction, circular drive and elegant entry fountain, soaring ceilings, designer lighting, hand-crafted millwork, imported granite, custom marble, stately French doors, Palladium windows, classic columns and formal archways.
One of Tampa Bay's most exclusive community's, Avila offers golfers and sports enthusiasts the luxuries and anonymity of a country club lifestyle with state-of-the-art facilities, championship golf, fitness center, spa services, har-tru tennis courts, pool pavilion, dining and social activities. This is truly an unparalleled luxury lifestyle near all that downtown Tampa has to offer.
Craig’s Take: The home was originally built in 2004 by Mark Yaffe. If that name sounds familiar it may be because he was in the news back in 2015. He was convicted of conspiracy to commit bank fraud and was sentenced to 20 months in prison. Through bank records discovered during Mr. Yaffe’s trial, it is believed he spent $10M to build the house back in 2004. Mr. Yaffe lost this estate to the bank in 2013. Bank of America subsequently sold the house in 2014 for $5.58M to an LLC. Since that time, the current owners have gotten caught up with some deferred maintenance and completed some modest updates to the home. The current owners listed the home for sale in 2020 for $8.5M. After being on the market for about 8 months they decided to increase the price to $9.5M in April. In September, the owners decided to fire their agent and hire another agent. The property is now being marketed at $8.95M. This estate is one of the largest and most remarkable in the exclusive community Avila. Over the past 4 years the highest sale in Avila was a nearly 19,000 sqft estate that sold for $4M. I expect the subject property to sell between $7.25M-$8M.
