After making a trip out to the Tampa area, I was really impressed by Tampa and St Pete and like the future growth prospects of the metro area. In doing more research I've found a lot of info talking about the different areas/neighborhoods of Tampa or St Pete, but I haven't been able to find much info as far as comparing the 2, so hoping some locals might be able to help!
I'm going to be looking for multi family in the 2-20 unit range. It seems like there may be more of that on the Tampa side, and it seems like average prices may be a bit lower in Tampa metro overall compared to St Petes. It also seems like St Petes has more of the beach vacation areas and Tampa is more city living.
I realize this is somewhat of a broad question, but would appreciate any general insight on the overall differences between the two sides.
@Kevin Briggs I actually own a 10 unit and a triplex in St Pete and grew up there. Love that area. There is a more hometown feel, and very entrepreneurial spirit. The great part living anywhere in Tampa Bay, you get the benefit of both Tampa and St Pete. The area has grown tremendously in the last 10 years, and continues that pattern two fold. Happy to add you to mu investor database of you aren't already working with another agent.
All the best
They should both be considered part of the Tampa Metro as there are people that live on both sides of the Bay and commute to the other.
The entire metro should be considered on a neighborhood by neighborhood or case-by-case basis. Neither city in its entirety will be better or worse or command better or worse rents as a whole. It will be completely dependent on the immediate area and the prospects for growth.
The Tropicana redevelopment in St Petersburg is very exciting and bodes well for the surrounding area, but you can't really tell until it's done. The whole area is experiencing great growth and the incoming residents are adding to the median income. the median incoming job is in the six figures, AFAIK.
On the other hand, you are probably right that there will be more properties available in Hillsborough and possibly Pasco. Whether the rents and 10-year growth will match is another question. Again, it will depend on the specific property.
But overall, we are in a very exciting market and the next decade looks to be very growth oriented for the Tampa Bay area!
Couldn't have said it better myself @Dan Maciejewski .
@Kevin Briggs the one thing I tell my clients that are purchasing (or looking to purchase) more properties is the appreciation factor and land-value of these properties. Pinellas County (St Petersburg side of the Bay) has very little land left to develop. Pinellas County is literally the most densely populated county in FL -- doubling the #2 county. As far as land-value/appreciation on your asset, I have strong belief that Pinellas County will benefit and outperform Hillsborough due to the developed nature of the land.
I wish you the best in your search! This is such an amazing area to live and invest.
Couldn't have said it better @Jared Decker . And thanks for adding quantitative data.
I agree with @Dan Maciejewski here, we often tell investors both sides are similar but slightly different and theres tons of upside on both sides of the bridges.
Hello Kevin Briggs, It's easy to decide which side of Tampa Bay you want to be on. St. Pete, Clearwater up to New Port Richey is the Beach Side. Across the bridges in Tampa, you have the Industrial side of the Bay with our Port and Trains etc. You find an Broker/Agent to help you and do a Search for properties from 2 to 4 Residential or 5 to 20 Commercial properties For Sale on ALL the surrounding Counties. Then, you do your Due Diligence on all that you find on a Daily basis until you find one that works for you. Make your offer and see if it even gets considered when properties are selling for Cash by noontime each day in the frenetic Selling Market that we have.
@Kevin Briggs St. Pete > Tampa. St. Petersburg has Best of both worlds with downtown and the beaches. Location is perfect for continued growth. Grew up in st. Pete and looking forward to investing into it. Feel like south side area will have a lot of growth potential in the years to come as well.
Hello Kevin Briggs. When you say "the South Side," you can't mean just South of Central. Desirable Bay and Beach with a view are further South and much safer.