I have been watching the Largo market for a few years. It seems prices are going up and several homes are being flipped. I would appreciate some advice on where to buy and where to avoid in and around Largo, St. Pete, Indian Rocks Beach, Belleair Beach.
Welcome to Bigger Pockets!
It's difficult to give general advice - every home, and every deal, is different.
Here in Pinellas, buy and hold investors (and to some extent, owner occupants) generally try to avoid flood zones, due to the added cost and uncertainty associated with flood insurance (see map here for a great flood zone map: http://www.trulia.com/local/saint-petersburg-fl/ty...). Flippers are less concerned about this, but it still affects home values and resale potential. That being said, obviously, some of our most valuable real estate is on the water - so it all depends on your financial situation and investment goals.
And block homes are usually preferable to wood frame, due to the potential for termite damage, among other things.
I see you are in/from Missouri - will you be buying/flipping from out of state? And how will you be financing your purchase and renovations? Do you intend to renovate and re-sell, or refinance and hold rental properties? Or are you looking for a home to live in as an owner occupant?
Regardless, I'm happy to help any way I can! Let me know if you have specific questions.
Hi Dianna and welcome to BP!
Having lived in Pinellas County for over 17 years, I know it very well. You're absolutely right that these areas are going up in price as is all of Tampa Bay. I agree with Jeff "framed" homes, or wood in other words, are less desirable in most cases however, many flippers are grabbing them up in all areas because people are purchasing move-in ready deals right now because of the higher home prices. As Jeff stated though, most times, these will add to your days on market. I also agree that flood insurance is problematic to some buyers.
Where you purchase is based on your investment amount and what specifically you're looking for. Buy/Hold, Multi-Family, Flip etc. You can feel free to contactt me as well if you need any help!
I'm not entirely sure that following the herd is the best way to buy and sell. There are many under appreciated areas throughout the Tampa Bay area where simply by there proximity will be worthwhile risks. The land around them is becoming just too valuable...
Dianna, hi, I reside in Largo, Florida since 1996 but have lived in Indian Rocks and Belleaire Beach (more lucrative areas). However, St. Petersburg maybe the new home for the Tampa Bay Rays our baseball team and that may happen in next year which will create new opportunities for home relocation (displaced home owners). I would look at the fundamentals and then the technical aspect. In general I can provide more details in the housing market on a case-by-case basis. I would consider that as ogoing research which is in order before you move as I am now a tentative member with the Chamber of Commerce for Pinellas county and can do an in depth records research. Let me know if you need this activity since you are still probably planning your move from Missouri. My background is in research specific to mental and medical health but can help in residential demographics.
I would be ready to help you in Largo and area.
@Dianna Adkison We currently have five listings for sale on our site (www.roofstock.com) in that part of Tampa. All of these homes are tenant occupied. If you look on our site you will find more information including the price, gross/net yield, lease information, pictures and lots of other information. Please let me know if you have any questions.
Thanks to everyone for their advice and comments. I am looking for a modest house (relative term for beach property) for a family member to live in. She currently lives in IRB and loves it but, rent is expensive. I don't want to over pay for a property and then have to sell it at a huge loss if she moved.
Employment is near Belcher and East Bay so, I've considered that area of Largo. I am a bit concerned because I have heard people call it LarGhetto when I have been down to visit.
Once again, thanks to everyone. I have been listening to the Podcast for some time and appreciate the kindness shared by all.
I currently have a house for sale in Largo. Here's the listing on Zillow: http://www.zillow.com/homes/for_sale/9397-116th-Av...
It's in a safe, quiet neighborhood.
Let me know if you are interested. :-)
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