Focus on Investing in St. Petersburg, Florida

Description

The City of St. Petersburg is by far the largest city in Pinellas County, outpacing second place Clearwater, 257,000 residents to 107,000 residents respectively. St. Petersburg also encompasses a large land mass in Pinellas county, containing many smaller neighborhoods of differing characteristics, tenant profiles, and price ranges. Some of the more popular areas within the city St. Petersburg include the Fossil Park neighborhood, Kenwood, Downtown, Snell Isle, Jungle Terrace, and the central Art District, just to name a few. Click Here to learn more about the different neighborhoods.

Flood zones remain a big concern, especially for investors financing a property, where the lender will require you carry flood insurance when you’re in a designated flood zone area. The typical rule of thumb for flood insurance is about 1% of the value of the property annually (on top of homeowner’s insurance). Even though St. Petersburg has a large footprint, there are plenty of areas outside flood zones.

LINK for Pinellas County Interactive Flood Zone Map

Investors should also keep in mind that the city of St. Petersburg often has the highest property taxes of any municipality in Pinellas County.

Data Analysis

You’ll quickly notice the 5% average price appreciation from a year ago and the forward looking 5% price increase estimate. Steady appreciation appears to be the name of the game.

We can look at the downtown area for instance, specifically around the Ray’s current stadium. Their lease runs out in 2027, and it has been no secret that the baseball team is shopping other cities (see Montreal). If they leave the city, the Trop will most likely be torn down to make way for some sort of city redevelopment, which would be a huge boon to the nearby neighborhoods. The traditionally lower income neighborhoods directly South of the stadium area have begun to feel the benefit already. Many renovation and new construction projects are breaking ground, no doubt, at least in part, in anticipation of the future redevelopment.

Map

Property Videos

Please see examples of previous property walk-throughs below. As most of my clients are located out of town, I find myself visiting properties and taking videos often on their behalf. If you can’t be here to see it for yourself, video is the next best thing.

St.Petersburg Single Family Example A – Click Here for Video Tour

St.Petersburg Single Family Example B – Click Here for Video Tour

St.Petersburg Duplex Example – Click Here for Video Tour

St.Petersburg Multi Family Example – Click Here for Video Tour

As an investor, information gathering becomes critical in ensuring that a potential investment is one that ultimately allows you to achieve specific goals set for it. My engineering education/background and 15 years in the Building Industry as an engineering consultant allows me to speak technically, not only about data and figures, but also about the actual building structures and systems associated with properties.

If you’re looking to acquire an investment property in the Tampa Bay area, please don’t hesitate to reach out!

Thanks!

Click HERE to learn more about investing in Tampa Bay!