I am targeting the highlighted attached area to look for a buy and hold Single family home. I am looking to know the following from people living in the area, familiar or has invested in the area.
- Neighborhood:
Has the area improved over the years?
Safe for renters?
Rental demand?
what drives the rental demand.
-Renters:
Good area to get good renters?
Pay in time.
keep the property in good state
Demand for short term rental
Demand for long term rental
- Growth prospects:
appreciation in recent years
expected appreciation in coming years
revitalization of the area.
high buying demand?
I've lived in the area since 2009 and it is definitely improving. The city has recently bulldozed a large number of block buildings that had been used for affordable housing, which caused quite a few people to get Section 8 vouchers and spread out into single-family homes. I even heard recently that a "tiny-home" community was being planned for the area to alleviate the lack of housing available now that the block ghetto-like neighborhoods are gone, which would certainly be an improvement over what was there.
I am personally skeptical about how much things will improve as a result of the stadium relocation (just look at the immediate surroundings of Tropicana Field and you'll see that it isn't a cure-all by any means). I think a lot of the value increases will be speculative and might not last so I've been hesitant to jump in on that.
I'm also mindful of the possibility of TBX getting approved, which would cause I-275 to widen significantly. I've passed on several houses that are smack-dab next to the interstate in Ybor Heights. They looked good on paper but I'm in it for the long haul and I don't want to be forced to give up the property in a year or two because the government is expanding the road (there is a lot of local pushback on TBX so it may not happen at all).
The closer you can get to Tampa Heights the better off you are, in my opinion. Prices are higher there but the clientele is usually better heeled and interested in the good restaurants nearby (think Ulele or the new TAW Food Hall and the Riverwalk). On the other end of the boundary you have the Seminole Hard Rock casino as a potential draw for renters. If you go a bit further east it's still possible to find low-priced SFR's, but I've found that renters close to the casino tend to be employees of the casino, and they don't always last very long. Could be great for AirBnB, though!
I hope you find something; Tampa is a great place to live.
Thanks @Kurt Traynor
Yes, I would love to hear more on other experiences.
Kurt is correct, with the recent news of the rays stadium coming to ybor, investors are going to be driving the prices up in the area. the demand for building new restaurants and bars to support the stadium crowd and entertainment, with that will come the increased need for close by quality living. it can be a bit touch and go for now but in a few years its going to be an amazing area.
I've lived in the area since 2009 and it is definitely improving. The city has recently bulldozed a large number of block buildings that had been used for affordable housing, which caused quite a few people to get Section 8 vouchers and spread out into single-family homes. I even heard recently that a "tiny-home" community was being planned for the area to alleviate the lack of housing available now that the block ghetto-like neighborhoods are gone, which would certainly be an improvement over what was there.
I am personally skeptical about how much things will improve as a result of the stadium relocation (just look at the immediate surroundings of Tropicana Field and you'll see that it isn't a cure-all by any means). I think a lot of the value increases will be speculative and might not last so I've been hesitant to jump in on that.
I'm also mindful of the possibility of TBX getting approved, which would cause I-275 to widen significantly. I've passed on several houses that are smack-dab next to the interstate in Ybor Heights. They looked good on paper but I'm in it for the long haul and I don't want to be forced to give up the property in a year or two because the government is expanding the road (there is a lot of local pushback on TBX so it may not happen at all).
The closer you can get to Tampa Heights the better off you are, in my opinion. Prices are higher there but the clientele is usually better heeled and interested in the good restaurants nearby (think Ulele or the new TAW Food Hall and the Riverwalk). On the other end of the boundary you have the Seminole Hard Rock casino as a potential draw for renters. If you go a bit further east it's still possible to find low-priced SFR's, but I've found that renters close to the casino tend to be employees of the casino, and they don't always last very long. Could be great for AirBnB, though!
I hope you find something; Tampa is a great place to live.
Thanks, @Ryan Colby, @Jonathan Henley
I will continue to keep an eye on Ybor as well. If anyone else has anything to add, lets continue to do so.
@guarava a. i did speak to someone yesterday, saying that there are still some hurdles to the ybor stadium. they are short 260 million and asking the city to pony up the cash. how ever they promised a raise to teachers so dont have the funds for both. some are businesses are looking to see if they can fund or help fund the project.