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Torcana Investment Blog

How hot is the Tampa FL real estate market?

Posted by Colin Murphy on Oct 1, 2016 10:50:46 AM

As always, there is a lot going on behind the scenes in Torcana. The turnkey 3 bed property we promoted on 7211 Potomac Dr recently (pictured below) went under contract straight away and our buyer has already closed.  
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Aside from Potomac Dr which is now finished, we are also renovating 4 properties and we have another 6 under contract. Strange as it may seem, many of these won´t be listed in our newsletters or on our website. Why? Because they are reserved off market by clients who are already well known to us. Many have bought from us a few times and/or have made a trip down to Tampa to see us, but most of all, they keep in regular contact with us by telephone. It is always the people who call us on aregular basis who get the inside information. 

To give you an example; just yesterday morning a client called my colleague David when he was at a property we´d purchased last Wednesday. He liked the look of our Potomac property above, but said he´d prefer a home located in the same Seven Springs area he purchased in back in January. It just so happened that this home was in that area and now it looks like we will be selling exclusively to him when the renovations are completed. 

It is just amazing how hot the Tampa Bay market is right now. Not just for homebuyers, but also for people who specialise in buying and rehabbing. We may have negotiated the resale of the Seven Springs property above just after we bought it, but it took six months of torturous short sale negotiations with a bank to get it in the first place. We didn´t even know when we were buying it until two days before the closing date! 

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Other times it´s the complete opposite - if you can´t make a decision within an hour or two of seeing the home, somebody else will buy it from under you. It´s a bit like looking for a needle in a haystack, but whenever a needle pops up, there is 20 hands rushing to grab it. They are all cash buyers who are willing to take significant risks with the property renovation in order to realise a profit on resale. 

This can be hard to appreciate if you´re looking at active listings on Zillow, Trulia, RedFin etc, but I can assure you it´s the truth. There are a lot of nice looking properties for sale with outdated roofs, air conditioning units, electrical systems and water heaters that aren´t included in the glossy photos. Our renovation standards are as high as anybodies and we are very transparent about the important stuff under the bonnet (i.e. roofs, a/c, electrics).  

In conclusion, if you´re seriously interested about adding some turnkey rental properties producing terrific cashflow to your portfolio, please give me a call sometime on 727 302 1422. If I don´t answer, just leave a message and I will try to call you right back. Below you´ll find some additional information on Tampa and the areas we focus on. 

Why Tampa? 
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Located on the west coast of Florida, Tampa Bay is a densely populated metro area comprised of Pinellas, Hillsborough, Pasco and Hernando counties. Major cities within this area include St. Petersburg, Largo, Clearwater, New Port Richey and Tampa. You could compare it to the San Francisco Bay area with its long bridges connecting various large urban areas. The Greater Tampa Bay region has a population of over 4 million and it is a $130 billion economy that is consistently ranked among the top 20 fastest growing metro areas in the country.

The Tampa metro area has a bustling business sector and offers a wealth of employment to its residents and commuters. Many corporations and Fortune 1000 companies such as financial services companies, healthcare, research, education facilities, avionics, information technology and telecommunications companies maintain national and global headquarters in Tampa. This area is now the biggest job generator among Florida metros, adding more than 44,000 during 2015.

There is a large volume of military contractors and naval bases concentrated in the area and Tampa is home to United States Central Command. Tampa also has a huge port, which is the 7th largest in the nation.

Situated along Florida’s Gulf Coast, the Tampa Bay region boasts an enviable quality of life with year round sunshine, a unique cultural heritage and a diverse business climate. It has a highly developed infrastructure with a network of road, air, water and rail transportation. It also boasts a multilingual, highly trained workforce supported by outstanding educational institutions, including the main campus of the University of South Florida with 50,000 students. With a low cost of living, no state income tax and affordable housing and health care, there’s no shortage of people who want to live and work here.

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Through hundreds of hours of on-the- ground research, we have identified a huge pent up demand for newly renovated rental properties in the major Pasco County neighborhoods of Holiday, New Port Richey and Port Richey. After Miami, the Gulf Coast is the most densely populated area of Florida and there is a continuous stretch of urban and suburban communities stretching from Sarasota in the south all the way to Spring Hill in the north. The areas we focus on are in the center of this area and are within an easy commute to the major cities and cultural amenities of Clearwater (15 miles), Tampa (17 miles) and St. Petersburg (30 miles).

Pasco is outpacing the rest of the Florida in terms of new employers and employment opportunities and was recently named a “hot bed” for small business and entrepreneurial growth. The Florida Office of Economic and Demographic Research estimates that population growth in Pasco County will exceed 20% in the next ten years.

Our specialty is sourcing concrete single family homes built from 1970- 1985 located well away from the title flood areas on the coast. We purchase properties at below market value from auctions, wholesalers and distressed sellers, renovate them to a high standard and deliver strong rental returns to a wide range of out-of-state and overseas buyers.

Give us a call if you´d like to learn more!


Topics: florida real estate, rental property, tampa

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