Events in 2014 That Will Boost 2015 Tampa Real Estate Market

channelside-tampa-jeff-vinik

Great things are expected for the Tampa real estate market in 2015!
2014 was a year filled with lots of business projects that will have big impacts on commercial, residential and industrial properties in the Tampa Bay area.

The 7 top Tampa-area happenings were:

1.   Jeff Vinik’s Formal Launching of His $1-Billion Redevelopment Plan for Downtown Tampa’s Channelside District

Tampa Bay Lightning owner Jeff Vinik and his team said they have the vision, the  funds and the support of public and private entities.

Vinik is expected to succeed because of the following:

  • He already owns more than 25 acres of land in the Channelside area and is poised to acquire more.
  • He has the financial support of Microsoft founder Bill Gates through his deal with Gates’ investment firm Cascade Investment LLC.
  • He has purchased the Channelside Bay Plaza and the Marriott Waterside Hotel and Marina.
  • He owns Tampa Bay Lightning hockey team which has long-term lease rights to the Tampa Sports Authority-owned stadium Amalie Arena, the main anchor of the Channelside redevelopment project.
  • He has obtained approval from the board of trustees of the University of South Florida (USF) for the construction of the USF Morsani College of Medicine and USF Heart Health Institute.
  • He has signed a deal with the Tampa Port Authority for the operation of Channelside’s parking facilities.
  • The Florida Aquarium and the Tampa Convention Center are located in the district.

2.   Launching of Chain and Specialty Restaurants

. Ulele restaurant and brewery, in Tampa Heights, near the Ulele Spring, Water Works Park, Riverwalk and Hillsborough River
. Elevage at the Epicurean Hotel
. Bizou Brasserie at Le Meridien Tampa
. Rivers Smokehouse in Carrollwood, a barbecue
. Del Frisco’s Grille in Tampa
. Wing Zone in New Tampa
. Graffiti Junktion in Tampa near USF
. Culver’s in Tampa, a burger chain
. Earl of Sandwich in St. Petersburg
. Besito in Westshore Plaza
. Buffalo Wings & Rings, looking for location
. Tom+Chee, looking for 5 locations
. Twin Peaks, looking for location
. Fodder & Shine in Seminole Heights

3.   Launching of Malls and Other Retail Centers

.  RareHues design store in Carrollwood
.  Tampa Premium Outlets in Wesley Chapel in Pasco County by Simon Property Group
.  University Mall, acquired and being redeveloped by New York investor Richard Birdoff
.  Hyde Park Village
.  Seminole Mall
.  Specialty grocer Trader Joe’s opened in South Tampa
.  Spanx at International Plaza

4.   City Projects under Mayor Bob Buckhorn

. Completion of the Riverwalk
. Bike Sharing Program
. Water Works Park redevelopment
. Nehemiah Project, revitalization of Sulphur Springs
. Redevelopment of Riverfront Park
. Improvement of other city parks, trails and boulevards
. Agua Luces public art program
. Downtown park programs like the Mayor’s Food Truck Fiesta

5.   Launching of Hotels and Hotel Projects

  • Aloft Hotel, in the former Mercantile Bank building in downtown Tampa
  • Le Méridien Tampa Hotel, transformation of the historic federal courthouse  in downtown Tampa, near Ybor City and Channelside
  • Epicurean Hotel, in the SoHo neighborhood of Hyde Park, part of the Autograph Collection by Marriott, developed by the Bern’s family in partnership with hotel company Mainsail Lodging and Development
  • A four-building luxury hotel to be developed by Mainsail Lodging and Development around around a 50-slip marina in Holmes Beach

6.   Residential and commercial real estate projects
. Residential Pierhouse at Channelside
. Residences at the Riverwalk
. The Martin at Meridian
. The Trio at Encore
. NoHo Flats
. Loft-style apartments in Seminole Heights by developer Wesley Burdette
. SkyHouse in Channelside
. Crescent Bayshore

7.   Company Expansions With Help from the Tampa Hillsborough Economic Development Corporation (EDC)

In 2014, hundreds of Tampa jobs were created and will continue to be created in the years to come by these companies:

  • BluePearl Veterinary Partners, a leading veterinary medicine company that employs more than 1,800 in 14 states
  • Cognizant, a leading information technology and consulting company that employs 200,000 employees worldwide
  • Laser Spine Institute, provider of minimally invasive spine surgery, which employs more than 900 medical and corporate professionals across the U.S.
  • LabTech Software, developer of remote monitoring and management (RMM) platform for IT service providers, with more than 350 employees worldwide
  • White & Case LLP, a global law firm with lawyers in 39 offices in 26 countries
  • Quest Diagnostics, provider of diagnostic information services for patients and doctors, with 45,000 employees across the U.S.
  • Acoustiblok, Inc. manufacturer of acoustical soundproofing solutions
  • Tampa Bay Brewing Company (TBBC) of Ybor City, producer of craft beer
  • ConnectWise, provider of business management platform for high technology companies

See Top Employers in the Tampa Bay Area 

Photo Credit: Bob B. Brown
Florida Aquarium
Panoramic view of the Florida Aquarium and Channelside retail complex

https://flic.kr/p/9AKYVz

CC BY-ND 2.0

Single Female Home Buyers Are Still Tops

single-female-home-buyer-1

Single female home buyers are still the second biggest home buying group in the U.S.,  second only to married couples, and much more significant than single males and unmarried couples.

single female homebuyers

Across the country, single females represent 16% of all homebuyers, based on a survey conducted by the National Association of Realtors (NAR) among home buyers who purchased a home between July 2013– June 2014.


single-female-homebuyer-2

What’s the profile of these Single Females?
  •   Their median age is 52
  •   Their median income is $54,800
  •   88% purchased pre-owned homes
  •   62% chose single-family homes
  •   35% were first-time home buyers
  •   89% purchased through an agent
  •   Median home size purchased is 1,500 sq.m.
  •   Home ownership is their top reason for purchase
  •   They also see their home purchase as a financial investment that’s better than stocks

In FLORIDA,  Single Female Home Buyers represented 17% of all home buyers over the 2014 NAR survey period.

5 Tampa Bay Real Estate Trends

Here are 5 significant Tampa Bay real estate trends over the past few years, based on data from the Greater Tampa Association of Realtors (GTAR) and My Florida Regional MLS:

1.   The best selling Tampa Bay homes are those priced in the $200,000 to $250,000 range.

This range has been the best seller since the middle of 2012.

sale-price-listing-tampa-bay-real-estate

*Above graph is based on Greater Tampa residential sales from January 1 to October 31, 2014, as reported to GTAR.

Top Sales Price Ranges Market Share
200,000 – 249,999 12.34%
      1 – 49,999 10.21%
140,000 – 159,999 8.25%
250,000 – 299,999 8.00%
120,000 – 139,999 8.00%
160,000 – 179,999 7.67%
100,000 – 119,999 6.32%
180,000 – 199,999 5.97%
300,000 – 349,999 4.95%

Continue reading