Tampa Homestyles Predicts a Surge of New Residents in Tampa Bay Homebuyers Flee Metropolitan Cities and Seek Space and Comfort in the Era of COVID-19
Real estate agents are getting swamped with out-of-state homebuyers, and most notably those coming from New York, New Jersey, Pennsylvania and New England. It’s no question that the coronavirus remains present throughout the nation. Recently, even with an increase of reported cases on the rise in parts of Florida, the coronavirus hasn’t been able to make the same measured impact in rural areas as it has in densely populated areas like New York City, which is the likely culprit for mass migration and a hub for international travel.
In Florida’s luxury real estate market, there is a demand for single-family homes in the loosely populated waterfront areas like Tampa Bay. Agencies like Tampa Homestyles see a trending demand for homes valued over $1 million that contain all the modern amenities (open floor plans, indoor gyms, pools, office space, fenced in yards, premium fixtures, etc.)
This comes at a time when working from home and social distancing is ‘the new normal’, and thus families and couples are seeking an improved quality of life at home. There is a need for family members, especially children that attend school, daycare of extracurricular activities, to be distanced from parents, grandparents and caretakers for fear of spreading the virus to those with weakened immune systems or preexisting conditions. The average home (or apartment) really cannot accommodate these means for families living in New York City specifically, and prices are quite extreme compared to what Florida has to offer (warm weather, beaches, Tampa Bay, spacious living, no state income tax, etc.)
Prices are expected to go up with such demand, including areas that hadn’t seen such capital flight before. Over 38 homes have sold for over $2 million in Hillsborough County alone, surpassing 2019’s number by far.
There have also been recent record-breaking sales for residential properties in Tampa, that the Bay-area seldom sees. For example, a contemporary spec-home in South Tampa reached a sales benchmark of $6.2 million in April of 2020. This leads local agencies like Tampa Homestyles to believe that opportunity is on the rise for both spec and custom designed homes leading into the late summer and fall/winter seasons.
Serious Buyers Only
Every real estate agent has experienced out-of-state buyers that show interest and ask questions about local properties, yet rarely pull the trigger. Since the pandemic, Tampa Homestyles is experiencing more serious buyers that want to buy & move to the Tampa area. If you’re like many that are considering this move, we suggest not waiting.
While Miami, West Palm Beach and Boca Raton might be the better-known Florida hot spots where city-goers escape from the concrete jungle to permanently relocate, but there’s a trending lack of desire to continue vertical living: People want their own space and plenty of it. Tampa is one of the more low-density areas that will see an influx of buyers, according to market research.
Within a 1.4-mile radius between Port Tampa Bay and West River, there are over 12,000 residential properties on the market. You can’t match this sort of population density, or rather potential future density, in most other areas of Florida or nearby states. If the migration of the Northeast continues at the same pace, the real estate market in this town will change leaps and bounds.
With density could come more startups, creativity, and capital for small business investments. There are more customers and brains on the market of a rapidly growing city, so this goes far beyond real estate and the ‘new normal’ we’ve all been hearing about.
In the meantime, if the pandemic doesn’t resolve itself soon, the capital flight may continue to Tampa Bay and could come from much further than just the coastal Northeast.