Hi. Looking for a replacement property (1031). I currently have one in Marco Island and was considering Naples or Tampa area but also thinking about the East coast. Suggestions on best places to consider for a higher end property (up to $2M)?
Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
3y
Some areas in Tampa could definitely be a valid play for a 1031 exchange, @Patricia Andriolo-Bull! As an agent and investor in the Emerald Coast (Destin to PCB areas) and Tampa, really either of those areas could work.
Exactly to @Doug Spence's point, the insurance rates are really crushing a lot of deals, so you'll want to focus on newer builds or factor in some search cushion for insurance hikes. One of my apartment complexes went from $250K to $620K!! It's nuts really.
If you don't want to buy newer and you have a handful of policies, you could consider exploring master policies to cover your whole portfolio as well ~
As far as finding cash flowing assets, we've had the best luck recently with creative financing (seller finance, loan assumptions, sub-to closings, etc). I have one in Destin right now at $3M, where the seller is open to a sub-to closing. I'm happy to pass to details to everyone on that ~
Real Estate Agent · Fort Walton Beach, FL · Member since 2018 · 144 posts · 114 votes
3y
The Emerald Coast of Florida is still highly attractive due to the steady occupancy and the projections to continue appreciating. Between the military bases, hospitals, and gentrification - this area is going nowhere but up any time soon. It has also not been stung as bad from a STR revenue standpoint when compared to other STR markets.
Let me know if you want to chat any more about it!
Hi. Looking for a replacement property (1031). I currently have one in Marco Island and was considering Naples or Tampa area but also thinking about the East coast. Suggestions on best places to consider for a higher end property (up to $2M)?
Have you looked into 30A if you want security and appreciation? its the premiere market for luxury on the emerald coast with tons of demand and new developments coming into town. The average buyer is willing to spend 2.5 to 3 million dollars which allows for good turn over during the season. I own in blue mountain beach and we have seen 30% jump since the winter in some of the areas. In addition, I own in Panama City beach that promotes higher cashflow 10% gross of purchases price and steady appreciation. You can find a brand new home with pool under 1.1 million generating over 110k.
The Emerald Coast of Florida is still highly attractive due to the steady occupancy and the projections to continue appreciating. Between the military bases, hospitals, and gentrification - this area is going nowhere but up any time soon. It has also not been stung as bad from a STR revenue standpoint when compared to other STR markets.
Let me know if you want to chat any more about it!
Specifically, where in the Emerald coast would you recommend looking? It’s a far drive. Was hoping for something a little closer but it could be an option.
The Emerald Coast of Florida is still highly attractive due to the steady occupancy and the projections to continue appreciating. Between the military bases, hospitals, and gentrification - this area is going nowhere but up any time soon. It has also not been stung as bad from a STR revenue standpoint when compared to other STR markets.
Let me know if you want to chat any more about it!
Specifically, where in the Emerald coast would you recommend looking? It’s a far drive. Was hoping for something a little closer but it could be an option.
I recommend looking in Panama City Beach (PCB) for cashflow purposes, with the potential for some solid growth over the next 5 years. Okaloosa Island, which is technically Fort Walton Beach just West of Destin, also has some room still for solid cashflow and growth over the next 10 years. Those would be my 2 recommendations.
Hit me up if you want to look at some specific deals! This is my specific investing and agent market.
Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
3y
Some areas in Tampa could definitely be a valid play for a 1031 exchange, @Patricia Andriolo-Bull! As an agent and investor in the Emerald Coast (Destin to PCB areas) and Tampa, really either of those areas could work.
Exactly to @Doug Spence's point, the insurance rates are really crushing a lot of deals, so you'll want to focus on newer builds or factor in some search cushion for insurance hikes. One of my apartment complexes went from $250K to $620K!! It's nuts really.
If you don't want to buy newer and you have a handful of policies, you could consider exploring master policies to cover your whole portfolio as well ~
As far as finding cash flowing assets, we've had the best luck recently with creative financing (seller finance, loan assumptions, sub-to closings, etc). I have one in Destin right now at $3M, where the seller is open to a sub-to closing. I'm happy to pass to details to everyone on that ~