All Forum Posts by: Cynthia McGathey

I have a STR in St Pete Beach. Almost all of the units in my complex just have Roku. I have Roku and cable, and plan to get rid of cable at some point. I don't have enough time between renters to remove it and test...a good problem to have!

@Sheri Lowrance

Hi Sheri. I’m doing what you just described. I sold a duplex in Madeira Beach Florida and am doing a 1031 exchange with one of the new properties being a condo on St Pete Beach just steps from the beach. I plan to initially manage it myself but there are many properties that offer on-site rental management. Let’s connect and we can discuss further. Thanks!

@Caleb Williams

Hi Caleb. I own a brokerage and have never charged a fee such as the one you mentioned. My team strives for immediate response to requests but worst case 2 hours is a reasonable SLA to expect. Especially in these robust market times, quick movement is necessary!

Great thread!  Commenting on Anthony's note regarding Clearwater and St. Petersburg.  You have to be very aware of new properties hitting the market and be ready to make competitive offers.  There is little inventory and quality property is sold in days. About a third of the sales in Pinellas County as cash, so it is even more critical for investors using financing be quick to the table.  I agree, if the numbers work, make an offer!  And for this area, which seems to be in an 'economic bubble', regardless of what is happening elsewhere, balancing appreciation with cash flow is a workable strategy.

Agreed..Redington Beach, Madeira Beach, Treasure Island, St Pete Beach have a good blend of multi family, short term rental and residential. 

The biggest source of contract workers in the area is traveling nurses.  Huge area for seniors and therefore healthcare.

Hello Katharine, 

My vote is for St. Pete Beach and north to Clearwater Beach. The beaches and the weather are fantastic. The STR market is strong and is still thriving even during the pandemic. Rents are also strong, with the seasonal rents from Dec-Apr commanding double to triple rates. When purchasing a property you just need to check the local zoning to see what type of rental is allowed. When purchasing in this area, you really can balance cash flow and appreciation, as many areas are seeing double digit appreciation year over year. The market is also competitive; buyers need to be ready to buy a quality property right away, and offers often require proof of funds or bank pre approval letters. Thanks!

Hi Jim,

The Tampa area has been very fortunate to not have any major or direct hits from hurricanes.  I have lived on Treasure Island for 30 years.  My house is on the intercoastal waterway with the Gulf of Mexico just across the water.  We have had two mandatory evacuations in those 30 years, and neither of those storms caused any major damage.  There are some sections of the county that have flooding problems and it is something to check prior to buying property. But being in a 'flood zone map' does not mean your home will flood, only a < 1% chance per year.  Any home or investment property that i have purchased where there was no mortgage, the owner did not have flood insurance.

There is a story that an Indian tribe that used to be in this area cast some sort of 'spell' that protects the area from being hit by a hurricane!  Many people believe that story!

Several years ago when there were 5 hurricanes in 1 year, we were forced to evacuate so we went to Orlando.  The hurricane changed its path, went into the interior of the state and hit the hotel we were staying in!  Windows blew out, etc.  We go home to Treasure Island, dry, no impact at all!

The only other time in 30 years we evacuated, my son and I evacuated to the Ohio State vs Oklahoma college football game in Columbus Ohio (lol).  That is the year Oklahoma beat Ohio State (and of course I am an Ohio State graduate) and Baker Mayfield planted the flag in the middle of the field. So I'm not too keen on evacuating!  

Long story short, not an issue for this area!!

@Kelly Peng

Kelly,

A vote for Tampa from me as well! And more specifically Pinellas County along the beaches and downtown St Petersburg.

Appreciation in value has been consistent year over year. Activity and demand is high with the average time on market about 20 days.

In Treasure island alone, which is where I’ve lived for 30 years, more homes sold this year in the pandemic than last year and the price per sq foot increased increased by 19% and the average sale price 38%.

The area is immune to economic issues!

@Christopher Bell

Hi Christopher. Florida’s west coast beach cities are a really good area for this. From Clearwater Beach south to St Pete Beach. Each beach town is a bit unique in its character and the beaches vary too. The demand is consistently high. It’s like the area us on a ‘bubble’. Nothing deters visitors and the real estate market has consistent year over year growth. Right now it looks like spring break in all of three beach towns!