The Tampa Bay 100

 

5 Tips for First-Time Home Buyers

Think of buying your first home as a first step on the path to owning your dream home.

Buying your first home is an exciting milestone, but it also can seem overwhelming if you don’t know where to start.

Follow these tips to make it easier:

1. Make sure you’re in good financial shape. Save up for a down payment and budget for closing costs.

2. Get to know the neighborhood. Can you see yourself living there?

3. Work with a knowledgeable real estate professional to help guide you.

4. Stick to a reasonable budget. Make sure you’re comfortable with the mortgage payment.

5. Don’t limit your search. Tour models, attend open houses and keep an open mind.

– Steve Seeger, Lennar Homes

 

Why Tampa Lacks New Office Space

The owners of Park Tower have major updates planned to reposition the 44-year-old building as a modern office option. (Photo courtesy of Colliers International)

Tampa’s office market has seen little to no new development in recent years despite low vacancy rates, rising rents and healthy job growth.

Several interconnected factors contribute to this:

– Rental rates for existing Class A office space are about 20% lower than what developers require to justify new construction.

– Office users’ uncertainty over space needs makes them hesitant to pre-lease space in an undeveloped building.

– Lenders have tightened underwriting requirements for developers to secure financing for new office properties.

– New technology, condensed office spaces, and more flexible work environments allow tenants to improve the utility of their current spaces.

— Ryan Kratz, Colliers International Florida

 

Why Millennials Are Moving to the ‘Burbs

Millennials are drawn to useful amenities like the fitness trail at Bexley in Land O'Lakes. (Photo courtesy of Avid Trails)

Tampa Bay’s Millennials are moving to the suburbs. It seems surprising given that generation’s affinity for downtown living, but it makes sense when you consider the quality amenities that many new surburban communities offer.

Consider these attractions:

– Restaurant and retail options. From Riverview to Wesley Chapel, many suburban communities are becoming hot spots for shopping and dining.

– High-end amenities. With resort-style pools, elaborate hiking trails and gourmet cafes, suburban communities are becoming more and more amenitized.

– Low-maintenance living. Townhome living isn’t just for the big city. Low-maintenance attached homes are gaining popularity in the suburbs, too.

— Steve Seeger, Lennar Homes

 

Top-Notch Amenities Attract Apartment Residents

Peridot Palms puts its 17,000-square-foot clubhouse to use by hosting regular community events for residents.

With many new multi-family communities being built around Tampa Bay, developers are wooing residents with a new level of upscale amenities.

Look at these cool community perks:

– The Fitzgerald in Tampa’s Channelside District offers a bike storage and repair station, gym, spin and yoga studio, and overlook bar.

– Peridot Palms in St. Petersburg’s Gandy corridor offers a dog park, a massage and nail salon, fitness center with a boxing area, and a beach-entry pool.

– AER apartments in downtown St. Petersburg boasts a rooftop infinity pool, fire pit, sauna, fitness classes, and clubrooms with bars and a demonstration kitchen.

– Brigitta Shouppe, B2 Communications

 

Leader of Charleston’s Transformation to Speak in Tampa

Joe Riley, mayor of Charleston for 40 years, is one of many notable speakers lined up for the 2017 ULI Florida Summit.

Joseph P. Riley, Jr. is credited with leading Charleston, South Carolina’s transformation into a livable, vibrant city during his unprecedented 40-year term as mayor from 1975 to 2016. Riley led the city through a modern renaissance by encouraging strategic planning and design that played off the city’s most notable attributes, such as its rich heritage and historic architecture.

Riley will share his experiences and insight at the 2017 Urban Land Institute Florida Summit on May 25 in Tampa. He’ll be joined by Tampa Mayor Bob Buckhorn and former Orlando Mayor Glenda Hood for a discussion on designing livable cities.

— Kyle Parks, B2 Communications

 

What Makes Florida So Weird?

Craig Pittman came up with the idea for the book as he posted wacky #Florida links to Twitter.

The Urban Land Institute’s upcoming Statewide Summit in Tampa on May 25-26 will discuss Florida real estate trends.

But there’s a twist: a presentation by Tampa Bay Times reporter Craig Pittman, whose book “Oh Florida! How America’s Weirdest State Influences the Rest of the Country” shares stories about what makes our state so, well, unusual.

Among the book’s stories: how Billy Graham got his start preaching to alligators along the Hillsborough River; how a group of Miami undercover cops masquerading as drug dealers arrested drug dealers masquerading as cops; and how Ralph Waldo Emerson called Tallahassee a “grotesque place.”

– Kyle Parks, B2 Communications

 

90 Homes, 39 Builders, 1 Hot Housing Market

At Connerton in Land O' Lakes, the showcase community for the 2017 Parade of Homes, Lennar's 2,775-square-foot Winchester model is open for tours.

Each year, the Tampa Bay Builders Association’s Parade of Homes showcases the latest trends in new home construction and interior design.

During this year’s parade, which runs throughout April, homebuyers (and anyone who enjoys a well-furnished model home) have the opportunity to tour more than 90 homes by 39 homebuilders in dozens of Tampa Bay area communities.

The parade comes at a time when Tampa’s housing market is among the healthiest in the country. That’s according to real estate data company TenX, which rated cities based on population and job growth, unemployment rates, wage growth and other related factors.

— Tyler Killette, B2 Communications

 

Multigenerational Households on the Rise

The Smith family in Riverview will become a multigenerational household when grandmother Marlene moves into her Lennar Next Gen suite after retiring this summer.

Nearly 20% of American families live in multigenerational households, defined as having at least two adult generations under one roof. Kim and Lawrence Smith, who live in Riverview with their three children, will soon become one such family. They even bought a home specifically designed for the purpose.

When Kim’s mother retires this summer, she’ll move into the Smith’s Next Gen home by Lennar, which has an attached suite with its own bedroom, living room, kitchenette and entrance. According to Pew Research, the number of multigenerational households is rising, making the Smith family just one of many making this decision.

– Tyler Killette, B2 Communications

 

It’s a Good Time to Buy

Home prices have been increasing steadily as the economy has recovered, but they have not yet reached a peak in the current market cycle.

If you’re considering buying a home this year, you should act soon. Conditions are currently favorable for homebuyers, but that could change by year’s end.

Mortgage rates are still low, in the mid-4% range for a 30-year fixed mortgage, but according to Realtor.com, mortgage rates could rise by 0.75% over the year. And now is a good time to buy to acquire equity while values around the region continue to go up.

You may also save money versus renting. Buying a home is currently 37.7% cheaper than renting, according to a Trulia national trends report.

– Steve Seeger, Lennar

 

West Tampa: The next Hot Neighborhood

Lennar's West End community is contributing to West Tampa's livability with urban townhomes starting in the $380K.

West Tampa, specifically West Hyde Park, is seeing significant new development in residential, mixed-use and other sectors – all of which is transforming the growing area into Tampa Bay’s next hot spot.

The recently opened Bryan Glazer Family JCC at the historic Fort Homer Hesterly Armory gave the area a premier event space, while Lennar’s West End townhome community, now entering its second phase of development, provides an upscale, modern living option that has appeal for millennials and young professionals.

The Tampa Bay Times reported recently that West Tampa is the next neighborhood poised to take off in Tampa Bay.

— Tyler Killette, B2 Communications

 

Gigabit Community Coming to Pasco County

The Connected City will feature many amenities based on gigabit technology, such as personal electric vehicles and intelligent traffic systems.

The Connected City, a new community being built on 7,800 acres in Pasco County, will be the first “Smart Gigabit Community” built from the ground up with a gigabit fiber network.

Each component of The Connected City – from the 37,000 homes to the 12 million square feet of retail and office space – will have ultra fast internet speeds comparable to Google Fiber. It will also have the nation’s first Crystal Lagoon, a 7.5-acre aquatic amenity.

The community is moving through Pasco County’s approval process, and commissioners are expected to make a final decision in February 2017.

— Tyler Killette, B2 Communications

 

What Rising Rates Mean for Homebuyers

Small changes in mortgage rates can make a big difference in what a homebuyer can afford.

With the Fed raising interest rates, mortgage rates are following suit. Mortgage rates have been moving up slowly since last summer, and the pace of increases has picked up since the election.

Small rate changes matter. For example, if you were planning to get a $250,000 loan and mortgage rates move up between .75 and 1 percentage point, you would need to scale back your purchase by $20,000 to keep the same monthly payment.

It’s always hard to predict the future, but this is a good time to lock in at a rate that is still historically low.

– Scott Gibertini, USAmeriBank

 

Westshore: More Than a Business District

Crescent Westshore is one of several new luxury apartments in Tampa's Westshore area.

Tampa’s Westshore area, one of Florida’s largest office communities, is quickly becoming more than a 9 to 5 business district. Several new luxury apartment communities are making the neighborhood a desirable place to live and transforming it into a bustling live-work-play community.

Communities like Crescent Westshore, which has 115 leases since opening in September, feature upscale apartments with proximity to over 4,000 companies and many retail and dining options, including a new World of Beer.

Pedestrian-friendly amenities such as widened sidewalks and convenience to I-275 and Tampa International Airport add to Westshore’s growing residential appeal.

– Tyler Killette, B2 Communications

 

Townhome Development Surges

The Hammocks at Summerfield Crossings in Riverview is one of many new townhome communities opening in suburban areas of Tampa Bay.

Townhome development in Tampa Bay is up 54% year over year, according to research company Metrostudy.

While townhome living is a natural fit for busy metro areas, local submarkets are also seeing more development. In fact, in the quickly developing South Hillsborough County, townhome starts increased 143% year over year in such communities as Apollo Beach and Riverview, where prices start in the $180s.

Buyers are attracted to townhomes’ affordability, low-maintenance home ownership and size – some are just as large as single-family homes (up to 2,000 square feet). Townhome living is also an attractive alternative to renting.

– Steve Seeger, Lennar Tampa

 

Downtown St. Pete’s Housing Boom

The Salvador, a 13-story, 74-unit condominium, will overlook Tampa Bay and the Dali Museum. (Rendering courtesy of The Salvador)

Downtown St. Petersburg continues to be a hotspot, with 2,400 new apartments and condominium units currently in the works.

The newest apartment tower, the 18-story AER, will be followed by 8-story The Hermitage near Tropicana Field; The Halcyon, a 35-story tower near Jannus Landing; Bainbridge in the EDGE District, and 366 apartments at 201 Fourth St. S. Condo projects include the 18-story Bliss; the 13-story Salvador near the Dalí Museum; and 41-story ONE St. Petersburg.

New restaurants, two museums and a new Publix are opening soon, and 16 murals were added last month.

– Mike Brassfield, The Tampa Bay 100