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Geographic
Just one hour due west of Orlando is Tampa Bay area, on the west coast of Florida. Home to the famous beaches of Clearwater, St. Pete and Treasure Island; one of the busiest ports in the country, one of the largest metropolitan regions in the country and fine educational faculties are all within an easy drive.
Surrounding the huge Tampa Bay inlet, the Tampa Bay area is a key employment area of Florida and home to over 2 million resident in the core area and 4 million in the extended regions; and with a median age of around 41, they represent a large and able bodied professional workforce.
Lifestyle
Tampa Bay is a cosmopolitan mix of Orlando and southwest Florida. Blessed with stunning beaches and a thriving tourist market, manufacturing, import and export, theme parks and other intrinsic industry sectors, Tampa Bay is a thriving city area that remains growth orientated and popular with migrating families.
Soon to be started high speed rail lines and the already in place tram service in and around Tampa will improve commutes of all sizes in the coming years. All of these factors are appealing to residents, but also to business, as solid infrastructure means easier and more efficient transportation of goods, which in turn generates more employment.
Business and Economy
The Tampa Bay area is home to a range of business sectors, many of which are high paying industries and this tends to attract up and coming family professionals. Industries served in the area include:
- § Avionics, defence and marine electronics
- § Business and information services
- § Finance & Banking
- § Information services
- § Academic Research
- § Health care
- § High-technology industry
- § Medical device manufacturing
- § Microelectronics and nano-technology
- § Education
- § Culture, recreation, and sports
- § Sports teams
- § Import/Export
- § Tourism
- § Marine Biology
The Tampa Bay area is a year round paradise of blue skies, icing sugar beaches and easy going attitudes; and a destination that attracts millions of tourists each year especially during the winter months when retirees migrate south in order to escape the harsh winter months.
This demand drove expansion and new developments from the late 90’s through until 2005. People of all ages and all nationalities got caught up in the property boom but when the construction business fell off the map, it left many families caught out. Employment is still quite high and most are working, the kids are in school and life is generally good. These are the families that have been foreclosed on and do not wish to relocate, this is where they live and where their friends and families are.
Florida has suffered more than any other state with the exceptions of California and Nevada, when it comes to house prices…prices are REALLY low right now.
Florida’s Gross Domestic Product: in Comparative Perspective Florida has one of the world’s largest and most dynamic economies, with annual output that surpasses that of most other U.S. states and that of the world’s largest countries (ranked 20th in the world).
Property Background
This is good news for investors, as it means that with no available credit but still needing a place to live, these same families are your prime rental market. They are established, the kids are in school, 9 out of 10 are still in work and life must go on. These families are permanent fixtures of the area and will be for at least as long as they are not in a position to buy another property. Once affordable mortgages with less onerous terms are available, probably 3 to 4 years, then demand will push up prices and material capital gains will be achieved on top of the net yields achieved from the rental income
Florida is already one of the fastest growing states in the US and it is destined to be one of the primary locations for businesses and employees who want to enjoy their rewards and a wonderful way of life at an earlier age than their predecessors.
For foreign investors this puts you in the right place at the right time, as you can buy property for next to nothing, receive a decent yield of 8% net on average for several years and have an exit plan in place to sell the property to local families once their credit is back in place in order to capitalise on any equity gain that has accrued in the interim period.
More reasons why you should be investing in Florida distressed properties:
- § Resident families with no available credit need a place to live
- § Properties are cheap
- § Occupancy is high
- § Florida is one of the most popular states for tourists and new residents
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QUICK FACTS
City:
Tampa (city)
County:
Hillsborough County
State:
Florida
Population count 2011 est.
346,037
Population , percent change, April 1, 2010 to July 1, 2011
3.1%
People 65 and over, 2010
11.0%
Mean travel time to work (minutes), 2007-2011
22.7
Housing units, 2010
157,130
Homeownership rate, 2007-2011
53.4%
Housing units in multi-unit structures, 2007-2011
37.3%
Median value of owner-occupied housing units, 2007-2011
$189,400
Households, 2007-2011
134,125
Persons per household, 2007-2011
2.43
Median household income, 2007-2011
$43,957
Total number of firms, 2007
38,665
Land area in square miles, 2010
113.41
Persons per square mile, 2010
2,960.2