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When investors look for appreciation, the hottest real estate markets on the appreciation or gross stand point are generally older homes and established in certain areas.
Andrew talks about the book "Zillow Talk." In their book, they talk about their studies as to determine where the next ground breaking, hottest areas in the market are going to be. Some of the things they considered are proximity to decent, at least B-rated schools; proximity to the downtown area; looking for lower than average sale prices in an area; looking for a Starbucks close by within a short proximity. Based on the data on their book, Andrew shares some of the neighborhoods he sees are good to invest in are the areas in Ulele, Tampa Heights, West Tampa, Citrus Park, South of Gandy.
He also points out that when a Real Estate market recovers, it usually starts in the hottest areas. Some of the areas that recovered first are Tampa, Fishhawk, Westchase and then all the other areas trail and recover more quickly. The potential appreciation in some of the lower, under priced neighborhoods is greater because there's greater gain. That's what the book is talking about - finding the areas that in the next years are really going to improve.
Other areas of interest are Plant City because of the Amazon warehouse. Same thing as you get closer to downtown because of what Jeff Vinik's going to do. Arnie thinks that South of Gandy would be a good area because of the military base being so close. Also, with the military, the Real Estate market is always moving. Aaron also mentions the discussions about a ferry boat as a means of going to and from the Apollo Beach areas which will also open up a lot of opportunities. It will be very beneficial for the military especially for those who are worried about going out of the area too far because of the
Scott also talks about the areas along the 301 Corridor. He talks about some of their homes in that area that are selling well. Within the past 6 months, they've seen the prices go up $7000-9000 more than from when they opened.
There are still a lot of areas that are doing well like pockets in the Wesley Chapel area, New Tampa, Land O Lakes where they're seeing the same kind of appreciation.
Because the market is doing so well, some people can't help but think that a bust is coming. But since this panel of experts have been in the industry for so long, they see that it won't likely happen because unlike before, it's tougher to get a loan approval now. Andrew also says that one of the reasons why he's confident that the market will continue to do well is because there's still a lot of cash in the market.
To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.