Waterfront properties are now affordable.
St. Petersburg, FL (PRWEB UK) 4 October 2012
According to the recent release of The Standard & Poor’s Case-Shiller Price Index for the Tampa metropolitan area, home prices increased .9% from June to July 2012. With a 3.6% increase over the last 12 months, this .9% jump in a single month may indicate that the overall price depression in the area is starting to reverse. International investors and travelers have recognized this trend and are taking advantage of the affordability and appreciation potential of owning their own holiday properties on the Florida Gulf Coast.
With prices still below 2004 levels, more and more, international travelers who have vacationed in the Tampa Bay beach communities such as St. Pete Beach, Treasure Island, Redington, Belleair and Clearwater have decided to buy their holiday homes instead of letting. According to the sales records for the beach communities as recorded by the Pinellas County MLS system, 4.6% of all waterfront property purchases in 2012 have been by internationally-based buyers. This is a trend local agents expect to continue. “It is simple mathematics,” explains local Realtor and waterfront property expert, Connie Redman of Century 21 Jim White and Associates in Treasure Island, Florida. “With prices down 40% - 60% for waterfront and beachfront homes and flats, it makes financial sense to consider owning the property you once only letted and then letting it to others when you are not visiting.” “The extra letting fees that the property is generating can pay for the monthly expense of the property and you still have the potential for appreciation which recent price indexes are confirming,” adds Connie Redman.
A survey of current property listings reveals that the majority of waterfront flats in the area range from $100,000 - $800,000 USD and beachfront homes range from $1,400,000 - $3,500,000 USD. “When you compare our area prices for waterfront properties to every day homes and flats in the United Kingdom, our properties are affordable,” comments Connie Redman “and the atmosphere, white sand beaches and amenities of our community can’t be beat.”
An example of the beach lifestyle attractive to the international buyer due to its amenities and appreciation potential is the Tides Beach Club. “This complex caters to not only the full-time resident but the holiday owner,” explains Connie Redman. “The Tides has three pools, over 1,200 feet of beachfront, an incredible clubhouse and great rental potential . . . I have a listing there with the most incredible view of the Gulf, 3 bedrooms and 2 bathrooms and comes fully furnished for only $725,000 USD and can rent for up to $6,000 USD per month in season.” The Tides Beach Club sits upon a historic stretch of beach that once was the vacation destination of Hollywood royalty such as Marilyn Monroe. “Owning a piece of paradise is not only attractive and affordable, but now can be profitable over time,” adds Connie Redman. “If recent trends continue, the next several months may be the last chance to take advantage of pre-2004 pricing.”
To explore the option of purchasing a holiday home, consult with an area real estate expert. Home prices and letting options vary by municipality and building association.
Connie Redman, Realtor can be reached by visiting her website at http://www.SunnyListings.com or contacting her directly at email@example.com or (727) 560-0441. CENTURY 21 is a registered trademark licensed to Century 21 Real Estate LLC. Each office is independently owned and operated. This release is not intended to solicit property listings currently associated with an area Realtor.