Tampa Bay property turns out to be one of the best deals in the US when it comes to beachfront homes. The coastal location of Port Richey offers the cheapest waterfront property in the entire country, but this may not last for long because sales and prices of single family homes rose significantly in June.
Realtor.com, one of the largest property portals in the US, has just published its rankings of best places to buy a beachfront property and Florida locations take two of the top five spots including the prized number one slot. Port Richey rates as the best place in the survey to buy a frontline beach home while Deerfield Beach, north of Miami, took fifth place. Florida completed a hat trick with Palm Bay, southeast of Orlando, in tenth place for budget beachfront property.
Located some 40 miles northwest of Tampa Bay, Port Richey is a “picture-perfect destination” offering “coastal charm at bargain prices” according to Realtor.com who reports that the median list price in this Gulf of Mexico location is US$78,000. However, the property portal points out that Port Richey as well as offering the most affordable beach homes is also one of the fastest-growing in their survey of coastal communities.
As well as attracting new residents drawn to the proximity of job opportunities in Tampa Bay, Port Richey and neighbouring New Port Richey are also something of a property hotspot. According to the most recent real estate data, sales of single family homes in the county (Pasco County) went up by a massive 31.7 per cent in the year to June. This figure is over 50 per cent higher than the state average of 19.6 per cent.
Prices of single family homes in Pasco County increased by 6.8 per cent to reach a median sales price of US$175,359. Prices for foreclosure sales also rose, indicating that this market no longer offers the bargains seen a few years ago.
Meanwhile, the influx of relocators is heating up the rental market. In June, the Tampa Bay Times reported a “red hot” market for rental apartments in Tampa Bay. Statistics released in June by Real Data, a company specialising in apartment rental market research, showed the vacancy rate in the area was just 4.9 per cent. Their findings also reported that monthly rental rates had risen by 2.5 per cent in six months on the back of increased demand. Real Data predict that rental vacancy rates for Tampa Bay property will remain below 5 per cent over the next year.
Given the rise in sales and price increases for property in Port Richey plus the pressure from demand for homes, it would appear that Realtor.com is right. Now is the time to “take advantage of the great deals still available in this little paradise”.
Sources: Realtor, Real Data, Tampa Bay Times