Property in Florida still has plenty of ground to cover before statistics catch up with the pre-2007 figures. However, the market in some parts of the Sunshine State are clearly showing signs of strong recovery. One of these areas is Pasco County, home to New Port Richey, where some analysts are pinpointing a boom.
The reasons behind the resurge in property in this part of Florida boils down to a single factor – job creation. This has been particularly buoyant in the employment hubs found around Tampa Bay to the south of New Port Richey. “Job, jobs – everything is jobs,” said Vladimir Hucko, a local realtor quoted in the Tampa Bay Times.
Towns within Pasco County such as New Port Richey have easy access to these employment hotspots via the Highway 19. This freeway allows direct connections to St Petersburg and Clearwater in Hillsborough and Pinellas counties.
Great commuter access is vital in terms of New Port Richey and Pasco County’s location. Almost 40 per cent of residents in the county work in Hillsborough and Pinellas. These counties also have most of the highest-paying jobs in the regions. As a result, household income in Pasco County is higher allowing homebuyers to purchase more expensive properties.
Reflecting the increased interest in Pasco County property, house prices increased by nearly 4 per cent in the year to December 2014. Inventory stocks are very low, indicating strong demand according to Coldwell Banker. “I think it’s a solid growth market and when I look at the trends, they point in a favourable direction,” said Charles Richardson, the regional Vice-President for Coldwell Banker.
Another sign of increased activity in the New Port Richey property market can be seen in the building activity in some parts of the town. This is particularly apparent in the Trinity district to the east, currently experiencing its biggest building boom since before the economic crisis. Most of the construction is for new housing with between 9,000 and 12,000 new homes projected for the area.
Judging by the recent property statistics for New Port Richey, this part of Florida is ticking all the location boxes. Not only is the town close to abundant high-paid job opportunities just down the Highway 19, it lies within easy reach of the stunning Gulf of Mexico beaches and downtown Tampa. An additional attraction for families relocating to New Port Richey are the excellent schools in the area.
Sources: Tampa Bay News & ABC News