03 May Trends in Luxury Hotel Residences
According to an article from St. Pete Catalyst, the volume of new home sales in the Tampa Bay region is expected to rise well above the national average in 2021. Realtor.com’s 2021 housing forecast survey predicated that there would be an 8.7 percent year-over-year increase in the number of homes sold in St. Petersburg and Tampa during 2021, compared to a 7 percent increase nationwide.
Demand for real estate in the area increased last year, as more and more new home buyers from “feeder markets” such as California, the Midwest and the Northeast discovered the financial benefits of living in the Sunshine State and sought out the warmer weather and exciting lifestyle offered by Tampa Bay’s vibrant coastal communities.
We have seen this interest reflected in incredible 2021 sales for our clients in the Tampa Bay area – including Saltaire and Hyde Park House – and we have continued to spearhead lead generation efforts by implementing multi-channel strategies using a variety of thoughtful, beautifully executed tactics such as database e-communications, digital and traditional advertising, targeted direct mail deployments, and more.
Tampa Bay Real Estate Market Overview
The surge of activity in the Tampa-St. Pete real estate market can be attributed to a number of factors, including:
- Historically low interest rates – In 2020, the interest rates dropped to all-time lows and experts predict this will continue in 2021
- Lower inventory of available homes – As more and more people turned to Tampa Bay, the demand for new homes has rapidly outpaced the inventory
- Increase in remote work – With remote work extending in 2021 or indefinitely, employees are no longer limited to living near a physical office and are free to find a “dream home” in other destinations
- Sunshine State lifestyle – Thanks to its subtropical location, the Tampa Bay region enjoys sunny days all year round! Residents of Tampa, St. Petersburg and Sarasota have boundless opportunities to experience the region’s dining, shopping and cultural attractions, and are always just moments away from some of the nation’s best beaches.
Due to the industry’s shift toward virtual presentations rather than in-person tours, more and more out-of-state buyers also benefited from opportunities to preview Florida real estate without committing to an in-person visit.
Favorable Financial Climate
One of the reasons Florida has always been popular with homebuyers is its nonexistent state income tax. Property prices are also lower in Florida than they are in key feeder markets in the Northeast and West, particularly in smaller cities like St. Petersburg.
Prospective residents currently living in major population centers throughout the country such as New York, Chicago, and Los Angeles, where incomes are taxed up to 8.82 percent, 4.95 percent, and 8 percent respectively, are all eager to benefit from the tax breaks and leave overcrowded, overpriced urban environments behind.
Even buyers in other Florida cities such as Miami, Palm Beach, and Sarasota are finding they can enjoy Tampa Bay’s beautiful parks and waterfront lifestyle with much less crowding and congestion.
Tampa Bay Lifestyle
Florida’s weather is a major motivator for the out-of-state buyer, particularly those relocating from cold-weather states in the Northeast and Midwest, or even international destinations like the United Kingdom. In Tampa and St. Pete, locals enjoy sunny days all year long, and are always able to enjoy outdoor dining and leisure activities such as yachting, kayaking, fishing, swimming, polo, shuffleboard, and more.
Tampa Bay also offers visitors and residents convenient access to not one, but two airports – Tampa International Airport (TPA and the St. Pete-Clearwater Regional Airport (PIE). Tampa International Airport regularly ranks among the best mid-size airports in the country, and is serviced by most major airlines with nonstop daily and connecting service to national and international destinations.
In recent months, Tampa took center stage in the national media due to its impressive sports performance, which inspired locals to refer to the area as “Champa Bay.” During the 2020 season, the NHL Tampa Bay Lightning claimed the Stanley Cup, the NFL Tampa Bay Buccaneers won the SuperBowl, the MLB Tampa Bay Rays were American League pennant winners and played in the World Series, and even the Tampa Bay Rowdies soccer team distinguished itself in the USL Cup Championship.
Working With ULA
Our award-winning, integrated sales and marketing strategies and comprehensive digital and traditional marketing solutions have fostered awareness and success for luxurious Tampa Bay developments such as Saltaire, Hyde Park House, The Ritz-Carlton Residences, Sarasota, The Residences at the Tampa EDITION, and many more. ULA has also continued to craft campaigns and celebrate construction milestones for other luxury high-rises in the Sunshine State and beyond, including Forté in Palm Beach and The Laurel on Philadelphia’s Rittenhouse Square.
Call 813-870-9519 or fill out our contact form to find out how ULA can help you launch your real estate developments and generate traffic and leads for your sales teams.