Concerned with Rentals in NE St.Pete (Tampa: real estate market, apartment complexes)

[relo to florida]

My wife and I are planning a relo to the Tampa/St. Pete area. We visited many parts of the metro and really like the downtown St. Pete area, in particulary the NE neighborhoods. As a prospective home buyer the only draw backs we saw were the large number of "For Rent" signs and on street parking congestion. Is this a new and growing trend? I'm concerned we'll buy a beautiful home and watch the area go more and more rental, especially with a growing USF. Looking for local wisdom and advice.

[klinkette57]

This is a GREAT area for the most part. Much of the neighborhood will have single family homes next to apartment buildings, or single family homes that have been converted to duplexes, many of the larger homes have garage apartments that are rented out or used as guest houses. A real mix. The further north of downtown you get towards Snell Isle, the more residential, the higher the housing prices. I think that many of the homes that are for rent right now are because the owners do not have to sell, and can get the rent to hold on to the property for the long term. Keep in mind that the real estate market in Florida is watching to see what will happen with the vote on property taxes. That will impact the market somewhat, how much, however, remains to be seen. Old NE is very popular, and close to the action with a neighborhood feel that is hard to find around here. Best of luck in your move, and welcome!

[Angler]

NE St. Pete has always had a large number of rental properties, apartments, and garage aparments. But since the housing market slid, the numbers are growing, simply due to demand. Many apartment complexes were converted to condos. Now that homes are not moving, some of the investors that held on in areas like Old NE are renting them out. Most of the rentals you see are closer to downtown as opposed to the northern part of old NE. Also, many of the old flophouses and halfway homes have been torn down, so your renters are of a much "higher caliber".

I think it's safe to assume that the growth of USF is fueling part of the rental market there, but they are building more dorms downtown so I don't know if it will last.

As for street parking- always there- though I believe all of NE has alley access.

Bottom line with the old NE- I have never known a person who bought there that did not see a major appreciation in value. It's simply one of the the most desirable parts of St. Pete

[relo to florida]

Originally Posted by klinkette57

This is a GREAT area for the most part. Much of the neighborhood will have single family homes next to apartment buildings, or single family homes that have been converted to duplexes, many of the larger homes have garage apartments that are rented out or used as guest houses. A real mix. The further north of downtown you get towards Snell Isle, the more residential, the higher the housing prices. I think that many of the homes that are for rent right now are because the owners do not have to sell, and can get the rent to hold on to the property for the long term. Keep in mind that the real estate market in Florida is watching to see what will happen with the vote on property taxes. That will impact the market somewhat, how much, however, remains to be seen. Old NE is very popular, and close to the action with a neighborhood feel that is hard to find around here. Best of luck in your move, and welcome!

Thanks for your comments. I'm not familiar with the property tax vote...? Milage rate appears to be above 23, which is HIGH. Do you know what the proposed increase is?

[Angler]

Originally Posted by relo to florida

Thanks for your comments. I'm not familiar with the property tax vote...? Milage rate appears to be above 23, which is HIGH. Do you know what the proposed increase is?

The property tax bill will, supposedly, reduce property taxes by increasing the exemption and a number of other facets to try and fix a flawed system.

St. Pete has been reducing milage for the past ten years, but since values went up, so did collections. The County lowered its millage this past year. our taxes went down a couple hundred. but having bought in our house before the boom hit, we don't really pay that much.

[kathyhubbard]

Hello, I agree with Angler- the values in the NE are holding there own better than any other area in my opinion. Moderator cut: realtor ad

[relo to florida]

What are your thoughts on Placido Bayou, Coffee Pot, Cresent Heights or Cresent Lakes vs. the old NE section? We're wanting an area that is within walking distance of the park, museum, activities - these neighborhoods seem a bit far. Do they have the same feel as the old NE or is it suburbia - just closer in?

[Angler]

Originally Posted by relo to florida

What are your thoughts on Placido Bayou, Coffee Pot, Cresent Heights or Cresent Lakes vs. the old NE section? We're wanting an area that is within walking distance of the park, museum, activities - these neighborhoods seem a bit far. Do they have the same feel as the old NE or is it suburbia - just closer in?

Coffee Pot is actually bleeds into old NE. If you get close to the mouth of the bayou/Northshore Park, it's not too much of a walk to downtown.

Coffee POt is nice- again a farther walk.

Placido Bayou- really nice area, very expensive- definitely need to drive.