Update – This was originally published in September of 2016 and has since become one of the most popular blogs on our site. This information is still accurate however I want to give you a chance to sign up for a quarterly update list if you’d like to stay informed on Up & Coming areas in the St. Pete area. Feel free to click on the picture below to sign up for an update with my personal research emailed to you every 3 months.
Up & Coming Opportunities in St. Pete
I have lived in a few different cities in my life and after living here in St Pete for a few years, I have realized that we have a unique opportunity.
Consider this – We live in a city where some neighborhoods have an average sales price of less than 50k. On the other end of the spectrum, we also have extravagant neighborhoods where waterfront properties easily sell for over a million.
There is everything in between, however the average home price is steadily going up as more people move to this growing area. The average home price in St. Petersburg was about 160k in 2016 but there are many of these neighborhoods that are well below that average. There are also neighborhoods that are near this average price point that are bound to appreciate as the city grows.
Our opportunity is to take advantage of buying in these up and coming neighborhoods while they are still in a state of transformation. Eventually we will enjoy the appreciation from the effects of growing industry in our beautiful city.
Why is this city appreciating as a whole?
Pinellas County is the most densely populated county in all of Florida. There is a limited amount of land and the vast majority of it is already built on. Instead of building new communities, it is inevitable that the already existing neighborhoods will need to be revitalized and brought up to a certain standard of living.
Where are these neighborhoods? Which ones are safe to live in right now? Which ones are a great place to buy as an investor and rent out while your property appreciates? What are the different factors and trends that cause a neighborhood to appreciate? These are all questions we will explore throughout this article.
What kind of trends are smart to look out for?
I look for areas where there is efforts being made to improve the standard of living which ultimately improves the desirability to live there. If you’ve been around for a few years, you’ll know that the Grand Central District has exploded with new shops, bars, restaurants and microbreweries. It is quickly becoming a fun alternative to downtown which is pretty amazing considering it was mostly vacant storefronts only 5 years ago.
In 2013, the Skyway Marina District was established. This area is the southernmost gateway in and out of Pinellas County. It is quickly becoming revitalized with new shopping centers, restaurants and even a large scale 70 million dollar mixed use development which is breaking ground in June 2017.
The most obvious trend is the development of downtown St. Pete. Downtown St. Pete is a trendy place to be. Great restaurants, the walkability, fun nightlife, artistic shops and a gorgeous waterfront are just a few reasons why people love being downtown.
Real Estate developers from all over have taken notice of this new trend. There are dozens of ongoing projects to build new housing in downtown. So many in fact that it is hard to keep up with everything going on. The local urban development blog St Pete Rising does a great job of keeping up with all the new projects and development going on in St Pete. Just to name a few of the major projects going on right now –
The Kolter Group based out of West Palm Beach, Florida are constructing the ONE Tower which is set to be the tallest residential building from Fort Lauderdale to Atlanta. It will house 253 luxury condo units and stand over 41 stories high.
After seeing the demand for luxury condos, The Red Apple Group based out of New York City recently announced their plans to construct a building comparable in size to the ONE tower on the 400 block of Central Avenue.
One more worth mentioning is Bliss, which is a 29 unit high end luxury condominium building located right off Beach Drive. As of September 2016, this building is not finished but is completely sold out.
OK, so this is great for the folks that can afford these luxury condos but this raises some questions about the vast majority of the rest of the population. When these large companies move into town, the upper management might be able to live the luxury life downtown but where will everyone else go? Where will middle management and regular employees live? What about the other people that play a big role in our town like restaurant workers, retail employees, tourism facilitators and the rest?
These people will be looking for neighborhoods that are affordable yet safe. They will be looking for starter homes in neighborhoods where they can expect appreciation, not neighborhoods that have hit their peak value. They will also want to keep their costs down and preferably live in a neighborhood where their lender doesn’t require flood insurance for living in a flood zone. They will be the owner occupant homeowners in the neighborhoods that were once mostly rentals. They will be a big part of the reason that these neighborhoods are going to appreciate in the long term.
With that said, let’s get into it. My predictions for Up and Coming Neighborhoods that will see appreciation in the next 10 years.
Roser Park / Bartlett Park
There is already a ton of new construction going on in Roser Park which makes sense because it is the first neighborhood that touches the south side of Downtown St Pete. This development is currently contained to about 14th Avenue South, but is consistently getting pushed further south. If you take a look at the current homes for sale in the Roser Park area, you will notice that it’s a mix of new construction and many homes under 100k. These homes are less than a 5 minute bike ride from downtown. How much longer will they be able to sustain these prices when the rest of the area is developing with new construction? This neighborhood is also only a few blocks from University of South Florida, St Pete (USFSP) which is set to double in size in the coming years. The proximity of this area to DTSP coupled with the new development of USFSP will create a recipe for demand and appreciation in the next 10 years. You may want to purchase a home here to live in or buy for investment purposes to rent out while it appreciates. Bartlett Park is also seeing a transition however at a bit slower pace than Roser Park. I believe now is the time to invest in this area before the developers buy up more land and the prices keep going up.
Here’s another neighborhood that will benefit from it’s proximity to downtown. Also less than a 5 minute bike ride from downtown, this neighborhood has yet to see much new construction but currently in 2017 the property here is cheap compared to most of the city. Homes here routinely sell between 20k and 100k. You could purchase 10 different homes for the price of 1 luxury condo downtown less than half a mile away. This neighborhood features brick streets lined with trees and has huge potential to become a beautiful neighborhood. The only problem is the majority of homes here are not in the best shape. Even though many homes here are run down and not well maintained, that is bound to change in the next 10 years as Downtown St Pete expands outwards. The land itself will soon be worth more than what these homes are selling for now. Are you looking to buy an investment for rentals that will eventually see appreciation? Then this neighborhood is for you. Here are the current homes for sale in Midtown.
If you’re planning on buying a home in the 100k-200k range in the next year, I would highly consider looking in South Kenwood before any other neighborhood. In the past 3 years this area has been surrounded by huge changes. To the east of South Kenwood the warehouse arts district which features artist studios, a repurposed train station, pet shelter and a well known rapidly expanding brewery to name a few has really taken off recently. On top of that, within walking distance a few blocks north is the rapidly expanding Grand Central District with dozens of restaurants, bars, microbreweries, cafes and crafty shops. The majority of these businesses have opened shop in Grand Central in the past 1-4 years. It is developing a reputation as a great alternative to downtown. Many of these homes in South Kenwood would be listed at anywhere from 30%-50% more if they were in the actual boundaries of Historic Kenwood. The only difference is that this neighborhood is still developing and appreciating. Homes coming on the market here are somewhat rare, so make sure your Realtor is on the ball sending you these listings as soon as they hit the market. Here is an up to date list of the active listings near South Kenwood.
Central Oak Park
While Kenwood is situated on the east side of 34th Street north of Central Ave, Central Oak Park is situated on the west side of 34th Street north of Central Ave. In my opinion, Kenwood has hit it’s maximum value and has little to no room for appreciation unless you’re a cash investor that is able to get your hands on a house that needs a lot of work. Central Oak Park is a great alternative. Although it is not as close to the booming Grand Central District as Kenwood, it is still benefiting from the overall appreciation of that area. Many people view this neighborhood as what Kenwood was 10 years ago. There are still plenty of houses that are priced reasonably, the area still has the Old St Pete charm with historic homes and brick streets. It is located in non-flood zone and it is equidistant to both the beach and downtown. Looking for a safe neighborhood that will see appreciation in the next 10 years? Here it is Central Oak Park Homes For Sale.
Skyway Marina District
I saved this one for last because I wanted to go a bit in depth on this neighborhood. This area was recently given the name Skyway Marina District in 2013. There are commercial real estate developers that are enacting big plans for this area. The goal is to make this area a ‘Destination Location’. The city of St Petersburg is providing monetary incentives to bring this area up. They have outlined 5 objectives for this area as stated in their master plan which you can view here.
- Create a place with a recognizable identity
- Provide a unique environment that includes art
- Provide a physical definition of boundaries
- Create a positive brand that is marketed
- Utilize the existing marine lifestyle in the area
- Make the public realm more appealing
- Increase the population and buying power
- Establish an Activity Center designation to increase density
- Construct additional market rate residential units
- Implement housing efforts in concert with economic development efforts
- Market the potential of mixed use vertical development
- Increase tourist visits
- Increase employment
- Promote the area as an employment center
- Establish an Activity Center designation to increase square footage allowances
- Attract additional retail and restaurants
- Market area neighborhoods
- Create and market incentives
- Create a multimodal environment
- Establish trolley service
- Enhance the trail system
- Promote the proximity to marinas
- Improve the pedestrian environment
- . Promote Sustainability
- Encourage green building development
- Encourage Florida friendly landscaping
- Utilize best storm water management practices
As you can see, there is a fully comprehensive plan to revitalize this area. They are attempting to make this area an alternative to downtown, only closer to the beach. Any major commercial development like this will have a positive correlation with the residential property values in the area. There are plenty of properties in this area that will appreciate once this area has transitioned. Here is a list of homes for sale near The Skyway Marina District.
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Have any further questions about these neighborhoods or any other areas in St Pete? Send us an email at email@example.com or give us a call at 727-307-1111
As your go-to real estate experts, we are happy to provide you with detailed property information and schedule a showing even if the home is listed through another agent or brokerage.
Contact The 727 Team for assistance and to make an offer!
New Homes For Sale In St Petersburg
$2,499,000 : 211 SUNSET DR N, ST PETERSBURG5 beds, 7 baths
$259,000 : 2052 75TH WAY N, ST PETERSBURG4 beds, 3 baths
$279,500 : 6339 13TH AVE N, ST PETERSBURG4 beds, 2 baths
$2,995,000 : 2270 PINELLAS POINT DR S, ST PETERSBURG4 beds, 5 baths
$2,450,000 : 1353 SNELL HARBOR DR NE, ST PETERSBURG4 beds, 5 baths
$925,000 : 850 19TH AVE N, ST PETERSBURG4 beds, 5 baths
$194,900 : 1446 36TH AVE N, St Petersburg3 beds, 2 baths
$679,000 : 3041 59TH AVE S, ST PETERSBURG5 beds, 4 baths
$598,500 : 6524 6TH AVE N, ST PETERSBURG4 beds, 4 baths
$179,900 : 2708 34TH AVE N, ST PETERSBURG3 beds, 2 baths
$69,900 : 2558 12TH AVE S, ST PETERSBURG3 beds, 1 bath
$92,900 : 1400 21ST ST S, ST PETERSBURG4 beds, 1 bath
$394,900 : 339 BOCA CIEGA POINT BLVD, ST PETERSBURG2 beds, 2 baths
$2,675,000 : 747 BRIGHTWATERS BLVD NE, ST PETERSBURG5 beds, 5 baths
$267,500 : 2201 57TH ST N, ST PETERSBURG3 beds, 2 baths
$449,900 : 8297 14TH ST N, ST PETERSBURG5 beds, 4 baths
$199,900 : 5538 42ND ST N, ST PETERSBURG3 beds, 2 baths
$1,950,000 : 401 COFFEE POT RIVIERA NE, ST PETERSBURG4 beds, 4 baths
$1,170,000 : 618 MONTEREY BLVD NE, ST PETERSBURG4 beds, 3 baths
$1,300,000 : 1200 FRIENDLY WAY S, ST PETERSBURG5 beds, 6 baths
$1,500,000 : 7366 14TH ST S, ST PETERSBURG5 beds, 6 baths
$919,000 : 1974 IOWA AVE NE, ST PETERSBURG4 beds, 3 baths
$399,900 : 470 29TH AVE N, ST PETERSBURG3 beds, 2 baths
$950,000 : 1124 SEVILLE LN NE, ST PETERSBURG5 beds, 4 baths
$3,150,000 : 1721 BRIGHTWATERS BLVD NE, ST PETERSBURG4 beds, 4 baths
$2,199,000 : 500 BRIGHTWATERS BLVD NE, ST PETERSBURG5 beds, 7 baths
$469,900 : 135 24TH AVE S, ST PETERSBURG4 beds, 3 baths
$439,900 : 129 24TH AVE S, ST PETERSBURG4 beds, 3 baths
$569,900 : 657 1ST ST NE, ST PETERSBURG3 beds, 2 baths
$2,195,000 : 5835 BAYOU GRANDE BLVD NE, ST PETERSBURG4 beds, 4 baths
$5,550,000 : 700 MONTEREY BLVD NE, ST PETERSBURG6 beds, 9 baths
$2,950,000 : 3110 BAYSHORE BLVD NE, ST PETERSBURG5 beds, 5 baths
$834,500 : 4400 45TH ST S, ST PETERSBURG4 beds, 3 baths
$954,900 : 525 11TH AVE NE, ST PETERSBURG5 beds, 4 baths
$875,000 : 822 19TH AVE N, ST PETERSBURG4 beds, 5 baths
$875,000 : 832 19TH AVE N, ST PETERSBURG4 beds, 5 baths
$905,000 : 445 29TH AVE N, ST PETERSBURG3 beds, 4 baths
$1,650,000 : 5366 62ND AVE S, ST PETERSBURG4 beds, 7 baths
$1,725,000 : 1950 ARROWHEAD DR NE, ST PETERSBURG5 beds, 4 baths
$125,000 : 4627 21ST AVE S, ST PETERSBURG3 beds, 1 bath
$529,900 : 3790 10TH ST NE, ST PETERSBURG3 beds, 3 baths
$910,000 : 868 WATER HYACINTH CT NE, ST PETERSBURG4 beds, 4 baths
$699,000 : 6467 4TH AVE N, ST PETERSBURG5 beds, 4 baths
$1,100,000 : 237 6TH AVE NE, ST PETERSBURG5 beds, 6 baths
$549,000 : 206 11TH AVE NE, ST PETERSBURG4 beds, 3 baths
$485,000 : 3100 72ND AVE N, ST PETERSBURG3 beds, 3 baths
$369,000 : 5220 66TH WAY N, ST PETERSBURG4 beds, 3 baths
$240,000 : 5036 18TH ST N, ST PETERSBURG3 beds, 2 baths
$375,000 : 7 LINCOLN AVE S, ST PETERSBURG2 beds, 2 baths
$209,333 : 549 8TH ST N, ST PETERSBURG4 beds, 3 baths
See all Real estate in the city of St Petersburg.
(all data current as of 1/22/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.