This is an update for anyone interested in what I’ve noticed as far as up & coming neighborhood trends in the St. Pete area. I just wanted to give a quick overview of what I’ve seen as far as development and potential buying opportunities in the St. Pete area recently.
As a real estate agent it’s my job to take notice of any neighborhoods I see on the rise. This area is interesting because more and more people are moving here everyday and there is virtually no vacant land to build new construction on. That means that all of the existing land has to go up in value as we become more densely populated.
I keep my eyes on neighborhoods that are somewhat established but not at their full potential and I also research neighborhoods that many people just write off as bad areas. Guess what? Kenwood used to be considered a bad area and now it’s one of the hottest neighborhoods in St. Pete. Alright let’s get into it, here’s a couple of areas I’ve noticed are still a good value.
Highland Oaks / Lake Maggiore Shores
I’ve known about this area for a long time. My brother has owned a house here since 2005. There used to be a good amount of crime here but it has changed for the better and is still coming up. I’m currently working with some clients who are from a working class background with a large family but they don’t have the budget to live in more established areas. We’ve been looking a lot in this area because they can get a decent sized move in ready house rather than a dilapidated home in other areas. The thing is – most of these dilapidated homes in their price range aren’t even able to be financed so they simply have to find something in a more affordable neighborhood. We’re going to see more and more of this trend as our population grows- working class moving into neighborhoods that were previously considered bad. When more owner occupants move into these areas, homes are kept up well and communities are formed.
There are two big telltale sign of future appreciation in these south side neighborhoods – Their proximity to downtown and also the majority of these areas are not in flood zones. It’s obvious to anyone that our downtown is exploding but the vast majority of the real estate is only affordable to the wealthy. Everyone else that wants to get in on the action has to settle for living on the outskirts.
span style=”font-size: 14pt;”>Flood insurance is currently subsidized by the government. If/when that subsidy runs out, insurance premiums will be a deterrent for many potential buyers. These buyers will seek out non-flood zones instead, as many people are already doing.
There are other neighborhoods in this South Side area that are worth keeping your eye on. Fruitland Heights, Cromwell Heights, Jordan Park and more subdivisions are typically lumped together and called “Mid-Town”. Take a look at this map below to see the area in the southside that still has a lot of potential for appreciation. If you’re actively looking to buy a home that will appreciate or an investment property to rent out, these might be the best areas to keep an eye on for the long term.
Lake Shore Park / Bayou Shores
This area is a little more established than some other parts of South St. Pete however it still has a lot of room for appreciation in my opinion. I used to live around here. I was renting a beautiful apartment with water view for really cheap. Here’s a few things I’ve noticed about this area that factor into it’s potential for appreciation.
- It’s a straight shot to Downtown St. Pete, about a 5-7 minute drive.
- It’s near the water. There’s a park with a boat launch and plenty of public waterfront streets that are great to walk/jog along.
- There is increasing commercial development. The little plaza housing Munch’s cafe and Southside Coffee is a staple for the local area.
- About a block south of that is a large commercial strip mall area that is in my opinion under utilized. Currently there is a CVS, a liquor store and a few other miscellaneous shops. The anchor tenant is a discount food shopping center called Save-A-Lot. I know that if this anchor tenant was replaced with something like a Publix or a Target people would perceive the surrounding neighborhood a lot differently. I believe it’s only a matter of time until we see higher end commercial development in this area.
- There are investors actively flipping homes in this area which is increasing the property values.
Enjoying our article so far? From Clearwater to St Pete and everything in between, we’re here to keep you updated. Sign up for our monthly update below!
Here’s some other tidbits of information about this area. I did say it is near water – on both sides actually. Lake Maggiore to the west and Tampa Bay to the east. I never noticed much of a flood problem when I lived there however parts of this area are in a designated flood zone so you will need to carry a flood insurance policy if you finance a property in the flood zone ‘AE’ area.
Besides that you’ll find many upsides to this neighborhood. There is a lot of potential to find a home with a large yard around here. In my opinion, buying a large chunk of land anywhere in Pinellas is a great long term strategy. This is especially true if you can buy a lot that can be legally subdivided and sold separately at a later date. Below is a map showing this area. If any of these neighborhoods interest you just let me know and I’ll get you set up on an autosearch. This will send you properties as soon as they hit the market.