St. Pete Florida Millennial Newsletter

April 25, 2024 by The727Team

sammyIt’s getting HOT!!!! Time to crank up that AC, hit up your friends with pools or boats or start making your way to the beach. Here’s the second edition of St. Pete Millennial Newsletter HOT OFF THE PRESS!!!!

I had someone reach out to me about featuring her organization after I sent out my first weekly newsletter last week and I thought that was awesome. I’d love to hear your suggestions on organizations or charities or anything you’d like me to highlight, it would help me bring some variety to this newsletter.

In this edition I’ll link some fun events going on this weekend, a featured restaurant, a featured organization as well a real estate inventory update and tips on how to select a house that will keep your insurance costs low. If you have any residential real estate questions for me feel free to call/text me.

Featured Restaurant

Floribbean 

Hell yeah this place kicks ass. Lots of healthy options from the beans to rice to guac. Also if you get a side of chicken for your dog they will hook you up!!! Here’s their website.

Featured Events

Uptown Funk Market’s Earth Day

Looks like a fun market in the Warehouse Arts District! I’ve been meaning to explore this area more outside of the Second Saturday Artwalk. Looks like this is a new market that only started up recently. Check out their instagram page here.

Tantric Speed Dating

My friend suggested I start to peruse Eventbrite to find more fun local events. This event was one of the first things that stood out to me – It’s a speed dating event at a non-alcoholic bar called Roots To Crown. I never even knew this place existed so I’m excited to visit it at some point. Looks like this particular event might sold out but feel free to subscribe to keep an eye on future events through their instagram page. Also might not be a bad idea to call and see if they still have any space available.

Check out the videos of what to expect at the event as well as a video of the venue on the Eventbrite page here.

One lady describes it as “Singles get together and practice mindfulness exercises with a dating component”. Some of these spiritual groups are a little much for me but I don’t mind getting out of my comfort zone and trying something new.

Roots To Crown

Crystal Ship – A Tribute To The Doors @ Cage Brewing

I’ve always loved The Doors but have never seen a tribute band. Looks like this might be worth checking out if you’re into old school psychedelic rock. By the way if you haven’t been to Cage Brewing in a while, you’ll be impressed by the renovations that have taken place since the new owner took over. Here’s the Eventbrite Link.

Shuffleboard, Brews & BBQ @ St. Pete Shuffleboard Club

This looks like a pretty sweet deal – $30 get’s you shuffleboard court access, a plate of BBQ and two drink tickets. It’s from 5-7pm on Saturday so might be a good place to start your night.

Featured Organization

Saving Our Seniors

Here’s a cool concept they call ProducePAC – you buy a basket of vegetables or fruit for yourself and this organization donates another equal basket to a senior citizen in need. That seems like a win win for everyone. Feel free to put in an order here on their website.

Real Estate Inventory

If you’ve been paying attention to the real estate market the past few years, you probably know that options for available homes at any given time were extremely limited. Most every home was getting multiple offers and flying off the market in days. Now that homes are sitting on the market a bit longer, you have more options to choose from. Also usually when a house sits for a while the seller is more accommodating in terms of seller paid closing costs, repairs and concessions. Take a look at this graph – we are now back to 2019 levels of inventory.

The silver lining in this current real estate market is that you have a better chance of locking down a house that you’ll enjoy forever rather than settling for anything you can get with a low interest rate.

What To Look For In A Home To Keep Your Insurance Costs low

Florida is having a hard time with insurance premiums. I had some clients buy a house down the street from mine a few years back and unfortunately their yearly premium went from about $4,000 to closer to $10,000/year for their combined homeowners and flood insurance policy. My insurance went from $1,600 to about $2,500 which is manageable but this is mostly because of the type of home I bought as well as the location outside of a flood zone.

If you’re going to put down roots here I’d suggest keeping this in mind as this can be a variable cost that could make home ownership unpleasant.

With that said – how do you pick the right home to keep your costs low? There’s a few factors that I’ll review briefly. If you have additional questions I’ll be happy to refer you to an insurance agent I recommend.

Look for a block construction home
In St. Pete, the majority of homes are either wood frame or block construction. The wood frame homes are typically the ones built in the 1920’s, mostly located in historic neighborhoods.

Some people are happy to pay the premium to insure them because many of these houses have the type of character and charm that you’d never find in a newer home. In addition to that, there definitely seems to be more of a community between neighbors in these historic areas where most people have an above average pride in ownership of their historic homes.

If that’s more important to you then disregard what I’m saying about block homes but they are on average cheaper to insure as they are more likely to survive a powerful storm.

Avoid flood zones if possible
I would say this is probably more important to consider as flood zones will usually atleast double your insurance costs. If you have your eyes set on a historic neighborhood, the good news is that many of them have options that are not in flood zones.

If you do decide to purchase a home in a flood zone you should know that not all flood zones are created equally. It’s based on elevation – some neighborhoods are notorious for flooding whereas others that are in the same type of flood zone never really flood at all. There are some really beautiful areas that are in flood zones so it may be worth considering if your budget allows. At that point I’d recommend doing your due diligence – We can talk to neighbors that have lived there for a while to help gauge the potential risks of the area.

I’m on the edge of a flood zone and I gotta admit I was a bit worried when that hurricane was coming straight for us. I went to go walk my dog and talked to my neighbors who had lived there for 25 years, they told me they’ve never had an issue and didn’t seem worried in the slightest. That was definitely reassuring!

Assess the insurance coverage for condo/townhomes/HOAs
Your insurance coverage will vary depending on the way a condo or townhome is classified. My rental units are condos even though they are fee simple (you own the land underneath) and set up like townhomes. It is a condo association and the HOA fee includes a master policy that covers the exterior, so I just need to carry a interior insurance policies. The HOA fee is a little high but it also includes things I’d have to pay for regardless like water, landscaping and internet.

One of my friends on the other hand owns a new construction townhome that is not a condo. He has to pay for a full insurance policy but it is pretty minimal since the home is new construction, which brings me to.

New construction!
New construction has new everything built to current building standards. This makes it cheaper to insure and even more so if it has impact rated windows. Not all new construction has impact windows/doors but if it does that lowers your premium even more!

In Conclusion

I hope you have a kickass weekend. Shoot me a text if you have any residential real estate needs! As the enlightened Hulk Hogan once said, HELL YEAH BROTHA!!!!