Top 5 Up & Coming Neighborhoods To See Appreciation in St. Pete, Florida

September 8, 2016 by The727Team

Update – This was originally published in September of 2016 and has since become one of the most popular articles on our site. This information is still accurate however there are always new developments happening so I decided to link more recent articles we’ve written right here. Feel free to reach out to us anytime with specific questions or give me a call (Chris) at 727-307-1111

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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.

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pinellas county

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.

floridabeach

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.

onerender
Render of the completed ONE Tower in Downtown St Petersburg, Florid

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.

Would you like us to get you on a search for this area? Click the button below and we’ll email you listings as soon as they hit the market.

 Roser / Bartlett Park Listings

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Roser Park / Bartlett Park


Current as of June 2018


Midtown

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.

Would you like us to get you on a search for this area? Click the button below and we’ll email you listings as soon as they hit the market.

Midtown Listings


Midtown


Current as of June 2018


 

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South Kenwood

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.

Would you like us to get you on a search for this area? Click the button below and we’ll email you listings as soon as they hit the market.

South Kenwood Listings

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South Kenwood

Current as of June 2018


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.

Would you like us to get you on a search for this area? Click the button below and we’ll email you listings as soon as they hit the market.

Central Oak Park Listings

screen-shot-2016-09-08-at-3-58-21-pm
Central Oak Park


Current as of June 2018


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.

  1. Create a place with a recognizable identity
    1. Provide a unique environment that includes art
    2. Provide a physical definition of boundaries
    3. Create a positive brand that is marketed
    4. Utilize the existing marine lifestyle in the area
    5. Make the public realm more appealing
  2. Increase the population and buying power
    1. Establish an Activity Center designation to increase density
    2. Construct additional market rate residential units
    3. Implement housing efforts in concert with economic development efforts
    4. Market the potential of mixed use vertical development
    5. Increase tourist visits
  3. Increase employment
    1. Promote the area as an employment center
    2. Establish an Activity Center designation to increase square footage allowances
    3. Attract additional retail and restaurants
    4. Market area neighborhoods
    5. Create and market incentives
  4. Create a multimodal environment
    1. Establish trolley service
    2. Enhance the trail system
    3. Promote the proximity to marinas
    4. Improve the pedestrian environment
  5. . Promote Sustainability
    1. Encourage green building development
    2. Encourage Florida friendly landscaping
    3. 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.

Would you like us to get you on a search for this area? Click the button below and we’ll email you listings as soon as they hit the market.

Skyway Marina District Listings

skyway marina district
Skyway Marina District

 

In Conclusion

This whole city is on it’s way up. Some neighborhoods are already established and have little room for appreciation while other neighborhoods have the potential to become entirely reinvigorated and drastically increase in value. Some folks are afraid to buy a home now because they think this might be the height of the market in terms of buyers demand.

If this is your concern then you may want to buy in a neighborhood that has the potential for appreciation. People will always need a place to live and the Tampa Bay area is becoming a more desirable place to live every year. When there’s only so much space to build, the neighborhoods that were previously undesirable will have to change with the types of people that are moving into them. Any specific questions for us? Feel free to reach out to us anytime. Thanks for reading and have a great day!

Did you find this article informative? Here’s some more well researched real estate articles on our website that you may enjoy.

St. Petersburg Real Estate FAQs- The Ultimate Guide 

Opportunities With Income Properties In St. Pete

Top 6 Things Your Realtor Should Know When Buying A Home In Pinellas County

Top 8 Places To Live Near St. Pete, Florida




Have any further questions about these neighborhoods or any other areas in St Pete? Send us an email at the727team@gmail.com or give us a call at 727-307-1111

Call The 727 Real Estate Team

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

 

  1. 5 beds, 7 baths
    Home size: 7,381 sq ft
    Lot size: 21,780 sqft
    Year built: 1928
    Days on market: 1,485
  2. 5 beds, 4 baths
    Home size: 3,615 sq ft
    Lot size: 9,583 sqft
    Year built: 2008
    Days on market: 913
  3. 4 beds, 4 baths
    Home size: 2,575 sq ft
    Lot size: 8,712 sqft
    Year built: 2018
    Days on market: 868
  4. 4 beds, 4 baths
    Home size: 5,183 sq ft
    Lot size: 18,730 sqft
    Year built: 1989
    Days on market: 647
  5. 5 beds, 7 baths
    Home size: 6,487 sq ft
    Lot size: 12,632 sqft
    Year built: 1925
    Days on market: 646
  6. 4 beds, 4 baths
    Home size: 3,553 sq ft
    Lot size: 12,196 sqft
    Year built: 1980
    Days on market: 618
  7. 3 beds, 2 baths
    Home size: 1,388 sq ft
    Lot size: 7,405 sqft
    Year built: 1959
    Days on market: 568
  8. 3 beds, 2 baths
    Home size: 1,300 sq ft
    Lot size: 5,662 sqft
    Year built: 2018
    Days on market: 564
  9. 0 beds, 0 bath
    Lot size: 1.68 ac
    Year built: 0
    Days on market: 548
  10. 0 beds, 0 bath
    Lot size: 1.68 ac
    Year built: 0
    Days on market: 548
  11. 0 beds, 0 bath
    Lot size: 1.68 ac
    Year built: 0
    Days on market: 548
  12. 0 beds, 0 bath
    Lot size: 1.68 ac
    Year built: 0
    Days on market: 548
  13. 4 beds, 4 baths
    Home size: 3,553 sq ft
    Lot size: 11,325 sqft
    Year built: 1998
    Days on market: 541
  14. 5 beds, 7 baths
    Home size: 7,029 sq ft
    Lot size: 13,068 sqft
    Year built: 2007
    Days on market: 541
  15. 4 beds, 5 baths
    Home size: 3,416 sq ft
    Lot size: 4,791 sqft
    Year built: 1925
    Days on market: 524
  16. 2 beds, 1 bath
    Home size: 1,010 sq ft
    Lot size: 4,356 sqft
    Year built: 1951
    Days on market: 513
  17. 3 beds, 3 baths
    Home size: 2,334 sq ft
    Lot size: 3,049 sqft
    Year built: 2018
    Days on market: 507
  18. 3 beds, 4 baths
    Home size: 3,084 sq ft
    Lot size: 16,117 sqft
    Year built: 1965
    Days on market: 497
  19. 4 beds, 4 baths
    Home size: 3,002 sq ft
    Lot size: 5,227 sqft
    Year built: 2017
    Days on market: 482
  20. 4 beds, 4 baths
    Home size: 3,670 sq ft
    Lot size: 13,939 sqft
    Year built: 1965
    Days on market: 461
  21. 6 beds, 6 baths
    Home size: 7,433 sq ft
    Lot size: 31,798 sqft
    Year built: 1993
    Days on market: 423
  22. 4 beds, 3 baths
    Home size: 2,517 sq ft
    Lot size: 14,374 sqft
    Year built: 1951
    Days on market: 394
  23. 5 beds, 7 baths
    Home size: 6,584 sq ft
    Lot size: 13,939 sqft
    Year built: 2011
    Days on market: 392
  24. 5 beds, 4 baths
    Home size: 3,805 sq ft
    Lot size: 10,890 sqft
    Year built: 1949
    Days on market: 377
  25. 5 beds, 4 baths
    Home size: 4,489 sq ft
    Lot size: 10,890 sqft
    Year built: 1974
    Days on market: 367
  26. 2 beds, 1 bath
    Home size: 755 sq ft
    Lot size: 9,583 sqft
    Year built: 1951
    Days on market: 365
  27. 5 beds, 5 baths
    Home size: 4,132 sq ft
    Lot size: 8,712 sqft
    Year built: 2018
    Days on market: 360
  28. 5 beds, 5 baths
    Home size: 4,050 sq ft
    Lot size: 8,276 sqft
    Year built: 2018
    Days on market: 360
  29. 2 beds, 2 baths
    Home size: 1,257 sq ft
    Lot size: 2,178 sqft
    Year built: 1996
    Days on market: 354
  30. 4 beds, 6 baths
    Home size: 3,901 sq ft
    Lot size: 8,276 sqft
    Year built: 2018
    Days on market: 349
  31. 4 beds, 5 baths
    Home size: 3,472 sq ft
    Lot size: 13,939 sqft
    Year built: 2018
    Days on market: 345
  32. 3 beds, 2 baths
    Home size: 1,594 sq ft
    Lot size: 5,662 sqft
    Year built: 1947
    Days on market: 335
  33. 5 beds, 6 baths
    Home size: 5,458 sq ft
    Lot size: 14,374 sqft
    Year built: 1991
    Days on market: 330
  34. 2 beds, 1 bath
    Home size: 1,130 sq ft
    Lot size: 20,037 sqft
    Year built: 1946
    Days on market: 315
  35. 3 beds, 2 baths
    Home size: 1,884 sq ft
    Lot size: 19,166 sqft
    Year built: 1962
    Days on market: 312
  36. 3 beds, 2 baths
    Home size: 2,390 sq ft
    Lot size: 9,147 sqft
    Year built: 1989
    Days on market: 309
  37. 4 beds, 6 baths
    Home size: 4,242 sq ft
    Lot size: 16,552 sqft
    Year built: 1949
    Days on market: 303
  38. 2 beds, 2 baths
    Home size: 1,036 sq ft
    Lot size: 7,405 sqft
    Year built: 1958
    Days on market: 300
  39. 5 beds, 6 baths
    Home size: 4,232 sq ft
    Lot size: 9,147 sqft
    Year built: 2018
    Days on market: 300
  40. 4 beds, 3 baths
    Home size: 3,410 sq ft
    Lot size: 1.95 ac
    Year built: 1981
    Days on market: 300
  41. 5 beds, 6 baths
    Home size: 4,444 sq ft
    Lot size: 1.16 ac
    Year built: 1957
    Days on market: 291
  42. 2 beds, 1 bath
    Home size: 1,525 sq ft
    Lot size: 6,098 sqft
    Year built: 1950
    Days on market: 287
  43. 5 beds, 4 baths
    Home size: 4,168 sq ft
    Lot size: 14,374 sqft
    Year built: 1967
    Days on market: 286
  44. 5 beds, 5 baths
    Home size: 5,134 sq ft
    Lot size: 15,681 sqft
    Year built: 1950
    Days on market: 286
  45. 5 beds, 4 baths
    Home size: 3,421 sq ft
    Lot size: 11,325 sqft
    Year built: 2018
    Days on market: 280
  46. 3 beds, 3 baths
    Home size: 2,283 sq ft
    Lot size: 3,049 sqft
    Year built: 1927
    Days on market: 280
  47. 4 beds, 5 baths
    Home size: 4,914 sq ft
    Lot size: 10,890 sqft
    Year built: 2018
    Days on market: 274
  48. 3 beds, 2 baths
    Home size: 1,123 sq ft
    Lot size: 6,969 sqft
    Year built: 1920
    Days on market: 272
  49. 2 beds, 2 baths
    Home size: 1,408 sq ft
    Lot size: 4,791 sqft
    Year built: 1984
    Days on market: 268
  50. 3 beds, 3 baths
    Home size: 2,257 sq ft
    Lot size: 10,018 sqft
    Year built: 1986
    Days on market: 266

See all Real estate in the city of St Petersburg.
(all data current as of 11/15/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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