Long overlooked by affluent families migrating from the Northeast, Tampa Bay real estate has exploded. According to Zillow, it’s the hottest real estate market of 2022.
Several critical factors have played into Tampa Bay’s new irresistible appeal, including rising prices further south driven by the Florida real estate explosion and the Tampa Bay area’s striking architectural designs reflecting opulence and quality.
For locals, Tampa Bay has long been considered one of the best-kept secrets in real estate. While the area’s prices have increased as its popularity rises, the economic infusion has only added vibrance and culture to what was already one of the most beautiful places in the country.
Florida isn’t just for retirees anymore. The New York Times recently reported that at least 600 people a day move from the Northeast to Florida. Pristine Gulf Coast beaches, year-round golf courses, and fine dining are available at a relative discount compared to coastal cities further south.
Breathtaking Natural Beauty
Tampa Bay is a world-class city with a unique lifestyle and an outstanding climate. White-sand beaches, luxury and healthy condominium designs, expansive views, beautiful nature trails, and birdwatching opportunities add charm to the area.
The area is home to many living species and ecosystems, making it perfect for people who love the outdoors. There’s plenty to do all year-round. Regardless of the season, you can find something to do with your family and friends.
In Clearwater, you’ll find sugar-white-sand and cyan beaches along the coast where you can snorkel or scuba dive with sea creatures while learning about marine life from an experienced guide. If you prefer to stay above the water, Clearwater Beach’s famous Pier 60 Park is a great place to rent boats, jet skis, or fish off one of the piers.
Two Relatively Undiscovered Florida Real Estate Markets
In recent years, Tampa Bay and Clearwater, Florida, have become hot real estate markets. For decades, they were skipped over for better-known coastal areas like Sarasota or Miami. However, affluent individuals discovered the Gulf Coast with the Florida real estate explosion and the ongoing migration from the Northeast to Florida.
Today, Tampa Bay and Clearwater boast luxury condominium designs perfect for those who want to enjoy a vacation-type lifestyle without breaking their budget. Tampa Bay is relatively peaceful, with easy access to both the beaches and the larger metropolis of Tampa.
Florida’s Gulf Coast Offers Outdoor Activities,
Cultural Attractions, and Fine Dining
One of the most popular reasons for relocating to Florida is the weather. While some people thrive in snow, Northeastern winters can drive almost anyone to look for sunshine. In addition, the Gulf Coast of Florida offers calm, warm waters that are great for water sports and boating.
The Tampa Bay area also has many golf courses where you can enjoy the sun, spend time with friends, or relax and work on your game. If you want sunshine and warm ocean water, Florida is one of the most beautiful places in the country.
However, the Gulf Coast of Florida delivers more than natural beauty. You can enjoy cultural attractions like museums, theaters, sports, and a fine dining scene that rivals restaurants in major cities.
Do you appreciate Latin American and Cuban art, food, and culture? Tampa Bay’s historical ties dating back to colonial times when settlers from Spain founded the area.
Modern, Luxury Condominium Design
Tampa Bay and Clearwater Beach are the places to be for a luxury condominium lifestyle. New condominium complexes enhance the skyline with striking architectural designs reflecting opulence and quality.
The Skyview condominiums in downtown Clearwater are one example of upcoming luxury condominiums designed for affluent families and young professionals. Unlike some older conceptions that separate living from life, the Skyview is centrally located to the waterfront, restaurants, parks, and the Capitol theater. It includes businesses on the first floor so residents can enjoy life without getting in their cars.
If a terrace by the sea is more your style, enjoy relaxed luxury living at Serena by the Sea. The iconic 80-unit complex is precision designed for privacy and carefree enjoyment. The open layouts provide stunning views of the waterfront and surroundings.
In addition to luxury condominium designs, outdoor beauty, and mild winters, Tampa Bay residents enjoy strong economic growth and job opportunities. The Port of Tampa is one of Florida’s largest. The city thrives on a diverse economic base, including construction, technology, finance, and tourism. The resulting bustling economy and quality of life make this region ideal for luxury condominium buyers who prioritize lifestyle.
Affluent Northeasterners Bring Their Wealth to Florida
Even with decades of positive migration to the Sunbelt and the ongoing Florida real estate explosion, a dollar stretches further in Florida than in many northern states. As a result, affluent families seeking a better climate continue to move to Florida and bring their wealth with them.
If you are from the Northeast, you may not have as much of a cultural adjustment as you might have expected. There are plenty of affluent individuals in Tampa Bay and Clearwater, and most are not from Florida. They migrate from other parts of the country, significantly affecting the local economy.
To meet the demand, luxury condominiums are built in highly desirable areas. With great weather and plenty to do outdoors, Florida residents tend to be active and enjoy participating in community events throughout the region, making it easier to meet new people.
Even if you are not planning on moving here yourself, there is no doubt that you will encounter many Northeasterners who have resettled in Florida to enjoy the sunshine.
Florida’s Taxes Are Lower Than Many Other States
Another big perk to living in Florida is lower taxes. Florida has no state income tax and no estate or inheritance taxes. The state sales tax is 6%, but some cities tack on additional taxes. Florida also does not charge a capital gains tax.
If you own a home or condominium in Florida, you benefit from lower property taxes than in most other states. The corporate income taxes are also lower if you decide to move your business here.
Buying a Luxury Condominium in Florida Means
Owning a Piece of Paradise
People from all over the country flock to Tampa Bay to enjoy luxury living and own a piece of paradise. Fall, winter, and spring are blissfully warm and temperate. The summer heat can be intense for some, but the area offers plenty of ways to cool down.
Tampa Bay’s beautiful beaches, luxury condominium designs, nature reserves, museums, shopping, restaurants, and events allow residents to live out their dream lifestyle. You can enjoy life at a dream vacation spot, all while lowering your tax bills.