Category: Real Estate Investing

Tampa is considered a top choice in the real estate investor market of Florida for many reasons. The Tampa Bay area consists mainly of three counties beautified by the white sand and blue waters of the warm Gulf of Mexico. The area is comprised of about 2 million residents from various cultures and walks of life.

Tampa Bay offers a stable living environment regarding both the natural and social climate. The abundance of natural resources promises a higher standard of living at a lower cost. One of the most favorable aspects of living in Tampa Bay is the benefit offered by the state government. There is no Florida state income tax in Tampa. Plus, the property taxes are much lower compared to those of the other northern states.

Many businesses have relocated to the Tampa Bay area because the prospects for doing business are very high in Tampa Bay. A few reasons are that we have the largest port in Florida here. Also, Tampa International Airport ranked as the #1 airport in the United States. Tampa Bay is known to be one of the most popular destinations for the tourists, both American and foreign as well. The tropical natural environment and the welcoming sandy beaches, attract a broad range of visitors here.

Sports and leisure are a big part of the daily routine activities of Tampa Bay. We host a variety of teams, especially football and hockey, in every season. Thus it is the favorite hangout of the young population, especially students from different universities of Florida.

The beaches and the various large lakes in the area offer a wide choice of water sports and leisure activities. People come to enjoy sunbathing, boating, fishing, snorkeling, and skiing.

One notable fact is the educated population of Tampa, the most precious asset of the Bay. This contributes to an efficient workforce, which is a great asset to the flourishing business activities of this area. Tampa Bay is considered to be one of the most literate areas of the United States.

Our economic development gets a further boost with the healthy population. Tampa Bay boasts of some the best medical care facilities. To mention a few of the notable healthcare services are the three hospitals that bear the credit as ‘America’s Best Hospitals’ by U.S. News and World Report: Tampa General Hospital, St. Joseph’s Hospital and H. Lee Moffitt Cancer Center.

If you wondered why many multinational companies are focusing towards Tampa Bay and many of them looking for a place to relocate their headquarters to this area, you would surely find the answer yourself from the above-mentioned facts. The reason for this shift of focus is nothing but the growing business activities in Tampa. This is thanks in part to the service offered by Florida’s largest deep-water port, which is located in downtown Tampa.

With the availability of abundant natural resources and an excellent capacity of human power and values, Tampa Bay has become an irresistible choice for many real estate investors. According to Karen Joyal, principal broker of Advantage Property Management, the cheaper property in Tampa is attracting a wide range of investors, from baby boomers to retirees, who realize the potential of this area of Florida.

Tampa Bay – A Great Place For Doing Business

There is no doubt that Tampa Bay, Florida’s largest port, is the ideal place for doing business. The reason why Tampa Bay attracts millions of foreign investment cannot be merely restricted to this feature; it also offers a favorable business climate in various forms.

Tampa Bay is known for its diverse workforce that is demanding for every business. Whether it is related to finance, infrastructure, manufacturing, or any others, Tampa can contribute its share of workforce suitable for the varied needs of the business operations.

Tampa has set itself an example to other cities regarding its economic growth. Irrespective of the growing international concerns over the security of their business in the country, Tampa has been able to attract a good number of international communities for investment and tourist activities. This has helped the city to boost its economic standard and the per capita income.

Not to forget is the tax benefit plan offered under the President’s growth package, which in turn helped many capable investors to do business without worrying about the burden of taxes. They could invest a good part of their income, otherwise spent on taxes, on improving their business and in turn boost the overall economy. The national economic indicators suggested a positive response to this plan that benefited both the government and the investors.

Real estate investment in Tampa has witnessed an unpredictable boom in the recent past. Buyers have realized the worth of investing in the market of Tampa property. Be it a home, condominium or a rental property, the benefits of possessing property in Tampa are multifold.

The fact says it all. There has been a staggering performance in the real estate market in the United States as a whole due to various reasons, but Tampa Bay has fared pretty well. The real estate prices here have declined but certainly not as much as other popular areas of the country. The recent hit on the property price was due to the impact of the entire economic downfall of the country on the real estate market. Despite these factors, the demand for the purchase of the real estate in Tampa has been on a high, in particular by the young investors.

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Over the past few years, salt lake’s economy has experienced impressive growth and noticeable maturation. Employment growth has often outperformed long-term averages and the growing presence of national players is representative of a thriving, well-diversified business community. Looking back on his performance gives reasons to expect another strong year in 2017 for both real estate market and the local economy in general.

SUPPLY AND DEMANDS DYNAMICS

Building off of the continued growth and general performance of the local economy, office, retail and industrial properties alike experienced some of the highest levels of construction ever seen in the area. According to the senior vice president of CBRE, Rad Dye

“At the end of the first quarter of 2016, close to 1.6 million square feet was under construction, over 61 percent of which was either build-to-suit or owner/user,”

According to Phil Blair, owner of Century 21 Property Management, states “This shift demonstrates how low-interest rates and limited sale availability have incentivized many users to build their own facilities.”

Strong demand for new, Class-A space has sparked interest in value-add opportunities from both local and out-of-state investors.

ECONOMIC AND POLITICAL CONSIDERATIONS

When seeking to understand where things are headed in 2017, it is important to consider broader economic and political conditions. Employment is a major driver of commercial real estate demand in Salt Lake City. Though the low unemployment rate of 3.5% may be signaling an approaching peak for employment. The fact that unemployment is still 120 basis points above the record low of 2.3% set in march 2007 further supports the idea that there is room to run.

The plummeting of oil prices has a significant dampening effect in some markets, Salt Lake’s diverse economy has allowed growth to continue at a healthy rate. Low oil prices mean more disposable income for RSL consumers and low costs for the production and transport of goods and services, which are both positive trends for local real estate demands.

Looking ahead, there is much in the broader economic picture that remains uncertain, but RSL’s diverse economy is well positioned to continue growing throughout 2017. Mirroring this growth, commercial real estate in Salt Lake is expected to experience another strong year.

Salt Lake City

KEY INDICATORS

Salt Lake’s office market absorbed nearly 2 million sq.ft. over the past few years. At this pace, the Salt Lake City’s market would absorb an amount of space equivalent to that which is currently under construction by year-end 2017.

Strong demand elicited a supply response from developers. Year-end total completed construction was approximately 775000 sq.ft. with nearly 2 million sq.ft. of new office space coming down the construction pipeline in Salt Lake county alone.

OUTLOOK

Continued healthy, above-average growth is expected throughout 2017 with absorption levels similar to 2016. With notable gains anticipated in office-using employment, demand for office space is expected to remain strong. As previously noted, the area has yet to exhaust its labor supply despite a low unemployment rate. These projections suggest 2017 will be another good year for the Salt Lake City office market. Even as new supply is delivered throughout 2017, healthy demand will help maintain market balance.

LOCAL MARKET DRIVERS

The recent advancement of salt lake’s industrial market can be attributed to many drivers, but two are particularly relevant to performance in 2016. First, recent revolutions in commerce have led to an increased need for warehousing, distribution and logistics services. Salt Lake City has always had the advantage of regional intermodal access, but rising costs in primary markets and the need for more streamlined operations have made Salt Lake City even more attractive.

DEMAND

Healthy demand caused vacancy rates to drop to 90 basis points from year-end 2015 ending 2016 at 4.9%. vacancy in the Salt Lake market was mostly concentrated in older centers which had vacant big-box space. Increased demand for mid-box and smaller footprint properties resulted in many big-box centers being divided into mid-box space. Looking at the market as a whole, prolonged single digit vacancy rates have supported strong rent growth with average asking lease rates up to 7.5% year-over-year ending 2016 at 16.71 per sq.ft. demand was strongest for high-end space which consistently achieved rates well above overall average asking lease rates.

In conclusion, Salt Lake City has one of the fastest-moving housing markets, with equally aggressive price gains.

 

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Real estate investment is one of the most lucrative businesses that you can start and accumulate a lot of wealth within a very short time. However, this does not mean that real estate investment is a get rich quick business. The venture requires a lot of capital, skills and experience, patience and hard work. Here are some of the basic tips on how to get started in real estate investing and be successful.

7 Essentials for Buying Properties:

picture-of-a-nice-building

1. Get Equipped With Adequate Skills and Experience

For a person to be successful in real estate investment, you need to start by acquiring adequate skills and experience. You can start by getting some training on real estate matters or even work with an experienced investor for some time to gain some experience before starting your own business. It is also recommendable to find successful real estate investors, realtors or property managers to mentor you before starting your business and as you move on with your business. If you have a few questions for an experienced property manager,  visit Advantage Pointe Properties and ask away.

2. Get Adequate Capital/Financing for Your Investment

Property investment is a very lucrative business, but it also requires a lot of capital. It is important to get adequate capital before venturing into this business. If you are planning to use your savings to finance the business, it is important to make sure you have enough money. On the other hand, if you are planning to use borrowed capital, you need to find a reliable source of financing. For more information on financing, click here.

3. Get Your Paperwork Ready From Relevant Authorities

Real estate investment is not a business that you can just start without getting proper documentation. Once you have acquired adequate skills and you have your capital ready, the next step is to get the necessary documentation from relevant authorities. It is important to make sure you are running a legal business to avoid getting into problems with law enforcers.

4. Look For Good Deals and Acquire Properties

man-with-ipadOnce you have everything ready, the next step is to look for good investment deals and buy properties. You need to make sure your properties are located in a strategic place where demand for properties is on the rise. For instance, if you have invested in rentals, your properties should be situated in a place where demand for rented housing is high. This is very important if you want to maximize returns from your rentals. You can get a reliable real estate Management Company in the area that you are investing to help you find good investment deals.

5. Manage Your Business to Profitability

This is a very important stage in property investment. You need to manage your investment properly in order to maximize profits. You can recruit a reliable property management company to supervise your investment if you have invested in rentals and you are not conversant with rental management matters. On the other hand, you can recruit a professional real estate agent to help you sell properties if you have invested in flipping houses or you are selling homes.

6. Grow and Expand Your Business

It is important to grow and expand your business to a bigger company because big companies are in a better position to take advantage of more lucrative real estate investment deals. This can be achieved by re-invest your profits into the business and let it grow.

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