Downtown Tampa`s Residential Update

Downtown Tampa's
Residential Update
Presented by:
Dave Traynor, CRB
Vice President Real Estate /
Developer Services
CNN Money | Updated January 23, 2014
Hottest Housing
Tampa, Florida
Markets in 2014
Median Home Price: $177,000
Forecast gain through Sept 2014: 8%
Once one of the nation’s leading foreclosure hotspots, things are starting to turn around! The area has
been working through its foreclosure problem and the local economy is gaining steam with new
employers, such as Bristol Myers, opening offices according to Bob Rohrlack, CEO of the Greater Chamber
of Commerce.
In the 12 months ending in September, home prices climbed 14% and they are expected to keep climbing
in the new year. CoreLogic forecasts that they will rise 8% in the 12 months ending this September.
Despite the gains, buyers will still get a bargain. The median home price in the metro area is around
$177,000, well below the national median of $207,000.
Downtown Residential
Properties For Rent
The Place
912 Channelside Drive
185 rentals
Number of units: 245
99% Leased
$1.85 /sf average per
0 for sale
The Element
808 North Franklin Street
Number of units: 395
98% Leased
$2.20 / sf average per month
Bell Channelside
1120 E Twiggs Street
Number of units: 422
94% leased
$1.39 / sf average
per month
The Slade
1190 E Washington Street
Number of units: 289
200 for lease
98% leased
$1.75 / sf average per month
5 available for purchase
$236 average ppsf
Pierhouse at Channelside
1226 E. Cumberland Ave
Number of units: 356
63% leased
$1.89/ sf average
per month
Downtown Residential
Properties For Sale
Grand Central at Kennedy
1208 E Kennedy Blvd
Number of units: 392
73 homes available
for sale
$219 average ppsf
Skypoint
777 North Ashley Street
Number of units: 380
21 available
for purchase
$318 average ppsf
Towers of Channelside
1211 E. Cumberland Ave
Number of units: 257
7 available
for purchase
$354 average ppsf
Ventana
1227 E. Madison
Number of units: 84
2 available
for purchase
$232 average ppsf
Developments
Under Construction
Crescent Bayshore
376 mid-rise apartments on Bayshore just South of
downtown
179 apartments ready for lease in June
NoHo Flats
311 mid-rise apartments on Rome North of Kennedy
39% pre-leased at $1.72 sf average per month
Encore Tampa
Ella 160 senior housing apartments fully occupied
Trio 141 family apartments to open in April
Reed 158 senior housing apartments
Completion December 2014
Tempo 203 family apartments to open in 2015
Post SOHO Square
231 mid-rise apartments on Howard and Swann
Completion date 2014
Skyhouse
320 apartments (23-story) on 12th directly South of
Washington Street Park
Completion March 2015
The Martin at Meridian
327 Apartments (24-story) Meridian directly North
of Grand Central at Kennedy
Ground breaking May 2014
Residential Summary
Downtown Tampa
Rental Market:
Current apartment communities: 98% Occupied
$1.82 sf average per month
(Pierhouse not included in average)
Residential Sales Market:
108 Residences available for purchase
Approximately 6% of the market