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Tuesday, January 23, 2007

Are Waterfront Lots in Tampa a good investment?

What a great time to be a buyer. Waterfront lots in the Tampa Bay area are priced aggresively and owners want to sell. Think about purchasing your lot now and holding on to it until you are ready to build your dream home. It's like having an investment in your back pocket. A nest egg for retirement.
Like most sales cycles prices go up and they come down. Buy low, sell high is what they say. I just took a listing for a Waterfront 1/2 acre lot on the Hillsborough River last week. It's listed for 400K. When things were hot, the same lot could have sold for 550-600K.
Holding on to Waterfront property is the way to go. You won't have any insurance to pay for until you build and the taxes are always lower on vacant land. Let's face it, they aren't making anymore waterfront in Tampa.

In recent years past, some Real Estate Investors choose to buy a 2/2 condo in Hyde Park and Channelside for about the same price. They are now competing with all the other owners trying to rent their units, or sell them because they can't cover their mortgage on what they are renting for.

The future of waterfront living in the Tampa Bay area can be displayed by The City of Tampa which will reshape the waterfront for everyone to have access to and enjoy by developing a Master Plan for the Tampa Riverwalk, a continuous pedestrian walkway extending from the Channelside area to Tampa Heights along the east side of the Hillsborough River. It will incorporate pedestrian amenities, art and interpretive elements, retail and restaurant uses, parks and open space, and other urban amenities.
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