Real Estate

Paul Turofsky on why Tampa, Florida is a ‘hot spot’ for real estate investors

Paul Turofsky in Tampa

Located on Tampa Bay in western Florida, near the Gulf of Mexico, Tampa has become one of the leading hot spots for real estate investors in the United States. During the 2021 summer season, about 25% of home sales in Hillsboro County, Florida, named investors as buyers. The post-Covid era has had a dramatic impact on how consumers and investors deal with real estate transactions, Paul Turofsky in Tampaindicates that “Florida is a wonderful place to live and do business.” Turovsky added, “The west side of Florida, especially Tampa, which is near Florida’s largest port, has seen a significant amount of new demand from investors buying properties in record time.”

of Tampa Bay Times released a report that ranks Tampa Bay as the 7th highest metropolitan area in the United States for attracting investors. When consumers first think of Florida real estate, most immediately think of more popular destinations such as Palm Beach, Fort He Lauderdale, and Miami. Home sales have also increased dramatically in these parts of the state, but Tampa’s Paul Turofsky says it’s the western part of the state that drives most of the investors and buyers.

“There are plenty of opportunities in the Tampa Bay area of ​​Florida for investors to pursue,” says Turovsky. “I have personally represented some of the best-in-class investors in the country. Most investors approach the real estate market from an investment perspective, but most also invest in the wealthy economy. Given the diversity that Tampa represents, we seek to provide the community with a desirable living community.”

The last two years have seen consistent and stable employment growth. This is mainly due to higher paying business services. In fact, the U.S. unemployment rate is down 2% from last year, Data USA, employment growth in Tampa was more than 3% higher overall. In addition to the healthcare, travel, tourism and even education sectors, we are also seeing significant expansion and growth in the technology sector.

Investors should evaluate which properties can be added to their portfolios as the Tampa, Florida market continues to evolve and continue to play a role in enabling it to support the rapid growth of both the city and the city. continued to pay attention to Hillsborough County is watching.

Tampa has three regional and national airports within a short drive, including Tampa International Airport, St. Petersburg International Airport, and Sarasota International Airport. Research shows that having significant access to a local airport has always contributed to the convenience of visiting or relocating to new cities and communities.In addition, I-275, I-4 , and three major interstate highways pass through Tampa, including I-75, providing highway access to more than 25 million consumers.

“Tampa continues to be a very attractive city to invest in,” he said. Paul Turofsky“As expected, home prices continue to rise each year. Coming out of the Covid-19 pandemic has significantly accelerated the prices of real estate, largely due to shortened supply and massive demand. Homebuyers have been waiting for those prices to settle in. The good news is that while interest rates are rising, home prices in the Tampa area will continue to rise by more than 9% over the next 12 months. It is expected.”

The Federal Reserve has hiked rates this year, in a move to combat inflation, and last month announced plans to continue raising rates at a steady pace for the foreseeable future. The move will push 10-year yields dramatically above 3%, directly impacting mortgage rates. Another important part of why real estate investment is so thriving in Tampa, Florida, is that most investors can pay cash for a property and rent it out to consumers. A typical rental property, like a traditional mortgage from a lender, does not include interest.

according to otaku wallet, Tampa, FL interest rate is 5.5% for a 30 year fixed rate mortgage. A dramatic rise of 200 basis points in 30-year fixed-rate mortgages compared to the same period last year could mean a cost of over $300 per month for mortgage consumers.

“The real estate investors I’ve worked with have made a solid return on their investment while offering reasonable returns to consumers and families who may not be able to afford current mortgage rates at this time.” It shows that we can afford the rent,” says Turovsky. “Still, Tampa is open to business, including real estate investors.”

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