With the current uncertainty surrounding the stock market and the impact of inflation on the national economy, Florida real estate investors can find a glimmer of hope on the horizon. National Association of Home Builders CEO Jerry Howard highlighted the intentional 1.9% population growth in Florida, emphasizing the state’s commitment to fostering growth across all sectors. This growth is attracting people and creating opportunities for construction. Despite the positive outlook for the luxury real estate segment, there is another proven strategy that is reaping rewards for buyers of luxury high-rise properties.
Typical condominium construction projects take nearly two years to complete, starting from the groundbreaking phase. Developers understand the importance of early engagement from the market and therefore offer the best pricing and incentives during the initial stages of construction. As each construction milestone is achieved, prices increase, gradually enhancing the value for homebuyers throughout the building process. By making an early purchasing decision, buyers often enjoy the greatest benefits due to high demand, limited inventory, and increased property values upon completion.
While buying pre-construction offers numerous benefits, it’s important to note that most condominiums experience their highest demand once the residences are completed. In Tampa, Florida, ONE Tampa stands out as the latest Kolter Urban property currently under development and set to be delivered in 2024. This timing ensures its distinct market position. Furthermore, the scarcity of new condominium inventory in the area will likely contribute to potential price appreciation. Homebuyers who prioritize instant gratification may need to be prepared to pay a higher price for immediate availability.
The Tampa Bay housing market continues to shine as one of the top premium housing markets in the country, as highlighted by a market study conducted by Bankrate.com and reported in the Tampa Business Journal. This metropolitan area, comprising Tampa, St. Petersburg, and Clearwater, has experienced a surge in popularity, driven by its impressive home appreciation value and low unemployment rate. According to Bankrate, Tampa Bay ranks among the hottest large housing markets in the United States, securing the 3rd position overall, 9th in home appreciation, 14th in job growth, and 18th in unemployment rates.
The combination of a robust job environment, a growing population, and an appealing walkable lifestyle has fueled the surge in demand for housing in the Tampa Bay area and its surrounding suburbs. With demand reaching an all-time high and limited inventory available, home prices are projected to rise significantly above the national average.
Kolter Urban has established a strong foothold on Florida’s west coast, building upon the successes of The Ritz-Carlton Residences Sarasota, Hyde Park House, Saltaire, ONE St. Petersburg and Art House in St. Petersburg. With its latest project, ONE Tampa, Kolter is offering sophisticated contemporary architecture and an impressive array of hospitality-style amenities and intuitive services. Recently introduced to the market, now presents an opportune moment for homebuyers to seize the advantages of initial pricing, starting in the $900’s.
ONE Tampa is poised to redefine luxury living in downtown Tampa. This 42-story condominium tower will be a new icon in the city skyline. Yet, it’s what’s inside that will differentiate the community from other offerings. ONE Tampa’s fully-staffed building, will include valet and concierge staff. The building has been designed with today’s entertainment lifestyle in mind. The 12th level will offer three private Guest Suites and sleek event spaces. Residents can enjoy F1 Driving or Swing Sport Simulator competitions and easily plan events with the ONE Tampa app.
An 11th-level Skyline Bistro and street-level dining venue will combine to offer a unique epicurean lifestyle. Residents indulge in meals made to order, from barista-made coffee to delectable lunch and dinner options. The street-level dining venue becomes a sought-after restaurant in downtown Tampa, offering a unique atmosphere and entertainment.