Sharestates Recently Funds on West Coast of Florida

Tampa, Florida, was nicknamed “The Big Guava” by a local newspaper columnist. The name was derived from New York’s Big Apple and a businessman’s unsuccessful quest to find wild guava trees for a tropical fruit packing firm in New York in the 1880’s. It turns out that Tampa was not a good place to grow guava, but New Yorkers have not stopped looking to Florida for real estate ever since. 

Tampa is, in fact, part of a much larger area most commonly referred to as the “Tampa Bay Area”. It’s also part of the Tampa – St. Petersburg-Clearwater Metropolitan Statistical Area. The city of Tampa has a population of roughly 393,000 people. In the late 1950s, the University of South Florida was established in North Tampa and the addition of the university prompted a lot of growth in construction both residential and commercial. Another city also part of the same Metropolitan Statistical Area and the 2nd largest city in the Tampa Bay Area is St Petersburg. St. Petersburg has an estimated 360 days of sunshine each year, which is why it’s commonly called “The Sunshine City”. St. Petersburg has a population of about 263,000 people. In terms of real estate trends, these markets have been sparking conversations. According to Tampa Bay Times, Tampa Bay is seeing similar trends as many other big markets. When you look at the third quarter of 2018, there was a year-over-year price increase of about 8 percent, and the Tampa Bay market is still outperforming many other similarly sized markets including Phoenix, Charlotte, Austin and Nashville. According to Norada Real Estate Tampa is also one of the most affordable in the state with an average home value of $221,500. 

According to Biz Journals, the daily commute from St. Petersburg to Tampa is an easy 24 minutes. Though the congestion seems to be an issue it still makes for a good place to move to while working in Tampa. There are a lot of areas that are also considered suburbs of the Tampa – St. Petersburg-Clearwater Metropolitan Statistical Area. Sharestates has taken a big interest in funding properties in these areas. Some areas that Sharestates has funded properties include New Port Richey,  Holiday, and of course St. Petersburg (also referred to as St. Petes). As reported by City of New Port Richey The City of New Port Richey is a suburb of Tampa, St. Petersburg and Clearwater and is considered part of the Tampa-St. Pete-Clearwater Metropolitan Statistical Area as well. Located on the west coast of Pasco County, the city has direct access to the Gulf of Mexico and Florida’s best beaches. Holiday, Florida is also located in Pasco County. 

This first property was acquired as part of a new development and after completion, the property will be listed for sale.

  • Loan Amount: $265,000
  • Loan Type: Purchase
  • Property Type: Residential
  • Rehab Budget: $80,000 
  • LTV: 75%
  • LTC: 46%
  • ARV: 66%

 

The next 3 properties were acquired as fix & flips. Rehab includes but is not limited to new roofs, kitchen cabinets, appliances, HVAC systems, new hot water heaters, windows, bathrooms and more.  Once rehab is complete on all properties they will be put on the market for sale.

  • Loan Amount: $88,000
  • Loan Type: Purchase
  • Property Type: Residential
  • Rehab Budget: $34,740 
  • LTV: 75%
  • LTC: 71%
  • ARV: 59%

 

  • Loan Amount: $176,000
  • Loan Type: Purchase
  • Property Type: Residential
  • Rehab Budget: $60,000 
  • LTV: 78%
  • LTC: 80%
  • ARV: 57%

 

  • Loan Amount: $172,000
  • Loan Type: Purchase
  • Property Type: Residential
  • Rehab Budget: $56,523 
  • LTV: 78%
  • LTC: 79%
  • ARV: 55%

 

 

For more information on properties we have funded or for more information about our loan programs click below.