Palm Harbor is a small city or community located just north of Clearwater and south of Tarpon Springs. Under an hour’s drive from Tampa, Palm Harbour is becoming increasingly popular among young professionals and families wanting to escape the hustle and bustle of city life. Property prices in Palm Harbor are on the rise, and smart real estate investors can make good profits investing in Palm Harbor real estate.
- Palm Harbor is a community just north of Clearwater
- The median property price in Palm Harbor has risen by 8% year-on-year
- Properties include a mixture of family homes and smaller apartments
- Gated communities are common among retirees
- Palm Harbor is popular with families and young professionals
- Many locals work in healthcare, technology, and retail
- Tampa is under an hour’s drive away
The Best Investing Strategies In Palm Harbor, FL
Palm Harbor is a popular destination for both retirees and families. Retirees are attracted by the area’s low crime rates, restaurants and parks, while families value the area’s good schools and amenities. When buying real estate to use as a rental in Palm Harbor, it’s important to know who your target demographic will be and work with a local estate agent to maximize your profits.
Property prices in Palm Harbor aren’t low, although they remain more affordable than in many of the safer areas of large cities in Florida. Real estate investors will likely find that the best source of passive income in Palm Harbor real estate is in long-term rentals, although some people choose to fix and flip properties here instead.
Palm Harbor, FL Real Estate Investment Tips & Tricks
Real estate investors considering purchasing property in Palm Harbor should know where to look and how to get the best deals on real estate. Follow our tips and tricks to get the most out of your Palm Harbor real estate investment:
- Seek out properties near amenities: Palm Harbor covers a large area, and some neighborhoods will be better served by local amenities than others. All residents in Palm Harbor, including families and retirees, will be attracted to properties closer to local amenities.
- Get a good deal: It’s often said that the biggest opportunity for making money in real estate is when you purchase a property, because this is where you can get a great discount if you know how to negotiate. This is definitely true when purchasing Palm Harbor real estate.
- Check for flood risk: Like many coastal areas in Florida, Palm Harbor carries a ‘severe’ risk of flooding over the next 30 years. Investigate the risk of flooding to your property and factor this into the price you’re willing to offer.
Is Palm Harbor, FL, A Good Real Estate Investment?
Palm Harbor, FL is a good real estate investment. It’s a small to medium community with a population of around 62,000. Primarily a bedroom community, Palm Harbor is popular among young professionals and families wanting to move out of the city to somewhere with a quieter, more suburban feel.
The median property value in Palm Harbor is $266,000, and property prices in the area have increased by around 8% in the last year. Palm Harbor is more upmarket than nearby towns like Tarpon Springs, but it’s still an affordable area for many people. And of course, the slightly higher median property price means that rental prices are higher than in cheaper towns.
While Palm Harbor remains a community with a large population of owner-occupiers, the rental demand for properties in this town is good. Around 25% of residents in Palm Harbor rent their property instead of owning it. Many people rent in Palm Harbor before they’re ready to buy, and the average monthly rent in Palm Harbor is $1,780.
Source: Rent Cafe
Is It A Good Time To Invest In Real Estate In Palm Harbor, FL?
It’s a good time to invest in real estate in Palm Harbor, FL. Palm Harbor is a growing market that’s especially popular among families due to its good safety profile and excellent public school system. Many real estate investors are looking to Palm Harbor as a good source of long-term rental income.
Florida is what’s known as a landlord-friendly state, which means that local laws and taxes favor landlords and real estate investors. Compared to other states across the US, buying and renting out real estate in Florida, including Palm Harbor, is more cost-effective.
While Palm Harbor properties have already increased in price a lot since the Covid-19 pandemic, they’re set to rise further over the coming years. Florida is a fast-growing state, with some estimates suggesting that the state’s population is rising by around 1% per year. Palm Harbor will likely remain a popular destination for new residents to the state.
Best Areas And Neighborhoods To Invest In Palm Harbor, FL
Like most towns and cities, the safety and attractiveness of properties in Palm Harbor depends on location. Palm Harbor is a relatively safe neighborhood with low crime rates, and the central and West parts of the city are often considered the safest by residents.
Some of the best areas in Palm Harbor include Crystal Beach, Baywood Village, and Ozona. Ozona is a small community with beautiful waterfront properties and excellent local amenities. Crystal Beach offers similar advantages at a slightly more affordable price tag.
Curlew is another sought-after area of Palm Harbor. Curlew is well-loved by families because it has good schools and lush green spaces. If your target market is retirees, you might consider purchasing real estate in Highland Lakes, a safe and quiet community that’s just for people aged 55 and over.
Main Activities, Attractions, And Employers In Palm Harbor, FL
Palm Harbor is under an hour’s drive from Tampa, where many of the locals will travel to for entertainment, shopping, and dining. Palm Harbor itself is home to beautiful green spaces including John Chestnut Sr. Park and Wall Springs Park, as well as the Sprouts Farmers Market and Palm Harbor Museum.
Lots of people who live in Palm Harbor commute to nearby cities like Clearwater and Tampa, where there are more jobs available especially in growing sectors like tech, healthcare, and tourism.
However, Palm Harbor also provides a lot of jobs to locals. As per the graphic below, almost 30,000 people are employed in Palm Harbor. Many of these roles are in healthcare, retail and services, construction, manufacturing, and science and technical services. Palm Harbor provides plenty of jobs for residents working in both professional and non-professional roles.