Real Estate Investing in St. Petersburg, FL: Where to Buy a Property (2024)

St. Petersburg is a gated community in the north of Lakeland just outside of Tampa, FL. The St. Petersburg Golf and Country Club offers buyers move-in ready homes designed at a luxury standard. Families are attracted to St. Petersburg for its great schools, and retirees may find the community’s internationally recognized golf course appealing. Buying real estate in St. Petersburg, FL can be lucrative, but only if you know when and where to buy.

The Best Investing Strategies In St. Petersburg, FL

The best investing strategies in St. Petersburg, FL will depend on your investment goals. If you want to make a profit quickly, you might choose to fix and flip properties in St. Petersburg. St. Petersburg offers a great market for property fixers because the relatively affordable property values ensure a steady stream of lower-priced real estate to the market.

However, many investors opt for a more long-term strategy, particularly in an area like St. Petersburg where real estate values are rising on average every year. It’s possible to buy and hold real estate in St. Petersburg while renting it out to residents or tourists, making a dual profit from rental income and real estate appreciation.

This strategy can be done via short-term rentals – usually to tourists or visitors to the city – or long-term rentals to residents and students. Long-term rentals carry lower risk, and in a city like St. Petersburg which is not a major international tourist destination it’s usually a more reliable way to make a profit on your investment.

St. Petersburg, FL Real Estate Investment Tips & Tricks

If you’re planning to invest in St. Petersburg, FL real estate, make sure you read our tips and tricks before you make a purchase:

• Check out local amenities: As well as purchasing real estate in a safe, sought-after area, look for real estate that’s close to local amenities including shops and restaurants. If you’re buying a family home, look for homes near good public schools to raise the attractiveness of your property.
• Consider flood risk: Florida is affected by extreme weather events including hurricanes and flooding, both of which can cause significant damage to property and impact the value of real estate. Never buy property in Florida without having a survey done to find out your property’s real risk of being affected by these disasters.
• Work with a real estate agent: Local real estate agents will know the market in St. Petersburg better than anyone else. Work with with an estate agent who’s up-to-date on current market trends and they’ll make sure that you find the best property for your budget

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Is St. Petersburg, FL, A Good Real Estate Investment?

St. Petersburg, FL is a good real estate investment for buyers interested in making long-term profits. Property prices are still rising across Florida, with some surveys indicating a year-on-year increase of around 8.4% across the state. St. Petersburg itself offers a lot of the things that modern buyers are looking for: green space, local amenities, and good schools.

The average property price in St. Petersburg, FL is around $602,000. This is higher than other areas of Florida, where the average single-family home now costs just over $400,000, and reflects the luxury of the homes for sale within the community.

The safety and security offered by gated communities means that areas like St. Petersburg are growing in popularity across the US. St. Petersburg house prices are likely to increase over the coming years even if growth is slow in the short term.

Is It A Good Time To Invest In Real Estate In St. Petersburg, FL?

It’s a good time to invest in real estate in St. Petersburg, FL. The community is still growing in popularity with buyers, and new amenities are being built every year. New grocery stores, restaurants, and leisure facilities are in the works to provide for residents of St. Petersburg as the community grows.

The housing market in St. Petersburg, FL is quite competitive, with some figures estimating that house prices in the region are up 14.7% year-on-year, which is higher than the state’s average. While this means that investors will be buying at higher rates than last year, it’s likely that prices are still set to rise. Rental yields in the region are good, and demand for rental properties remains high.

Florida’s population is still growing by an average of 1% per year, and many of these new residents will look for safe, gated communities like St. Petersburg. With a median age of 41.6, the average Floridian is of working age and may have a young family or dependents. Real estate investors wanting to invest in luxury properties for long-term gains will find St. Petersburg a strong contender.

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Best Areas And Neighborhoods To Invest In St. Petersburg, FL

St. Petersburg is a major city – the second biggest in the Tampa Bay area – with a huge variety of neighborhoods. The neighborhood you choose will depend on your investment strategy and your target demographic, but some of the most popular areas of St. Petersburg include historical Kenwood, picturesque Crescent Lake and charming Old Northeast.

Kenwood is often considered to be the historic center of St. Petersburg, home to a thriving arts scene that makes this area sought-after among artists and arts appreciators. Kenwood’s historic architecture makes it instantly recognizable and the area’s proximity to downtown St. Petersburg ensures its popularity among young professionals and singletons.

One of the most popular areas in St. Petersburg among families is Crescent Lake. This neighborhood is built around a beautiful 56-acre park and lake, meaning plenty of green space for children and dogs. Crescent Lake is also known for its good schools and family-friendly activities including playgrounds and sports centers.

Main Activities, Attractions, And Employers In St. Petersburg, FL

St. Petersburg is a big city with a very healthy economy of its own. Some of the biggest industries in St. Petersburg include healthcare, tech, finance, and manufacturing. The city’s biggest employers include Raymond James Financial, Jabil, and Home Shopping Network. Otherwise, it’s possible to drive from St. Petersburg to Tampa in under 30 minutes, making it a very easy commute for professionals working in Tampa.

St. Petersburg is a major city which boasts a lot of attractions and activities to keep residents busy, although the shops, restaurants, and attractions of Tampa are also just a short drive away.  Tropicana Field, home of the Tampa Bay Rays, is located in St. Petersburg, while arts lovers can visit the Dali Museum. The Sunken Gardens comprise four acres of tropical trees and greenery in a beautiful outdoor setting.