Size matters, but location is key

By Ali St Cyr, Broker/Owner at Tomlin St Cyr

The pandemic changed how we live, work and play, and it’s changed what we want in our home. Whether it’s two home offices and a personal gym, or a spacious yard with a pool, homeowners are now resizing their home. Perhaps empty nesters are looking to replace their 3,000 square foot home, in the top school district, for a 3,000 square foot condo with sweeping water views, full-service amenities and easy, convenient living. Or young families may be trading their posh, but small, townhouse near downtown for a larger home on a larger lot, in the suburbs, now that commutes are less of a worry.

Living in the area you desire, rather than where your office is located, is now a possibility. A condo overlooking the St. Pete Pier can cost more than $1,000 per square foot vs. less than $200 per square foot for a large, single-family pool home in Carrollwood. For those moving from the North, particularly those in areas prone to hurricanes and tornados, they’re finding that homes in Florida are typically hurricane resistant with hurricane-rated windows, roofs and doors.

With many spending more time at home, homeowners are looking to add upgrades like a pool or an outdoor kitchen, renovate their kitchen and bathrooms or build other additions.

With pool sales up, in addition to new construction demands with so many moving to Tampa Bay, supply is significantly lagging. In fact, there has been a 400% increase in permitting applications in Tampa Bay in the last year, meaning it’s a much longer wait, with a much higher price tag, to invest in home renovation projects on your current home. Many pool contractors are not taking new orders until 2022.

While we continue to see a normal influx of people from the North, we are also seeing increased migration from the West. Of those relocating to Florida, 28% came from Texas, 15% from New York (this is typical) and over 6% came from California. More and more, people are wanting to establish Tampa Bay as their primary residence and have hired experts to guide them on how to establish Florida domicile. From the sunshine, beaches, leisure activities and championship sports teams to no state income tax and a lower cost of living, people are choosing Tampa Bay because they can now work from anywhere.

Tampa was just named the No. 1 city in Florida. According to Resonance Consultancy, a tourism and economic development agency that releases annual reports ranking cities, Tampa is ranked 22nd in the U.S. based on factors like weather, economy, infrastructure, culture and entertainment. Nearly 330,000 people have moved to Florida during the past year (No. 1 state for migration) which is expected to continue through 2025.

Many Tampa Bay homeowners are taking advantage of lower interest rates, and increased demand, to take the equity in their current home and apply that to the home of their dreams – whatever, and wherever, that may be.

Ali St Cyr, Broker/Owner at Tomlin St Cyr, is among Hillsborough County’s top 1% for total sales production. A proud, life-long resident of Tampa Bay, she spends her time volunteering with Big Brothers Big Sisters, the Junior League and on the Lions Eye Institute Board. Tomlin St Cyr is recognized as one of Tampa Bay’s fastest growing companies, according to Tampa Bay Business and Wealth Magazine.

You May Also Like
CLA Announces career advancements in Tampa Bay

CLA (CliftonLarsonAllen), the eighth largest accounting firm in the United States, announced nationwide career advancements for professionals, including 22 in Tampa Bay. The individuals advancing in Tampa Bay include: Elizabeth

Read More
Moffitt Cancer Center promotes an internal member to general counsel

Moffitt Cancer Center has named Chip Fletcher general counsel. Fletcher has served as the cancer center’s deputy general counsel since 2018, and has provided legal and government relations support for

Read More
Success After Service: How Orgs Are Collaborating to Help Veterans Land Better Careers

What I love most about my work with Action Zone is that every day, I get to help veterans build successful and financially rewarding lives when they return to civilian

Read More
Johns Hopkins University
Hillsborough County to consider land swap to house Sheriff’s office at current Grow Financial HQ

Hillsborough County Commissioners will consider a land swap, at a meeting June 20, that would facilitate a move for the Sheriff’s office, in Ybor City, to a larger site where

Read More
Other Posts
JLL arranges lease for Nashville health record company at WestLake Corporate Center

The 90,531-square-foot, Class A office will serve as one of the company’s main offices in the U.S

Read More
Walgreens and Metropolitan Ministries team up for school supplies drive

Metropolitan Ministries has partnered with Walgreens for the Backpacks of Hope School Supplies Drive, which helps support local children as they get ready to go back to school. From now

Read More
Great Places and Spaces: Gas Plant District redevelopment (RENDERINGS)

The Tampa Bay Rays and Hines revealed new renderings of the Gas Plant District redevelopment including visions for an activated Booker Creek, Class A office space and an art installation. 

Read More
Redefining Refuge’s courageous battle against sex trafficking 

 Did you know that for many years, minor children were arrested for prostitution in the state of Florida despite being forced to engage in inappropriate and horrific behavior against their

Read More