Why I Chose To Invest In Saint Petersburg, FL

Before I jump into this article, I should begin by discussing why I chose to invest in real estate in the first place.

The year was 2020 and I was living in Spain. I was living the dream, so to speak. I was working remotely for a New-York based mergers and acquisitions consultancy. I was living in Barcelona, just minutes from the beach. In fact, I could see the Mediterranean from my balcony, where I regularly enjoyed cafe con leche, where I sat on the terraces of various restaurants throughout the day working. The sun, the weather, the food, the people—all of it was everything that I could wish for.

I had been traveling for quite some time. I’d lived in South America, Bogota, Colombia more specifically. I’d also lived in Austin, Texas, where I worked as a financial analyst. I also lived in Berlin, Germany, and Valencia, Spain. I was able to save money during this time. After a while, I wasn’t sure what to do with myself or my money. I’d been traveling for a couple of years already. And to tell you the truth, I was getting bored.

I decided I was going to use the money I had saved up to invest in real estate.

When the pandemic hit I decided to move back to the United States. I am originally from New York City, but I did not want to move back there. New York is exceptionally difficult for a new investor. I wanted to live somewhere where I could live within my means while at the same time have the ability to invest in real estate. It was this idea that molded where I would decide to live and invest. I wanted to live somewhere I enjoy living while at the same time investing in a market I enjoyed investing in.

I considered several different cities, including Raleigh, Charlotte, Nashville, Austin, Miami, Orlando, and finally Tampa.

Spain and its amazing climate spoiled me. I like being by the water, and I like the Mediterranean climate. Of course, St. Pete is not exactly that, but it feels pretty damn close. I like being near a body of water. I like the warm weather. I feel as though it makes for better living.

The frigid cold winters I used to see as a necessary part of life in New York, no more.

I flew down to Tampa for the weekend to check out the area. I immediately liked St. Petersburg. I cant explain the difference, or the reason, but I felt better being in St. Petersburg than I did in Tampa. The feel of the neighborhoods and quality of the homes, the streets made much more sense to me. Downtown St. Pete is absolutely beautiful and developing by the day. Housing prices have been increasing exponentially over the last couple of years, well before the pandemic. 

St. Pete is Florida’s fifth largest city. This was appealing to me because, along with trying to avoid an overpopulated area, I also knew it meant that the city would be an escape from the people looking to avoid the overly expensive housing market that is Miami. Florida saw the largest influx of people than any other state in the nation during the pandemic.

The Tampa bay area consists of Tampa, St. Pete, Sarasota, Clearwater, and Bradenton. Different cities and subdistricts just miles from each other meant that I would have my pick of properties in several different markets. I invest no more than an hour from my primary residence.

Now the city is not cheap by any means. In fact, it’s getting more expensive by the day. During my weekend trip to St. Pete, I went to a bunch of open houses and scheduled several private showings. I got an idea of what the housing market looked like, what different price ranges would get me in St. Pete, and I made a ton of connections just in that weekend alone. And I actually ended up finding the home that I would later purchase as my primary residence. I detail everything that went into buying, renovating, and renting my first home here.

The feel of the city, coupled with an immensely growing real estate market, proximity to the beach and other cities that were equally growing, along with a growing economy and flourishing downtown, St. Petersburg seemed to me like the place to live, work, and invest.

Since I moved to St. Pete, I have had the opportunity to meet many real estate investors and other professionals. There is always a real estate event going on in either St. Pete or Tampa. And lots of people are willing to give advice to a new investor who is just getting their foot in the door. People are very friendly here and are happy to meet up and help.

I was able to purchase two properties in the first several months since I moved to St. Petersburg. Both were single-family homes that I now rent out for $2550 and $3000 monthly. I live in the first property and rent out the rooms, what everyone in the industry refers to as house-hacking.

According to some sources, the St. Pete-Tampa metro area is expected to grow by 20% over the next decade. 

Truth be told, there are perhaps other markets where you can see higher growth and better returns for your investments. However, I was choosing a place I also found to be pleasant to live in, had all the amenities I wanted as a young adult in my 30-somethings, is close to a major international airport, and is on the east coast, close to a beach (St. Pete beach was voted the #1 beach in America), has a thriving nightlife, and is growing fast economically.