Is MOVING TO ST PETERSBURG Florida right for you? (4 KEY THOUGHTS)

This blog article is derived directly from our YouTube video (featured at the bottom)

 Today, we are talking about moving to St. Petersburg, Florida. Is it right for you? Are the characteristics that make this city special in particular, do they fit your lifestyle? So, I hope you find a ton of value in this one.

  • Overall Vibe of St. Petersburg
  • Things To Do in St. Pete
  • Real Estate & Prices
  • Macro Geography

Overall Vibe of St. Petersburg


Okay, first on my list, let's talk about the overall feel and vibe of St. Petersburg, Florida. So, what you're basically working down probably, is before moving to this area, you might be already down to Southwest Florida exclusively, and you're looking at the Greater Tampa Bay Metro, so including Hillsborough County and Tampa City limits, maybe Sarasota, maybe Naples. What St. Pete is, is it's the Tampa Bay Metro. That's very important because this would be a city that's going to offer a much larger feel.

So, if you're from a bigger city, or you need a bigger city for work or just more things to do, Sarasota and Naples are going to be way more docile than that. They're much more non-working class, retirement-based cities. Not like you can't work. It's not based on that. What St. Pete offers is a more laid-back version of also being in Tampa. There are a lot of perks to that because you have everything you need, from work, from things to do, all those activities you have close by, but you don't have to be in the thick of it. You come over the Howard Frankland, you come over the Gandy Bridge, much more laid back. It's also way more eclectic, pet-friendly, tattoos, coastal. Tampa's a much more working-class feeling, much more work culture, banks, and financial organizations. It's very different. And usually, that cuts through the noise. If you're a Tampa versus St. Pete, usually people appeal to one or the other.



So, the vibe of that is, it's very artistic. It's got a great restaurant scene. It's very close to the beaches. And really, in a nutshell, it's a little easier to get away from all of it than being in Tampa, but you don't lose the city. That'd be my number one.

Things to do in St. Pete


Two, things to do. So, when looking at St. Pete, too, "Do I move here? Is this a city for me?" I think a good way to sum this up is, in my opinion, St. Petersburg does a good, good job, their resonance with intentional living is, a really nice blend between work and life. It doesn't seem like life surrounds coming to work and going back. Seems like the alternative, the opposite, rather. And one of the big things here, to name a few, is art, first of all. So, the art scene's amazing. You have, not only 100-plus street art, graffiti, and graphic scenes and very nice walking, kind of unique, eclectic culture there, but you have the Dalí Museum. You have the CHIHULY Gallery, amongst many galleries, the Museum of Fine Arts, and a lot of traditional kinds of art scenes. You also have full, separate, diverse districts for art. Different parts of town have their kind of scene going on, which is cool.


You have the beaches, so that's low-hanging fruit. So, Pinellas County has, not only some world-class beaches for the whole scheme, like you have St. Pete Beach. You have Clearwater Beach. But they also have a variety, which lets you, one, find places that are calmer than others, lets you be in the thick of it or not, kid-friendly. So, you have Fort DeSoto Park. You have Tierra Verde, Pass-a-Grille, which was my favorite with kids, St. Pete Beach, Madeira Beach, Treasure Island, Indian Rocks, and one of my favorite beaches, Redington, Redington Shores, and Belleair. I mentioned Clearwater. You have Caladesi Island, Honeymoon. So, that sheer variety just gives you a lot of different ways you can go about it.


And then you have sports. So, if you go into Tampa, you have the Lightning, the hockey team. You have the Bucs, football. You have spring training for the Yankees. But by just staying in St. Pete, downtown is where the Tampa Bay Rays baseball stadium is, and it's very easy in and out. It's one of the easiest sporting events to go to and one of the cheapest to park. It's very, very pleasant, in my opinion. I used to have season tickets there forever. You have the Tampa Bay Rowdies, the soccer team. So, plenty of ways to kind of enjoy that, if you want to get inside and watch some sports. And then everything else. Downtown St. Pete is lovely. It's ever-expanding. It's super walkable. You have very high-end districts, like Beats Drive in the front. You have The Pier, which was just renovated. You have Jannus Landing, rocker bar kind of districts. So, really, again, the thing about St. Pete, is I think it has everything from the most bougie to the most eclectic. It really can solve the need for everyone in the crew, if you like the overall vibe. But that's the way if I was articulate enough, I would summarize the differentiation between St. Pete and others when it comes to quality of life and things to do.

 Real Estate & Prices


All right, number three. I want to go over real estate and prices, just to give you as much context as possible for this brief conversation.

So, first of all, when you're moving to St. Pete, what St. Pete is not, is it's not laden with new construction when it comes to single-family homes and townhomes especially. You do have the condominium stuff like any coastal city has, and that's its own thing. But what this is, is historic bungalows, the most popular districts, if you google them. A lot of them are northeast of downtown. They are Old Northeast, Woodlawn, St. Paul Euclid, and that whole area. Right? So, this isn't your big, master-planned development, and a lot of people enjoy that. But any city that is west, that's coastal, it's been popular, and it's in an area that has already been developed, for the most part. So, you're going to want to be in that kind of housing.

So, just to give you the context of what's been happening there, over the last six months, I want to talk a little bit about the pricing data and what's sold, just to give you some barometer. About 2,700 total properties over the last 180 days, and last six months. The average size was about three bedrooms, three baths, and about 1400 square feet. Again, historic bungalows. A lot of these things might be three or four bedrooms, but most of them aren't 3000 square feet.$485,000 was the average list price, and they closed at about $478,000. So, they got close to the list price, which you're sitting at about $328 a square foot, more or less. On the median side, so median would give you maybe a better ... It would take out the outliers, more or less, right? So, the median, is half of the properties would be under and over this price. The median was a three-bedroom, two-bath, of 2700, 1200 square feet was the median. And then you had a median price of $375,000.

So, St. Pete is going to give you access to a mainly resell market of under $500,000. I'd feel pretty good about that in most areas. But depending on the ... You might catch something that's the 1950s, 1980s spaces, crawl spaces. They're bungalows. If you love the charm of a neighborhood like that, then you'll fall in love with a lot of areas that are around St. Petersburg, including like you have historic Kenwood. You have Crescent Lake. There are a lot of lovely areas, but you want to make sure you're into that kind of property. But that's what I would say for real estate and pricing on this video and keep a look out for where I'll do much more comprehensive topics related to this.

Marco Geography


When it comes to St. Petersburg, and whether is it right for you to move, is macro geography. So, once you have basically, "Okay, St. Petersburg within Tampa Metro, I'm into it. I like the vibe. I like it all that," but that's a microcosm of the whole state.

Now, for me, personally, I'm pretty transient. I've lived in many, many cities across Florida, from Sarasota originally. I was in Tampa for 10 years. When you get beyond all of that, you're also saying that maybe no city's perfect, right? You have to pick one spot. But then what else can you do in the state? And from a midsize city especially, there is no better location in the entire state of Florida for access than this particular location, in my opinion.

Because what you have is, where St. Pete sits, you go about 30, 35 minutes south, you have Manatee Sarasota County. So, not only world class beaches that are even different than these, Anna Maria Island, Longboat Key, Siesta Key, Venice, Lido Key.

You have downtown Sarasota's lovely Lakewood Ranch. And then you have Naples. Naples is two hours south of Sarasota. Fort Myers is an hour-and-a-half. Miami is about three-and-a-half with Fort Lauderdale as well. You have about three-and-a-half to West Palm Beach, about four, one way to Jacksonville, St. Augustine, Nocatee, about six hours one way to Savannah, Georgia, which is cool. Orlando's two hours away. All of Tampa, 30, 35 minutes one way from St. Pete. You have Clearwater Beach there, Dunedin. You have all that whole area. Right?

And when it comes to Florida, most of what's happening is in southwest Florida. Except for the Panhandle, everything you want's here. It's all on this side of the state. And if you had to pick one location, all of the rest of those other ones I named are on a fringe. You go there, cool. But you kind of lose access to the rest. St. Pete is in such an interesting spot. And then even hurricane history-wise and stuff, knock on everything, it's been very fortunate, as far as the major damage over the last 50, 80 years or so. So, if you had to pick one for the whole state, especially for a midsize city, I think the Tampa Bay Metro might not be beatable.

PLACEHOLDER TITLE

AUTHOR: PLACEHOLDER

Updated: PLACEHOLDER

One of the first questions I'd probably ask myself in this scenario is, "Am I targeting a new construction home in 2023 or a resale home?" Because economics and logistics are going to vary quite a bit when it comes to this different situation, basically. So if we talk about new construction just for a minute, what you have to look at is, realistically, it's taking about 14 to 18 months to build these homes right now. So if you just say logistics first and you go to sign today, you're talking, that's maybe guaranteeing yourself a 2024. But as time passes, this might be a 2025 or 2026 conversation. So just purely on that timeline alone, how much does that matter? And then if we go more on the economic side, which is where my heart kind of leans most of the time, is a simple fact is you were making a decision relatively early and trying to see, "Do I know enough information to be okay with that decision if in nine months from now, something happens that altered the way I felt about this deal and I still have nine months to go on the contract without any recourse or very little recourse?" Because that's typically the way these contracts are written. Now, it's give and take with that, right?

So two years ago, when builders let someone sign a home and these folks that in certain situations got these huge equity positions from this crazy one-time market, when they signed a contract, there was a lot of times where the builder would've loved to go back and be like, "Hey, nevermind. This house should be way more expensive than that." But there's no price escalation clauses for the most part in the contract. So the builder can't necessarily raise it in most contracts, right? This isn't a across the board, but if something changes on their end, but also the same reason that typically if they lower your neighbor's house next to your house while you're six months into a build, you can't go back and be like, "I want the same price." I've seen shades of gray with all this kind of stuff.


But all that to say, you basically have to make a decision so early that you almost need to get yourself around a no-regrets model of what information do I need to know. And the other thing I might do is I might actually dive into the worst-case scenario. You built a house, your four months into a contract and they're still building it, right, and you got a while to go. But then the house three doors down, the builder comes and they list that home for $80K, and you look at it and you're like, "That's my same house." And you go to them and you say, "What can we do with this situation? This is my home." And they're like, "It is what it is. We didn't know at the time, they're working off a margin." Obviously, they would try to get more money if they could. They don't feel like they could, and maybe they'll throw you a bone and give you $15K or give you incentives to something. But you can't really do anything because contractually, it's very stern. So then, I would maybe look at your personal situation. Aside from anything that's happening, the noise around, because most likely those one or two one-off comps aren't going to kill your equity position. It's looking at your particular situation and what are the actual negatives, because you got to look at when are you going to sell? Are you actually in the red when you close this just because of that one home?


What about the other million of comps around the area? Are you actually in the red? Also, when are you going to sell the home? Do you actually think it's not going to be worth what you need by the time you sell? I get you could've made more money, but if we knew all that information in advance, we'd all have a trillion dollars, right? So I get no one wants to get screwed, but this is a volatile market anyway, so you got to kind of balance that. You could get down to the economics of it pretty minute. You could find out the actual financials of interest rate changes and equity position changes and all that kind of stuff.


The other big thing to look at, because this is a big balance of juxtaposition, is the cost of waiting to sign. Say you don't want to be in this situation I'm describing, and you wait and you're like, "I'm hearing all this stuff about price drops." So by waiting, what is the gain and what's the risk to you? Now, I think, thankfully right now, I don't know how much risk you would have in actual price differences by waiting, but I don't know how much gain you have either. So if you wait, what if you don't get this windfall of $150,000 decreased price of a home? What if it's 10 to 15 to 20? Then was it worth it by losing the time to wait to start your build? I don't know. I mean, I'm just asking these questions, devil's advocate.

Also, the big thing here is this is a big pot of money. What you gained on this side, did you lose in your home state by paying what you're paying to live in your current home state or whatever your financial situation is there, did that net out in a way that benefited you enough to go through another winner or whatever this may be? So I'd really look at the whole end of the spectrum. This is with running homes in between, interims, liquidating a home, buying a new one, building versus resale. All this stuff comes into play. I'd really look at that hard. And just to bring that all full circle, if none of what I just said sounded remotely attractive, or you're just not romantic about new construction or you need a quicker timeline, resale homes would inherently give you much more control in general. Just being able to wait, wait, wait, wait, wait, wait nine months and then buy home and be in there on month 10, it would be quicker than any build anyway. And also, just like when you pick a price and you negotiate, you at least know that at that time, within a 30-day gap, I knew all the information that I could've known. But resale would be an alternative if the volatility of a too long of a gap of floating liquidity is really an issue, then you could just wait and get real picky about resale homes.


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