How much does it cost to buy a condo on Bayshore Boulevard in Tampa, Florida?
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- Опубліковано 20 січ 2023
- Bayshore Boulevard is the most iconic feature of South Tampa, and the homes and condos on Bayshore Blvd have front row seats to South Tampa's best and biggest festivities (think Gasparilla Parade, etc.), gorgeous panoramic views of the sunrise over the bay, quick and easy access to Downtown (Amalie Arena, Convention Center, etc.), and more. Living on Bayshore Boulevard is a highly desirable ticket to living the Tampa lifestyle.
But how much does living on Bayshore Blvd cost? This week I take a deep dive specifically into the condo market on Bayshore, and I organized this video by price bracket, so you can expect to learn what kind of condos you can buy on Bayshore for under $500k, between $500k and $1 million, and over $1 million. Let's dig in and take a look at what the market has been up to for the last 90 days.
Check out condos for sale on Bayshore Boulevard:
www.sunnyintampabay.com/baysh...
For questions about buying or selling in the Tampa Bay area, call or text me at 813-593-3935, or email sunnyintampabay@gmail.com.
Andrew Ferraro, Associate Broker
Exit Bayshore Realty
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Tampa is my heart. Worked as an exercise jockey in my younger days at the Downs and had my fun days in Ybor before it became the hot spot it is today. Ybor used to be a hidden gem in the late eighties, early nineties. Good times.
Tampa is perfectly centered in Florida with Orlando, Sarasota, Miami and the Keys without needing to board a plane.
Curious. What do you usually get for such a large HOA payment? Besides a pool? $1000-1300 + per month in HOA fees seems ridiculously high.
James, that’s a great question. We get that one a lot (we should probably make a video on this topic)🎥. When it comes to HOA payments you really do get what you pay for. The larger the structures and the more amenities, the larger the payment.
HOA payments cover the cost of running the complex over time. 💰/⏱
Consider the mammoth 🦣 cost of replacing a roof on one of these towers or repainting the exterior, or replacing an elevator. Large expenses are mapped out ahead of time by estimating the life expectancy of each appurtenance and diving the cost over time. Between routine/scheduled maintenance, the power bill for common area amenities, salaries for legal, accounting, and management staff, and the master insurance policy the annual cost of running running a complex can be staggering.
That annual total is essentially divided by the number of units in the building and then divided again by 12 months and this equals the monthly payment.
A well run HOA will keep the complex in good running order and keep sufficient financial reserves on hand to execute repairs and scheduled maintenance without ever needing to go back to the homeowners for special assessments.
As a Brit I was blown away with the HOA fees. I can't believe people are willing to throw away that much money on a monthly basis. My friend has a nice 3 bed Condo in Cyprus(Europe), it has two communal swimming pools. His HOA is equivalent to $1000 a year!
Interesting Gile. I’d love to see the listing for a unit like that. I’m curious how they handle upkeep on the larger property.
I have been on a few Condo Board of Directors, volunteer positions (none paid). People in general are Lazy & Morons, they will complain none stop but refuse to get involved in the solution or even read or understand the Condo Documents. Good maintenance and upkeep costs good money, ,, when you start hiring low cost labor, subcontract to the lowest bidder, postponing important repairs because it cost to much. It becomes a ticking time bomb. There is NO free lunch, there is NO beautiful condo in a great location with cheap monthly fees, they never existed
Thanks for adding to the conversation!
Nice job!!! Keep on posting it was very helpful.
I'm glad you found the video helpful!
Great channel! I just discovered it! Haven't seen one this detailed, especially for the Tampa area. I just sent this video to a friend of mine who is a real estate agent in the Jacksonville area, but is looking to buy a condo elsewhere in Florida...particularly this area. Keep up the great work!
Thanks for the positive feedback and sharing the video!
In the future, Condo's will be the White Elephant of the real estate world.... unlimited and increasing HOA fees, Insurance, and Taxes... with limited capital appreciation, and when the lenders start to balk... game over.
Thanks for adding to the convo. People have taken that position for years and years. It’s true that condos move with the market more than detached residences. But it’s hard to paint the whole market in broad strokes. These condos are likely to be appreciate as the city grows 🏙 🌆 🌃 around them
Good point. I saw in another video that there are areas in fla where those hoa fees are going much higher in 2024. Already the ever increasing fees are insane.
There is not enough money in the world to pay me to live in any of these properties. Best wishes to those who disagree.
Thanks for your comments. We hope you find your happy place! ⛰ ⛷ 🌲
$1,225 a month for HOA! ($15k a year) And only going higher!
It’s all relative!
Wait till the annual increased insurance costs are figured in along with typical higher repair and maintenance, your HOA fees are going to go through the roof, no matter what anyone is trying to tell you. Buyer beware
Considering a condo? You better do your homework. Condo fees will go up for several reasons. 1) Some insurance premiums have doubled. 2) New inspections will cost money and may uncover problems. 3) There has always been pressure on the condo boards to hold fees down. The new legislation will require adequate reserves. Older buildings could get hit hard. There will be pressure to raise fees. I don't see the new legislation reducing any fees.4) Have the reserves and repair history reviewed by someone who knows what they are looking at before you commit.
Thanks for commenting. I recommend only buying condos in well run HOAs with adequate reserves.
Can't afford Bayshore.Anyone who can afford it is blessed!!
Ridiculously expensive!
Go to the Mediterranean costal Spain and live in a 100000$ 2 bedrooms apartment 100 yards from the beach,no HOA, no hurricane, no tornadoes and full coverage heath insurance of 100$ a month,no deductible !
We were considering buying a condo on the west coast of FL, around the Tampa area, but we found out that under the new FL condo law the HOA monthly fee will triple during 2023. For older buildings there may be a substantial onetime assessment for building safety upgrade. True or False?
True and False! All HOA fees will not triple many complexes will be able to reallocate reserve funds and feel no difference on HOA Dues. When you consider that HOA fees are designed to cover lifetime maintenance cost of the property its easy to see that these safety cost should already be figured into the HOA Payment. Check out this article from the Tampa Times www.tampabay.com/news/florida-politics/2022/05/25/florida-legislature-passes-condo-law-on-inspection-repairs/
@@sunnyintampabay Thanks. We are going to resume our search around June/July when prices are more favorable.
Sounds good. I don’t think prices will be dropping significantly between now and then, but I don’t have a crystal ball so I’ll have to wait and see what happens. If you know what area and type of condo you will be searching for, i have a suggestion that helps some people: If you set an auto search for SOLD property in that neighborhood, it may help you keep your finger on the pulse of exactly where the market for that property stands. Sold listing notifications let you see the asking price, time on market, price drops, sold price, and most importantly condition and location of the unit.
There’s going to be a shitload of condo inventory, there will be a housing crash. If you have one, unload it now before you lose your ass or are underwater
Thanks for your comment Bronx Yankee! Love the user name
Bad time to buy. HOA fees are ridiculous but they will only go up considering the upgrades that must be done. Prices need to come down big time.
Thanks for engaging in the conversation Roland. All view points are encouraged!
High HOA keeps LOWLIFES OUT
Thanks for commenting
not so much the price, just add up the costs month after month ...
Yes, it is expensive. You definitely want to understand the carrying cost on the front end