Smith & Associates Real Estate Dominates Tampa Bay’s Luxury Market
Smith & Associates owns over 18% of the market share and sells more than $700 million of homes priced above $1Million.
Tampa Bay’s market for homes priced over $1 million is hot. While the term luxury can be overused or inappropriately used in the real estate industry, in most major metropolitan markets, luxury is defined as homes priced at $1 million and above. Analyzing trends in this price point can be a valuable indicator of an area’s attractiveness and growth.
According to Dodge Data & Analytics forecasts, in recent years, something changed in Tampa. It has joined the ranks of re-energized U.S. cities. Large-scale, mixed-use developments are springing up throughout the city, with more than $13 billion in nonresidential and multifamily projects expected in the pipeline by 2022.
The Urban Land Institute’s 2019 Emerging Trends in Real Estate® noted Tampa’s population is increasing by 50,000 people a year and it rose from 35th for overall real estate prospects in 2015 to 19th overall and 7th for development in 2018.
And, in 2018, Smith & Associates Real Estate emerged as the luxury real estate market leader. They sold over 18% of the luxury market share and sold over $700 million in $1 million-plus homes.
According to Bob Glaser, President, and CEO of Smith & Associates Real Estate, Tampa Bay is primed to continue to benefit from its attractiveness to discerning homebuyers and investors and believes this market sector will continue to boom in 2019 and provide a growing number of diverse opportunities in the greater Tampa Bay region.
“Tampa Bay’s luxury market is transforming. We are seeing more offerings like the Ian Schrager-designed Edition Residences in Tampa’s Water Street District, which will be the first 5-star offering in Tampa Bay. These world-class listings set the new standard for urban luxury throughout the region. This is what I like to call the new luxury market because there are very few trophy properties like the $22 million The Oaks Estate, located on Lake Thonotosassa in the Tampa Bay region," said Glaser.