Million-dollar homes in Tampa purchased, re-listed for nearly double as fiery market gets even hotter
TAMPA, Fla. - A recent home sale along Tampa's iconic Bayshore Boulevard may be a sign of what’s to come with Tampa’s hot housing market.
South Florida resident Matt Barnes recently purchased a home, sight-unseen, for $3.8 million.
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"We saw so much incredible opportunity here in the market that in my opinion it was a no-brainer at the valuation it was at," Barnes said.
But then, within an hour of the purchase, he re-listed the home at more than double what he paid.
A home along Bayshore Boulevard was bought and then re-listed for more than double
"As soon as we closed the deal, we decided we're going to list the property at $9.5 million, which is I think a conservative number," he said. "I definitely see this purchase starting a trend to where Tampa’s market is going in the future."
According to the popular home-buying website Zillow, the market keeps going up. The site predicts Tampa Bay will be the hottest housing market in the country this year.
READ: Zillow report shows Tampa as hottest housing market in 2022
The pandemic is also opening up new opportunities for buyers - looking for a change of scenery.
"You have so many people working remote now, the people from New York, California, the people that it's snowing on, they have to pay high taxes. Those people want to come to Florida because they can work from wherever they please," said Barnes.
That influx of money could juice an already growing market. For buyers like Barnes, it makes sense – and a lot of dollars – to get in on the action.
"I think it is a gamble, but we're not going to the casino. We're pretty confident," he said.