AgentMarkets & Economy

Job woes stifle Tampa’s real estate recovery

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Last year a reporter for an online news service asked me, "Which beaten-up market will come back quicker and stronger?" One of my responses was "Tampa, Florida." What I appreciated about Tampa was that unlike most other Florida metros, all of which were equally crunched during the Great Recession, this Gulf of Mexico port city boasted a diversified economy and less reliance on the low-paying tourist industry. It was a counterintuitive call because earlier in the year, an S&P/Case-Shiller report listed Tampa as one of only nine cities in the country where prices were still at the lowest levels since the onset of the recession, meaning home prices had fallen even further than the lows set in spring 2009. Indeed, 2011 wasn't a good year for the Tampa housing market. The average sale price, which had a peak of $264,606 in December 2007, according to data from the Greater Tampa Association of Realtors (GTAR), fell all the way to a low point of $150,103...