Youngson Properties - Property of the month
Incredible Off-Plan Opportunity in Downtown Tampa Bay, FLORIDA
The Slade - Tampa Florida
FORBES: Tampa is the #1 Most Resilient Real Estate Market in The United States
READ THE ARTICLE: http://www.msnbc.msn.com/id/19116753
Market trough: First quarter, 2008
Annual price growth following trough: 10.6%
Here is a brand new property that we have gained access to. It is the only off-plan development currently going up in the Channelside District, which is the most exclusive area in Central Tampa.
The Deal
Below are the details on our most highly leveraged investment opportunity in the USA located in City Centre Tampa Florida(I have attached an aerial photo of the area). Based upon a bulk reservation, we were able to negotiate highly lucrative incentives and terms from this developer. 1 bed units start from the $280,000s - while the 2 beds from low $400,000s.
2 year rent guarantee at 6% per annum (from late 2009 completion)
1 year maintenance fees paid by developer
1 year property taxes paid by developer
Purchase Terms :
$5,000 to reserve with contract now
Balance of 5% by September 1, 2008
Balance of 10% by December 1, 2008
Balance at completion October 2009 (*Up to 75-80% mortgages readily available)
Tampa, Florida
Located in the hot new urban center of Tampa, The Slade is ideally situated in the Channelside District. This location, adjacent to Tampa’s port and downtown business district, is the epitome of convenience. Residents can walk to the corner supermarket for groceries, catch a movie at the local IMAX theatre, or spend the day at the aquarium, all within walking distance. This pedestrian friendly neighborhood features a trolley running through its core, connecting it to the Hyde Park shopping district and historic Ybor district. The trolley allows residents to enjoy the local culture such as museums, theatres, nightlife, diverse restaurants, Tampa Bay Performing Arts Center, and St. Pete Times Forum (The Largest entertainment venue in all of Tampa).
The Project
This state of the art project is constructed with the finest amenities including a deluxe two-level fitness center, an infinity edge pool, a salt water pool, a rooftop sundeck, enclosed parking and “Smart Building” technology. Each unit at The Slade conveys elegance and style with its nine foot ceilings, GE-Profile stainless steel appliances, Italian cabinetry, vanity tops, and floor to ceiling sliding glass doors. The clubroom, cyber café, and both north and south lobbies are designed with an urban modern style.
Location and timing are essential parts of any real estate decision. The Channelside District is in a prime location. In addition to the trolley system, The Slade is just blocks from three major interstates/expressways; I275, I4, and the Crosstown Expressway. This tropical, urban neighborhood is in its first phase of development. This off plan development has completion date anticipated for late 2009. Future home owners are able to lock in a preconstruction price, while the Channelside District continues to boom.
‘Why Tampa’
The main reason why we are so keen on the Tampa Property market is due to the strong growth figures. Tampa was in the top 10 in most major publications in job growth in 2006 and is growing by over 100,000 residents per year(currently at 3.7 million). In a recent article by Forbes, which is widely known as one of the most respected financial publications in the US, predicts 10.6% annual growth from First Quarter 2008 onwards. With this figure holding firm, investors would yield over a 100% return on investment upon completion in late 2009.
One of the big advantages about this project is that it is in the Channelside District. This area is one of the most premium locations in all of Tampa and is right in the middle of a huge regeneration that begun 2-3 years ago. Being 2 blocks from the sea port, this area has all been warehouse over the last 100 years and is now being redeveloped. Directly across from The Slade there is a proposed 5 star hotel going up, name not released but W Hotel has been mentioned. The development that is directly on the sea port, 2 blocks away has units starting 1 million USD. Finally, the furniture manufacturer IKEA is slated for a grand opening in late 2009 – just a half a mile from The Slade. The company has called many various developers in the area looking for 400 rental units for their employees. This in itself will totally wipe out all available rental units in the Channelside area.
The development group at The Slade acquired the land so reasonable 5 years ago that he is able to sell the units at price per square foot of $400 and under, depending on the floor plan. Any new build project that will go up in Channelside going forward will have to sell for $475 or higher due to land costs alone. The plot of land that this project sits on will not be replicable as there are no more available. All of the parcels that remain available are much smaller which will force developers to build higher with significantly higher densities.
In regards to the investment side of things, the developer/lenders are allowing investors to put down only 10% until completion 12-18 months from now, which says a lot. In most cases in the United States, Lenders require 20-25% deposits to be in place from any investor by the time construction starts. With this 12-18 month construction period at The Slade, investors are able to see a tremendous amount of leverage on their initial capital investment(only 10%).
To sum up the American Markets as a whole, price corrections have been in place seemingly across the board. The markets that saw the largest declines were those that suffered unsustainable growth back in 2005-2006. The fact that only 650 units will be completed in the entire Downtown Tampa Bay over the next 2 years shows proof that the there will be no saturation of inventory and in turn will allow Tampa to see consistent capital growth during this period. These factors along with the US dollar facing all time lows against most major currencies makes for the perfect opportunity for foreign investment into this city.
In a recent interview with Donald Trump, he quoted that the US Property market is at a very dynamic point and stated bluntly that investors are seeing some incredibly lucrative opportunities to make a lot of money right now. With the consistent growth and regeneration of Downtown Tampa – there is no better place to invest. Upon completion, this Channelside area will be one of the most desirable addresses in all of South Florida.
Dont take our word for it - heres what some others are saying :
''run right past the Ostriches who have stuck their hads in the sand because people told them this is a bad time to invest'' - Donald Trump
''Tampa it the #1 most resilient Real Estate Market in the United States'' - Forbes
'Yes the waters ar rocky, but if you are interested in buying rental properties with an eye towards becoming a but of a mogul yourself, now is as good a time as any' - Robert Kiyosaki, author of best selling book Rich Dad, Poor Dad
'Now is a great time to buy Real Estate' - Warren Buet - Billionaire Investor
> Click here to VIEW PDF of SLADE DEVELOPMENT (3MB file - file may take longer to load on slow connections
