Want to buy a home in Tampa? Your annual salary should be at least $38k

To purchase a home in Tampa, a person needs to have an average income of $37,732.20 per year, and unlike other metros, that number is becoming higher, according to a new report by HSH.com.

HSH.com analyzed 27 of the largest metropolitan areas in the United States to find out the average annual income needed to purchase a home.

Out of those 27, the Tampa metro area was the only one to see a quarterly-home-price increase, 10.34 percent to be exact.

“The quarterly and [year-over-year] gains completely… …read more

Atlanta investor pays nearly $30M for Clearwater apartments, plans upgrades

An apartment complex in Clearwater has been sold for $29.85 million or more than $130,000 per unit.

Atlanta-based Radco Cos. acquired the 228-unit Bay Park community from Chicago-based Laramar Group. Bay Park is located near the intersection of Gulf to Bay Boulevard and U.S. Highway 19 .

ARA Tampa-based Principal Patrick Dufour and Vice President Scott Ramey represented Laramar in the transaction. ARA announced the deal Monday.

Radco sees upside potential in Bay Park, according to ARA. The community… …read more

14-story waterfront residential tower proposed on Rocky Point

A Sarasota developer is proposing a 14-story residential tower on the water in Rocky Point — a site that’s sat dormant since previous plans crashed along with the real estate market.

Ascentia Development Group has filed plans with the city for a tower adjacent to the Westin Tampa Bay at 3015 N. Rocky Point Drive, on a 3-acre site.

The plans call for 258 residential units on floors four through 14, on top of a three-story parking garage. The units will range in size from studios to four bedrooms,… …read more

Home sales dip despite low mortgage rates; are prices too high? (Video)

Sales of existing homes fell to an annual rate of 4.82 million in January, the lowest pace since last May.

That’s according to the National Association of Realtors, which reports that the Northeast and West saw the biggest declines in sales activity. January’s sales pace was down from 5.07 million in December.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite… …read more

USAA CEO to retire by end of February

USAA President and CEO Joe Robles Jr. will step down from his current roles on Feb. 28, the San Antonio-based financial services company confirmed.

His successor, Stuart Parker, will take the reins as the new CEO on March 1.

Retired Army Major Gen. Robles played an instrumental role in expanding USAA’s membership eligibility during his tenure to include any individuals who have honorably served in the U.S. military — and their eligible family members. As a result, USAA grew its membership by… …read more

Potential Office Depot/Staples closings couldn’t come at a better time for Tampa Bay retailers

If federal regulators approve Staples’ $6.3 billion deal to buy Office Depot, it will likely mean a number of those stores will go dark — and that could be a good thing for Tampa Bay retailers.

The retail real estate market in Tampa Bay is extremely tight, with less than 6 percent vacancy in any part of the region. That makes it extremely difficult for the new concepts looking at the market to find space in desirable areas, and rents aren’t quite high enough to justify the construction costs of… …read more

Banks see mostly favorable conditions for Tampa Bay

Both BMO Capital Markets and The PNC Financial Services Group have issued fairly upbeat reports about the area’s economy.

BMO projects Florida’s growth will exceed the national average this year, with strength in employment growth a “big positive” for job seekers, said Dave Maraman, Florida regional president-business banking, BMO Harris Bank. BMO said nonfarm payrolls rose 2.9 percent year-over-year in the fourth quarter, and construction employment is rising at a very strong clip, up 9.4 percent… …read more

5 things to start the day: Ferry forward, crisis PR, and lounging at the Mall at UTC

Tampa Bay has always seemed perfect for a high-speed ferry line and Wednesday, the Hillsborough County Commission unanimously recommended forging ahead. The initial plan is to connect south Hillsborough County with commuters to MacDill Air Force Base. The idea is to start with that route in order to test demand. While the plan has won support from the business community, a WMNF News report Wednesday said there are concerns among environmentalists that the fragile ecology of the Bay might be threatened.… …read more

Developer converting old Ybor cigar factory to apartments gets incentives from Hillborough

The redevelopment of the Oliva Cigar Factory in Ybor City will be aided by incentive dollars from Hillsborough County.

Darryl Shaw, CEO of Tampa-based Blue Pearl Veterinary, is planning to convert the the three-story, 30,000-square-foot building at 2008 N. 19th St into 38 multifamily units.

Shaw’s real estate pursuits in Ybor are separate ventures from his veterinary business.

Hillsborough County Commissioners on Wednesday approved a $250,000 historic preservation grant for the project, which… …read more

Georgetown developers working on infrastructure improvements, could signal development is imminent

One of the most desirable tracts of vacant waterfront land in Tampa Bay appears to be moving toward development.

The developers of Georgetown, a 162-acre parcel off of South West Shore Boulevard, have filed plans with the city proposing changes to the canal improvement plans for the site.

Christian Tyler Properties, Avanti Properties, DeBartolo Development and Validus Group are the developers, having bought the land from Bank of America in 2009 for $30.5 million.

Georgetown is a 162-acre waterfront… …read more