TAMPA, FL / ACCESSWIRE / January 11, 2022 / A home in Tampa, Florida, was purchased by Matthew Barnes, the CEO of Go VIP Worldwide, signaling the continuation of a growing trend of real estate investors who are leaving Fisher Island, the richest zip code in Florida and often the wealthiest in the United States, for what is expected to be a booming 2022 housing market in Tampa, Florida. The buyer agreed to pay $3,800,000 for a home on Bayshore Blvd. in Tampa without seeing it in person and closed on it on January 7, 2022.

Fisher Island, accessible only by private ferry, is a popular getaway for celebrities and sports stars. The buyer, a one-time resident of Fisher Island, shelled out $3,800,000 in what many are calling Tampa's fastest multimillion dollar, sight-unseen home purchase. The buyer agreed to pay nearly five times more for his new home on Bayshore Blvd. in Tampa, Florida, compared to what he sold his home for on Fisher Island. Why? The buyer said three words: "Tampa will boom."

4615 Bayshore Blvd. represents the growing real estate boom in Tampa, Florida. Although listed at $3,500,000, it was ultimately purchased for hundreds of thousands of dollars over the asking price: $3,800,000. Additionally, all inspection and financing contingencies were waived. The purchasing agreement was duly executed within a few hours of the property being listed. Bayshore Title received a wire of $3,800,000 for further credit to the seller in under 72 hours of the property being listed.

Real estate experts are expecting Tampa residential real estate to boom and verified that interest in the market is increasing.The buyer revealed, "A week or so before 4615 Bayshore Blvd. went on the market in Tampa, a house down the street on Bayshore Blvd. went on the market for about $4 million. I understood that it went into a large bidding war and that it went under contract in a matter of days, likely far over the asking price. People are talking about buying luxury homes for themselves on Bayshore Blvd. and smaller ones behind it as investments in Tampa."

The buyer also stated, "The rumor on the street was there were around seven buyers that made offers to buy that home in Tampa for $4 million with no financing needed. They were willing to pay over the asking price and provided proof of funds that they could make it happen immediately. Talk about a serious backlog of buyers wanting to buy homes in Tampa, Florida, that are likely very underpriced. That seller could have asked far more."

Home prices in Tampa, Florida, may be currently undervalued. If the S&P 500 returns 10.5% a year on average and the most recent Zillow report predicts Tampa's residential real-estate will return nearly 25% this year, then $9.5 million may be the true market price of 4615 Bayshore Blvd. in Tampa, Florida.

If the market grows at a compound annual growth rate that significantly exceeds inflation and GDP growth, something closer to 6-7%, this could equate to a price of over $100M to buy this home in 50 years. Further, the San Francisco area has seen around 6% CAGR over the last 20 years.

The current interest in the Tampa, Florida, real estate market is backed by the corporations, private equity firms, banking firms, and wealth management firms that are moving to Florida. Reasons include the state's tax incentives and the COVID numbers that are climbing in the Northeast.

More people may follow the buyer and leave Fisher Island to buy luxury real estate in Tampa. What will the homes on Bayshore Blvd. in Tampa, Florida be worth in our lifetimes? While no one can truly predict that, investors may do well to ask themselves if the current prices and buying trends represent a prime opportunity for them to jump into the market now and potentially set themselves up for a good profit down the road.

Want to follow or talk to Matthew Barnes? Connect with him here on LinkedIn: https://www.linkedin.com/mwlite/in/matthew-barnes-govipworldwide

Or contact him at:

Matthew Barnes
reservations@barnesworldwide.com
305-563-1552

SOURCE: GO VIP Worldwide

View source version on accesswire.com:
https://www.accesswire.com/681859/Home-In-Tampa-Is-Purchased-For-3800000-With-No-Contingencies-Without-The-Buyer-Seeing-It-In-Person-And-Is-Paid-For-In-Full-In-Under-72-Hours