Wanting that perfect home in a beautiful and historic district but don't have the money to spend 500k and up in the Old Northeast? An area that some are turning to as an alternative is the Old Southeast....that's right, the old Northeast has a sister and she lives just south of downtown. This small quiet historic neighborhood has all the bells and whistles that the Old Northeast has but without the hefty price tag. Homes in this area are selling at an average of 200k to 300k less than homes located in the Old Northeast and bargains on smaller 2 bedroom bungalows can be found for 150k to 200k. But these homes are not lasting long.
A recent search of the MLS showed only 9 properties for sale with many of them pending with an active contract. Nearly all had been on the market less than 30 days. Clearly this type of data leads us to believe that this area is hot right now and people who are in the know are picking up these properties as quickly as they can. Creating a seller's market where those who want to sell can get out quickly.
The Old Southeast has all the charm that her bigger sister up north has, cobbled stone streets, cute historic bungalows, proximity to the water and a short car ride or bike ride to downtown St. Pete,which as you know is getting a lot of buzz lately and is continuing to get noticed in major media publications. Check out this Thrillist article. There is also a nearby marina for those who are boating enthusiast.
We had a chat with Julia who is a realtor with Keller Williams and an experienced home flipper..says "the old Southeast is a hidden gem. If you can get in now and sit on your property for 5 years, you will make a killing when you want to sell."
A recent drive through the neighborhood...showed all the signs of a thriving community. People jogging, walking their dogs, friends gathering and sharing a glass of wine on their sprawling front porches and overall just enjoying their beautiful community. New construction is everywhere as well with handsome Key West style homes popping up all over.
The Old Southeast is an area to consider if you are looking for that historic charming bungalow but don't really have the Old Northeast money. Oh and guess what?? This area is not in a flood zone! I know, hard to believe but just think. No flood insurance and no worries of your dream home coming under flood when the next Florida monsoon decides to strike.
If you would like to learn more about the area or would like to list or buy, then please contact me.
Kim Hernandez is a licensed real estate agent serving the Tampa Bay area and specializing in the St Pete real estate market.