3 minute read
Interview: Mark Metheny
Mark Metheny Tampa Division President Lennar
What has been the key to Lennar’s success in the Tampa Bay area?
I think we really continue to understand what our buyer wants. From a locational standpoint, we know they still want great schools and a short commute to work, so we’re interested in employment centers and educational districts. We really analyze the features people want in their homes, whether that be quartz countertops or white cabinets or even dog walking trails. We have the benefit of scale across the country, which we can leverage to really understand what the buyer is looking for. We also are very focused on keeping that value proposition since many buyers here are first-time buyers.
How is your success a testament to the overall success of the market in the region?
Tampa Bay remains one of the most aordable markets in the region, and provides tremendous value for those moving here, whether they are looking for job growth or retirement facilities. The job growth rate is very strong in Tampa Bay and, combined with aordable housing, this makes for a great opportunity for people to continue to come here. There’s also the changing perception of Tampa Bay. When I started working here, Tampa Bay was not really seen as a hip place to live, but now there’s a lot of attractiveness for millennials and many more people in this generation are coming back to the area after they graduate college.
What areas in the Tampa Bay region will see the next wave for residential development demand?
Pasco County is certainly the market we have put the most eort into, as is northern Manatee County. We’ll continue to do infill development of areas that are perhaps conversions from industrial space but on a smaller scale of around 50-60 houses. Pasco County has put a big focus in the last few years on attracting employers to the area so the residential market is following that. There is now a large number of buyers, great aordability and great connectivity. ( ) renovation of Tampa Marriott Water Street – is nearing completion and is set to wrap up in 2020. The comprehensive overhaul, which redid practically every corner of the 719-room convention hotel over the course of two years, is meant to give people a taste of how Water Street Tampa will feel when it’s complete.
Trends The Tampa Bay/St. Petersburg area was one of the nation’s hottest real estate investment destinations in 2019, according to the Urban Land Institute and PricewaterhouseCoopers study. The region’s 11th-place ranking narrowly missed the Top 10, where it sat in the previous study. The cities ranked ahead of Tampa Bay included Austin, Texas, Raleigh/Durham, North Carolina, and Nashville, Tennessee, which ranked first, second, and third, respectively. Fellow Florida metro, Orlando, placed seventh. Despite its slight drop from 10th in 2018, Tampa Bay/St. Petersburg remains a top market for investment thanks to its growing population, business friendly and low-tax environment, and competitive housing prices. “When I run analytics on the transactions that our agents are doing, two things stand out. First, they are conducting more transactions than we have ever seen. Second, the average amount of dollars spent is going up. I believe this is no surprise because we know that prices are going up for real estate around the Tampa Bay area. One of the biggest things we see month-over-month, year-over-year is that the average sales price is increasing, which is certainly beneficial for the local market and economy,” said Ryan Chamblee, managing broker at Pineywoods Realty.
Among the contributing factors to the region’s favorable investment climate: a stable real estate market with steadily growing property values that ensure a return on investment, but present prices that are still remarkably affordable compared to similar regions with similar amenities; several growing and desirable neighborhoods; and no regulations surrounding subletting on platforms like Airbnb, which affords further opportunities to make money on real estate investments. “Tampa Bay is a business-friendly environment, with beautiful bays, proximate beaches and great weather, so we must continue to push and promote those qualities. Moreover, with no income tax, a reasonable cost of living, USF’s status as a pre-eminent research university and its nationally recognized medical school, we will continue to attract companies and talent relocating from the Northeast and Midwest,” said Adam Harden, principal at SoHo Capital.
Another factor that has traditionally brought an influx of real estate investment to Tampa Bay, particularly
