Everyone seems to be excited about the Tampa Bay Rays potential move to the Ybor City neighborhood, especially property owners and potential buyers. Since the official announcement of the plan in early February, home and commercial property sales have been on the rise, even though there are a few details to iron out before the new stadium can be built.
Reason for the Move
Although there are a lot of hurdles to clear before the Rays call Ybor City its new home, there is a reason why this community was selected. Major League Baseball requires new ballparks be built in densely populated urban areas simply to draw a better crowd. With this move, the stadium would draw on over 900,000 people within a 10 mile radius, which meets the league’s requirements and will help fill the seats. When that radius is widened to 15 miles, the draw is over a million people. This location means that many baseball fans could enjoy a home game without first wrestling with Tampa’s congested bridges.
The enthusiasm for the Rays move has created a corresponding demand for homes by fans who want to live near the new park. Homeowners are finding that their properties are snapped up within hours or days rather than weeks and months. Property values are rising to pre-recession levels in the area, which is great for sellers but also for home buyers who can have confidence that they are making a worthwhile investment in the community.
Interest in real estate near the proposed stadium is surging, with some properties targeted for repurposing and others to be removed to create greenspaces. New urban amenities are planned, which is driving up home prices as well as commercial ones. This boon in commercial properties is strengthened by the recent announcement that the stadium site is now eligible for federal tax breaks, taking the potential Rays’ move one step closer to reality.
Interested in Ybor City?
There are plenty of home buying opportunities in the Ybor City neighborhood and now is the time to take the plunge. If you are interested in this or other Tampa area communities, let Realtor Sandy Ernst assist you in making your dream home a reality.