Tampa Luxury Market

To be included in the luxury ranking, over 10% of a market's listings must meet the minimum price point of $500,000. Only 51 cities made the list in 2020, and they are ranked based on their highest threshold. Currently, Tampa sits at number 21 in the US luxury real estate market, tied alongside Portland, Oregon, and Queens, New York. Manhattan, NY, came in at number one with a starting point of $6,459,000 and a median list price of $1,300,000. Manhattan had 1,000-plus properties priced above $6.5M. Tampa’s starting point for luxury is $1.2M, and currently, Tampa has 129 active listings above $1.2M and 87 pending listings. This number is sure to increase soon with all the newly constructed luxury condos.

The Tampa market is experiencing a significant spike in luxury builders. Many custom single-family builders are moving more towards semi-custom or luxury spec homes because the market is so hot. A spec home typically means the builder completes it before the home buyer purchases the home. Spec homes generally are completed quicker than semi-custom or custom homes since the builder is making all the decisions and not relying on the client.

Luxury Condos

There's also a significant rise in the construction of luxury condos with staggering price tags. The new Tampa EDITION has already pre-sold more than 75% of its units, with only 10 units left in this luxury tower, starting at $2.2M for a 2 bed, 2 bath, 1824 square feet. The penthouse pre-sold for an undisclosed amount speculated to be upwards of $16M-plus. Another luxury tower under construction on Bayshore Blvd is the Ritz Carlton Residences of Tampa.

The Ritz Carlton Residences will soon break ground on the prime Bayshore location to complete a 27 condo high rise. The Ritz Carlton Brand is known for its high level of luxury, and this property will not fall short of amenities. Unit amenities will include floor-to-ceiling windows and spacious balconies overlooking Bayshore Blvd and the Tampa Bay. The kitchen will be custom designed and feature sub-zero and Wolf appliances. The tower will also provide a full-service food and beverage option, swimming pool, spa, and state-of-the-art fitness center. The units are currently available for pre-sale starting at $1.9M  with an expected completion date of 2023.

Hyde Park House is another luxury condo under construction by the developer of ONE in St. Petersburg. This residential tower boasts 22 stories with 70 residences, overlooking the Tampa Bay, Hyde Park, and Downtown. The last penthouse is currently still available at $6.5M with over 5,000 square feet of living space. The building will feature a 24-hour concierge, resort-style pool, spa, covered summer kitchen with grills, firepits, social center, and fitness center.

Single Family Luxury Homes

To date, the most expensive residential property sold belonged to former baseball star Derek Jeter, listed in the fall of 2020 on Davis Islands for $29M. Less than eight months later, this listing sold for $22.5M. The waterfront mansion featured over 20,000 square feet of heated living space, 7 bedrooms, and 16 bathrooms. It is the largest house in South Tampa, a draw to many buyers. Jeter originally purchased the three Davis Islands lots for $7.7M and had the home custom built in 2012. The sale was the highest-priced sale in the Tampa Bay Area to date. The runner up is a $14M Davis Island mansion that appears to be an off market, cash transaction. This home was also once owned by a major league baseball star, New York Yankees Constantino Martinez, who purchased the home for $4.7M in 2014.

Currently, the highest-priced single-family property listed is in Sunset Park, at 2621 N Dundee Street for $14M. The waterfront Mediterranean Villa features over 10,000 square feet of heated living space with 8 bedrooms and 10 bathrooms. The home was built by Monogram Builders in 2018 and sits on two waterfront lots in the Tampa Bay. Its runner-up is a $10.5M Beach Park listing , 415 S Royal Palm Way. The mansion was built in 2009 with superior craftsmanship and sophisticated architectural details.

Tampa’s average list price currently sits at $472,500, when just last year, the average was $373,000. With that increase of 20%+, we expect Tampa to rank among the top 20 luxury real estate markets for this coming year.