Why Revival Homebuyer Loves Investing in the Growth of the East Lake Neighborhood!

When looking at pockets of Tampa Bay to buy fixer-uppers in, we love the East Lake neighborhood. East Lake is located approximately 6 miles northeast of Tampa and is home to huge attractions such as the MIDFLORIDA Credit Union Amphitheatre and the Seminole Hard Rock Hotel & Casino Tampa.  It’s proximity to I4 and 275 makes it the ideal location for continued growth in the future. There are small pockets of housing in this area that make fantastic rental or flip opportunities, with typical houses being built in the 1960s and 1970s, ranging in size from 1,000-2,000 sq ft.

REVIVAL’S FIXER-UPPER

We bought our fixer-upper on Spencer Circle, which happens to be right on East Lake!  We were able to help the seller out by inheriting a bit of a complicated title issue, but after months of effort and a couple of attorney fees later, we were able to straighten it out.  The home was built in 1964 and included 3 bedrooms, 2 bathrooms, and a 2 car garage.  We loved the price point of this home at $150,000, especially because it had a 2 car garage and was on the lake.  It was a solid concrete block house, dated but the move-in condition with great square footage.  While waiting for our remodeling contractors to fit this project into the schedule, we were able to resell our property to a homeowner who was delighted to buy a lakefront property with equity, that they could put their own personal touch on.

REAL ESTATE

East Lake includes a number of diverse communities that provide lifestyles from highly-urbanized to suburban and rural.  Median real estate property taxes paid for housing units with mortgages in 2016 was $1,079 and without mortgages $682. The average house prices for August 2019 were $152K, which is $98 Sale$/Sq. Ft.! According to Niche, the median monthly rent for this area is $1,264.  July 2019 proved that this area is dominantly a seller’s market because there are more buyers than there are homes for sale in this area.

COMMUNITY

Living in East-Lake Orient Park provides access to a number of schools. Kenly Elementary School provides education for grades pk-5, and Collaboratory Prep Academy provides education for k-8. Tampa Bay Tech High School, Seminole Heights Charter School, and King High provide high school education. There is also easy access to Hillsborough Community College, University of South Florida, The University of Tampa, and St Petersburg College, for higher education opportunities.

There are also many public parks in and around this area of Florida. Bypass Canal Park is a waterfront area known for rowing sports. It has a boat ramp and it a popular place for fishing. 

The Eureka Springs Conservation Park was first established in 1938 by botanist and traveler Albert Greensburg. In 1967, Greensburg donated his prized site to Hillsborough County, making Eureka Springs Park the only botanical garden in the park system. Amenities here include picnic tables, room rentals, a boardwalk, and walking trails. Bellows Lake, also known as East Lake, is located just a few miles out of Temple Terrace and is known as a good spot to fish for Largemouth Bass and Redbreast Sunfish, so bring your pole!

ATTRACTIONS

Two of the anchor attractions to the East Lake area is the MIDFLORIDA Credit Union Amphitheatre, and the Seminole Hard Rock Hotel & Casino Tampa.  

The Amphitheater has been visited by famous artists from just about every category of music including Aerosmith, Blink-182, Coldplay, John Mayer, Mary J. Blige, Zack Brown Band, and Kanye West to name just a few. This was also the venue for the nearly 20,000 attended Presidential Campaign rally for Donald Trump back in 2016. Due to the close proximity of housing to the amphitheater, a wall was erected to help shield the noise from people living in the surrounding area. 

The Seminole Hard Rock hotel & Casino Tampa opened in 2003, years after Indian remains were discovered during the excavation of a parking garage in Tampa. The remains were relocated to land east of Tampa where the Seminole Tribe used reservation status to open a museum and smoke shop. This was later recreated as the hotel/casino. Amenities here include a pool, fitness center, three parking garages, a number of restaurants, and multiple bars. The casino here is the fourth biggest in the USA and sixth largest in the world.

East lake is only a few miles from the Florida State Fairgrounds! Annually in February, visitors can enjoy food, entertainment, rides, and animal shows at the fairgrounds. The fair has been held at this very location since 1977! Attendance can get up to 500,000 guests spread over the 12-day event. There are free admission and free concerts on certain days of the fair! One of the most popular elements of this event is the‘Battleof the Burger’. Last year’s submissions included a deep-fried Oreo burger, a Jalapeño crusted burger, and a parmesan-crusted burger! 

HIDDEN GEM

When hunting for fixer-uppers in this area there is a large variety of dining options, but our favorite is Brocato’s Sandwich Shop.  Brocato’s is popular due to its stuffed potatoes, devil crabs, and Cuban sandwich. Brocato’s is a family-owned business that opened in 1948 as a grocery store. It was later turned into a meat market and then landed successfully as a sandwich shop.

ABOUT REVIVAL HOMEBUYER

Revival Homebuyer is a local Tampa company that truly loves the community and the people within it. Our mission is simple – to successfully buy and sell real estate, and to use that success as a group to help others and support the individuals of our team and their pursuit of living a great life! We pride ourselves on being the most helpful and reliable homebuyer for sellers of distressed property in Tampa Bay.

RESOURCES USED:

https://en.wikipedia.org/wiki/Seminole_Hard_Rock_Hotel_and_Casino_Tampa

https://en.wikipedia.org/wiki/MidFlorida_Credit_Union_Amphitheatre

http://www.city-data.com/city/East-Lake-Orient-Park-Florida.html

https://www.redfin.com/city/22313/FL/East-Lake-Orient-Park/housing-market

https://www.hookandbullet.com/fishing-bellows-lake-temple-terrace-fl

https://www.hookandbullet.com/c/fishing-east-lake-fl

https://www.niche.com/places-to-live/east-lake-pinellas-fl

https://www.realtor.com/realestateandhomes-search/East-Lake—Orient-Park_Tampa_FL/overview

https://www.areavibes.com/east+lake-orient+park-fl/livability/?ll=28.00443+-82.36469#reviews-jmp

https://www.visittampabay.com/listings/florida-state-fairgrounds/2798

https://www.floridastatefair.com/p/general-information/how-it-all-began

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