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Florida, Pinellas county, west-central Florida, U.S. It is situated at the southern tip of Pinellas Peninsula on Tampa Bay, about 15 miles (25 km) southeast of Clearwater and 20 miles (30 km) southwest of Tampa. Those three cities form one of the state's largest metropolitan areas. It is part of Florida's 'Sun Coast' region.The pier and downtown Saint Petersburg, Florida. Steven Frame/Shutterstock.com Calusa peoples were early inhabitants of the area. The Spanish explorers P�nfilo de Narv�ez (1528) and Hernando de Soto (1539) were the first Europeans to visit the region. Settlement began as early as the 1840s, but thecommunityactually dates from 1875, when John C. Williams of Detroit, Michigan, purchased land in the area. He and Peter Demens, who built a railroad that reached the site in 1888, founded the city, and it was named for Demens's birthplace in Russia. It quickly developed as a resort area, and seafood shipping on the Orange Belt Railroad was a major part of the city's economy. In 1914 the world's first scheduled passenger airline service linked St. Petersburg and Tampa, and the two cities were linked 10 years later by the Gandy Bridge, the first of two bridges and a causeway across Old Tampa Bay. In the late 1940s St. Petersburg became one of the first Florida cities to promote 'residentism, ' encouraging former tourists to spend their retirement years there.Tourism remains the basis of St. Petersburg's economy, and the region is a popular retirement area. High-technology industries, manufacturing (including office equipment, electronics, and optical products), fishing, and services are also important. The city is connected by several bridges with a string of sandy islands (west) between the Gulf of Mexico and Boca Ciega Bay; seasidecommunitiessuch as St. Pete Beach are located there. To the south, the Sunshine Skyway Bridge across the lower bay links the city to Bradenton and Sarasota.St. Petersburg is the seat of Eckerd College (1958), St. Petersburg Junior College (1927), Stetson University College of Law (1900), and a campus of the University of South Florida. The city is an oceanographic research centre, home to such facilities as the Florida Marine Research Institute. Among the city's cultural institutions are museums devoted to fine arts, history, the Holocaust, and Spanish painter Salvador Dal�. It is home to a professional baseball team, the Tampa Bay Rays. There are dozens of marinas and other boating facilities, and sport fishing and sailing are popular. The nation's oldest greyhound-racing track is in the city. The municipal pier features a five-story inverted pyramid with shops, restaurants, and an aquarium. Sunken Gardens, a popular 1930s tourist attraction, was restored by the city and reopened in 2000. Fort De Soto Park occupies five islands off the southern coast of the city and includes the fort, built during the Spanish-American War (1898), and extensive beaches. Weedon Island Preserve is on the city's east coast. Inc. town, 1892; city, 1903. Pop. (2000) 248, 232; Tampa - St. Petersburg - Clearwater Metro Area, 2, 395, 997; (2010) 244, 769; Tampa - St. Petersburg - Clearwater Metro Area, 2, 783, 243. The Dal� Museum, St. Petersburg, Florida. Christian Heeb - Laif/Redux
Distressed Properties FAQs
What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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