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Photo courtesy of Stephen Gay

Yankees legend Derek Jeter's custom home in Tampa's Davis Islands is one of the largest, most expensive houses in the city — and it sold last month for $22,519,433.

Why it matters: Tampa Bay has become a top-tier market for luxury buyers. And the craze isn't slowing down anytime soon.

The house: Located at 58 Bahama Circle, the 21,796-square-foot behemoth is roughly half the size of a Publix. It has seven bedrooms, eight full bathrooms and eight half bathrooms.

  • Other highlights: Custom-built across three lots, largest waterfront lot on the island, 1.25 private acres, elevator, 80-foot saltwater lap pool, full-service bar, home theater, au-pair wing.

The state of play: The house sold in about six months, which at this price point, is pretty fast. Stephen Gay, one of the listing agents, said 18 to 24 months would have been normal.

Who bought it? Gay couldn't share anything about the buyer, but he said most of the serious inquiries came from Florida locals.

  • Out-of-state potential buyers mostly came from New York and California.
  • It had been rented by Tampa Bay Buccaneers quarterback Tom Brady and his family during the team's Super Bowl run.

The big picture: The demand for a luxury lifestyle in the Tampa Bay area has soared since the pandemic started, Gay said, and people want a spacious waterfront home on a nice-sized lot close to the action.

  • High-end condos are also hot right now, from the Edition downtown to Hyde Park House on Bayshore Boulevard (which is still under construction).
  • And with inventory so low, a lot of deals are being made before houses even hit the market. Gay said that current Davis Islands homeowners, who haven't even listed their homes, have people knocking on their doors with large offers.

The bottom line: The quick sale for 58 Bahama Circle shows just how strong Tampa Bay's real estate market is.

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Go deeper

Aug 24, 2021 - Axios Twin Cities

Twin Cities housing pinch coming from both sides

Photo: Bruce Bisping/Star Tribune via Getty Images

Home buyers, especially first timers, continue to deal with a short supply of houses on the market, bidding wars and waived inspections. But Plan B — renting an apartment — is getting a bit more expensive.

Driving the news: After a year of stagnating rents brought on by the pandemic, prices for rental housing in the Twin Cities increased in July to just over $1,600 a month, according to Zillow.

  • That 4.1% jump from the same time last year puts rents nearly where Zillow projected them to be before the pandemic.

Yes, but: There are still deals to be found, especially in downtown Minneapolis. Now is typically when landlords are trying to fill up their buildings before winter.

  • For example, the Wilf family’s new apartment building near U.S. Bank Stadium — 240 Park Avenue — is advertising two free months of rent for new leases.

Between the lines: With rents rising again and mortgage rates remaining low, it would seem to be a good time to buy a house.

  • But there's only about 7,600 houses on the market in the Twin Cities, down 25% from this time last year, according to the Minneapolis and St. Paul Area Realtors associations.
  • The median home spent just seven days on the market last month, down from 17 days a year ago and 25 in 2016.

What they're saying: "With offers still coming in at an average of 3.6% over original asking price, more people are understanding the strength of this market," Todd Walker, president of Minneapolis Area Realtors Association, said in a news release.

What's ahead: The good news is that housing construction starts in the Twin Cities metro are on pace for about 25,000 new units in 2021, according to the U.S. Department of Housing and Urban Development.

  • That would be the most new housing starts since 2004.
14 mins ago - World

Social Democrats' win in Germany could shake up Europe

Olaf Scholz caught the bouquet on Sunday. Photo: Florian Gaertner/Photothek via Getty

BERLIN Angela Merkel's political farewell was spoiled Sunday night when the Social Democrats (SPD) narrowly claimed victory in Germany's elections, just four years after suffering their worst loss since World War II.

Why it matters: The stunning political comeback could swing the balance of power in Germany leftward after 16 years of rule by Merkel's conservative bloc, and it could lay the groundwork for a more ambitious European Union.

54 mins ago - Politics & Policy

Senate Republicans sink short-term government funding, debt limit bill

Senate Minority Leader Mitch McConnell. Photo: Drew Angerer/Getty Images

Senate Republicans on Monday voted down the House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: Congress is just 72 hours away from a potential shutdown, so now comes Democrats' Plan B. Democratic leadership is expected strip the short-term funding bill of language about raising the debt limit — the part that Republicans' reject — in order to pass a bill before federal agencies close down on Friday.