Jan 10, 2022 - Real Estate

"Go big or go home," if you can afford one

4615 Bayshore Boulevard. Photo courtesy Febre Frameworks
4615 Bayshore Blvd. Photo courtesy Febre Frameworks

Why would someone pay hundreds of thousands of dollars over asking price for a house without even seeing it first?

  • Matthew Barnes explains in just three words: "Tampa will boom."

What's happening: Barnes, investor and self-proclaimed "​​principal of miscellaneous corporations," tells Axios he has left Fisher Island, the richest ZIP code in Florida, to drop bank in Tampa.

  • When 4615 Bayshore Blvd. hit the market for $3.5 million on Nov. 29, Barnes entered into a buying contract with the seller for $3.8 million, waived all inspection and financing contingencies, then wired the entire sum in cash in 72 hours.
  • The agreement was executed just a few hours after the listing went up.
  • He relisted the five-bed, five-bath 4,262- square-foot home for $9.5 million within hours of the official closure on Friday.

Why it matters: Barnes thinks he could have made Tampa's fastest-ever multimillion-dollar, sight-unseen home purchase.

  • Kathy Ervin with Premier Sotheby's International Realty, who represented the sellers, says the sale was the fastest transaction she's ever completed.
  • Record or not, this transaction definitely pours gasoline on the hype around our hot housing market.
The pool at 4615 Bayshore Boulevard
The pool at 4615 Bayshore Blvd. Photo courtesy Febre Frameworks

Behind the buy: "Go big or go home," Barnes says. "Big money expects Tampa residential real estate to boom like never before."

  • Why now list for $9.5 million? He's counting on the stock market and the most recent Zillow report predicting Tampa residential real-estate will return nearly 25% this year.
  • Barnes thinks homes on Bayshore Boulevard will be worth more than $100 million "in some of our lifetimes."
  • "Be ready for some serious cash to pour into Tampa very quickly. Don't be afraid to pay too much in Tampa for a home right now because the secret is only just getting out."

The other side: It's sales like this that make it harder for folks without millions to find housing.

Aerial view of 4615 Bayshore Boulevard.
Aerial view of 4615 Bayshore Blvd. Photo courtesy Febre Frameworks
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