All Homes, No Jobs

Driving around the Tampa Bay area you will notice beautiful new condo complexes throughout the entire city. Filled with top of the line amenities and waterfront views, they are only lacking one thing, residents.


Tampa is a young up and coming city full of opportunity for prosperity on all levels. This is what investors saw when they decided to sink billions into constructing new luxury condos in prime areas of the city. Unfortunately plans were underway before the recession hit home, leaving investors and homeowners unable to pay their bills.

Currently Tampa-St. Pete-Clearwater unemployment rate plummeted to 13.1%, making them the highest percentage in the state. According to the Tampa Bay Daily Journal individuals are becoming so discouraged, some workers are giving up the hunt, relying on government benefits.

Many UT seniors are looking to relocate after college due to these gloom statistics. “Graduating within a month we are all weighing our options,” said Senior Christina Breaden. “Reality has set in. Most of us are forced to move back home up North where the jobs are.” Jobless and drowning in student debts, college graduates are not making it a priority to become a player in the real-estate market.

“We keep lowering our prices offering renters special deals, but still cannot get anyone to bite,” said Nicole Attridge, employer of Phillips International Drive. This brand new complex offers high quality amenities and spacious homes at very reasonable prices; unfortunately they are still looking to fill over half of their units. One of the luxurious condominiums created in Downtown Tampa were the twin 29 story Towers of Channelside. Only half the units have been sold, forcing the investors to go to bankruptcy court even before completion. “Unfortunately it’s the economy. It’s bigger than us. It’s bigger than any one person,” said Richard Sacchi, a principal of Towers of Channelside LLC according to the Tampa Real Estate Insider.

Tampa-St. Pete-Clearwater has landed 22 on the top foreclosure cities in the nation. Tampa Bay Daily Journal reports housing values down 29.2% from 2004. No income makes you unreliable to purchase a home. Banks have pulled back on lending on money, which is only contributing to this downward spiral. Out of work, owners are turning to renters as a last attempt to save their homes.

Predictions are the real-estate market and unemployment rates will begin to stabilize. Unfortunately, the recovery time for individuals to regain their investments on their homes is looking to be a very slow process. For now, Tampa’s homes are empty and the citizens remain unemployed.