Florida has always been a magnet for real estate investors, but right now Tampa Bay — and specifically Pinellas County — is standing out on the national stage. According to a new ATTOM report, the 33708 ZIP code (Madeira Beach and Redington Beach) ranks in the top five nationally for “zombie” foreclosures, with nearly 35% of pre-foreclosure homes abandoned by their owners.
While that might sound like bad news for the local market, it’s actually a huge opportunity for savvy investors.
Why Abandoned Properties = Big Potential
- National trend, local advantage: Roughly 1.39 million homes nationwide are vacant, but demand in Florida stays strong. In coastal areas like Pinellas County, abandoned properties can be scooped up well below market value.
- Low entry costs: “Zombie” homes are often priced to move. With minimal rehab, they can quickly be flipped for profit.
- Flexible strategies: Investors can either flip for fast returns — buy low, rehab lightly, and sell quickly — or hold as rentals to generate cash flow and build long-term equity.
Why Tampa Bay & Pinellas County?
High Demand Meets Limited Supply
The Tampa Bay coastline continues to see some of the highest housing demand in Florida, fueled by steady in-migration and a shrinking inventory of coastal properties.
Spotlight on 33708
Pinellas County’s 33708 ZIP code—which includes Madeira Beach and Redington Beach—was recently flagged in a national housing report alongside areas like Los Angeles and Indianapolis.
But here’s the key difference:
Florida’s population is still growing, while demand in other markets is softening.
Strong Market Fundamentals
Thanks to continued buyer interest and solid property values in surrounding neighborhoods, homes in this area don’t stay on the market long once rehabbed. The demand is there—especially for turnkey homes near the water.
No Crash on the Horizon
Some investors worry when they hear about abandoned properties or softening prices that a market crash may be looming. But experts say that’s unlikely in Florida.
According to the National Association of REALTORS®, a housing crash would only be triggered by extreme scenarios — like mortgage rates spiking to 9% or significant job losses — neither of which is expected. Instead, Florida is seeing a healthy normalization: rising inventory, slightly cooling prices, and mortgage rates expected to dip closer to 6.3% by the end of 2025.
For investors, that means more buying opportunities without the fear of a major downturn. In fact, this environment creates the perfect setup: lower acquisition costs today with strong potential for appreciation and rental demand tomorrow.
How FL Investment Realty Helps Investors Win
We help out-of-state investors succeed in Tampa Bay—start to finish.
From scouting distressed properties to managing renovations, tenants, and eventual resale, we handle the heavy lifting so you don’t have to. Our team keeps you informed every step of the way with detailed photos, video walk-throughs, and reliable local support.
The Bottom Line
Florida’s demand isn’t slowing — and right now, Tampa Bay’s abandoned “zombie” properties offer a rare chance to buy low and profit big. Whether your goal is a quick flip or steady rental income, Pinellas County is full of opportunity.
With FL Investment Realty as your local partner, you don’t just get a property — you get a team that handles everything from acquisition to management to resale.
Florida Realtors Market Data | Florida Realtors
Florida Housing Market Predictions 2025 | Ramsey
Pinellas ZIP code among top five nationally in ‘zombie’ foreclosure rate | Business Observer
Contact us today and let’s put our local expertise to work so you can maximize your returns.