Happy Thursday!

Tampa Bay is on the move—literally and figuratively.

This week, we’re looking at a massive $505 million water pipeline project that’s set to secure South Hillsborough’s future growth. With rising costs and an expanding population, this investment is crucial to keeping the taps running for years to come.

Speaking of growth, a local seafood favorite, The Great Catch, just made a big move to a larger space in Lutz. More tables, a bar, and the same beloved New England-style seafood—sounds like a win for local foodies.

And if you’ve been eyeing Florida real estate, now might be your moment. Inventory is up, prices are shifting, and buyers finally have some negotiating power. Could this be your chance to make a move?

Let’s dive in.

—Sean

💧 $505M Pipeline Project Moves Forward to Meet Hillsborough’s Water Needs

Driving the news: Hillsborough County has approved additional funding for a 26-mile water pipeline to serve South Hillsborough’s fast-growing communities.

The $505.7 million project, managed by Tampa Bay Water (TBW), will ensure the region has enough drinking water through 2028 and beyond.

Details:

• The Board of County Commissioners unanimously approved an amendment to its agreement with TBW, increasing the county’s contribution by $17.8 million, bringing its total investment to $84.02 million.

• The county will be reimbursed $44.38 million once TBW secures cooperative funding from the Southwest Florida Water Management District.

• The pipeline will transport up to 65 million gallons per day, connecting TBW’s existing regional plant north of State Road 60 to treatment facilities in Lithia and Balm.

Why it matters: South Hillsborough’s population is rapidly expanding, and existing water infrastructure won’t meet future demand.

This project guarantees a reliable water supply for homes and businesses, supporting continued economic growth in the region.

The big picture:

• Rising material and labor costs have increased the project’s overall budget.

• Hillsborough has already contributed $45.04 million and will pay the rest over the next three fiscal years.

• Construction is set to begin this fall, with completion expected by late 2028.

What’s next: The TBW board will review the agreement on Feb. 24.

The first guaranteed price proposal for construction was approved in October, locking in lower steel and valve prices to help control costs.

The bottom line: Hillsborough’s investment ensures residents and businesses have access to clean drinking water for years to come.

With construction on the horizon, the county is making sure infrastructure keeps pace with growth.

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🦞 Bigger, Better, and Still Delicious: The Great Catch Moves to Lutz

Driving the news: The Great Catch Land O’ Lakes, a popular seafood restaurant, has relocated to a larger space in Lutz, just 3.4 miles south of its previous location.

Owner Joseph Behnam, who took over the business in 2019, made the move to accommodate a growing customer base.

Details:

• The new location at 18421 U.S. 41 in Lutz doubles the restaurant's size to 4,400 square feet.

• Seating capacity has more than doubled, with 38 tables now available.

• The move also introduced a bar, enhancing the dining experience.

• The old location has already been filled by Mi Carreta Restaurant & Bakery, a Colombian eatery expanding from St. Petersburg.

Why it matters: The Great Catch has built a loyal following, and the expansion allows for a more comfortable dining experience while preserving its signature seafood offerings.

With no comparable seafood restaurants within 15-20 miles, the move strengthens the area's dining scene and offers locals an improved option for fresh, New England-style seafood.

The big picture: Behnam, originally from Egypt, transitioned from engineering and janitorial work to restaurant ownership, proving that persistence and passion pay off.

His journey reflects the growth of local businesses in the Tampa Bay area, especially as demand for unique dining experiences continues to rise.

What’s next: Behnam is focused on keeping the new space packed, maintaining quality seafood, and continuing to provide the all-you-can-eat shrimp and steamer options that set The Great Catch apart.

💸 Thinking of Buying in Florida?
Now Might Be the Time

Driving the news: Florida’s once-booming housing market is cooling off, with for-sale inventory surging 22.7% year over year in January, according to Redfin.

The state recorded 172,209 active home listings, the highest since Redfin began tracking in 2012.

Details

• Active listings jumped 19.4% to 212,437 homes at the end of January.

• Rising home insurance costs, exacerbated by natural disasters like Hurricane Milton, are pushing some homeowners out.

• New construction is adding to inventory, making it harder for sellers to command high prices.

• HOA fees on condos have climbed due to structural regulations following the 2021 Surfside collapse, leading to more condo owners selling.

• Major metro areas seeing the biggest listing increases include Fort Lauderdale (27.2%), Orlando (24.5%), Miami (23.4%), and Tampa (17.3%).

Why it matters: Buyers now have more choices and negotiating power in a market where sellers previously held the upper hand.

While high mortgage rates (around 7%) are slowing some buyers down, those who can afford to purchase may find price reductions, seller concessions, and less competition.

The big picture: Eight Florida metro areas, including Cape Coral, Sarasota, and Port St. Lucie, now have record-high listings, signaling a shift away from the extreme seller’s market of the past few years.

Fewer bidding wars mean homes need to be competitively priced and well-maintained to attract multiple offers.

What’s next: If inventory continues to climb and mortgage rates stabilize or drop, Florida’s housing market could become even more buyer-friendly in the coming months.

📊 Our Current Local Market Data:

The Tampa Bay housing market is undergoing a transition after years of rapid growth. Home prices have moderated, with the median sale price in Tampa reaching $485,000 as of late 2024—a 21.3% year-over-year increase but at a slower growth rate than in previous years.

Increased inventory, up 7.3% compared to pre-pandemic levels, offers buyers more options. However, homes are staying on the market longer, reflecting a shift toward a more balanced market. Despite cooling trends, Tampa remains appealing due to its strong economy, population growth, and lifestyle offerings.

Several factors are shaping the current landscape. Tampa's job market is thriving, particularly in healthcare, technology, and financial services. The region continues to attract new residents, with its population expected to exceed 25 million by 2030.

Interest rates are stabilizing, and a surge in new construction is set to alleviate housing supply pressures. However, recent hurricanes have influenced buyer sentiment and increased insurance costs, adding layers of complexity to the market dynamics.

For buyers, increased inventory means more negotiating power and opportunities, especially for homes on the market for 45+ days.

Sellers, meanwhile, should focus on competitive pricing, curb appeal, and working with experienced agents to navigate the changing landscape. Looking ahead, Tampa is poised for steady growth, remaining a top real estate market to watch in 2025 despite challenges like affordability concerns and rising costs.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Things to do in Tampa Bay this weekend | February 28-March 2

• Pasco County to experiment with traffic technology

• Hudson High School's Varsity Cheer Team makes history with 'triple crown' winnings

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team

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