Happy Thursday!

How was your Christmas? Hope you had a great day with your loved ones!

This year is flying by, and the news keeps coming. I can't wait for the fireworks to light up the Tampa Bay area!

The $865 million Howard Frankland Bridge is set to open in spring 2025, and the Florida Bar is trading its airport digs for a prime downtown Tampa spot in the historic Park Tower!

We're also taking a look at how the market has seen a drastic change in inventory numbers and how that could affect buyers in this coming year.

Happy Holidays, and enjoy the reading!

—Sean

🌉 How the Howard Frankland Bridge is Reshaping Tampa Bay

Driving the news: The Howard Frankland Bridge, a vital link connecting Hillsborough and Pinellas counties in Florida, is nearing completion after a four-year construction journey.

The $865 million project is set to open in spring 2025, with full completion expected in early 2026.

Details: The new bridge replaces the original structure built in the 1960s, featuring:

• Eight lanes: four general-use and four express lanes.

• A dedicated pedestrian and bike path.

• Enhanced structural foundations with concrete piles reaching depths of up to 200 feet.

Engineers overcame significant challenges, including drilling through dense layers of limestone, known as chert.

The project employed up to 270 craft workers at its peak and utilized advanced machinery, such as the Bidwell, to streamline concrete leveling.

Why it matters: This bridge is not just a transportation upgrade; it’s a boost for Tampa Bay’s connectivity and community.

Residents can look forward to improved travel times, expanded access for cyclists and pedestrians, and a safer, modern infrastructure designed to support the area’s growing population.

The big picture: Once operational, the new bridge will serve as I-275's southbound lanes, while the current southbound structure (built in the 1990s) transitions to northbound traffic.

The old northbound bridge, dating back to the 1960s, will be demolished.

What’s next: By the end of 2024, the bridge’s two sides are expected to connect, paving the way for the new structure to open for traffic in spring 2025.

Final touches and channel clearance for boats will wrap up shortly afterward.

The bottom line: The Howard Frankland Bridge project represents a milestone in Florida’s infrastructure development, promising a smoother, safer commute and better accessibility for Tampa Bay residents.

🏡 $400,000 Fort Myers Home with
Lakefront Views!

3 Beds | 3 Baths | 2,534 sqft

Nestled in the desirable Cypress Cay community, this spacious two-story home offers stunning lakefront views and an oversized lot. Inside, you'll find a bright and open layout with a den, family room, and loft. The modern kitchen features a range, refrigerator, and dishwasher, while the walk-in closets and impact-resistant windows add both convenience and peace of mind.

Relax in the community pool or enjoy the serene lake views right from your backyard. Conveniently located near shops and dining, this home is perfect for families or anyone looking to enjoy Florida living.

📍 13404 Hampton Park Ct, Fort Myers, FL 33913

⚖️ Florida Bar Stakes Downtown Tampa Claim with Park Tower Office Deal

Driving the news: The Florida Bar is expanding its Tampa presence with a new 8,472-square-foot office in downtown's historic Park Tower, marking a significant shift from its previous Westshore location.

Details:

• The organization will occupy the 20th floor of Park Tower, Tampa's first office tower

• The space will house the Bar's Lawyer Regulation and Unlicensed Practice of Law departments

• The deal was brokered by David Hulsey of CBRE for The Florida Bar and Baharea Larsen of Feldman Equities for the ownership group

Why it matters: This move represents a strategic shift for The Florida Bar, transitioning from its previous airport-adjacent location to Tampa's central business district, potentially improving accessibility for legal professionals and the public.

The big picture: Park Tower has undergone significant transformation under its current ownership:

• A joint venture between Feldman Equities, City Office REIT, and Tower Realty Partners has invested $12 million in renovations since 2016

• Improvements include a new lobby, fitness center, storefronts, and sidewalks

• The building has achieved 97% occupancy, indicating strong demand for premium downtown office space

Between the lines: The Florida Bar's move follows a pattern of professional organizations choosing downtown Tampa over suburban locations, with ConnectWise's headquarters relocation in 2022 setting a precedent.

What's next: The Florida Bar will join a growing roster of professional tenants in Park Tower, including ConnectWise and Buddy Brew Coffee, contributing to the building's diverse tenant mix.

The bottom line: This lease signing reflects downtown Tampa's continuing appeal as a professional hub and Park Tower's successful repositioning as a premium office destination following its extensive renovation program.

🚀 Breaking Point? What Record Housing Inventory Means for 2025 Buyers

Driving the news: Housing inventory is surging nationwide, up nearly 27% from last year, signaling a potential shift in the 2025 real estate market dynamics.

Details:

• Available homes for sale hit 682,000 units nationwide, marking the third consecutive year of inventory growth

• The median home price stands at $375,000, reflecting seasonal December adjustments

• 38.2% of listed homes have undergone price reductions, above the typical 35% seasonal average

Why it matters: The inventory surge could reshape the housing market's competitive landscape, potentially giving buyers more leverage for the first time since the pandemic began.

The big picture: Despite the significant year-over-year increase, current inventory levels remain 22% below 2018's "normal" market conditions, suggesting room for continued growth without market saturation.

By the numbers:

• Weekly home sales: 47,000 new contracts

• Expected 2025 sales growth: 5% increase

• Projected 2025 existing home sales: 4.2 million units

• Forecasted 2025 inventory growth: 15% above current levels

Between the lines: The Midwest and Northeast markets, traditionally tight on inventory, are showing signs of loosening.

Market experts anticipate increased movement from these regions to the South, potentially accelerating inventory growth in northern states.

What's next: Barring a recession, inventory levels are expected to continue their steady climb toward pre-pandemic norms throughout 2025.

Any economic downturn would likely not impact inventory levels until 2026.

The bottom line: The market is slowly normalizing, with increasing inventory and steady price growth suggesting a more balanced housing market in 2025.

📊 Our Current Local Market Data:

As we near the end of the year, the real estate markets in Land O' Lakes, Lutz, Odessa, Tampa, and Wesley Chapel continue to offer opportunities for both buyers and sellers.

If you're planning to sell, having a clear and effective strategy is essential to stand out in the current market. For buyers, this could be a good time to secure a property before competition potentially increases.

Feel free to reach out if you’d like help navigating the market or creating a plan that works for you.

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:

• Top things to do in Tampa Bay this week: Hanukkah and New Year’s Eve parties
  

• USDA awards $1.3 billion to Seminole Electric, supporting 3,400 new jobs
  

• Tampa General Hospital matches $500K grant for USF nursing education
  

• Fast-growing Florida tops 23.3M people

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

Was this forwarded to you? Sign up here.