Happy Thursday!

I hope that you and your loved ones are safe after the storm. It’s been hard to see so many people impacted. If you or someone you know needs help, this is a great guide to all of the relief efforts in the area.

Despite the hurricane, there are still a lot of silver linings to uncover in the Tampa Bay area this week. A new Amtrak route is going to boost Tampa tourism, and thanks to the AquaFence device, Tampa’s hospital stayed safe and dry during the hurricane.

We’re also taking a look at how affordability has increased for home buyers. Mortgage rates have dropped significantly, but if you keep waiting, you might end up waiting too long...

—Sean

🚈 New Amtrak Route Links Midwest to Florida with Scenic Stops

Driving the news: Amtrak is launching a new temporary route, the Floridian, offering a direct rail connection between Chicago and Miami, with key stops in Tampa, Washington, D.C., Cleveland, Pittsburgh, and Orlando.

The route combines two existing services, Capitol Limited, and Silver Star, to relieve strain on the Northeast Corridor during repairs to the East River Tunnel in New York.

Details:

• Duration: The journey takes 47 hours each way.
  

• Inaugural trip: November 10, 2024.
  

• Seating options: Coach class includes reclining seats with no middle seats, and first-class features private rooms with beds and shower access.
  

• Onboard amenities: Traditional dining, an updated café menu, and scenic views.

Why it matters: This direct connection simplifies travel for passengers journeying from the Midwest to Florida, especially as prior routes required a transfer to Washington, D.C.

It’s a welcome option for Floridians and Midwesterners, offering a convenient and scenic alternative to air travel, particularly for those seeking a more leisurely, relaxed experience.

The big picture: The Floridian represents a significant response to the challenges of infrastructure upgrades in the busy Northeast Corridor, freeing up equipment and ensuring continued rail access.

For Amtrak, this route also tests long-distance demand between key Midwestern and Southeastern cities, potentially influencing future service expansions.

What’s next: The service is expected to run until the completion of the tunnel project. However, if popular, the Floridian could inspire discussions about permanent Midwest-to-Florida routes.

The bottom line: For Chicagoans and Miamians, this new service offers a direct, scenic, and convenient rail option that meets the travel needs of many, while supporting essential infrastructure improvements elsewhere.

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☔ How AquaFence Shielded Tampa General from Helene’s Floodwaters

Driving the news: Tampa General Hospital (TGH) successfully stayed dry during Hurricane Helene, thanks to the AquaFence, a temporary flood barrier that kept storm surge at bay.

Details: AquaFence, designed by a Norwegian company, creates modular floodwalls that don’t require sandbags or extra fill. Instead, the barrier strengthens as floodwaters rise. TGH, the region's only Level 1 trauma center, deployed the floodwall the day before Helene hit.

The hospital has used the AquaFence in multiple storms since investing in the system in 2019. Last year, it was further reinforced with resin anchors and concrete attachment points.

Why it matters: TGH plays a critical role in the community's health services, especially during emergencies.

Being located on an island in Hillsborough Bay makes it vulnerable to flooding, but AquaFence allows the hospital to remain fully operational even during severe weather, ensuring that vital medical services aren’t interrupted.

The big picture: As extreme weather becomes more frequent, hospitals like TGH need resilient infrastructure to protect critical healthcare facilities.

TGH’s proactive investment in flood defense reflects a broader trend of healthcare providers prioritizing disaster readiness to avoid the chaos and financial strain that can result from weather-induced shutdowns.

What’s next: AquaFence will continue to be a key part of Tampa General’s storm preparation efforts, and the hospital plans ongoing updates to ensure the system keeps up with future flood threats.

🏡 Is Now the Time to Buy? Housing Affordability Takes a Turn

Driving the news: For the first time since 2020, housing affordability in the U.S. has improved, driven by a 1.4% drop in the income needed to buy a median-priced home, according to a recent Redfin report.

Lower mortgage rates are a key factor, offering a rare break for homebuyers.

Details:

• In August 2024, a household needed an annual income of $115,454 to afford a median-priced home—down 1.4% from a year ago.
  

• Mortgage rates have fallen to 6.26%, down from 7.07% in August 2023, and continue to drop.
  

• Despite this improvement, the typical household income is still 27.4% less than what is needed for a median-priced home.

Why it matters: This marks the first glimmer of relief for homebuyers in four years. While prices remain high in many areas, the dip in mortgage rates gives potential buyers some breathing room, especially those in regions where home prices have been declining.

Between the lines: Nearly half of all U.S. homes listed in August were unsold after 60 days, a sign that sellers may need to adjust their pricing to meet buyer expectations.

Homes in slower markets like West Palm Beach, FL, and Austin, TX, are sitting for months, while buyers are more hesitant to commit.

What’s next: Although housing affordability is showing signs of improvement, experts warn that further significant drops in mortgage rates are unlikely in the short term, as the Fed's recent rate cuts are already baked into current mortgage prices.

Buyers hoping for lower rates may be waiting longer than anticipated.

The bottom line: If you're in the market to buy a home and can afford it, now might be a good time to act.

Affordability has improved slightly, and in many regions, sellers are more willing to negotiate as listings grow stale.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

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:

• Tampa International Airport reopens following Hurricane Helene
  

• Glazer Family to Donate $1 Million to Hurricane Helene Relief Efforts

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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