The Local Market Guide | Bello Home Team
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📈 Skyrocketing Property Values, Angeline Agriculture & Moving to The Suburbs 2023 Trend

📈 Skyrocketing Property Values, Angeline Agriculture & Moving to The Suburbs 2023 Trend

These are a few major things happening in Pasco County and in the Tampa area you might want to know about.

Sean Bates
June 13, 2023

Happy Tuesday!

Pasco County property values are skyrocketing as our housing market gets hotter and hotter.

I’m breaking down what this means for your wallet and your home value this week.

Enjoy!

—Sean

👨‍🌾 Agriculture is an Amenity at Pasco County's Angeline

Pasco County's Angeline, is more than just a master-planned community. It is becoming a symbol that a shift towards a healthier lifestyle is being embraced by real estate developers.

Angeline doesn’t just have the regular community amenities. Agriculture is also being woven into residential development plans.

Driving the news: Angeline, recognized as the future site of Moffitt Cancer Center’s Speros facility, is set to feature a 2.5-acre residential farm at its heart. The farm will grow a rotating selection of fruits, vegetables, herbs, and flowers, and house a flock of egg-laying hens.

Details: The farm is a collaboration with Agmenity, a Houston-based agricultural consulting and management firm, aiming to promote a healthy connection between residents, the local environment, and food.

What they're saying: Justin Myers, COO of Agmenity, said the goal is to create a space where "agriculture is the heart," fostering deep connections between residents while adding value to the community.

Agmenity's Alex Serrao, overseeing the project, echoed these sentiments.

He highlighted that the farm will serve as a venue for educational programs, farmer markets, and volunteer opportunities, thus enabling residents to understand and appreciate how "healthy, delicious food grows."

The big picture: Spanning 6,200 acres, Angeline will host more than 30,000 residents upon completion. The community plan includes 3,600 acres of green space and access to trails along with office and retail spaces. The Moffitt campus alone will take up 775 acres.

The Moffitt campus will not only offer cancer treatments but also feature a 250,000-square-foot research center.

A state-of-the-art proton flash therapy unit is slated to open at Speros in 2026.

Why it matters: This integrated approach of merging agriculture with residential living not only fosters a healthier lifestyle but also encourages sustainability and community engagement.

It reflects the shifting dynamics in the real estate sector, potentially setting a new trend for future developments.

Bottom line: Angeline's model exemplifies a transformative trend in the housing market, where the emphasis is not just on building homes, but on nurturing communities and fostering healthier, more sustainable lifestyles.

🔥 Tampa Bay ranks among hottest U.S. housing markets

Tampa Bay is making waves as one of the hottest housing markets in the U.S.

The reason?

It’s seen a pretty big jump in home values and has a low unemployment rate, all during the pandemic no less.

What’s happening: A recent study by Bankrate tossed together a bunch of factors including home price appreciation, population growth, number of home listings, how long homes sit on the market, and unemployment rate to determine where the hottest housing markets are in the U.S.

The breakdown: The Tampa-St. Petersburg-Clearwater metro area ranked third overall, ninth in home appreciation, 14th in job growth, and 18th in unemployment.

Right now, the median listing price in Tampa Bay is a cool $410,000, and homes are hanging around on the market for about 50 days. That's an increase of 23 days from last year.

Over in the North Port-Sarasota-Bradenton area, things are also looking pretty rosy. They've got the second rank for home appreciation, twelfth for population change, and 24th for unemployment.

What put us on top: Bankrate’s Chief Financial Analyst, Greg McBride, thinks the secret recipe for a strong housing market is pretty simple. Mix in low-cost and low-tax areas, a growing population, and sprinkle in a limited inventory of homes for sale.

Those factors make for a hot housing market and that’s exactly what we’re seeing in the area this summer.

Who’s on the bottom: And who's got the coldest housing market? Pittsburgh. Why? They're struggling with home appreciation and job growth.

Bottom line: Tampa Bay's housing market is on fire, making it a top contender in the U.S. But as always, high demand and prices could be a turn-off for some buyers.

💸 Property Values Are On The Rise in Pasco County

Pasco County is on the up and up. All those traffic jams and construction sites are a dead giveaway.

But here's the real kicker- property values have skyrocketed by 15.5% compared to last year. That's good news for the county commissioners - they might get to cross off a few more items on their wish list.

And here's a surprising fact - property values in Pasco’s east-side cities soared even higher. Dade City saw a whopping 24.5% growth, Zephyrhills 20%, and San Antonio 17.3%.

What you need to know: Rising property values mean rising property taxes. While no one gets excited about paying more taxes, this means that we will get more infrastructure improvements that our area needs.

Improvements to look for: The county commissions have a full wish list for the things we need in Pasco County.

The 145-item wish list includes new staff hires across departments, various maintenance projects, vehicles, capital equipment, training, beach sand and even library materials.

All these could add up to more than $40 million for the next fiscal year.

What they’re saying: County Administrator Mike Carballa did say they couldn't afford everything on the list, but that was when they thought property values would only increase by 12%. With a 15.5% increase, the game has changed.

Carballa also emphasized how the county is trying to capitalize on its growth by building and diversifying the tax base. He pointed out that just like everyone else, the local government is feeling the pinch of rising costs.

Leslie Porter, Dade City's manage believes that people are recognizing the city's historic charm, unique shops, restaurants, and its safe community vibe.

The higher property values, she says, will help offset inflation and improve services for residents.

Values by the numbers: In Pasco, new construction accounted for a hefty $2.46 billion increase in value. The total property value for running the county now stands at a staggering $47.2 billion. Even Dade City had $40.7 million in value from new constructions, pushing its total to $537 million.

What’s next: Final property values will be out in a month or so, but local governments are already figuring out their spending plans for the next fiscal year, starting Oct. 1.

Bottom line: Pasco County's property value surge isn't just a sign of its booming real estate market. It's a ticket to some much-needed improvements and investments in the community. Let's see how this growth spree shapes the county's future.

🏘️ The Most Comprehensive Guide to The Angeline Project in Land O’ Lakes

https://www.bellohometeam.com/blog/detail/104/1/the-angeline-project-in-land-o-lakes-why-we-didnt-rank-it-an-a-community-ultimate-guide

Imagine living in a community that is not just a place to live, but a lifestyle. A place where health and wellness are at the forefront, where nature and modern living coexist, and where the future is being built today.

Welcome to The Angeline Project, a groundbreaking master-planned community in Land O’ Lakes, Florida.

Angeline has innovation and entertainment at every corner. Residents will enjoy Moffitt Cancer Center’s new 775-acre Speros FL campus, community farm, up to 100 miles of trails and paved pathways, 3,600 acres of green space, Pasco County park, Lagoon and a brand new STEM magnet school.

The future is here! And now. At Angeline in Land O’ Lakes, Pasco County. Check out the ultimate guide to The Angeline Project now.

📦 Tampa Bay Home Buyers Head to the Suburbs For Better Deals

Median home sale price in the Tampa Bay metro area, by neighborhood type

The hunt for affordable houses in Tampa Bay is getting tougher. With prices rising, finding a move-in ready home under $400,000 within a 15-20 minute radius of Tampa is becoming a bit of a pipe dream.

What's happening: Buyers have to make a choice between space and location to fit their budget. If you're a first-time buyer who dreams of having a yard and plenty of space, you might have to set your sights on the suburbs. But if you're dead set on the urban life, townhouses might be your best bet.

Details: Tampa Bay's real estate market is sizzling hot right now, says Redfin senior economist Sheharyar Bokhari. Low inventory and high competition mean that buyers are making do with what their budget allows. In his words, "The cost will outweigh any amenity."

It’s especially tough for first-time home buyers to get a property in the downtown area. First-time buyers aren't just up against each other - they're also competing with short- and long-term rental investors who often pay in full cash.

By the numbers: In April, Tampa's median home price was $410,000, a 3% increase from last year, according to Redfin. Clearwater's median price is the same but has grown faster, increasing 9.3% over the year. Meanwhile, Sarasota's median price was $495,000, dropping 8.3% since January.

For buyers on a budget: Looking for cheaper options? Consider Brandon, Temple Terrace, Citrus Park and Land O'Lakes.

These areas have median home values below those in Tampa.

Bottom line: If you're a budget-conscious buyer, widen your search area if you want to find a Tampa Bay home that won't break the bank. Don't let the dream of urban living limit your options.

📊 Our Current Local Market Data:

Don’t let news headlines fool you about real estate. The summer markets are definitely beginning to heat up.

Tampa markets are in constant demand, real estate is still considered the safest & soundest long term wealth builder, and home values didn’t crash. They’re positive month over month since January.