Happy Thursday!

I hope that you are enjoying this week between holidays with the people you love.

As the year comes to an end Tampa's economy is remaining strong. Our aquarium saw more visitors than ever this year and the port is making changes to accommodate growth in our economy.

We are also taking a look at what it means to refinance your home and whether or not that could be the right move for you in 2024.

Enjoy.

—Sean

🐬 Florida Aquarium reaches one million visitors for the first time

Driving the news: The Florida Aquarium, a prominent feature of Tampa's Channel district, achieved a historic milestone last week by welcoming its one-millionth visitor of the year.

This record-breaking attendance is a first in the Aquarium's history.

Details: Celebrations erupted as the Aquarium President and CEO, Roger Germann, announced the Narankevicius family from Tampa as the landmark visitors.

The family was greeted with applause, a special button, a gift basket, a year-long membership, and various souvenirs.

Why it matters: This achievement highlights the Aquarium's growing appeal and its significant role in Tampa's cultural and tourism landscape.

The introduction of the MORPH’D gallery this summer has been instrumental in attracting a broader audience.

The big picture: The Aquarium is not just a tourist attraction but a key player in the urban development of Tampa's Channel district.

Discussions are ongoing about extending the Tampa Riverwalk to integrate more of the waterfront into the city’s urban fabric, reflecting a push for greater accessibility and engagement with the city's growing population.

By the numbers: The Florida Aquarium is ranked eighth nationally in size, with its tanks holding 500,000 gallons of water.

In contrast, the Georgia Aquarium, the largest in the U.S., boasts over 11 million gallons.

Between the lines: The Aquarium's success is not solely due to visitor numbers. Its conservation efforts, particularly in marine wildlife and habitat restoration, have been commendable.

Significant strides have been made in sea turtle and coral population recovery.

What’s next: Looking forward, the Aquarium is undergoing its largest expansion yet, a $40 million project slated for completion between late 2025 and early 2026.

This expansion is part of a broader $45 million fundraising initiative, recently boosted by a substantial donation from the Vinik Family Foundation.

The bottom line: The Florida Aquarium's milestone in visitor numbers, alongside its active role in conservation and community development, underlines its growing importance in Tampa's economy.

Its expansion and future projects promise to enhance its impact and reach in the coming years.

🚢 New berth for Titan America at Port Tampa Bay to move forward in 2024

Driving the news: The Hillsborough County City-County Planning Commission has greenlit a pivotal project at Port Tampa Bay.

This initiative, crucial for reducing cargo congestion, focuses on constructing a new berth (the area where a ship is docked and tied up) exclusively for Titan America, a leading cement and building materials producer.

Details: Port Tampa Bay has secured approval for a standard work permit to develop Berth 218. This development is set to alleviate the burden on Berth 219, currently a hub for cold storage products and building materials.

Berth 219, situated at Hookers Point's southern edge, will witness less pressure, enabling Titan America to operate independently while another vessel unloads at the adjacent berth.

Titan America currently transports 500,000 tons of product annually through Berth 219.

The new Berth 218 will be constructed using a steel sheet pile bulkhead and will involve over 50,000 cubic yards of imported fill.

Why it matters: This project is a strategic move to optimize port operations and manage the increasing cargo traffic effectively.

By creating a dedicated berth for Titan America, the port aims to streamline its logistics, enhancing efficiency and productivity.

Between the lines: This infrastructure enhancement is not expected to negatively impact navigation or the environment.

The proposed location has already been dredged to accommodate large vessels.

What’s next: The $19.5 million project, currently open for bids with a deadline of January 11, will be presented at the port board meeting in February 2024.

Construction is anticipated to start in March 2024, with an estimated completion time of 8-9 months.

The bottom line: Berth 218 symbolizes a significant step forward for Port Tampa Bay.

It aligns with the port's strategic plans to accommodate the expected increase in activities due to ongoing economic growth, as highlighted in the port's application to the planning commission.

🏠 Should you refinance your mortgage in 2024?

Driving the news: With fluctuating interest rates and economic shifts, homeowners are contemplating whether 2024 is the right time to refinance their mortgages.

This decision is particularly relevant for those who purchased homes at peak rates and are now facing potential benefits from a rate and term refinance.

Details: The mortgage landscape has been volatile, with historic lows in 2021 shifting to much higher rates. This scenario has profound implications for homeowners and the overall housing market, influencing decisions on homeownership and refinancing.

With potential rate cuts by the Federal Reserve in 2024, homeowners, especially recent buyers, might find refinancing advantageous.

When to consider refinancing: These are some scenarios where you should look at your loan and consider refinancing:

• Lower Interest Rates: Consider refinancing if mortgage rates have decreased significantly since you took out your original loan. A rule of thumb is to refinance when you can lower your interest rate by at least 0.75 to 1 percentage point.

• An increase in income: If you find yourself making more money, refinancing to a shorter-term loan, like switching from a 30-year to a 15-year mortgage, can save you money in the long run. This usually increases your monthly payments but significantly reduces the total interest paid over the life of the loan.

• Improved Credit Score: If your credit score has improved since you first secured your mortgage, you might qualify for a lower interest rate. Lenders offer better rates to borrowers with higher credit scores, as they pose a lower risk.

• Removing Mortgage Insurance: Refinancing can also help you eliminate the need for mortgage insurance. This is particularly relevant if you have built up sufficient equity in your home (typically 20% or more).

• Tapping into Home Equity: A cash-out refinance allows you to access the equity you've built up in your home, which can be used for various purposes like debt consolidation, home improvements, or other significant expenses.

You should always consider the closing costs of refinancing and calculate the break-even point — the time it takes for the monthly savings from the new mortgage to outweigh the refinancing costs. This analysis will help you determine if refinancing is financially worthwhile.

Why it matters: Refinancing can lead to significant financial benefits, such as lower monthly payments, faster mortgage payoff, and access to home equity.

For those who secured mortgages at higher rates, a reduction in interest rates could mean substantial savings and more manageable loan terms.

What’s next: Homeowners should closely monitor interest rates and economic indicators in 2024.

Those who purchased homes at higher rates should particularly consider refinancing if rates drop, ensuring they meet the criteria for substantial savings.

The bottom line: The decision to refinance a mortgage in 2024 hinges on a complex interplay of interest rates, individual financial situations, and market trends.

Homeowners should stay informed and consult with financial experts to determine the most beneficial course of action for their specific circumstances.

📊 Our Current Local Market Data: 

Both the Tampa and Pasco County real estate markets are showing signs of cooling off and normalizing after a period of rapid price appreciation.

Homes are spending slightly longer on the market than they were last year.

Outlook:

• Both the Tampa and Pasco County real estate markets are expected to remain strong in the near term.

• However, the rate of price appreciation is likely to slow.

• Homes are expected to spend more time on the market.

• Inventory levels are expected to continue to increase.

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:

• The Tampa New Year’s Eve Events Guide
  

• Tampa International Airport looks to fill hundreds of jobs in 2024
  

• Pasco schools begin looking ahead to new school start times

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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