Happy Wednesday!

Tampa is breaking records this week!

The Florida Aquarium made it into the list of the top 10 best aquariums in America, and the Tampa International Airport is preparing for a record-breaking arrival of 3.4 million passengers this summer!

We are also taking a look at how new construction homes are one of the most attractive options for buyers when it comes to pricing and negotiations.

—Sean

🐳 Florida Aquarium Ranks Top 10 in America by USA Today

Driving the news: The Florida Aquarium in Tampa has been named one of the top 10 best aquariums in America by USA Today, following a public vote from a panel of travel experts.

Details:

• The Florida Aquarium is recognized for its exceptional exhibits, visitor experiences, and commitment to conservation.
  

• It saw over 1 million visitors in a year for the first time in 2023, generating an annual economic impact of $275 million.
  

• The aquarium's initiatives include animal rescue, ocean health advocacy, and educational programs.

Why it matters: The Florida Aquarium's success not only attracts tourists but also shows the city's dedication to environmental conservation and education.

Between the lines: The community's overwhelming support played a crucial role in achieving this recognition, a result of the aquarium's deep-rooted connection with Tampa residents.

What’s next: The Florida Aquarium plans to continue enhancing its exhibits and conservation efforts, bringing even more engaging experiences for visitors and further contributions to marine research.

The bottom line: The Florida Aquarium's top 10 ranking cements its status as a premier destination in Tampa.

🏡 Charming Pool Home Near Gulf Beaches for $689,900 in Largo, FL

This 3-bedroom, 2-bathroom home, nestled in the desirable Harbor Hills neighborhood, offers 1,804 sq ft of comfortable living space.

🔑 Highlights:

🌴 Lush Landscaping with Mature Palms & Ample Driveway Parking
☀️ Open Floor Plan with Ranch-Style Layout & Abundant Natural Light
🍽️ Spacious Living Room & Separate Family Room Overlooking Pool & Tropical Backyard
🔥 Two Living Areas Perfect for Entertaining & Everyday Living
🛌 Oversized Owner's Suite with Walk-in Closet & En-suite Bathroom
🚪 Extended Deck Lanai for Seamless Indoor/Outdoor Living
🏊 Resort-Style Pool & Fenced Backyard for Privacy & Relaxation
📍 Minutes from Shops, Restaurants, Boat Ramps & Award-Winning Gulf Beaches

Experience the best of Florida living in this charming home just a stone's throw from the Gulf Coast. 🏝️

📍 3750 Avocado Rd, Largo, FL 33770

💰 $689,900

✈️ TPA Braces for 3.4 Million Passengers This Summer

Driving the news: After a record-breaking spring break, Tampa International Airport (TPA) is gearing up to serve nearly 3.4 million passengers this summer.

This marks a projected 4% increase compared to the same period in 2023, as the airport prepares for the busy travel season between Memorial Day and mid-August.

Details:

• Daily Operations: TPA will handle an average of 238 daily departures, translating to 476 total daily flights.
  

• Peak Days: Memorial Day weekend days have been the busiest, with around 78,000 passengers each day. Other high-traffic days include June 2, July 6, July 20, and August 3.

Why it matters: The increase in passenger traffic is a sign of Tampa's growing appeal as a travel destination and highlights TPA's capacity to efficiently manage a high volume of travelers.

This influx is positive news for the local economy, boosting tourism and supporting local businesses.

Between the lines: TPA is introducing several new efficiencies to streamline the travel process.

Blue Express Curbsides offer a convenient alternative for drop-off and pick-up, bypassing the crowded main terminal areas. Additionally, online parking booking ensures a stress-free start to the journey.

What’s next: The construction of the Red Express Curbsides is underway and is expected to be completed by next summer.

The bottom line: TPA is well-prepared to handle the busy summer travel season, offering improved services and facilities to ensure a smooth experience for all passengers.

🏠 New Builds Dominate Home Market: What Buyers Need to Know

Driving the news: About one-third of single-family homes for sale in the U.S. in the first quarter of 2024 were new construction builds, maintaining last year’s level but nearly double the pre-pandemic rate.

Details: With fewer existing homes available, their prices have surged, while new home prices are more influenced by construction costs, demand, and interest rates. Builders are offering incentives like price cuts, mortgage rate buy-downs, and amenity upgrades to attract buyers.

Why we are seeing so many new construction homes:

Increased homebuilding: Builders ramped up construction at the start of the pandemic due to heightened demand from buyers benefiting from low mortgage rates and remote work. Single-family housing starts remain above pre-2020 levels.

Reduced existing home sales: Homeowners are holding onto their properties due to high mortgage rates, significantly reducing the inventory of resale homes.

By the numbers:

• New builds accounted for 33.4% of all homes for sale in Q1 2024.
  

• The median sale price for a new home in March was $430,770.
  

• New home prices are now only about 4% higher than existing homes, compared to over 40% before the pandemic.

Why it matters: The higher proportion of new builds provides buyers with more options in a market where existing home inventory is tight.

New construction also offers buyers the chance for more flexible pricing and incentives, making them an attractive alternative to existing homes.

The big picture: Despite a slight decrease from the peak share in 2022, new homes still dominate the market compared to pre-pandemic levels.

Builders are constructing around one million single-family homes annually, according to Robert Dietz, Chief Economist of the National Association of Home Builders (NAHB).

What’s next: As homebuilders try to sell off homes developed in 2021 and 2022, the supply of newly built homes remains high at 8.3 months, compared to 3.2 months for existing homes.

This surplus could lead to more competitive pricing and incentives for buyers.

The bottom line: The increase in newly built homes for sale offers potential buyers more opportunities and flexible pricing in a challenging market.

The trend of new builds dominating home sales is expected to continue as builders adjust to market conditions and buyer demand.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are HOT as we get into peak home-buying season!

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:

• Still looking for a fun summer camp? Tampa YMCA's Camp Sierra has room for more kids
  

• Tampa International Airport now offers daily nonstop flights to Germany
  

• Idalia flamingos have stuck around Florida — at least for now
  

• The Florida Aquarium in downtown Tampa debuts new bird show 'Feathers in Flight'

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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