Happy Thursday!

Pasco and Tampa have great updates this week.

Salaries in Florida are growing faster than the national average, and Pasco is getting a huge new multi-use development.

We are also looking at the billion-dollar value gains homeowners saw in Tampa in 2023.

—Sean

💸 Florida's Wage Growth Surpasses National Average

Driving the news: A recent ADP report indicates Florida's wage growth is surpassing the national average, with workers in the state experiencing a 5.6% increase in median annual salary, reaching $51,900.

Details: The report examines salary trends for nearly 10 million individual employees over a 12-month period.

This analysis shows that Florida's wage growth rate outstripped the national average of 5.1% for those in continuous employment over the past year. Florida's wage growth was 5.6%.

Why it matters: The increase in wages, particularly in Florida, signifies a robust economic environment and reflects sector-specific growth.

It's a critical factor for economic policy and individual financial planning.

The big picture: Nationwide, the median annual pay gain for job stayers was the smallest since August 2021.

However, job switchers saw a median pay increase of 7.6%, marking the first rise since November 2022.

What’s next: According to ADP's Chief Economist Nela Richardson, while pay gains are moderating, they remain above inflation, indicating a balanced labor market that may not heavily influence Federal Reserve rate decisions in the near term.

The bottom line: Florida's wage growth outpacing the national average reflects a strong state economy and dynamic job market, with significant implications for workers and policymakers alike.

🏠 Just Listed ➡️ $469,900 Townhome in Long Lake Ranch

🏡 Welcome to the Sebring Townhome! Nestled in Lutz, this elegant abode built in 2022 features 3 beds, 2.5 baths, and spans 2,243 sq ft with a 2-car garage and bonus loft area.

Step inside to discover:

• Chef's dream kitchen 🍳 with Whirlpool stainless steel appliances, custom Sonoma Linen cabinets, quartz dolce countertops, and subway-style glass backsplash.
  

• Inviting open floor plan 🏠 adorned with plank tile flooring.
  

• Morning coffee oasis ☕️ on the rear screened patio with brick pavers.
  

• Luxurious owner's suite 🛏️ featuring two walk-in closets and a spacious ensuite bathroom with double vanities and a walk-in shower.
  

• Smart Home Tech package 📱 for added convenience and security.
  

• Resort-style amenities 🏊‍♂️ in a maintenance-free gated community, including a pool, dog park, and playgrounds.

Experience luxury and convenience in this award-winning townhome! Don't wait, schedule your viewing today and make this your dream home.

🚧 $2B Mixed-Use Development Begins in Pasco County

Driving the news: DoubleBranch, a major mixed-use development in Pasco County, is rapidly taking shape, with the first phase well underway.

Details: Underground utilities are being installed, and permits are being secured for the initial phase of industrial development.

The first phase will comprise 481,000 square feet of warehouse space across three buildings, ranging from 124,000 to 202,000 square feet.

Columnar Holdings, the master developer, purchased most of the site — 875 acres out of 965, marking one of 2022's significant real estate transactions.

Columnar Holdings invested $60 million by September 2023 and anticipates a total investment exceeding $2 billion.

A substantial portion of funding comes from a Pasco County incentive package worth $55.8 million, primarily in property tax rebates.

Why it matters: DoubleBranch signifies a substantial investment in Pasco County, potentially exceeding $2 billion, contributing to economic growth and infrastructure development.

The project demonstrates collaborative efforts between the private sector and local government, aiming to stimulate economic activity and job creation.

The big picture: Vertical construction for the industrial space is expected to commence in the third quarter, marking a significant milestone in the project's timeline.

The development is poised to cater to diverse industries, including building supply distributors and the life sciences sector, aligning with Pasco County's strategic focus.

Between the lines: Interest in speculative warehouse space highlights the demand for industrial real estate, driven by evolving market dynamics and regional economic trends.

The development's strategic location along State Road 52 positions it favorably for attracting businesses and residents, capitalizing on transportation infrastructure and accessibility.

What’s next: Vertical construction for the industrial space will progress, alongside efforts to lease out available spaces and attract tenants from various industries.

Future phases of DoubleBranch will include a garden-style apartment complex, retail spaces, medical offices, and potentially a hospital, contributing to a vibrant mixed-use community.

The bottom line: DoubleBranch emerges as a transformative development in Pasco County, reflecting a convergence of investment, infrastructure, and economic opportunity, with significant implications for regional growth and prosperity.

💪 Tampa Bay Metro Home Values Rose $24.2B in 2023

Driving the news: The Tampa Bay metro area's home values increased by $24.2 billion in 2023, a 4.7% rise, slightly trailing the national growth rate, as per a Redfin report.

Details: The total estimated home value in the Tampa-St. Petersburg-Clearwater area reached $538.50 billion by year-end.

Nationally, the home value growth was reported at 5.3%, with the total U.S. market valuation hitting $47.5 trillion.

Why it matters: The rise in home values signifies a robust housing market in Tampa Bay, despite the national trend of slowed growth.

This local surge contributes significantly to homeowner equity, impacting both the regional economy and individual wealth.

The big picture: Redfin's analysis covered over 90 million U.S. residential properties, highlighting a nationwide housing wealth increase, partly due to a persistent supply shortage.

This shortage has kept home values buoyant, even amidst varying market demands.

Between the lines: The national upswing is attributed to the aftereffects of the pandemic's housing boom and a recent uptick in new constructions, despite a slowdown in 2022.

Tampa Bay’s market outperforms some regions with its substantial inventory growth, ranking third in the U.S. for increased active listings.

What’s next: Economic forecasts suggest potential relief for homebuyers, with anticipated mortgage rate declines by the end of 2024, possibly easing the path to homeownership.

The bottom line: Tampa Bay’s real estate market showcases resilience and growth, benefiting current homeowners.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are heating up as we get closer to the spring months.

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’s 30 restaurants in the MICHELIN Guide
  

• These landmarks are on the new ‘Tampa Edition’ of Monopoly 
  

• Royal Caribbean launching new international cruises from Tampa in 2025

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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