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👀 Game-changing new home options in Tampa & USF stadium inches forward

👀 Game-changing new home options in Tampa & USF stadium inches forward

Here's some good news about Tampa Bay and Pasco this week.

Sean Bates
September 14, 2023

Happy Thursday!

Tampa has some major developments in the works that will be exciting for residents all over the area.

Keep reading to learn about the new construction options popping up everywhere and the new USF stadium!

—Sean

🧱 AQUA Towers to Bring Resort-Style Living to Westshore

Driving the news: A new luxury residential development is coming to Tampa Bay. AQUA at Westshore Yacht Club, will be located in the gated Westshore Yacht Club community.

The development is a sign of the growing demand for luxury housing in Tampa Bay.

Details: AQUA will face entirely west towards the bay and feature magnificent sunset water views with spacious layouts.

The luxury community will have many different resort-style amenities for the residents to enjoy including:

a rooftop infinity-edge pool
golf simulator
pickleball
private owners lounge
spa
steam rooms
fitness center
screening room
children’s playroom
private dining room for catered events
residents’ sports bar and billiard area
guest suites
3rd-floor pool
valet parking
co-work space business center

By the numbers:

3 luxury residential towers; 17 stories each
230 luxury condos
26 townhomes
Prices start around $1.5M
Sales began in early 2023 for Tower 1

Why it matters: AQUA is the final opportunity to purchase a new, luxury tower residence in one of South Tampa's most desirable neighborhoods.

The project is also expected to create hundreds of jobs during construction and generate millions of dollars in tax revenue for the city of Tampa.

The big picture: The development of AQUA is a sign of the continued growth and vibrancy of the Tampa Bay area. AQUA is a major investment in the future of Tampa Bay, and it is a testament to the city's attractiveness as a place to live, work, and play.

Between the lines: The development of AQUA is a major win for the Westshore Yacht Club community. The project is expected to raise the profile of the community and attract new residents and businesses.

What's next: AQUA is currently in the pre-construction phase, but sales for Tower 1 began in early 2023. Construction should take approximately 2 years and wrap up in 2025.

The bottom line: AQUA at Westshore Yacht Club is a testament to Tampa's attractiveness as a place to live, work, and play. The development will invite a new level of luxury to the area and create hundreds of jobs to strengthen our economy.

🏈 USF Awarded $25M for New Stadium

Driving the news: Tampa General Hospital has awarded the University of South Florida athletics department $25 million to pave the way for the new state-of-the-art on-campus stadium.

This is TGH’s most substantial donation to date and is designated for naming rights within the stadium.

Details: Dubbed the Tampa General Hospital Center for Athletic Excellence, this stadium is to become the hub of USF's athletic infrastructure.

Back in June, the green light for the project was given by the USF Board of Trustees, with 2026 earmarked as the inaugural year.

However, before the foundation stone is laid, the Florida Board of Governors must ratify the $200 million debt proposal.

Why it matters: Besides bolstering USF's athletic prowess, the stadium also serves TGH's healthcare mission.

The blueprint incorporates clinical areas for a myriad of behavioral health services, further enhancing the bond between TGH and USF Health.

What’s next: The Florida Board of Governors will convene in the coming days with the stadium's financing plan on the agenda. The decision will be pivotal in determining the project's trajectory.

The bottom line: The symbiotic relationship between USF and Tampa General Hospital promises to benefit the university, its students, and the broader Tampa community.

This initiative is expected to increase engagement for students, faculty, and alumni by transforming the campus experience.

🛠️ High Mortgage Rates Cause New-Build Boom in Tampa

Driving the news: Tampa Bay builders are offering creative financing plans to buyers as U.S. mortgage rates hit a 20-year high.

Details: Some builders are offering smaller, more affordable houses to lure first-time buyers. Others are offering multi-family units.

Some are offering mortgages with lower interest rates than what is available to the general public. Their relationships with lenders allow them to “buy down points” and can sometimes knock a full percent off of the rate.

Why it matters: The high mortgage rates are making it more difficult for buyers to afford homes, so builders are offering unique financing plans to make their homes more attractive and affordable.

The big picture: The new-build boost comes after rising interest rates slowed pandemic-driven home buying demand.

By the numbers:

Sales of existing U.S. homes slid 19% from last year, while new home sales soared 24%, according to June figures.
The number of listings coming onto the Tampa metro market is down nearly 29% compared to June 2022.
The number of new homes sold in the South rose 21.4% in June compared to a year earlier.
Existing home sales fell 16.2% during that time.
New homes comprised nearly a third of total inventory in May, exceeding their typical 10%-to-15% share.

What’s next: It remains to be seen how long the high mortgage rates will last, but in the meantime, builders are likely to continue offering creative financing plans to attract buyers.

The bottom line: New construction homes are becoming a much more attractive option to buyers in the Tampa area and across the U.S.

📊 Our Current Local Market Data:

The Pasco and Tampa markets are still hot for several reasons:

Inventory is low
Our job market is desirable
Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying strategy that will allow you to navigate the current market.

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