📉 January big win for buyers could be ending, $20B Building the Bay & Super Bowl Food Ideas

January real estate outlook, $20B coming to Tampa Bay, Tropicana Field Redevelopment, Super Bowl Food Ideas & more

February 08, 2023

Hope you're having a great February.

Whether you're getting ready for the Super Bowl this weekend.

Or if you're trying to understand and navigate this market, then hopefully this is helpful for you.

Here's what you can expect in this newsletter:

  • 📉 January Shows a Big Win For Buyers, But Maybe Not For Long...

  • 🏗️ $20 Billion: Building The Bay

  • ⚾️ Tropicana Field Redevelopment is Engaged, But Not Married Yet...

  • 📊 The Latest Local Numbers as of Feb. 7th

  • 🏈 4 Lists of Super Bowl Food Ideas, VRBO stopped 500 Super Bowl Parties, Tampa Restaurant Ideas for Valentine's Day & more!

- Sean

📉 January shows a big win for buyers, but maybe not for long...

The RealtorDotCom report expects home buyers to gain more leverage from three trends:

  1. lower mortgage rates

  2. stabilizing home prices

  3. increase of listings due to homes staying on the market longer

This is accurate, but it's missing the inventory and pent-up buyer demand problem... inventory is dropping...

And it's not a surprise. Stronger demand + fewer sellers = the housing market is robust already for the Spring.

If interest rates drop, which everyone suspects will happen throughout 2023 then low inventory, strong demand and lower rates (which drive buyers) will result in higher competition for each home.

This is crucial because if you want a better deal, seller concessions, etc. then you will likely not receive them later when rates drop and buyers are competing. Even though higher rates affect affordability there are options such as buying down rates permanently, ARM loans, etc that if you're serious about buying I strong recommend looking at.

But anyone who's telling you there's a housing crash or crisis, the crisis is the lack of inventory not a crash in home prices.

More importantly, when you buy a home you know you'll live in for 5 to 10 years then what happens in the market short term means nothing. Real estate is a sound and secure investment long term. This is why most wealthy individuals invest millions in real estate.

The Wealth Report by Knights Frank

"Don't wait to buy real estate. Buy real estate and wait."

🏗️ $20 Billion: Building the Bay

It's amazing what's coming to Tampa Bay. In Downtown alone, there's 3 master planned projects totaling over $20B revolutionizing Tampa's skyline forever.

+/-200 acres of land of projects. Those significant mixed-use sites spike growth around the properties near them. The updates do not include low-rise, mid-rise, townhome, or single-family projects.

  • Water Street Tampa - $3B transformation of Downtown Tampa will see many of its new restaurants opening up this Spring.

    • Boulon Brasserie a French Bistro, The Pearl a new oyster room + bar, Wagamama a modern asian concept, Wine on Water, monthly European sunday open-air market, and more.

  • Gas Worx - Will be one of the most walkable neighborhoods.

    • It's a 50-acre, 5,000 residences, more than 500,000 square feet of office space and more than 140,000 square feet of retail.

    • This project would be the biggest waterfront development in years on one of the last large vacant waterfront lots in downtown Tampa.

    • And it will activate the waterfront, bringing recreational vessels and super-yachts to one of the city’s only deepwater ports.

  • Westshore Marina District & Midtown - Are 2 major projects already in progress, similar to Water Street. Most of Midtown is already built up and Westshore Marina District is finishing its high rise condos, luxury townhomes, and restaurants.

And then there's numerous luxury condo + retail/commercial high rises coming in the next few years: Pendry, The Edition, and the Ritz Carlton Residences to name a few.

This is a great sign for the long-term growth of Tampa Bay because it brings in people and more money to the city, which brings more major companies and continued growth.

⚾️ Tropicana Field Redevelopment is Engaged, But Not Married Yet...

Although, Ken Welch, the mayor of St. Pete who wants to keep the Rays there, has chosen the Hines proposal- the Tampa Bay Rays will have the final call.

Here's what the Hines proposal includes:

  • They want to build a 7 million-square-foot, mixed-use development with a Rays stadium at its center.

  • It would include 5,700 multifamily units and 600 senior living residences, with more than 850 affordable and workforce housing units on-site, and about 600 such residences off-site.

  • And there would be office, retail and hotel space, a music venue, a new Carter G. Woodson African American Museum, full activation of Booker Creek and a connecting bridge.

Tampa will still attempt to woo the team with their competing plans with their Ybor stadium.

But Hines offered St. Petersburg the most money and guaranteed a new ballpark by the 2028 season. We will see who will win.

📊 The Latest Local Numbers

If you're curious about your home's value, let me know and I'll provide a free, no obligation, custom market analysis of your home.

Or if you want to get an estimated home value immediately, check it out here.

👀 In Other News:

That's all for this one!

Talk soon,

- Sean, the Bello Home Team

Was this forwarded to you? Sign up here.

Want to submit a question to us? Simply reply & let me know.