Happy Wednesday!

Stay tuned for some news about Tampa and Pasco this week!

Lennar bought a HUGE piece of land in Pasco and we will see many new homes popping up soon. The Garrison lot by the port is now generating so much revenue that redevelopment plans have been delayed.

We’re also diving into some data about the best week of the year to sell your home in 2024 —and it's coming up!

—Sean

🏡 Lennar Buys 80 Acres in Pasco County for Hundreds of New Homes

Driving the news: Lennar has acquired 82 acres of land in Land O'Lakes for $7.76 million.

Details: The company plans to build 210 homes on the site, which is located on State Road 52 near the Three Pines Preserve hunting area.

The land purchase was finalized on March 12, according to Pasco County property records. Kokolakis Contracting of Tarpon Springs, represented by Bill Eshenbaugh of Eshenbaugh Land Co., sold the property to Lennar.

Why it matters: The acquisition demonstrates the ongoing interest of homebuilders and residential developers in Pasco County, despite the county's efforts to promote industrial development.

The big picture: Pasco County has traditionally been a bedroom community for Tampa commuters. However, county leaders are working to attract more industrial development to the area.

Despite this focus, residential development continues to thrive, as evidenced by Pulte Group's recent purchase of 200 acres in Spring Hill for a Del Webb-branded 55+ community.

What's next: The Florida Department of Transportation (FDOT) is currently in the design phase of a project to widen State Road 52 between Ehren Cutoff and Bellamy Brothers Boulevard, which will impact the area surrounding Lennar's newly acquired land.

The bottom line: Lennar's purchase of land in Pasco County for a new residential development highlights the ongoing demand for housing in the area, even as county leaders prioritize industrial growth and express concerns about the state's affordable housing initiatives.

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🌟 Under Construction 🌟

Presenting 5104 Kirkwood Ave, Spring Hill – a contemporary marvel by Santabarbara Homes LLC, crafted for the ultimate living experience.

🛏️ 3 Beds | 🛁 2 Baths | 📐1,910 sqft

This future home will feature:

🍳 Gourmet Kitchen with Top-of-the-Line Custom Quartz Counters & Stainless Steel Appliances
🛌 Oversized Master Suite with Luxurious 8' Ceiling Tray & King-Sized Space
🛁 Elegant Master Bath with Quartz Counters, Soaking Tub & Separate Shower
👔 Large Interior Laundry Room with Extra Cabinetry
🚗 Oversized 2-Car Garage, Perfect for Extra Storage
🏊 Roomy Lot with Ample Space for a Pool
🌟 Energy-Efficient Build & Modern Design Elements
🗺️ Prime Location in Spring Hill, No Flood Insurance Required
📦 2-10 Home Warranty for Peace of Mind

📍 5104 Kirkwood Ave, Spring Hill, FL 34608

Envision your life in this under-construction gem at 5104 Kirkwood Ave, priced at $379,000, where luxury meets functionality in the heart of Spring Hill, FL.

🚘 Construction Plans Delayed on Sparkman Wharf Parking Lot

Driving the news: The Port Tampa Bay board has granted Strategic Property Partners (SPP), the developer of Water Street Tampa, a three-year extension to begin construction on the Garrison lot, a popular parking lot next to Sparkman Wharf.

The new deadline is set for Nov. 1, 2027.

Details: In 2018, SPP entered into a sale and land lease agreement with the port, which included a five-year timeline for starting construction on the Garrison lot.

Due to the COVID-19 pandemic, SPP was given a one-year extension in April 2020.

SPP, now solely owned by Cascade Investment LLC after Jeff Vinik sold his share in mid-2023, manages the 275-space Garrison lot and the nearby 1,800-space Channelside Parking Garage, while Port Tampa Bay collects the revenue.

Why it matters: As Water Street and Sparkman Wharf gain popularity, both SPP and the port have witnessed a significant increase in parking revenues from the Garrison lot.

Parking accounts for about 9% of the port's total revenue, with the Channelside Parking Garage and Garrison lot seeing year-over-year increases of 23% and 27%, respectively, between 2018 and 2023.

The big picture: Redeveloping the Garrison lot is considered crucial in connecting Water Street and Sparkman Wharf.

Initial plans from 2018 included two towers with 350 to 500 residential units, but SPP has maintained that these plans could change based on market conditions.

Between the lines: The extension also allows the port to use the Garrison lot for cruise provisioning and operations, amid ongoing discussions about the role of the cruise industry in Tampa's urban core.

Mayor Jane Castor, who sits on the port board, acknowledged the challenges that will arise as the Channel district grows near the port, particularly concerning parking and traffic management.

What's next: SPP will continue to assess the best use for the Garrison lot as the area develops, with no immediate plans to begin construction.

The port will continue to benefit from the increased parking revenues generated by the lot's popularity.

The bottom line: The three-year extension for the Garrison lot development highlights the evolving needs and priorities of both the developer and the port as the Water Street Tampa area continues to grow and attract visitors.

📅 The Best Week of 2024 to Sell a Home, According to Realtor.com

Driving the news: Realtor.com has released a new report identifying April 14-20 as the best week to sell a home in 2024, based on their market analysis and projections of housing market conditions.

Details: According to the report, listing a home during the week of April 14-20 will provide sellers with the most favorable mix of market conditions, including above-average listing prices, higher buyer demand, faster sales pace, reduced odds of price cuts, and less competition from other sellers.

Why it matters: Homeowners who list their properties during this specific week could potentially net an extra $34,000 on the sale of their home compared to listing earlier in the year.

With a majority of sellers (53%) taking about one month to prepare their homes for listing, now is the time to start making those preparations.

The big picture: Spring is generally considered the peak season for home sales, with buyers being more abundant earlier in the year.

However, the best time to sell can vary significantly from one market to another.

Between the lines: While some buyers may be waiting for mortgage rates to drop further before purchasing a home, the current inventory levels are nearly 40% below pre-pandemic levels, indicating a need for more options for existing buyers.

This suggests that it is still a favorable time for homeowners to sell their properties.

What's next: Homeowners planning to take advantage of seasonal trends to maximize their sale price should begin preparing now to list their homes during the week of April 14-20.

This will allow them to benefit from the ideal mix of market conditions projected.

The bottom line: The report provides valuable insights for homeowners considering selling their properties in 2024.

By carefully timing their listing to coincide with the most favorable market conditions, sellers may be able to achieve a higher sale price and a smoother transaction process.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are heating up as we get into spring.

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:

• Best places to live in America: 3 Tampa neighborhoods rank in top 10

• Women’s team in Tampa is first North American crew to win World’s Toughest Row

• City of Tampa rolls out new rules for e-Scooter, e-Bike parking to start month

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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