Happy Wednesday!

I hope that you stay safe if you are traveling to see family for Thanksgiving this week.

The Tampa/Pasco economy has several exciting things happening as we head into the holiday season.

A new mixed-use development is coming to Pasco and new levels of luxury are coming to downtown at the Pendry!

There's also finally some great news for home buyers! The market is starting to go back to "normal" and you'll have more leverage in your negotiations now.

Enjoy.

—Sean

🧱 Abbey Crossings Project Hits Milestone in Pasco County

Driving the News: Abbey Development Partners LLC has secured a 300-acre site for Abbey Crossings, a mixed-use development along State Road 52 in Pasco County, signaling a significant advancement for the project.

Details: The acquisition by Abbey Development Partners marks a key preparatory step for Abbey Crossings.

Though the financial details remain undisclosed, this move paves the way for a comprehensive development plan, including industrial, retail, office, and residential spaces.

Abbey Crossings is set to transform the currently vacant land east of Interstate 75 into a bustling hub. The northern section is slated for warehouse and distribution facilities, while the southern expanse will house a combination of warehouse space, offices, retail outlets, and residential units.

By the numbers: Abbey Crossings' plan includes 500,000 square feet of warehouse space on the northern tract and a diverse allocation on the southern tract comprising up to 600,000 square feet for warehouses, 400,000 for office space, another 400,000 for retail, and 1,000 residential units.

Why it matters: This development is expected to significantly impact Pasco County's economic landscape, introducing a substantial mix of commercial and living spaces to the region.

The big picture: The project is a testament to the continued growth and attraction of the Tampa Bay area for major developments, marking Legacy Development Partners' third significant contribution to the region's expansion.

What’s next: With the site now selected, Abbey Development Partners and its collaborators, are focusing on the civil design work, with construction slated to begin in under a year.

The bottom line: Abbey Crossings stands to be a cornerstone development for Pasco County. It will introduce a dynamic space for businesses and residents alike while strengthening the area's economy.

💰 Pendry Residences Tampa celebrates $230 million in sales during groundbreaking

Driving the News: Pendry Hotels & Resorts, in collaboration with Two Roads Development, has started construction on Pendry Tampa, a landmark hotel and residential hub on the Tampa Riverwalk.

The project has raked in $230 million in sales to date.

Details: The development, comprising 220 hotel rooms and 207 residences is in the heart of Tampa's entertainment and cultural artery, adjacent to the bustling neighborhoods of Tampa Heights and Water Street Tampa.

With its strategic placement, Pendry Tampa is set to become the new benchmark for luxury living in the area.

Pendry Tampa is expected to redefine upscale living, drawing from a design philosophy that blends modern coastal Californian vibes with Florida's essence.

This highlights Tampa's Riverwalk as a prime destination for luxury living, as the residences will offer a range of amenities and exclusive access to bespoke services.

Why it matters: The success of Pendry Residences Tampa's sales underscores Tampa's burgeoning appeal as a hub for entertainment, business, and innovation.

Tampa's allure is growing on a national and international scale.

Between the lines: The project's impressive sales figures indicate a robust market for high-end condominiums in Tampa, signaling strong investor confidence and a desire for luxury accommodations that offer both hospitality and residential benefits.

What’s next: Future residents can anticipate a top-tier food and beverage program, and resort-style amenities, including a rooftop pool, Spa Pendry, and over 11,000 square feet of meeting space.

The bottom line: Pendry Tampa represents a new echelon of luxury for residential buyers in one of Florida's most vibrant urban landscapes.

🏠 More Than One-Third of Home Sellers Are Giving Concessions to Buyers

Driving the News: With a current climate of climbing mortgage rates, 35% of U.S. home sales incorporated seller concessions in recent months, a slight change from last year but a significant rise from the 27.6% observed two years ago.

Details: In a market recalibration due to mortgage rates hitting a 23-year peak, sellers are increasingly leveraging concessions to entice buyers.

This is a shift back to "normal" after the competitive landscape seen during the pandemic.

Concessions, as reported by Redfin agents, span from repair contributions to closing cost aid, excluding direct price reductions from listing negotiations.

Buyers are more empowered to demand concessions in these market conditions. They are wary of high purchase costs and are quick to walk away if terms don't meet their expectations.

The data suggests a cautious buyer sentiment, with a spike in deal terminations to 16.3% of homes under contract in September, the most since rates rose sharply in October 2022.

The rise in concessions is also influenced by a notable presence of new construction homes in the market, accounting for 30.6% of single-family homes for sale in the third quarter, driven by builders' efforts to offload inventory amidst a drop in listings by individual homeowners.

Yet, the market still experiences pockets of competition due to historically low inventory, partly because many homeowners opt to stay put, maintaining their low mortgage rates.

Why it matters: This concession trend shows a market adaptation where sellers are strategizing to navigate the cooling interest from buyers, who are contending with the financial squeeze of increased mortgage rates.

The big picture: The housing market is resetting from an extreme seller's market to a landscape where buyers are regaining negotiation power.

What’s next: As the market adjusts to the changing economic landscape, the evolution of seller concessions will be a key indicator of future real estate market health and dynamics.

The bottom line: It's a better time to be a home buyer than it has been in years if you can afford the monthly payment.

📊 Our Current Local Market Data: 

Both the Tampa and Pasco County real estate markets are showing signs of cooling off and normalizing after a period of rapid price appreciation.

Homes are spending slightly longer on the market than they were last year.

Outlook:

• Both the Tampa and Pasco County real estate markets are expected to remain strong in the near term.

• However, the rate of price appreciation is likely to slow.

• Homes are expected to spend more time on the market.

• Inventory levels are expected to continue to increase.

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:

• Enchant Christmas, with more than 1 million lights, opens this weekend
  

• Henry Plant Museum hosts beautiful Victorian Christmas Strolls for 42nd year
  

• Two of Tampa’s most iconic restaurants make OpenTable’s Top 100 list

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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