Happy Thursday!

We have lots of good news for Tampa and Pasco this week!

We have more info about the Orange Belt Trail plans and tourism is booming in Tampa.

We are also taking a look at how home sale profits are trending in the real estate market.

Enjoy.

—Sean

🚴 Orange Belt Trail: Pasco County's 37-Mile Scenic Pathway

Driving the news: Pasco County is launching a pivotal Project Development & Environment (PD&E) Study for the Orange Belt Trail (OBT), an innovative 37-mile walking and biking path poised to connect Trinity to Dade City.

Details: This trail isn't just a path; it represents a network of connectivity, linking diverse communities - Trinity, Odessa, Land O’Lakes, Wesley Chapel, and Dade City.

The OBT, tracing the route of the historic Orange Belt Railway, will offer a 12- to 14-foot-wide paved route for pedestrians, cyclists, and in parts, even equestrian enthusiasts.

Why it matters: The OBT is more than a trail; it's a potential catalyst for economic transformation in Pasco County.

It aims to blend nature with community cohesion, promoting an active, outdoor lifestyle while potentially boosting local economies.

The big picture: By integrating historical pathways with modern needs, the OBT stands as a testament to sustainable, community-focused development.

It underscores an evolving trend towards creating more inclusive and accessible public spaces.

By the numbers: The ambitious project carries a hefty price tag of over $40 million, funded primarily by the Penny for Pasco sales tax, a local initiative supported by Pasco County voters since 2004.

Between the lines: Tina Russo, a Pasco MPO transportation planner, highlights the historical significance of the OBT, paralleling the transformative impact of similar trails like the Pinellas Trail and the Coast-to-Coast route.

What’s next: With the PD&E Study underway, the next steps involve detailed planning and community input, ensuring the trail not only preserves the county's natural beauty but also serves its diverse population effectively.

The bottom line: The Orange Belt Trail represents a bold step towards integrating recreational spaces with community development, offering a scenic escape that promotes health, connectivity, and economic prosperity in Pasco County.

🏠 OPEN HOUSE 🏠

Open House on Sunday, 2/4 from 1 pm - 3 pm

🌴 Welcome to Your Florida Resort Dream Home! Located in Tampa's vibrant Bexley community, this 2022-built home offers 🛏️ 5 Bedrooms, 🛁 3 Bathrooms, and a spacious 2,615 Sqft layout.

🏊‍♀️ Resort-style community amenities
🌳 1,200 Acres of open space & 10 Adventure Trails
🏋️‍♂️ 11 Fitness Stations & state-of-the-art gym
🍽️ Nearby Twisted Sprocket Cafe & Thirsty Buffalo Brewing
🚴‍♂️ Close to Bexley Elementary & Rushe Middle School
🚗 Easy access to SR 54 & I-75
🍳 Chef's kitchen with granite counters & stainless appliances
🛠️ Vinyl plank flooring & open layout for entertaining
🛌 Luxurious owner’s suite with spa-like bath
🌳 Covered lanai & spacious backyard, ideal for pets & kids
🚀 Near the upcoming $106M Moffitt Cancer Center & many job opportunities

Experience the perfect blend of privacy, luxury, and community in this rare Bexley find!

🏖️ Phone Tracking Data Indicates Tampa Tourism Hasn't Slowed

Driving the news: Despite a year of fluctuations, Tampa's tourism scene has shown remarkable resilience and growth, particularly when viewed through a longer lens.

The city's appeal to tourists in 2023, as per phone tracking data by Placer.ai, presents a complex yet promising picture, with significant spikes in visitor foot traffic compared to pre-pandemic levels.

Details: Placer.ai's analysis, leveraging GPS data from smartphones, highlights a nearly 36% increase in visitors traveling over 250 miles to downtown Tampa since 2019.

The most notable surge occurred in April 2023, with an astonishing 80.5% increase in tourism foot traffic. However, the data also reveals a slight decline in visits during May, June, October, and November compared to the previous year.

The increase in family visits to downtown Tampa, from 25.9% in 2019 to 27.1% in 2023, alongside a median visitor household income rise from $85,100 to $91,800, indicates a shift towards a more affluent tourist demographic.

Why it matters: This trend underscores Tampa's evolving status not merely as a retirement destination or a youth-centric city but as a burgeoning hotspot for affluent families.

The uptick in households with children visiting, coupled with the rise in median household income among tourists, paints a picture of a diverse and economically robust visitor base.

The big picture: Tampa's tourism growth contrasts with broader challenges in the U.S. tourism sector, particularly concerning international visits.

Hindered by protracted visa wait times, the U.S. lags in global travel competitiveness, spotlighting the need for enhanced strategic focus and investment in the travel industry.

Between the lines: While Tampa enjoys a surge in domestic tourism, the overarching concern remains the U.S.'s waning position in the international travel market.

This juxtaposition highlights a critical area for policy intervention and strategic enhancement to bolster the U.S. travel industry's global standing.

What’s next: With Tampa's tourism on an upward trajectory, 2024 holds the potential for even greater growth.

The bottom line: Tampa's tourism sector exemplifies resilience and growth amidst broader challenges, with its diverse appeal attracting an increasingly affluent demographic.

However, for sustained growth, a strategic focus on enhancing the U.S.'s global travel competitiveness is imperative.

🏠 Home Selling Profits Top $120,000 in 2023

Driving the news: ATTOM's Year-End 2023 Home Sales Report reveals a significant trend in the real estate market: a decline in home selling profits for the first time in over a decade.

Despite this, profits remained high, with sellers netting over $100,000 in many parts of the U.S.

Details: The report highlights a $121,000 average profit for home sellers, equating to a 56.5% return on investment. However, this represents a slight dip from 2022's figures, where the gross profit stood at $122,600 and the ROI at 59.8%.

This decline is attributed to the smallest annual increase in median national home prices in more than ten years.

By the numbers: The U.S. median home price grew by a modest 2.1% to $335,000 in 2023, marking the slowest pace since 2011.

Yet, in over 75% of the analyzed metros, prices still rose from 2022 to 2023, with some areas like Hilton Head and Naples seeing double-digit increases.

Why it matters: These shifts indicate a cooling in the once red-hot housing market, influenced by fluctuating home prices, the economic climate, and changing buyer dynamics.

Despite the decline, 2023 still marked the second-highest ROI for home sellers on record, underscoring the continued profitability of real estate investment.

The big picture: The southern and western U.S. regions saw the highest seller returns but also experienced the most significant profit margin declines.

Metros like San Jose, Knoxville, and Seattle led with the highest ROIs.

Between the lines: The drop in profit margins was most pronounced in two-thirds of U.S. metros, particularly in the West and South.

This was due to the median sale price increase lagging behind the purchase price growth, highlighting the market's shifting dynamics.

What’s next: With the market adjusting to new economic conditions, experts like ATTOM CEO Rob Barber anticipate modest changes in home prices and seller gains moving forward.

The balance between lower interest rates, tight home supplies, and ongoing affordability challenges will shape the 2024 housing market.

The bottom line: While the housing market may be cooling, it remains a profitable venture for many sellers.

📊 Our Current Local Market Data: 

Both the Tampa and Pasco County real estate markets are showing signs of 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:

• Manatee Viewing Center sets huge new record for most manatees spotted

• BellaBrava's first Pasco restaurant is open in Bexley
  

• Publix opens Wesley Chapel store modeled after South Tampa prototype

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 

Was this forwarded to you? Sign up here.