Happy Thursday!

I am amazed at all of the things that go on behind the scenes to make Pasco County such a wonderful place to live.

Did you know that we have “ready sites” where employers can build new facilities fast? This is a genius idea for helping our job market grow with the population.

Today we’re also talking about changes with the new USF stadium plans and looking at how it’s much easier to start investing in real estate thanks to some big changes at Fannie Mae.

Enjoy.

—Sean

💪 Pasco County uses 'Ready Sites' build and boost the local job market

Driving the news: Pasco County, Florida, witnessing a population surge, is proactively enhancing its local job market through the Pasco Economic Development Council's (EDC) 'Ready Sites' program.

Launched in 2015, this initiative is transforming vacant lands into industrial zones, attracting major employers, and fostering economic growth.

Details: The Ready Sites program collaborates with landowners, local governments, and utility companies to rezone and prepare large tracts of land for industrial use.

These sites are "shovel-ready," allowing for immediate construction and development.

Why it matters: As Pasco County becomes an increasingly popular destination, the need for a robust job market in becoming more critical.

Our area is getting large enough to support a local economy instead of just functioning as a bedroom community for Tampa.

The Ready Sites program directly addresses this need by creating job opportunities and making the area more attractive for large businesses.

The big picture: The program's success is evident in its ability to attract big players like Amazon and Bauducco Foods.

Amazon's new facility at Eagle I Industrial Park and Bauducco's purchase at the Zephyrhills Airport Industrial Park are set to create over a thousand jobs combined, significantly bolstering the local economy.

By the numbers: Since its inception, the Ready Sites program has developed at least five sites across Pasco County, ranging from 100 to over 1,000 acres, demonstrating significant growth and scalability.

Between the lines: Pasco County has attractive geographic advantages, such as its proximity to major Florida cities and ports, making it a strategic location for businesses requiring efficient logistics and transportation networks.

What’s next: The continued expansion of the Ready Sites program is expected to attract more major companies to Pasco County, further enhancing job opportunities and economic growth.

The bottom line: The Ready Sites program in Pasco County represents a strategic and effective approach to local economic development, aligning infrastructure readiness with market demands and positioning the county as a key player in Florida's economic landscape.

🎥 Your Complete Guide to Long Lake Ranch

Is this incredible Land O’ Lakes community a good fit for your family? I’ll take you through everything you need to consider in my latest YouTube video.

😮 USF terminates design-build contract for its new football stadium

Driving the news: The University of South Florida (USF) has terminated its design-build contract with Michigan-based Barton Malow for its new football stadium.

The agreement, initiated in March, is set to be replaced by a new construction management firm, a move confirmed by USF following a report by a Twitter fan account.

Details: USF's procurement office signed the termination document on Nov. 28.

The stadium, planned to be ready for the 2026 season, remains on schedule with construction set to begin in 2024. Kansas City-based Populous, part of the original design team, will continue its collaboration with USF, maintaining project continuity.

By the numbers: USF initially agreed to spend up to $22 million in the design phase. A $200 million loan deal with Truist Bank and additional funding sources, including a $30 million sale of broadband service licenses to T-Mobile, are part of the financing plan for the estimated $340 million stadium.

Why it matters: This change signifies a major shift in USF's approach to building the stadium.

The new management model aims to provide the university with more control over design and cost efficiencies, which is crucial for staying within the project's budget.

Between the lines: The termination clause in the original agreement allowed USF to end the contract without penalty before finalizing the project's cost.

Payments for services rendered by Barton Malow and Populous are expected, as per the contract's terms.

What’s next: An upcoming USF Board of Trustees meeting will provide further insights into the stadium project's future and the implementation of the new construction management model.

Decisions regarding funding, including the broadband service license sale, will also be discussed.

The bottom line: USF's decision to terminate the contract with Barton Malow and shift to a new construction management approach reflects its commitment to maintaining control and efficiency in building its new football stadium while ensuring the timeline and budget are locked in.

🏠 Game changer for real estate investing: Fannie Mae slashes down payment requirements

Driving the news: In a significant move, Fannie Mae has announced a reduction in the required down payment for owner-occupied, multi-family properties (2-4 units) to just 5%.

This change opens up new opportunities for aspiring homeowners, especially those interested in purchasing multi-unit properties to live in one unit while renting out the others.

Details: Previously, a 15% down payment was needed for a 2-unit home and 25% for 3 to 4 unit homes. Now, with the threshold lowered to 5%, potential buyers can save 10%-20% less than before, accelerating their path to homeownership.

This policy change applies to various mortgage types, including renovation loans, broadening its impact.

However, it's important to note that the 5% down payment doesn't apply to multi-family home purchases in high-cost areas.

Why it matters: The lowered down payment requirement significantly reduces the financial barrier for first-time homebuyers and those struggling to accumulate a large down payment.

It makes homeownership more accessible and allows for immediate investment through rental income.

The big picture: Fannie Mae, also known as the Federal National Mortgage Association, is a government-sponsored enterprise that plays a crucial role in the U.S. housing market.

Established in 1938, Fannie Mae doesn't directly provide loans but buys mortgages from lenders, repackages them into mortgage-backed securities, and sells them, thus replenishing lenders' funds to originate more loans.

What’s next: Prospective buyers should start by consulting with a loan officer to understand their financial capabilities and the specific requirements for qualifying under Fannie Mae's revised policy.

This step is crucial in determining affordability and the viability of a multi-family property purchase.

The bottom line: Fannie Mae's decision to lower the down payment requirement for multi-family homes is a game-changer, particularly for those who see homeownership as a distant dream.

It not only makes purchasing a home more attainable but also offers a strategic path to generate rental income, potentially transforming the landscape of home investment for many Americans.

📊 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:

• Tampa Oyster Festival is the ultimate foodie event to close out 2023
  

• The Blitz Inn at Barterhouse is the coolest Christmas bar in Tampa
  

• Selby Gardens has one of the most beautiful holiday light displays in Florida

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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