Happy Wednesday!

This week’s newsletter is packed with updates that showcase how Tampa Bay is shaping up for an exciting future!

Johns Hopkins All Children’s is expanding to Wesley Chapel, bringing new jobs and improved healthcare access to Pasco families. Also, with $10 million in new funding, the West Riverwalk expansion is set to redefine connectivity and recreation in West Tampa. Find out what’s next for this ambitious project!

We're also taking a look at the recent drops in mortgage rates as the spring market heats up. Check out what does this mean for you!

Hope you enjoy!

—Sean

🏥 Johns Hopkins All Children’s Expands Care with $300M Facility in Pasco

Driving the news: Johns Hopkins All Children’s Hospital will soon begin constructing a $300 million pediatric hospital in Wesley Chapel, Pasco County.

Groundbreaking is set for March 27, with the hospital expected to open in late 2027.

Details:

• The facility will span 239,000 square feet and initially include 56 beds, with potential expansion to 150 beds.

• Phase one of the project will create up to 300 new jobs in the area.

• The hospital will feature a 16-bed emergency department but will not have a trauma designation. Severe trauma cases will still be handled at the St. Petersburg location.

• Robins & Morton is the contractor, and HKS is the architect.

Why it matters: This new facility will provide essential pediatric care and reduce travel for families across Florida’s west coast.

For local residents, the project promises improved healthcare access, significant job creation, and a boost to the regional economy.

The big picture: Johns Hopkins All Children’s Hospital, a part of the renowned Johns Hopkins Health System since 2011, is expanding its reach beyond the Baltimore-Washington metro area.

This new campus follows the launch of a nearby outpatient care center earlier this month, showcasing the hospital's commitment to serving Florida families.

What’s next: The hospital will break ground in March, with completion targeted for the third quarter of 2027.

As the project unfolds, updates on construction and hiring opportunities will follow.

The bottom line: This state-of-the-art pediatric hospital is poised to transform healthcare accessibility for families in Pasco County and beyond, fostering community growth and well-being.

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💰 CRA Approves $10M for Tampa’s
Riverwalk Upgrade

Driving the news: Tampa’s West Riverwalk expansion just secured $10 million in funding from the Community Redevelopment Agency (CRA).

This allocation, approved by a 5-2 vote, will be disbursed over three fiscal years to support the $56 million project.

Details:

• Federal support: $24 million of the total funding comes from federal contributions.

• Project scope: Adds 1.6 miles of riverfront sidewalk, 2.75 miles of complete streets with bike and pedestrian paths, and two new bridges across the Hillsborough River.

• Community input: The West Tampa Community Advisory Committee endorsed the funding in November.

• Timeline: Design is 60% complete, and construction is expected to begin by late 2025.

Why it matters: This project offers more than a scenic upgrade. It connects West Tampa residents with downtown and encourages walking, biking, and recreation.

CRA Chair Gwen Henderson emphasized its value as critical infrastructure supported by the local community, addressing the needs of a growing and active population.

The big picture: While some councilmembers like Lynn Hurtak and Bill Carlson questioned the allocation of funds given other pressing community needs, the expansion stands to be a transformative investment in West Tampa's connectivity and livability.

What’s next: An additional $8 million in funding is being sought from the federal government and state legislature.

Meanwhile, negotiations with private property owners, like the University of Tampa, continue to finalize easements for the project’s path.

The bottom line: Once completed, the West Riverwalk will serve as a vital link between West Tampa and downtown, fostering stronger community connections and creating new spaces for residents to enjoy Tampa’s natural beauty.

📉 What Last Week’s Rate Drop Means for Buyers and Sellers

Driving the news: Mortgage rates fell last week after months of steady increases, aligning with lower-than-expected Core CPI data and hints from the Federal Reserve about possible rate cuts.

This drop comes as the spring home-buying season approaches, sparking discussions about whether rates will stay low.

Details:

• Mortgage rates now hover between 7.25%-5.75%, influenced by the 10-year Treasury yield's recent performance.

• While the 10-year yield briefly exceeded forecasts, a lack of surprising economic data pulled it back, alongside dovish remarks from Fed officials.

• Mortgage spreads, a key factor in rate calculations, are showing signs of improvement compared to 2023's highs, which could stabilize rates further.

Why it matters: For potential homebuyers, lower rates could mean a more accessible market just as demand typically rises in spring.

Additionally, improved mortgage spreads suggest housing affordability might get a boost, particularly if rates drop closer to 6%.

This could encourage more activity in the real estate sector and stimulate local economies.

The big picture: Despite positive signs, the market remains cautious. Inventory trends, a critical driver of price and accessibility, are still below historical averages, and pending sales data show only modest year-over-year changes.

New listings and purchase applications are rebounding after the post-holiday slump, but the market's recovery is uneven.

By the numbers:

• Weekly inventory change: Increased to 632,118 but still far from 2015’s levels of over 933,000.

• Pending sales: Slight year-over-year decline compared to 2024 but up from 2023.

• Price cuts: 33.45% of homes had price reductions, higher than in 2024 but lower than in 2023.

Between the lines: Fed officials’ growing caution about rate hikes reflects broader concerns about economic stability.

If bond market activity this week remains steady, it could support lower mortgage rates, particularly if jobless claims and home sales data remain moderate.

What’s next: This week’s economic reports, including bond auctions and jobless claims, will play a pivotal role in shaping near-term mortgage rate trends.

With market uncertainty lingering, all eyes are on the Fed's next moves and the ongoing recovery of housing inventory and sales.

The bottom line: The recent dip in mortgage rates offers a glimmer of hope for buyers entering the spring market.

However, affordability challenges remain, and future rate movements will depend on economic data and Federal Reserve policy.

📊 Our Current Local Market Data:

The Tampa Bay housing market is undergoing a transition after years of rapid growth. Home prices have moderated, with the median sale price in Tampa reaching $485,000 as of late 2024—a 21.3% year-over-year increase but at a slower growth rate than in previous years.

Increased inventory, up 7.3% compared to pre-pandemic levels, offers buyers more options. However, homes are staying on the market longer, reflecting a shift toward a more balanced market. Despite cooling trends, Tampa remains appealing due to its strong economy, population growth, and lifestyle offerings.

Several factors are shaping the current landscape. Tampa's job market is thriving, particularly in healthcare, technology, and financial services. The region continues to attract new residents, with its population expected to exceed 25 million by 2030.

Interest rates are stabilizing, and a surge in new construction is set to alleviate housing supply pressures. However, recent hurricanes have influenced buyer sentiment and increased insurance costs, adding layers of complexity to the market dynamics.

For buyers, increased inventory means more negotiating power and opportunities, especially for homes on the market for 45+ days.

Sellers, meanwhile, should focus on competitive pricing, curb appeal, and working with experienced agents to navigate the changing landscape. Looking ahead, Tampa is poised for steady growth, remaining a top real estate market to watch in 2025 despite challenges like affordability concerns and rising costs.

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:

• National builder to bring 700-home 'active adult' community to Pasco County

• Top things to do this week in Tampa Bay: Taco Fest, Gasparilla

• 9 places to eat and drink along the Gasparilla parade route in Tampa

• Tampa's Green Spine Cycle Track is Growing

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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