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👀 Pasco's NEW Town, FL Insurance Answers & Increasing Your Home Value

👀 Pasco's NEW Town, FL Insurance Answers & Increasing Your Home Value

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
April 10, 2024

Happy Wednesday!

We’ve got a lot of updates on Tampa and Pasco this week!

Progress continues on the new Angeline town in Pasco County, and we have some good news for homeowners who are looking for better insurance options.

We are also taking a look at some home improvement options that could increase the value of your home by more than $10,000 in 2024!

—Sean

🧱 Progress Continues in Pasco’s Newest Town: Angeline

Driving the news: The massive 6,200-acre master-planned community of Angeline in Land O' Lakes continues to take shape, bringing a new "town" to northern Pasco County with residential, educational, medical, and commercial components.

Details:

Dozens of homes and a welcome center with a community garden have already been built
$52.7 million Angeline Academy of Innovation magnet school opened in August 2023
Plans for a town center, 3,600 acres of green space, extensive trail system
775-acre Moffitt Cancer Center medical city broke ground in January 2023
The first phase includes a 100,000 sq ft clinic, proton therapy center, and research facility

Why it matters: Angeline represents a significant new growth hub for the region, with the full-fledged "town" expected to house around 35,000 residents when complete, bringing major economic impacts.

The big picture: The development is enabled by ongoing transportation improvements like the new Ridge Road Suncoast Parkway exit, the Ridge Road extension to Land O' Lakes Blvd, and the widening of State Road 52.

Between the lines: In addition to Angeline, major developments like the 4G Ranch (3,800 homes, 300,000 sq ft commercial) are slated for State Road 52, accelerating more growth in this area.

What's next: Angeline's town center, trail network, and additional residential phases will continue advancing, alongside progress on the Moffitt medical city's subsequent development.

The bottom line: The rise of Angeline shows Pasco County's rapid transition into a regional residential and commercial hub.

This expansion is possible thanks to strategic infrastructure investments and well-planned development phases.

🏠 Discover Backyard Serenity for $699,900 in Largo

Just wait until you see the backyard… The outdoor space on this property is absolutely stunning!

Step into 3750 Avocado Rd in Largo, a home with a pool that spans 1,804 sqft nestled just minutes from the Gulf Beaches.

🛌 3 beds | 🛁 2 baths

This home features:

🏡 Ranch-Style Layout with a Comforting Split Plan Design
🌴 Fenced Yard with Resort-Like Pool & Extended Deck Lanai for Ultimate Relaxation
🛏️ Spacious Owner's Retreat with Walk-In Closet & En-Suite Bathroom
🌞 Light-Filled Living Areas Overlooking Tropical Landscaping
🏊 Sparkling Pool Amidst a Lush, Meticulously Landscaped Garden
🌺 Two Generous Guest Bedrooms with Shared Access to the Guest Bathroom 🚗 Long Driveway with Ample Parking Space
🌳 Situated in the Desirable Harbor Hills Neighborhood
🛍️ Close Proximity to Shops, Restaurants, and Public Boat Ramps
🏖️ Minutes from Award-Winning Gulf Beaches

Priced at $699,900, this home offers a unique blend of character and warmth, perfect for those seeking a tranquil yet convenient lifestyle in Largo, FL.

📍 3750 Avocado Rd, Largo, FL 33770

🏡 A Top Florida Property Insurer Is Expanding During Crisis

Driving the news: American Integrity Insurance, one of Florida's largest property insurers, is expanding its business in the state by launching a new residential product.

The move comes as the company sees signs of market stabilization following historic reform measures.

Details: The high cost of insurance in Florida is forcing many residents to choose between coverage and basic necessities like food and clothing.

American Integrity, founded in 2006 to bring more capacity to the market after the 2004 hurricane season, is now working to recover from an even more severe crisis.

CEO Robert Ritchie said the company had been "living in austerity" with essentially no growth during the lengthy crisis period.

The new residential product aims to reach the high rate of Floridians who "go bare" due to a lack of affordable insurance options.

Why it matters: Approximately 15% of Floridians, or over a million people, are currently without insurance coverage, which Ritchie calls a "public policy crisis".

If another catastrophic hurricane hits, tens of thousands of residents may not have the funds to rebuild, potentially leading to widespread homelessness, mortgage defaults, and foreclosures.

The big picture: The cost of coverage in Florida is nearly five times the national average at $10,996. Prices are expected to rise an additional 7% to $11,759 by the end of the year.

Between the lines: Legislative reforms passed in late 2022 and early 2023 to address litigation abuse in Florida appear to be working, according to Ritchie.

While the recovery won't happen overnight, he is more optimistic about the market's future than he has been in the past nine years.

What's next: As the sixth-largest residential insurer in Florida, with 272,500 policies in force and $113 million in surplus, American Integrity's expansion could help provide more affordable coverage options for Floridians.

However, the 2024 Atlantic hurricane season is expected to surpass the 30-year historical average, underlining the ongoing risk to homeowners in the state.

The bottom line: American Integrity's decision to expand its business in Florida signals a turning point for the state's property insurance market.

While challenges remain, the company's move offers hope for more affordable coverage options and greater market stability in the future.

📺 Homes with Backyard TVs Can Sell for $10,000 More

Driving the news: New Zillow research reveals that homes with tricked-out backyards can sell for $10,000 more than comparable homes without them.

Homes with viral home features can sell up to six days faster than expected.

Details: Added features such as outdoor TVs, kitchens, and showers can net a homeowner as much as 3.1% (or add $10,749) more on the sale of their home.

Additionally, homes with features like plant ledges and rounded corners, which are popular on TikTok, can attract younger first-time homebuyers and sell faster.

Finally, fresh features like soapstone countertops and beverage centers are replacing old favorites like quartz countertops and wine fridges.

Why it matters: Highlighting trending home features can help homeowners get more money for their home or sell it more quickly than the average home.

For example, move-in-ready homes can sell in just a few weeks.

The big picture: Despite the potential for higher sale prices, affordability remains a top priority for many homebuyers in today's market, with higher mortgage rates and rising home prices tightening buyers' budgets.

Between the lines: While certain features can attract buyers and increase sale prices, their effectiveness may vary depending on the market and neighborhood your home is in.

What's next: As the spring home shopping season brings increased competition for homes with sought-after features, buyers should get pre-qualified for a mortgage before they start shopping to act quickly when they find a home they love.

The bottom line: It's worth talking to a local real estate expert to see if upgrading your backyard or adding a few viral home features before you put your home on the market will get you the ROI you are looking for.