Happy Thursday!

There are lots of cool things happening in the Tampa area this week!

We have some updates on the new Rays stadium in St. Pete and Tampa has been spotlighted as the No. 8 for economic growth in the nation!

We are also taking a look at how people are staying in their homes longer than they used to.

—Sean

⚾ New Rays Stadium Will Elevate St. Pete’s Identity On a National Level

Driving the news: The Tampa Bay Rays have unveiled plans for a transformative $1.2 billion stadium project, poised to significantly elevate St. Petersburg's stature on the national platform.

This initiative is not just a sports venture but a keystone for a broader $6 billion mixed-use development, promising to redefine the city's identity.

Details: Nestled within the historic Gas Plant district, the new stadium is more than a sports arena; it's a catalyst for unveiling St. Pete's unique charm to a wider audience.

The anticipated economic ripple effect is monumental. In 2022, St. Pete issued 36,800 construction permits, signaling a construction boom with over $1.3 billion in potential value.

With its rich cultural tapestry, the city is set to emerge from Tampa's shadow, claiming its spot as a standalone destination.

Why it matters: St. Pete is on the cusp of a major transformation. The city, already experiencing a population surge and corporate relocations, including billion-dollar entities like CrossBorder Solutions, is set to further its growth trajectory.

The stadium deal is a testament to St. Pete's rising appeal, underscored by its inclusion in PwC's top cities for real estate investment.

The big picture: Beyond baseball, this project is a linchpin for substantial economic and social development.

With over 15,000 jobs expected from stadium operations alone and a significant boost in tourism.

The bottom line: St. Petersburg is at a pivotal juncture. With the new Rays stadium acting as a beacon of progress, the city is embracing a future where it not only shines brighter on the national stage but also fosters a thriving, inclusive community.

This is more than a sports story; it's a narrative of urban reimagining and revitalization.

✨ Own A Beautiful Spring Hill Gem For $379,000

This property is located at 4998 Kirkwood Ave, Spring Hill, FL 34608, and features a 3-bedroom, 2-bathroom home with 1,910 sq ft of comfortable living space!

🔑 Highlights:

• 🏌️‍♂️ Stunning Golf Course Views Right From Your Backyard

• 👕 Large Interior Laundry Room with Additional Cabinetry for Extra Storage

• 🛁 Luxurious Master Bathroom and an Oversized Master Suite for Ultimate Comfort

• 🍳 Modern Kitchen with Undermount Sink and State-of-the-Art Appliances

• 🌳 Beautifully Landscaped Grounds in the Heart of Spring Hill

• 🛍️ Conveniently Located Close to Shopping, Dining, and Entertainment Venues

• ✈️ Less than an Hour to Tampa International Airport for Easy Travel

• 🏌️ Enjoy Access to Prestigious Golf Courses and Country Clubs

• 🌐 Situated in a Serene and Desirable Neighborhood with a Welcoming Community

With its prime location and exceptional features, this property offers a perfect blend of luxury, convenience, and lifestyle opportunities!

🚀 Tampa Bay Among The Top Metros For Economic Growth In The Nation

Driving the news: Tampa Bay has been spotlighted as a leading metro area for economic growth, landing the No. 8 spot in a national ranking by Area Development.

This recognition places Tampa Bay at the forefront of economic vitality among 384 U.S. metropolitan areas.

Details: The Area Development report praises Tampa Bay for its robust workforce, dynamic core economy, and impressive job growth, marking it as a standout in the state of Florida.

Why it matters: Tampa Bay's high ranking underscores its burgeoning appeal and economic resilience.

This distinction is particularly significant given its triumph over major metros like Dallas, San Francisco-Oakland, and New York-Newark, reflecting Tampa Bay's competitive edge in fostering economic development.

The big picture: Florida has become a magnet for economic growth, particularly post-Covid-19, with a staggering $39.2 billion in net income flowing into the state from 2020 to 2022.

Tampa Bay has been a key beneficiary of this influx, attracting thousands of new residents and businesses with its vibrant economy and quality of life.

The bottom line: With Florida's business-friendly climate and Tampa Bay's upward economic momentum, the region is poised for continued growth.

Tampa is set to continue to attract talent and investment and increase its status as a hotspot for economic growth, which reinforces its role in shaping Florida's economic landscape.

🏡 Homeowners Today Stay in Their Homes 2x As Long As They Did in 2005

Driving the news: Homeowners are extending their stays in their residences, a trend largely propelled by older Americans aging in place, scarcity of affordable housing, and the ease of obtaining mortgages in the early 2000s.

Details: Tenure for homeowners has increased over the past two decades, with the typical U.S. homeowner residing in their home for 11.9 years, up from 6.5 years twenty years ago.

The pandemic-induced moving surge in 2020 slightly reduced tenure from its peak.

Notable increases in homeowner tenure are observed among baby boomers, with nearly 40% residing in their homes for over two decades, while millennials exhibit shorter tenure, partly due to job mobility.

Why it matters: Extended homeowner tenure exacerbates the shortage of available homes for sale, contributing to escalating home prices across various regions.

The big picture: Baby boomers and Gen Xers, who predominantly own homes, significantly influence housing market dynamics due to demographic shifts and higher homeownership rates compared to younger generations.

Between the lines: Financial incentives, state tax policies, and personal preferences drive older Americans to remain in their homes, contributing to the scarcity of housing inventory and escalating costs.

What’s next: While homeowner tenure decreased slightly post-2020, it is expected to stabilize or experience marginal growth, with existing home sales remaining subdued because of low mortgage rates and limited inventory.

The bottom line: Extended homeowner tenure presents challenges for young buyers seeking entry into the housing market, necessitating alternative strategies such as new construction homes.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are staying somewhat competitive as we get closer to the spring months.

Homes in Tampa receive 2 offers on average and sell in around 35 days. The median sale price of a home in Tampa was $414K last month, up 15.0% since last year. The median sale price per square foot in Tampa is $274, up 3.8% since last year.

The median sale price of a home in Pasco County was $350K last month, up .0% since last year. The median sale price per square foot in Pasco County is $197, down 2.0% since last year.

On average, homes in Pasco County sell after 34 days on the market compared to 35 days last year.

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:

• New dining cruise ‘Craft’ sets sail in Tampa this March

• Santana, Counting Crows to perform in Tampa on joint tour this summer

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.