Happy Wednesday!

Take a look at how Tampa’s economy is doing this week before you head out to celebrate the 4th.

Tampa received a federal grant of $24.7 million to rebuild Palmetto Beach, and a business council has stepped in to help boost the economy by bringing more businesses to the state.

We are also taking a look at homeowners' equity in 2024.

—Sean

🏗️ Tampa Lands $24.7M Grant for Palmetto Beach Transformation

Driving the news: Tampa has secured a $24.7 million federal grant aimed at enhancing transportation and resilience in the Palmetto Beach neighborhood.

The funding will facilitate the reconstruction of a seawall along McKay Bay and the revitalization of Bermuda Boulevard.

Details: The grant will be used to combat long-term flood damage by reconstructing a seawall.

Bermuda Boulevard will undergo significant improvements, including narrower lanes, on-street parking, upgraded sidewalks, pedestrian crossings, and new trees.

This initiative is part of the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program, supported by the Bipartisan Infrastructure Law.

Why it matters: This grant represents a major investment in Palmetto Beach, addressing both infrastructure and safety concerns.

The improvements are expected to enhance the quality of life for residents by providing flood relief, better accessibility, and more green spaces.

The big picture: Palmetto Beach, a historically significant neighborhood with roots dating back to the late 1880s, has faced infrastructural challenges. The construction of the Lee Roy Selmon Expressway further impacted the community.

What’s next: Construction on the seawall and Bermuda Boulevard improvements will begin soon, with an estimated completion timeline of five years.

Continuous community engagement and transparent progress updates will be crucial to maintaining public support and ensuring successful project delivery.

The bottom line: The $24.7 million federal grant marks a pivotal step in revitalizing Palmetto Beach, promising long-term benefits in transportation, and flood resilience.

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💼 Florida’s Business Leaders Work to Boost Economic Growth

Driving the news: Florida's business leaders aim to enhance economic development following the dissolution of the Enterprise Florida business recruitment agency.

The Florida Council of 100 has unveiled a strategic report to attract businesses to various state regions, leveraging its influential network to support regional economic development organizations.

Details: The report, titled “Beyond Sunshine: Advancing Florida’s World Class Economy for the Next Generation,” categorizes Florida into six major regions and three rural opportunity areas, identifying suitable industries for each based on existing economic clusters.

The Council of 100, comprising over 150 members, includes notable figures like Todd Jones of Publix, Joe York of AT&T, and former U.S. Sen. George LeMieux

Why it matters: With the dismantling of Enterprise Florida, a gap was created in business recruitment efforts.

The Council of 100's involvement promises to maintain momentum in attracting businesses, ensuring Florida's economy continues to thrive.

This move is crucial for sustaining job growth and addressing cost issues in different regions.

The big picture: The report emphasizes both overlapping and unique industry clusters across the state.

While distribution, e-commerce, aviation, defense, health services, and IT are common targets, specific areas will focus on specialized industries like biopharmaceuticals in South Florida and semiconductor manufacturing in Central Florida.

This targeted approach aims to maximize regional strengths and foster robust economic growth.

What’s next: The Council of 100 will continue to support regional economic development organizations, providing private-sector insights and leadership.

As they engage globally, their efforts will focus on linking businesses with the right regions to optimize growth and development.

The bottom line: Florida's economic future looks promising as business leaders step up to fill the void left by Enterprise Florida.

🏡 Homeowner Equity Rises: A 9.6% Boost in Wealth

Driving the news: CoreLogic’s Q1 2024 Homeowner Equity Insights report reveals a substantial 9.6% increase in homeowner equity compared to the same period last year.

Simultaneously, the number of residential properties with negative equity has decreased.

Details:

• Homeowners with mortgages gained a total of $1.5 trillion in equity year over year.
  

• The number of properties with negative equity dropped 2.1% from Q4 2023 to Q1 2024 and 16.1% from Q1 2023.
  

• Nationwide, the aggregate value of negative equity is down to $321 billion.

Why it matters: Rising homeowner equity provides financial stability for mortgage holders, helping buffer against increasing costs such as insurance, taxes, and HOA fees.

The big picture: The ongoing increase in home values is lifting more homeowners out of negative equity. This reduces financial risk and strengthens overall market stability.

For instance, if home prices increase by 5%, about 110,000 homes would move out of negative equity.

Between the lines: The reduction in negative equity is partly driven by rising home prices, projected to grow by 3.7% from March 2024 to March 2025. This growth is crucial for maintaining low negative equity rates.

What’s next: Continued monitoring of home price trends and equity changes will be essential in predicting market stability and helping homeowners manage their finances effectively.

The bottom line: The increase in homeowner equity and decrease in negative equity highlight a positive trend for the U.S. housing market, offering financial reassurance to homeowners and signaling a robust economic outlook.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are HOT as we get into the peak summer months!

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:

• Historic Fraternity to Bring Nearly 30,000 Visitors to Tampa Convention Center
  

• St. Petersburg pushes final Rays stadium vote, workshop back a week
  

• Tampa Joins Elite Group in Bloomberg Philanthropies City Data Alliance
  

• Top things to do this week: Fireworks, KC and the Sunshine Band, Bert Kreischer

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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