Happy Thursday!

We have lots of good news for the Tampa area this week!

Tampa is running a new kind of tourism campaign with international reach, and USF is working to keep the new stadium project moving.

We are also taking a look at how Tampa stands out when it comes to luxury real estate sales and value appreciation.

—Sean

❄️ Visit Tampa Bay Spends $4.6M On Out-Of-State Winter Campaign

Driving the news: Visit Tampa Bay is significantly expanding its reach this winter, launching an ambitious $4.6 million marketing campaign aimed at drawing tourists from a wider array of locations.

Details: Traditionally focusing on Atlanta during summer, this year's winter campaign marks a strategic shift, encompassing not only existing markets like Boston, Chicago, Dallas, Philadelphia, New York, and Washington, D.C., but also venturing into international territories such as the United Kingdom, Germany, and Brazil.

The campaign, running from January 15 through May, will feature innovative advertisements across buildings, taxis, and more.

The initiative will also include a partnership with Tripadvisor and the incorporation of digital tools like Alexa for content integration could set new standards for destination marketing.

Why it matters: This initiative represents a doubling down on Visit Tampa Bay's commitment to tourism growth, with the investment more than doubling from the previous year's campaign.

The introduction of novel advertising methods, including reflective Uber wraps and Alexa integration, underscores the organization's dedication to staying at the forefront of marketing innovation.

The big picture: Tourism is a vital component of Hillsborough County's economy, with hotel taxable revenue poised to hit the $1 billion mark once again, mirroring last year's success.

The county's hospitality sector has seen robust growth, with an 8% increase in the average daily rate from December 2022 to December 2023.

By the numbers: The campaign's hefty $4.6 million investment reflects confidence in the potential return from these diverse and expanded marketing efforts, aiming to sustain and build upon the tourism industry's momentum.

What’s next: With the campaign already underway, the effectiveness of these innovative marketing strategies and their impact on tourism numbers will be closely monitored.

The bottom line: Visit Tampa Bay's enlarged out-of-state winter campaign reflects a bold and innovative approach to tourism marketing, aiming to solidify and expand Tampa Bay's appeal as a premier travel destination, leveraging modern technology and creative advertising to reach new audiences and sustain economic growth.

☀️ Own A 30-Acre Brooksville Oasis For $1,290,000

This property features a 3-bedroom, 2-bathroom warehouse home with 1,800 sq ft of living space, a 900 sq ft garage, and a 1,200 sq ft workshop!

🔑 Highlights:

• 🛠 Custom-Designed Warehouse with Spray Foam Insulation & 400 Amp Service

• 🚜 Deep Well, Large Septic Tank, and Millings Driveway with Secure Gated Entrance

• 🐴 Pastures, 4 Horse Stalls, Goat Stall, & 5 Chicken Coops with Water Access

• 🍑 Permaculture Garden with Over 50 Fruit Trees & Irrigation System

• 🌳 Lush Bahia Sod Front Yard with Irrigation

• 🛍️ Just 10 Minutes to Shopping/Dining on State Rd 50

• 🏖️ Close to Weeki Wachee State Park, Beaches, Parks, Preserves

• ✈️ 40+ Minutes to Tampa International Airport, 90 Min to Downtown Disney

• 🐎 Horse Trails for Equestrian Enthusiasts

• 🌐 Adjacent to the Up-and-Coming Lake Hideaway Lagoon Community

Zoned AG, this property consists of 3 "10" acre parcels with 5 cul-de-sac entries, offering a distinctive lifestyle and endless opportunities!

🏈 USF Seeks New Construction Firm For On-Campus Stadium

Driving the news: The University of South Florida (USF) is on the hunt for a new construction partner for its ambitious on-campus stadium project, following a split with Barton Malow over two months ago.

This move marks a pivotal step in advancing the facility designed to host football and women's lacrosse events.

Details: USF has officially opened the floor for bids, issuing an invitation on February 1st to construction firms interested in managing the development of the five-level stadium.

A mandatory meeting for potential bidders is scheduled for February 14th, with proposals due by March 6th.

Set to accommodate around 35,000 spectators, the stadium's scale and design reflect USF's ambitions in collegiate sports.

The project's timeline has been adjusted to ensure completion by March 31, 2027, in time for that year's football season kickoff.

Why it matters: This development is significant not just for USF's athletic programs but also for enhancing the campus environment and student experience.

The selection of a new construction manager will be crucial in keeping the project on track for its revised completion date in 2027.

The big picture: The stadium's construction is part of a broader vision to elevate USF's profile in collegiate athletics and integrate sports facilities more seamlessly within the campus landscape.

The project underscores the university's commitment to providing top-tier amenities for its athletes and fans alike.

What’s next: With the bidding process underway, USF's next board meeting in March is anticipated to shed more light on the project's progress and the selection of the new construction manager.

This meeting will be a critical juncture in moving the stadium project forward.

The bottom line: USF's pursuit of a new construction firm for its on-campus stadium underscores the university's dedication to enhancing its athletic infrastructure.

The successful completion of this project will not only bolster USF's sports programs but also enrich the campus culture and student life.

📈 How Did Tampa's Luxury Real Estate Market Compare to National Trends in 2023

Driving the news: While the U.S. luxury real estate sector saw an 8.8% increase in average sale prices, reaching $1.17 million, Tampa Bay's market soared with a 36% jump in luxury home sales, the highest in the country.

Details: This surge was particularly notable in the luxury condo segment, where Tampa Bay experienced a 300% increase in sales, highlighting a unique regional preference for high-end condominiums.

National and local markets have seen a shift in buyer preferences, with a growing demand for quality living spaces.

Tampa Bay, with its desirable waterfront amenities, has become a magnet for high earners, especially those benefiting from remote work flexibility.

By the numbers: Cash purchases represented 46.5% of luxury home buys nationally in the last quarter of 2023

Tampa Bay reflected this trend, with a significant portion of luxury transactions conducted in cash, indicating the financial strength of buyers in the region.

Why it matters: The robust growth of Tampa's luxury market, especially in the face of national trends, underscores the area's rising appeal and the resilience of affluent buyers, many of whom are leveraging cash transactions to bypass high mortgage rates

What’s next: With experts predicting a moderation in price growth due to an increase in listings, the outlook for 2024 remains optimistic.

However, Tampa Bay's luxury market, buoyed by its appeal and limited inventory, especially in sought-after waterfront areas, is likely to continue appreciating.

The bottom line: Tampa Bay's luxury real estate market in 2023 not only reflected broader national trends but set new benchmarks, particularly in the condo segment.

For buyers and sellers alike, the momentum in Tampa's luxury market presents unparalleled opportunities, making now an ideal time to engage with this vibrant real estate landscape.

📊 Our Current Local Market Data: 

Both the Tampa and Pasco County real estate markets are showing signs of 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:

• Clearwater bound! How many baseballs are Phillies packing into spring training truck?
  

• Tampa’s biggest taco festival takes over Al Lopez Park this February
  

• Pasco County Government starts new department to prepare for the future

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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