Happy Wednesday!

Tampa is making major updates to infrastructure and new construction projects that are breaking records and setting new standards for wellness and efficiency.

Pretty soon you’ll be seeing new tech at TPA and more development at Water Street Tampa.

I’ve also found research that is especially good news if you’ve been wanting to buy a new home. The best time to buy in 2023 is coming up in just a few weeks!

Enjoy.

—Sean

🛩️ Tampa International Airport modernizes with predictive tech contract

Driving the news: Tampa International Airport (TPA) is partnering with Indoor Lab LLC, a California-based predictive technology company, to update the airport experience with state-of-the-art devices.

Details: The partnership is part of a seven-year contract that seeks to improve the airport while also implementing and testing new technologies.

TPA will add Indoor Lab’s LIDAR technology, which stands for “light detection and ranging.” LIDAR sensors communicate environmental factors to the airport throughout its campus.

The technology will make operations, like concession lines, TSA wait times, and safety protocols more efficient.

Why it matters: The collaboration sets a new standard for airports worldwide because this is the first time LIDAR technology will be implemented across the entire airport footprint.

Between the lines: The partnership is a win-win for both parties. TPA is getting access to cutting-edge technology that will improve its operations and passenger experience.

Indoor Lab is getting a chance to test its technology in a real-world setting and showcase its capabilities to other airports.

What’s next: The impact and results of the new technology will be shared as the project continues.

The bottom line: TPA passengers are expected to benefit significantly from the new technology. A more pleasant flying experience at TPA means more tourism revenue for the city.

⭐️ Water Street Tampa receives international certification for wellness

Driving the news: Water Street Tampa, a $3.5 billion mixed-use development in downtown Tampa, has achieved gold-level WELL Community Certification from the International WELL Building Institute (IWBI).

This makes Water Street Tampa the first community in North America to earn the gold-level certification.

Details: The WELL Community Standard is a performance-based certification system that measures, verifies, and tracks the health and well-being of communities.

The standard is based on 10 core concepts: air, water, nourishment, light, movement, thermal comfort, sound, materials, mind, and community.

Water Street Tampa scored high on the WELL Community Standard in all 10 categories. The development features a number of wellness-focused amenities, including:

• Double-wide sidewalks to encourage walkability
  

• Abundant native landscaping
  

• Fitness and recreation programming
  

• Measures to monitor neighborhood air quality and reduce noise and light pollution

By the numbers: Water Street is a new development downtown that is making an impressive impact on our economy. These are some of the development stats:

• Water Street Tampa is a 56-acre development with 1,200 residential units, 3 million square feet of office space, 2 million square feet of retail space, and 1 million square feet of hotel space.
  

• It is expected to create 25,000 jobs and generate $3.5 billion in economic impact.

Why it matters: The WELL Community Certification is a significant achievement for Water Street Tampa and for the city of Tampa as a whole. It demonstrates the city's commitment to creating healthy and sustainable communities.

The certification is also expected to boost Water Street Tampa's economic development efforts. The IWBI estimates that WELL-certified communities can attract and retain more businesses and residents and that they can also command higher rents and property values.

Between the lines: The WELL Community Certification is a significant achievement for Water Street Tampa, but it is also a reflection of a larger trend towards healthier and more sustainable communities.

As people become more aware of the impact that their environment has on their health, they are increasingly choosing to live and work in places that support their well-being.

What's next: Water Street Tampa is expected to continue to grow and develop in the coming years. The project is currently adding new office towers, retail space, and residential units.

The bottom line: The development's gold-level WELL Community Certification is a significant achievement that is expected to boost Tampa's economy and attract new residents and businesses.

👀 The best time to buy a home in 2023 is around the corner

Driving the news: Realtor.com has released its fifth annual Best Time to Buy Report, identifying the week of October 1–7 as the best window of opportunity for buyers in 2023.

Details: The first week of October is expected to see a combination of market factors that will make it the most optimal time to buy this year.

This includes an increase in home listings, less competition, more time to decide on a purchase, and lower home prices.

By the numbers:

• Home listings are expected to increase by 11.7% during the week of October 1–7, compared to the average week.
  

• Competition for available listings is expected to drop by 18.7%, compared to the peak 2023 buying periods.
  

• Homes are expected to spend an extra week on the market, giving buyers more time to consider their options.
  

• Historically, the best week for buyers has brought an 18.9% increase in new listings compared to the start of the year.

Why it matters: The housing market has been competitive and expensive in 2023, so this small shift in the market is great news for anyone searching for a home.

The bottom line: The housing market is starting to cool slightly, and the first week of October may be the best time to buy a home in 2023. There are more listings to choose from, less competition, and more time to make a decision.

However, it's important to keep in mind that mortgage rates are still high.

📊 Our Current Local Market Data: 

The Pasco and Tampa markets are still hot for several reasons:

• Inventory is low

• Our job market is desirable

• Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying 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:

• Crews break ground on Canvas GWX
  

• New Rays stadium price tag: How much taxpayers are contributing
  

• New York Times names Salt Shack on the Bay one of the best restaurants in America

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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