Happy Thursday!

Our local economy is thriving and officials are working on lots of plans to make sure that Tampa can accommodate the continued growth.

Keep reading to see how TPA and Odessa are planning to make big additions in the coming years.

Enjoy!

—Sean

✈️ TPA Proposes New Terminal

Driving the news: Tampa International Airport has laid out ambitious plans to support an expected surge in passenger numbers over the next two decades.

The FAA-required master plan includes a new terminal, an expanded baggage claim area, a modernized ticketing floor, and an electric air taxi service.

Why it matters: The airport expects to see 38.8 million passengers annually by 2042, a massive 84% increase from 2022.

Accommodating this growth will require significant infrastructure changes and expansion.

Details: In the next decade, the master plan recommends expanding the main terminal, originally built more than 50 years ago.

That includes finishing the delayed Airside D, which is set to be completed by 2027.

Once that is finished, the main terminal will have reached capacity, so TPA will need another one.

That means there may be a need for another one.

Zoom in on the new terminal: The new terminal is slated to be built north of the current hub. It could look different from the current hub-and-spoke terminal, but no plans have been released yet.

Its first phase could include 10-12 gates, a ticket lobby with 44 counters, and up to three baggage carousels.

The site has room for up to 45 gates and is expected to be built out incrementally as demand grows.

The big picture: While the new terminal will play a major part in accommodating future growth, the airport also plans to implement many proposals from the 2012 master plan.

This includes the red express curbside for travelers without checked bags and improvements to parking and road infrastructure.

The bottom line: The demand for travel through TPA shows the strength of Tampa's economy.

It's important for TPA to make plans for the continued growth of tourism in our city to make sure that it stays competitive and desirable for travelers.

👍 Pasco Board Approves County-Initiated Plan For Odessa Town Centre

Driving the news: The Pasco County Commission has approved a land use change that paves the way for the Odessa Town Centre.

Why it matters: This county-led initiative is trying to prevent piecemeal development on approximately 81.5 acres at the intersection of Gunn Highway and State Road 54.

Many developers wanted to use the area for multi-family projects, but the county wanted to see the area used for retail to help bring in revenue to the local economy.

Details: After two years of extensive planning, community meetings, and coordination with county planners and external consultants, a plan is finally in place.

The project will include industrial, business, mixed-use office, retail, and high-density residential units.

Property owners who want to redevelop in the future will have to adhere to the conditions outlined for this planned development.

Behind the scenes: Commissioner Kathryn Starkey spearheaded this county-initiated land use change. Avoiding the disjointed development of the individual properties will prevent them from becoming full of multi-family developments.

Zoom in: The new development would include commercial and office spaces on the ground floor of a multi-story building, with apartments above it.

In addition, the master-planned development will offer interconnected streets, trails, and sidewalks for pedestrian and bicycle activity within the larger Odessa Town Center area.

What’s next: As the Odessa Town Centre project moves forward, existing property owners and potential developers will need to navigate the newly established conditions and expectations.

The development promises to boost property values, but some residents have expressed concerns about the implications of the plan.

Bottom line: The approved land use change for Odessa Town Centre signals a unified approach to development, balancing the interests of property owners with community and county benefits.

This decision could significantly impact the future of the area, guiding its growth and ensuring cohesive, planned development.

♻ Home Turnover Rates See a 10-Year Low

Driving the news: A new report from Redfin shows that the U.S. home turnover rate for the first half of 2023 is at its lowest in over 10 years.

Only around 14 out of every 1,000 homes have changed hands this year.

Why it matters: The majority of homeowners are choosing to hold onto their properties due to high mortgage rates.

This means that the real estate market's available inventory has significantly decreased, which affects both prospective buyers and sellers.

The big picture: The most noticeable decline in turnover is in the suburban real estate market, where large homes are in high demand but supply is dwindling.

The housing shift: According to Byron Lazine, a prominent real estate analyst, buyer preferences shifted in 2020, leading to increased demand for larger homes.

More people are working from home, and they want to have extra space for that.

This has led to increased difficulty in finding these types of homes, especially in suburban areas.

Alternatively, demand for condos and townhomes has not been as high, which means their supply has not been depleted to the same extent.

What's next: For homeowners looking to move in this market, it’s important to work with an expert who can help you navigate the current conditions to maximize your money.

Bottom line: The U.S. real estate market is witnessing significant changes, with turnover rates at their lowest in a decade.

This trend is affecting home availability and could potentially reshape buyer and seller strategies in the future.

📊 Our Current Local Market Data: 

The Pasco and Tampa housing markets remain very competitive due to the lack of inventory and high demand for homes.

Interest rates may have pushed some buyers out of the market, but there are still significantly more buyers than sellers.

We’re staying on top of the market daily and there are even financing options that help you purchase at a lower rate.

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:

• WestJet brings first ever nonstop flights from Tampa to Calgary

• Former Land O'Lakes High star is drafted by Cardinals

• Zephyrhills preps for a plethora of new sidewalks

• Pasco calls for limited new spending in its proposed 2024 budget

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, the Bello Home Team 

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