Happy Wednesday!

Stay updated on what’s happening in Tampa with some post-hurricane updates this week.

USF has been named one of the best college athletic departments, and efforts continue with the rebuilding of Tropicana Field, which could cost over $100 million!

We’re also taking a look at the drop in mortgage rates—will they keep falling?

—Sean

🏆 USF Athletics Scores Big with 2024 National Recognition

Driving the news: The University of South Florida (USF) has been named one of the best college athletic departments for 2024 by Front Office Sports.

USF joins notable institutions like Clemson, Oklahoma, and Oregon on the prestigious list.

Details:

• This recognition follows major investments in USF's athletic facilities, including a $340 million on-campus stadium set to break ground in November.
  

• USF recently opened a $22 million, 88,000-square-foot indoor performance facility serving all varsity teams.
  

• New women’s lacrosse and beach volleyball teams will join USF’s 21 varsity sports lineup by 2026.
  

• USF has secured 17 American Athletic Conference titles in the last six years, along with two NCAA championships and six cheerleading national titles.
  

• The athletics department has raised $42 million in donations through the Bulls Club in the past year.

Why it matters: USF’s recognition strengthens Tampa's reputation as a hub for higher education and sports.

The ongoing investment in athletics signals an elevated student experience and boosts local pride, enhancing the university's role in shaping a vibrant community.

The big picture: These developments are part of a broader push by USF President Rhea Law, who aims to position the university among the top 25 public institutions in the U.S.

Law’s leadership emphasizes the importance of advancing USF in academics, athletics, and student engagement.

What’s next: With the new stadium breaking ground soon and additional sports teams being introduced, USF's athletic department is set for continued growth and visibility, which will likely fuel further community involvement and student success.

The bottom line: USF’s commitment to excellence in athletics is paying off, with national recognition highlighting the department’s achievements and promising future.

This momentum supports the university’s broader goals of academic and athletic prestige.

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🏟️ Will the Rays Stay? St. Pete Battles to Fix Tropicana Field

Driving the news: St. Petersburg has initiated an insurance claim for Tropicana Field, which was severely damaged by Hurricane Milton.

The city-owned stadium lost its roof to 100 mph winds, and repairs could take months.

Details:

• The roof replacement could cost upwards of $100 million, according to baseball expert Jim Bowden.
  

• Additional structural assessments are ongoing by hired contractors and inspection teams.
  

• The Tampa Bay Rays may need to find alternative venues if the stadium is not ready for the 2025 season. Possible options include minor league ballparks, the Marlins' indoor stadium, or out-of-state relocation.

Why it matters: A lengthy stadium closure could disrupt the Rays' home schedule and impact local businesses that rely on game-day traffic.

St. Petersburg, eager to retain its MLB team until their new stadium is completed in 2028, faces mounting pressure to repair Tropicana Field swiftly.

The big picture: The Rays aren’t the only team facing stadium woes. The Oakland Athletics are preparing for a temporary move to Sacramento before relocating to Las Vegas.

St. Pete now finds itself navigating similar challenges to keep the team in Florida.

What’s next: The full scope of Tropicana Field’s damage and the timeline for repairs remain unclear.

If delays persist, the Rays will have to finalize alternate plans for the 2025 season while city leaders work to avoid any long-term disruptions to the region's economic and sports calendar.

📉 Why Falling Mortgage Rates Could Be Short-Lived

Driving the news: Mortgage rates, which recently dipped after Federal Reserve rate cuts, may not continue their downward trend as many potential homebuyers hope.

While some areas will feel the impact of these changes more than others, the overall picture shows a complex, fluctuating market.

Details: According to a recent Realtor.com analysis, 60.2% of U.S. homeowners have a mortgage, with significant variation by state.

In Washington, D.C., for example, 77.3% of homes are mortgaged, while in West Virginia, only 44.4% are. This data highlights that rate changes are likely to hit hardest in areas with a higher percentage of mortgaged homes.

While the 30-year fixed mortgage rate dropped from 6.8% in 2023 to around 6.1% in early October, it has since risen again to 6.6%. Zillow researchers note that this volatility makes it difficult for buyers to lock in monthly payments, and refinancing may no longer be the best option.

Why it matters: Despite the Fed's efforts, mortgage rates remain unpredictable. For prospective buyers in heavily mortgaged states like Maryland or Utah, the rate hikes could mean higher monthly payments and fewer refinancing opportunities.

However, in regions with more outright homeownership, like West Virginia or Mississippi, the impact will be less dramatic.

The big picture: The Fed's rate cuts alone aren’t enough to ensure a drop in mortgage rates. Buyers need to consider other factors like housing inventory and regional market conditions when making their decisions.

With inventory improving in many areas, some homebuyers may still find opportunities, but the window for favorable rates could be closing.

What’s next: Potential buyers and those looking to refinance should keep an eye on market shifts in the coming months.

Experts suggest that while rates might fall again, there’s no guarantee of consistent declines.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

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:

• 4 lessons Hurricane Milton taught Tampa Bay
  

• Tampa has 90-day deadline to remove hurricane debris, mayor says
  

• University of South Florida Launches “Tampa Bay Strong” Campaign
  

• Debris Collection Focuses on Speed and Efficiency

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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