Happy Thursday!

We have awesome updates about Pasco and Tampa this week!

USF is making moves toward the new stadium construction and we have some interesting plans for Pasco's future.

We are also taking a look at some real estate forecasts for 2024.

—Sean

🏈 USF Prepares for New Stadium Construction

Driving the news: The University of South Florida Board of Trustees approved nearly $6.2 million in new funding for two projects to prepare the campus for a new 35,000-seat football stadium.

Details:

• $3.625 million for the construction of new recreation fields, lighting, fencing, dugouts, and restrooms on the southwest side of campus.
  

• $2.55 million for permanent improvements at USF Research Park, including utilities, sidewalks, parking lot, and fitness trail.
  

• New fields are expected to be completed by Thanksgiving 2024 for use in the spring 2025 semester.

Why it matters: The new recreation fields are needed as the current fields are located where the future stadium will be built.

This funding allows USF to relocate the fields temporarily before eventually developing the land for research purposes in 7-10 years.

The big picture: In total, USF expects to spend around $15.2 million on the new fields, funded through a mix of carryforward, auxiliary, and research funds.

The board previously approved the project but needed to vote on increased spending and funding sources.

Between the lines: USF plans to select a construction company soon and negotiate terms, with an intent to award the stadium contract in April.

What's next: Upon completion of the new recreation fields, construction can begin on the highly anticipated on-campus football stadium.

The bottom line: USF is taking key steps to prepare for its new football stadium, ensuring facilities are in place for student recreation until the stadium site is developed.

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🔑 Highlights:

🏊‍♂️ Heated Pool for Year-Round Enjoyment
🛌 Dual Master Suites with Large Walk-In Closets & En-Suite Baths
🌞 Open Floor Plan with Stylish Finishes & Abundant Natural Light
🌴 Screened Lanai & Expansive Deck in a Lush, Private Backyard
🚗 Convenient Location, 40 Minutes to Tampa International Airport & Access to Beaches and Parks
🎣 Near Renowned Sportfishing Destinations off the Gulf and Nature Coast
🛠️ Brand New Roof & Fully Fenced Yard for Privacy and Security
💸 Low HOA and No CDD Fees; No Flood Insurance Required

Discover the perfect blend of comfort, style, and convenience in this Florida paradise, offering a serene escape in Lakeside Woodlands. 🏠

📍 8025 Sylvan Dr, Hudson, FL 34667

💰 $374,900

🤯 Pasco County Has Big Improvement Plans for Life in 2050

Driving the news: Pasco County, Florida, is in the final stages of its Evolve Pasco 2050 initiative, aiming to shape the region's future over the next three decades.

The goal is to position Pasco to withstand, adapt, and thrive in the face of future challenges — whether they be natural disasters, pandemics, economic and financial issues, or growth.

Details: The county is divided into three zones: west, central, and east, each with unique challenges and opportunities.

• Pasco West (from the Gulf Coast to Little Road) is struggling with undeveloped, low-lying land, homeless encampments, and heavy traffic but has the potential for revitalization, especially in New Port Richey.
  
  More than $12M is being invested in emergency shelters, services, rental assistance, and permanent housing.
  

• Pasco Central (from Little Road to I-75) is poised for economic growth, particularly in advanced manufacturing and life sciences.

  
  Moffitt Cancer’s 775-acre medical city, and the new town, Angeline, a 6,200-acre mixed-use, master-planned community, are central to that vision.
  

• Pasco East (from I-75 to the Green Swamp and county line) faces tensions between preserving rural lifestyles and accommodating development.

  
  The county is pushing developers to install infrastructure in and around projects in this area to help sustain the growth.

Why it matters: The decisions made today will determine whether Pasco County can balance growth with sustainability, avoid sprawl, and enhance the quality of life for residents.

The big picture: Stakeholders envision a future where Pasco County is a thriving, self-sufficient region, with each zone addressing its unique challenges effectively.

Between the lines: Effective planning and investment in infrastructure, housing, and job creation are crucial. Initiatives like the AmSkills workforce training facility and Moffitt Cancer’s medical city are key to this vision.

What’s next: Pasco County must continue its strategic planning efforts, focusing on sustainable development, economic growth, and environmental resilience.

The office will also pursue regional, state, and federal funding for resilience- and sustainability-related projects.

The bottom line: With careful planning and community engagement, Pasco County aims to be a model of balanced development and sustainability by 2050.

📈 100+ Housing Experts See Increased Home Price Growth and 6% Mortgage Rates in 2024

Driving the news: Over 100 housing experts predict a rise in home prices and foresee a median 6% mortgage rate by the end of 2024, as per the Q1 2024 Fannie Mae Home Price Expectations Survey.

Details: The survey, in partnership with Pulsenomics, LLC, involved 114 experts who anticipate home price growth of 3.8% in 2024, an increase from previous projections.

These expectations align with a predicted decline in mortgage rates to 6%.

Why it matters: The revised home price growth forecasts highlight the market's resilience amid fluctuating mortgage rates and ongoing housing supply shortages.

The big picture: Economic factors like mortgage rates and housing inventory play pivotal roles in shaping the real estate market's trajectory.

By the numbers: The survey shows an upward revision in home price growth from 2.4% to 3.8% for 2024 and a significant shift in experts seeing higher upside risks to their forecasts.

Between the lines: The experts' outlook hinges on both the anticipated easing of mortgage rates and persistent supply constraints, fueling price growth.

What’s next: With mortgage rates expected to stabilize around 6%, the market may witness sustained home price increases, although affordability issues remain a concern.

The bottom line: The housing market is poised for continued growth, but the balance of mortgage rates and supply challenges will dictate the pace and scale of changes.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are heating up as we get into the spring 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:

Tampa Bay architects are cautiously optimistic about 2024 construction

Tampa BBQ restaurant named best in Florida

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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