Happy Wednesday!

There’s lots of good news for Tampa and Pasco this week.

New renderings have been released for the USF stadium, and WestShore Plaza is getting a $340M overhaul.

We are also looking at how home flipping has spiked in Tampa despite it declining in most of the country.

Enjoy!

—Sean

🐂 Bulls Get New Home: USF's $340M Stadium Plans Take Shape

Driving the news: The University of South Florida (USF) has released daytime renderings of its new on-campus football stadium and announced the groundbreaking ceremony will be held during homecoming week, October 14-19.

The details: USF has selected a construction management team of three companies to lead the approximately $340 million project. There are no substantial changes visible in the updated renderings compared to the images released in December 2023.

The stadium, set to open for the 2027 season, will rise on the northeastern side of campus and host football and women's lacrosse games.

Why it matters: "Bulls Nation deserves to have a stadium on this campus," said USF board chair Will Weatherford, highlighting the long-awaited nature of the project.

Between the lines: The Tampa General Hospital Center for Athletic Excellence, made possible by a $25 million TGH donation, will be located adjacent to the stadium, featuring locker rooms, strength and conditioning spaces, and other amenities.

What's next: With the groundbreaking ceremony scheduled for homecoming week, construction is set to begin on USF's new on-campus football stadium this fall.

The bottom line: USF's ambitious athletics district plans, including the new on-campus stadium will elevate the university's sports programs and facilities.

🏠 Discover Backyard Serenity for $689,900 in Largo

Just wait until you see the backyard… The outdoor space on this property is absolutely stunning!

Step into 3750 Avocado Rd in Largo, a home with a pool that spans 1,804 sqft nestled just minutes from the Gulf Beaches.

This home features:

🛌 3 beds
🛁 2 baths

🏡 Ranch-Style Layout with a Comforting Split Plan Design
🌴 Fenced Yard with Resort-Like Pool & Extended Deck Lanai for Ultimate Relaxation
🛏️ Spacious Owner's Retreat with Walk-In Closet & En-Suite Bathroom
🌞 Light-Filled Living Areas Overlooking Tropical Landscaping
🏊 Sparkling Pool Amidst a Lush, Meticulously Landscaped Garden
🌺 Two Generous Guest Bedrooms with Shared Access to the Guest Bathroom 🚗 Long Driveway with Ample Parking Space
🌳 Situated in the Desirable Harbor Hills Neighborhood
🛍️ Close Proximity to Shops, Restaurants, and Public Boat Ramps
🏖️ Minutes from Award-Winning Gulf Beaches

Priced at $689,900, this home offers a unique blend of character and warmth, perfect for those seeking a tranquil yet convenient lifestyle in Largo, FL.

📍 3750 Avocado Rd, Largo, FL 33770

🏗️ WestShore Plaza Set for Multi-Phase $340M Overhaul

Driving the news: Tampa City Council has approved the ambitious $340M redevelopment plans for WestShore Plaza, paving the way for a massive mixed-use project at one of the region's prime locations.

Details: Mall owner WPG envisions an open-air, 3.5 million-square-foot development with entertainment, retail, dining, office, wellness, medical, hotel, and residential components on over 50 acres.

The approval comes amid challenging real estate market conditions with high interest rates and construction costs. But WestShore's prime location makes it attractive.

Why it matters: The WestShore Plaza property is roughly the same size as Water Street Tampa and more than twice as large as Midtown Tampa, making it a huge redevelopment opportunity.

When complete, the site will bring many new jobs and revenue to the area.

Between the lines: Executing the plans will be complex, particularly unraveling leases in the enclosed mall, which could take years. WPG will likely partner with at least one major developer.

What's next: While no definitive construction timeline is set, WPG said the "redevelopment project will likely be completed in phases." Dallas-based Lincoln Property Co. has been rumored as a potential partner.

The bottom line: WestShore Plaza's redevelopment into a massive mixed-use district is a long-term play that banks on Tampa Bay's continued growth and pent-up retail demand.

🏠 House Flipping Heats Up in Tampa

Driving the news: House flipping activity has spiked in the Tampa Bay area, according to recent reports, despite a nationwide downturn in the practice.

Details: A recent StorageCafe study named Tampa one of the top U.S. cities for fixer-upper deals, with potential average savings of $80,000 on sales.

• 11% of home sales in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven metro areas were flips in Q4 2023, compared to 7.7% nationally.
  

• The North Port-Sarasota-Bradenton metro was just under the national average at 7.6%.
  

• Return on investment for flips hit 27.5% in 2023, the lowest since 2007, as competition for limited housing inventory intensified.

Why it matters: Flipping homes can be a way for buyers to secure deals in hot markets like Tampa Bay, if they can beat investors.

The big picture: Nationwide, house flipping activity dropped by nearly a third in 2023 - the biggest annual decline since 2008.

Between the lines: The biggest challenge for flippers in 2024 is acquiring new properties while housing inventory is limited.

The bottom line: While flipping has cooled nationally, the Tampa Bay area remains an attractive market for these kinds of investments amid high home prices.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are HOT as we get into peak home-buying season!

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:

• Your Ultimate Guide to Mother’s Day in Tampa

• Tampa architect authors book on building a ‘framework’ 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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