The Local Market Guide | Bello Home Team
Posts
💖 Valentine's Events, Luxury Apartments & $70M HCA Project

💖 Valentine's Events, Luxury Apartments & $70M HCA Project

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
February 05, 2025

Happy Wednesday!

Valentine’s Week is here, and whether you're celebrating love, friendship, or just an excuse for a great night out, Tampa Bay has plenty to offer. From an Andrea Bocelli concert to waterfront dinner cruises, we’ve rounded up the best events to make the most of it.

Meanwhile, Tampa’s skyline is evolving again—this time with the opening of Manor Riverside, a high-end apartment complex that’s reshaping West River. Speaking of growth, Pasco County is getting a major healthcare upgrade with three new emergency rooms on the way

And finally, mortgage rates are shifting—again. They’ve dipped slightly, but inflation could keep them from falling much further. What does this mean for buyers and sellers? Let’s break it down.

Hope you enjoy!

—Sean

💖 Love in the Air – Valentine's Week Events in Tampa & Pasco

As Valentine's Day approaches, Tampa and Pasco County offer a variety of events to celebrate love and friendship. From romantic concerts to creative workshops, there's something for everyone. Be sure to check venue websites for the latest information and ticket availability!

Andrea Bocelli Valentine's Concert

Experience the renowned tenor Andrea Bocelli performing romantic classics.

📍 Location: Amalie Arena, 401 Channelside Dr., Tampa, FL 33602

📅 Date & Time: Thursday, February 13, 2025, at 8:00 PM

🎟️ Tickets: Prices vary

Valentine's Day Dinner Cruise

Enjoy a romantic 3-course dinner while cruising Tampa Bay.

📍 Location: Yacht StarShip, 603 Channelside Dr., Tampa, FL 33602

📅 Date & Time: Friday, February 14, 2025, Boarding at 7:00 PM, Cruise from 7:30 PM to 10:00 PM

🎟️ Tickets: Starting at $149.95 per person

Painting and Vino for Galentine’s Day

Unleash your creativity with a guided painting session, complemented by wine and charcuterie.

📍 Location: Epicurean Theatre, 1207 S Howard Ave., Tampa, FL 33606

📅 Date & Time: Wednesday, February 13, 2025, from 6:30 PM to 9:30 PM

🎟️ Tickets: $75 per person

Bracelet Bar - Galentine's Edition

Design custom bracelets with friends in a fun, social setting.

📍 Location: Armature Works, 1910 N Ola Ave., Tampa, FL 33602

📅 Date & Time: Tuesday, February 12, 2025, from 6:00 PM to 8:00 PM

🎟️ Tickets: $40 per person; includes materials and a complimentary glass of wine for guests 21+

Valentine’s in the Vines

Savor a four-course meal paired with wines, accompanied by live music.

📍 Location: Keel and Curley Winery, 5202 Thonotosassa Rd., Plant City, FL 33565

📅 Date & Time: Friday, February 14, 2025, from 5:00 PM to 10:00 PM

🎟️ Tickets: Prices vary

Valentine's Day Lunch Cruise

Celebrate with a delightful lunch cruise featuring a 3-course meal and DJ entertainment.

📍 Location: Yacht StarShip, 603 Channelside Dr., Tampa, FL 33602

📅 Date & Time: Friday, February 14, 2025, Boarding at 11:30 AM, Cruise from 12:00 PM to 2:00 PM

🎟️ Tickets: Starting at $69.95 per adult

Valentine's Day on the River with Craft

Experience a romantic river cruise with gourmet dining and stunning Tampa views.

📍 Location: Craft Tampa, boarding at 603 Channelside Dr., Tampa, FL 33602

📅 Date & Time: Friday, February 14, 2025; Lunch Cruise: Boarding at 11:15 AM, Cruise from 12:00 PM to 2:00 PM; Dinner Cruises: Boarding at 4:45 PM and 8:00 PM, Cruises from 5:30 PM to 7:30 PM and 8:30 PM to 10:30 PM

🎟️ Tickets: Prices vary

Valentine's Market

Shop for unique gifts from local vendors, enjoy great food, and free entertainment for kids.

Event Type: Family Activity

📍 Location: The Crafted Dessert Company, 120 Commercial Way, Spring Hill, FL 34606

📅 Date & Time: Sunday, February 2, 2025, from 11:00 AM to 4:00 PM

🎟️ Tickets: Free entry

PHSC Run, Walk and Roll 5K

Participate in a 5K event supporting the PHSC Access to Success Scholarship.

📍 Location: Pasco-Hernando State College Porter Campus, 2727 Mansfield Blvd., Wesley Chapel, FL 33543

📅 Date & Time: Saturday, February 11, 2025, at 8:00 AM

🎟️ Tickets: $25 for adults, $15 for PHSC students

Enjoy a memorable Valentine's week filled with these diverse events!

🏙️ Tampa’s West River Welcomes New High-End Apartments

Driving the news: Miami-based developer Related Group has opened Manor Riverside, a luxury apartment complex on the Tampa Heights waterfront.

The eight-story development offers 360 apartments and 16,000 square feet of amenity space, welcoming new residents to a growing neighborhood.

Details:

Manor Riverside features studio, one-, two-, and three-bedroom apartments, with sizes up to 1,571 square feet.

Monthly rents range from $1,875 to $4,323.

The project, originally named Manor West River, broke ground in November 2022, with Balfour Beatty plc as the general contractor.

The complex is within walking distance of a new Publix Super Market, set to open soon.

Why it matters: This development strengthens West River’s transformation from an aging public housing site into a mixed-income community with market-rate, affordable, and senior housing.

Investments like Manor Riverside, coupled with the city’s $35 million renovation of Julian B. Lane Riverfront Park, are fueling new economic activity and enhancing Tampa’s riverfront appeal.

The big picture: Related Group has been deepening its footprint in Tampa, viewing it as its second most important market after Miami.

Past projects include Manor Harbour Island (now Icon Harbour Island) and Manor Riverwalk (now Arabelle), which set records for Tampa apartment sales.

What’s next: With Tampa’s rising demand for upscale urban living, expect further luxury developments and retail expansion in the West River district.

As the area grows, more businesses and services will follow, making it a sought-after destination for residents and investors alike.

The bottom line: Manor Riverside’s opening is another step in Tampa’s evolving skyline, adding high-end living options and boosting the city’s riverfront revival.

🏡 $400,000 Fort Myers Home with
Lakefront Views!

3 Beds | 3 Baths | 2,534 sqft

Nestled in the desirable Cypress Cay community, this spacious two-story home offers stunning lakefront views and an oversized lot. Inside, you'll find a bright and open layout with a den, family room, and loft. The modern kitchen features a range, refrigerator, and dishwasher, while the walk-in closets and impact-resistant windows add both convenience and peace of mind.

Relax in the community pool or enjoy the serene lake views right from your backyard. Conveniently located near shops and dining, this home is perfect for families or anyone looking to enjoy Florida living.

📍 13404 Hampton Park Ct, Fort Myers, FL 33913

🏥 Pasco County to Get New ERs in Major HCA Expansion

Driving the news: HCA Florida Healthcare is expanding its footprint in the Tampa Bay region, investing $70 million to build three freestanding emergency rooms in Pasco, Hernando, and Citrus counties.

These new ERs aim to increase access to emergency care in high-growth areas.

Details:

HCA Florida Sunlake Emergency – Part of HCA Florida Trinity Hospital (Pasco County).
HCA Florida Oak Hill South Emergency – Near Hernando County Family YMCA, affiliated with HCA Florida Oak Hill Hospital.
HCA Florida Black Diamond Emergency – Affiliated with HCA Florida Citrus Hospital (Citrus County).
Construction starts this year, with completion expected in 2026.

Why it matters: With Pasco County ranking among the fastest-growing counties in the U.S., demand for accessible, high-quality emergency care is increasing.

These ERs will reduce wait times, provide faster treatment, and bring critical services closer to home for residents.

The big picture: Freestanding emergency rooms are a growing trend as health systems compete to broaden access beyond hospital settings.

By positioning these facilities in expanding communities, HCA is strengthening its presence while offering more convenient care options.

What’s next: HCA Florida Healthcare plans to break ground in 2024 and complete the projects within two years.

Expect continued growth in freestanding ERs as healthcare providers adapt to shifting patient needs.

🤔 Mortgage Rates Slip, But Will Inflation Keep Them High?

Driving the news: Mortgage rates have edged lower in recent weeks, but uncertainty around inflation and trade policies continues to influence the housing market.

The Federal Reserve’s decision to pause rate cuts has added some stability, but long-term projections remain murky.

Details:

Current rates: The average 30-year mortgage rate stood at 7.10% on Tuesday, down 8 basis points in two weeks.

15-year loans: Rates have fallen by 10 basis points in the same period, reaching 7.32%.

Labor market strength: Job growth remains robust, though potential labor disruptions from deportation policies could affect the homebuilding industry.

Inflation concerns: While inflation has cooled since 2022, it remains above the Fed’s 2% target.

Tariff uncertainty: New trade tariffs could push consumer prices higher, though recent agreements have delayed tariffs on Canada and Mexico.

Why it matters: For prospective homebuyers, mortgage rates dictate affordability. Though 7% may seem steep, it’s lower than the historical average of 7.72% dating back to 1971.

Lenders and builders are adapting, with homebuilders offering rate buydowns to attract buyers, signaling an evolving strategy to maintain market activity.

The big picture: The housing market is seeing a shift in buyer sentiment. Some consumers—particularly those with rising wages—are taking the plunge, expecting to refinance later at better rates.

Others, feeling the pinch of inflation, are delaying purchases or turning to home equity loans (HELOCs) instead.

What’s next: The Fed's next meeting in March could offer more clarity. If inflation eases further, rate cuts could be back on the table.

Meanwhile, January’s Personal Consumption Expenditures (PCE) index, due this month, will be a key indicator of future monetary policy.

The bottom line: Mortgage rates are unlikely to see drastic drops soon, but stability is creeping in.

Buyers willing to adjust expectations and explore builder incentives may still find opportunities in today’s housing market.

📊 Our Current Local Market Data:

The Tampa Bay housing market is undergoing a transition after years of rapid growth. Home prices have moderated, with the median sale price in Tampa reaching $485,000 as of late 2024—a 21.3% year-over-year increase but at a slower growth rate than in previous years.

Increased inventory, up 7.3% compared to pre-pandemic levels, offers buyers more options. However, homes are staying on the market longer, reflecting a shift toward a more balanced market. Despite cooling trends, Tampa remains appealing due to its strong economy, population growth, and lifestyle offerings.

Several factors are shaping the current landscape. Tampa's job market is thriving, particularly in healthcare, technology, and financial services. The region continues to attract new residents, with its population expected to exceed 25 million by 2030.

Interest rates are stabilizing, and a surge in new construction is set to alleviate housing supply pressures. However, recent hurricanes have influenced buyer sentiment and increased insurance costs, adding layers of complexity to the market dynamics.

For buyers, increased inventory means more negotiating power and opportunities, especially for homes on the market for 45+ days.

Sellers, meanwhile, should focus on competitive pricing, curb appeal, and working with experienced agents to navigate the changing landscape. Looking ahead, Tampa is poised for steady growth, remaining a top real estate market to watch in 2025 despite challenges like affordability concerns and rising costs.