Happy Wednesday!

We have great news about Tampa this week.

Ybor Harbor received rezoning approval to pave the way for a multi-use development, and Florida’s wealth has increased since the pandemic.

We are also taking a look at refinancing your mortgage in 2024… is it worth it? Keep reading to find out!

—Sean

🌊 Ybor Harbor Set to Transform the Waterfront

Driving the news: Ybor Harbor, Darryl Shaw's waterfront vision for downtown Tampa, has received preliminary approval from the Tampa City Council.

The council approved a comprehensive plan amendment and rezoning request to make way for the development.

Details: Ybor Harbor spans approximately 33 acres south of Adamo Drive, east of Channelside Drive, and west of North 19th Street on the Ybor Channel.

The property was once considered as a potential site for a Tampa Bay Rays stadium, but Shaw's plans do not include a baseball stadium.

The plans include:

• 500,000 square feet of office space
  

• 800 hotel rooms
  

• Over 150,000 square feet of street-level retail space
  

• 4,750 new residential units, with 10% dedicated to affordable housing

Why it matters: The approval marks a significant step forward for Shaw's vision of creating interconnected neighborhoods that balance the growing demand for goods through Port Tampa Bay with the desire for walkable, transit-oriented development and access to the waterfront.

The big picture: Ybor Harbor is part of a larger effort to transform Tampa's waterfront, with Shaw also partnering with Washington, D.C.-based Kettler to develop Gasworx, a mixed-use development under construction just west of Ybor Harbor.

What's next: A second hearing on the project will be held on May 2.

Shaw and his team will continue to work with Port Tampa Bay to open the waterfront and create a public space featuring a boardwalk, restaurants, retailers, piers, boat slips, floating docks, and green space.

The bottom line: Ybor Harbor's preliminary approval marks a significant milestone in Darryl Shaw's vision for transforming Tampa's waterfront, creating a mixed-use, transit-oriented community that balances the needs of the growing population with the importance of the maritime industry.

🏠 Step into Modern Elegance for $349,900 in Tampa, FL

🌟NEW Construction🌟

Unveil the potential of 4619 Courtland St, Tampa, a beautiful 3-bed,
🛁 2-Bath home, spanning 1,234 sqft, currently under construction
and crafted for contemporary comfort.

This residence is poised to feature:

🏠 Stylish Stucco Finish & Orange-Peeled Walls for a Modern Touch
🚗 Fully Textured Garage Interior with Storm-Rated Door and Opener
🍳 Sleek Kitchen with Quartz Countertops, Stainless Steel Sink, and GE Appliances
🛁 Bathrooms with White Cabinets, Quartz Countertops, and Brushed Nickel Fixtures
🚪 Elegant White Doors Throughout with Matte Brushed Nickel Hardware
🏡 Architectural Shingles and Solid Concrete Block Construction
🌿 Landscaped Front Yard with Bermuda Grass and Vinyl Backyard Fencing
🏊‍♂️ Community Security with Ring Doorbell, Garage, and Backyard Cameras
🌞 Energy-Saving Features like High-Efficiency HVAC and Tankless Hot Water Heater

📍 4619 Courtland St, Tampa, FL 33610

At $349,900, this property offers a unique blend of style, efficiency, and comfort, making it a perfect choice for those looking to embrace a modern lifestyle in Tampa, FL.

💸 Florida Millionaires Spiked 44% During the Pandemic

Driving the news: Florida added 18,530 tax filers earning $1 million or more between 2020 and 2021, reporting over 70,000 millionaires statewide, according to new data from the IRS.

Details: The number of Americans with an adjusted gross income of at least $1 million per year jumped 44% between 2020 and 2021, fueled by the stock market's surge and soaring salaries during the post-pandemic labor shortage.

Florida's growth in million-dollar earners was 35% over the same period, slightly below the national average.

By the numbers:

• Florida's pay growth from January 2023 to January 2024 ranks 16th in the nation
  

• CEO pay at the 350 largest American companies averaged $27.8 million in 2021
  

• Median weekly earnings increased 4.2% between April 2021 and April 2022

Why it matters: The surge in millionaires is attributed to factors such as the booming stock market, rising CEO and executive compensation, and significant pay increases across various industries, particularly in technology and white-collar roles.

The big picture: Nationwide, Louisiana saw the largest percentage growth in million-dollar earners (83%), followed by Montana (73%) and Vermont (63%).

The average increase was 47% across all 50 states, Puerto Rico, and American territories. Texas surpassed Florida in the number of million-dollar filers in 2021.

The bottom line: The pandemic recovery led to a significant rise in the number of millionaires in Florida and across the United States, driven by stock market gains and rapidly increasing salaries.

🤔 Should You Refinance Your Mortgage in 2024? How to Know if it’s Worth It:

Driving the news: Interest rates have been on a roller coaster ride since 2020, with the Federal Reserve's actions significantly impacting mortgage rates.

There is a possibility that the Fed may cut interest rates later this year, presenting potential advantages for recent homebuyers considering a rate and term refinance.

Details: In January 2021, the 30-year fixed mortgage rate hit a record low of 2.65%, but as the Fed combatted inflation, rates increased, currently ranging between ~7% and ~8%.

When rates start to dip, many homeowners ask themselves: "Should we refinance?" This decision is particularly relevant for those who purchased homes at peak rates.

When to consider refinancing: These are some scenarios where you should look at your loan and consider refinancing:

• Lower Interest Rates: Consider refinancing if mortgage rates have decreased significantly since you took out your original loan. A rule of thumb is to refinance when you can lower your interest rate by at least 0.75 to 1 percentage point.

• An increase in income: If you find yourself making more money, refinancing to a shorter-term loan, like switching from a 30-year to a 15-year mortgage, can save you money in the long run. This usually increases your monthly payments but significantly reduces the total interest paid over the life of the loan.

• Improved Credit Score: If your credit score has improved since you first secured your mortgage, you might qualify for a lower interest rate. Lenders offer better rates to borrowers with higher credit scores, as they pose a lower risk.

• Removing Mortgage Insurance: Refinancing can also help you eliminate the need for mortgage insurance. This is particularly relevant if you have built up sufficient equity in your home (typically 20% or more).

• Tapping into Home Equity: A cash-out refinance allows you to access the equity you've built up in your home, which can be used for various purposes like debt consolidation, home improvements, or other significant expenses.

You should always consider the closing costs of refinancing and calculate the break-even point — the time it takes for the monthly savings from the new mortgage to outweigh the refinancing costs. This analysis will help you determine if refinancing is financially worthwhile.

Why it matters: Refinancing can lead to significant financial benefits, such as lower monthly payments, faster mortgage payoff, and access to home equity.

What’s next: Those who purchased homes at higher rates should watch for rate drops and consider the scenarios above to see if refinancing makes sense for them.

The bottom line: The decision to refinance a mortgage in 2024 hinges on a complex interplay of interest rates, individual financial situations, and market trends.

Homeowners should stay informed and consult with financial experts to make a plan suited for them.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are heating up 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:

• Ybor City named one of the best places to live, according to Money

• Tampa breaks ground on state-of-the-art East Tampa Recreation Complex

• Buccaneers Announce Re-Signing of Longtime Tampa Bay Veteran

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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