🏖️ Glass Floor Views in St. Pete, Port Parking Dilemma & Increasing Your Home Value in 2024
Mark Fazzini
Whether you are buying or selling a property, Mark will go out of his way to find out the key factors that are most important to you, so that he can p...
Whether you are buying or selling a property, Mark will go out of his way to find out the key factors that are most important to you, so that he can p...
🏖️ Glass Rooftop Terrace Coming to
St. Pete Beach
Driving the news: TradeWinds Island Resorts in St. Pete Beach is proposing an expansion that will include a first-of-its-kind public rooftop terrace featuring a glass-floor balcony with sweeping views of the Gulf Coast.
Details:
- The roughly 4,800-square-foot rooftop view terrace will be located on the 12th floor of a new tower.
- A dedicated elevator will provide public access to the terrace, with multiple seating areas.
- The terrace will offer unobstructed views of St. Pete Beach, the resort's pools, and amenities.
- It is being touted as the first public rooftop experience of its kind in Pinellas County.
Why it matters: The reveal of the Instagram-worthy rooftop amenity appears aimed at drumming up public support ahead of a key St. Pete Beach City Commission vote.
The big picture: The overall multi-million dollar expansion will add 629 net hotel rooms across three new towers, and 68,000 square feet of restaurant/retail space, increasing TradeWinds' total rooms to 1,596 when complete.
What's next: The St. Pete Beach commission will vote on April 15 on whether to grant the critical conditional use permit after the planning board's unanimous approval last month.
The bottom line: TradeWinds' audacious rooftop plans show the major transformation coming to St. Pete Beach's hospitality landscape, while cleverly appealing to public interests ahead of the decisive expansion vote.
🏠 Inside a $849,900 Sophisticated Pool Home in Palm Harbor, FL
🚘 Construction Plans Delayed on Sparkman Wharf Parking Lot
Driving the news: The Port Tampa Bay board has granted Strategic Property Partners (SPP), the developer of Water Street Tampa, a three-year extension to begin construction on the Garrison lot, a popular parking lot next to Sparkman Wharf.
The new deadline is set for Nov. 1, 2027.
Details: In 2018, SPP entered into a sale and land lease agreement with the port, which included a five-year timeline for starting construction on the Garrison lot.
Due to the COVID-19 pandemic, SPP was given a one-year extension in April 2020.
SPP, now solely owned by Cascade Investment LLC after Jeff Vinik sold his share in mid-2023, manages the 275-space Garrison lot and the nearby 1,800-space Channelside Parking Garage, while Port Tampa Bay collects the revenue.
Why it matters: As Water Street and Sparkman Wharf gain popularity, both SPP and the port have witnessed a significant increase in parking revenues from the Garrison lot.
Parking accounts for about 9% of the port's total revenue, with the Channelside Parking Garage and Garrison lot seeing year-over-year increases of 23% and 27%, respectively, between 2018 and 2023.
The big picture: Redeveloping the Garrison lot is considered crucial in connecting Water Street and Sparkman Wharf.
Initial plans from 2018 included two towers with 350 to 500 residential units, but SPP has maintained that these plans could change based on market conditions.
Between the lines: The extension also allows the port to use the Garrison lot for cruise provisioning and operations, amid ongoing discussions about the role of the cruise industry in Tampa's urban core.
Mayor Jane Castor, who sits on the port board, acknowledged the challenges that will arise as the Channel district grows near the port, particularly concerning parking and traffic management.
What's next: SPP will continue to assess the best use for the Garrison lot as the area develops, with no immediate plans to begin construction.
The port will continue to benefit from the increased parking revenues generated by the lot's popularity.
The bottom line: The three-year extension for the Garrison lot development highlights the evolving needs and priorities of both the developer and the port as the Water Street Tampa area continues to grow and attract visitors.
📺 Homes with Backyard TVs Can Sell for
$10,000 More
Driving the news: New Zillow research reveals that homes with tricked-out backyards can sell for $10,000 more than comparable homes without them.
Homes with viral home features can sell up to six days faster than expected.
Details: Added features such as outdoor TVs, kitchens, and showers can net a homeowner as much as 3.1% (or add $10,749) more on the sale of their home.
Additionally, homes with features like plant ledges and rounded corners, which are popular on TikTok, can attract younger first-time homebuyers and sell faster.
Finally, fresh features like soapstone countertops and beverage centers are replacing old favorites like quartz countertops and wine fridges.
Why it matters: Highlighting trending home features can help homeowners get more money for their home or sell it more quickly than the average home.
For example, move-in-ready homes can sell in just a few weeks.
The big picture: Despite the potential for higher sale prices, affordability remains a top priority for many homebuyers in today's market, with higher mortgage rates and rising home prices tightening buyers' budgets.
Between the lines: While certain features can attract buyers and increase sale prices, their effectiveness may vary depending on the market and neighborhood your home is in.
What's next: As the spring home shopping season brings increased competition for homes with sought-after features, buyers should get pre-qualified for a mortgage before they start shopping to act quickly when they find a home they love.
The bottom line: It's worth talking to a local real estate expert to see if upgrading your backyard or adding a few viral home features before you put your home on the market will get you the ROI you are looking for.
📊 Our Current Local Market Numbers
The Pinellas and Tampa Bay markets are heating up as we get closer to spring.
If you are looking to buy or sell a home in the next few months, you'll need a strong strategy to navigate the nuances of this market.
I'm happy to help you create a plan that will allow you to succeed in the current market.
If you ever have questions, don’t hesitate to ask.
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📰 In Other News:
- That’s all for today, We hope you have an amazing week!
If there’s ever anything you need:
- Custom market or home value report.
- Home Services list for a reliable contractor or services professional.
- Feedback or a professional opinion on a home project or other needs of the home.
Just let us know! We’re here to help with all your home needs.
Talk soon,