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🚢 Florida port wins, luxury condos in Clearwater & home price data

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...

Feb 24 7 minutes read

🛳️ Florida Ports See Boost in Cargo, Cruise Traffic

Driving the news: Florida's seaports witnessed remarkable growth in cargo and cruise traffic last year, setting new records as the world moved past the Covid-19 pandemic restrictions. 

This upswing is attributed to strategic positioning amid global supply-chain challenges and a revived travel enthusiasm.

Details: The Florida Ports Council's annual Seaport Mission Plan highlighted that the state's 10 port facilities managed over 114 million tons of cargo in 2023, a 1.5% increase from 2022. 

On the cruise front, Florida ports welcomed 19.4 million passengers, surpassing the previous high in 2019.

The big picture: Florida's proactive approach in redirecting ships to its ports during the pandemic's peak demand for goods has paid off. 

The state's ports, well-connected to other transport infrastructures, have effectively capitalized on global shifts, including rerouting to avoid conflict zones.

Between the lines: The resurgence in cruise traffic underscores a pent-up desire for travel post-Covid, with the industry rebounding from a significant downturn in 2021 to record numbers in 2023.

What’s next: Expectations for continued growth are high, with new ships like Royal Caribbean's latest addition to PortMiami's fleet poised to boost passenger numbers further. 

Additionally, the Florida Ports Council is advocating for increased legislative funding to enhance port capabilities and infrastructure.

The bottom line: Florida's ports are on an upward trajectory, with cargo and cruise traffic hitting all-time highs. 

This success story reflects strategic adaptability, significant economic contributions, and promising prospects for further expansion and development in the state's maritime sector.

🌆 Luxury Condos Coming to Clearwater Beach

Driving the news: A new chapter begins for Clearwater Beach as a development duo has purchased the iconic former Fisherman’s Wharf site.

Details: The partnership of BH3 Management and U.S. Development has secured the prime beachfront location at 551 Gulf Blvd. for $24.75 million.

The team has plans to develop a luxury condominium project that marries opulence with the charm of one of Florida's most beloved coastlines.

By the numbers: With an investment buoyed by a $12.4 million loan, the project envisions 86 luxury units spread across two nine-story buildings, offering a spectrum of lavish amenities and breathtaking views, with prices ranging from $2 million to $10 million.

Why it matters: This venture not only rejuvenates a historic site but also introduces a fresh dimension of luxury living to Clearwater Beach, setting a new benchmark for upscale developments in the region.

What’s next: As the development team gears up for pre-development, the market eagerly awaits the launch of sales in late 2024, with construction anticipated to commence in 2025, marking a significant milestone in the area's evolution.

The bottom line: The transformation of the former Fisherman's Wharf into a luxury condominium complex heralds a new era for Clearwater Beach. 

📊 Housing Market Data Shows 5.5% Annual Increase in Home Prices

Driving the news: CoreLogic's latest Home Price Insights (HPI) report for February 2024 reveals a steady 5.5% increase in home prices year over year as of December 2023. 

Notably, this period saw no states experiencing a decline in home prices.

Details: The report, which includes data up to December 2023 and forecasts through December 2024, shows a slight month-over-month decrease in home prices by -0.1% from November to December 2023. 

However, CoreLogic anticipates a modest month-over-month decline of -0.2% from December 2023 to January 2024, with a year-over-year increase of 2.8% by December 2024.

Why it matters: The continued growth in home prices underscores a strong housing market buoyed by a robust job market. 

With the U.S. Bureau of Labor Statistics reporting 353,000 new jobs in January 2024, demand for housing remains high amidst a low supply.

The big picture: Northeastern states led the charge with the highest annual gains, reflecting a market recovery with no year-over-year declines reported for the first time since late 2022. 

This resilience is attributed to a strong job market and constrained housing inventory, despite potential seasonal impacts from last winter's mortgage rate increases.

By the numbers: Rhode Island, New Jersey, and Connecticut topped the list of states with the largest annual home price increases, boasting gains of 13.3%, 11.3%, and 10.5%, respectively. 

On the metro level, Miami led with a significant 10.7% increase.

Between the lines: CoreLogic's Market Risk Indicator points to certain areas, such as Spokane–Spokane Valley, WA, facing over a 70% probability of price declines in the next 12 months, signaling potential market adjustments ahead.

What’s next: Despite projections of slowing appreciation, home prices are expected to reach new highs as we get into the spring buying season, driven by pent-up demand and ongoing job and wage growth.

The bottom line: CoreLogic's HPI report offers crucial insights for understanding current trends and future projections in the housing market, serving as a valuable tool for stakeholders looking to navigate the evolving landscape.

📊 Our Current Local Market Numbers

The Pinellas and Tampa Bay markets are strong as we are well into 2024:

  • More homes are hitting the market compared to past years, offering buyers more options.
  • Sale Prices are up: Pinellas County is up 1.3% year-over-year and Tampa is up 2.5% year-over-year.



What it means for you:

  • Buyers: More choices and potentially less competition, but prices are still high.
  • Sellers: May need to be more flexible on price and terms to attract buyers.



I'm happy to help you create a home-buying strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

🏠 Find Available Homes Today

📰 In Other News: 

  • That’s all for today, We hope you have an amazing week!

    

    If there’s ever anything you need:

    1. Custom market or home value report.
    2. Home Services list for a reliable contractor or services professional.
    3. 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,

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