๐ Rays Stadium Updates, Tampa Economy Booms & Home Tenure Doubles
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...
โพ New Rays Stadium Will Elevate St. Peteโs Identity On a National Level
Driving the news: The Tampa Bay Rays have unveiled plans for a transformative $1.2 billion stadium project, poised to significantly elevate St. Petersburg's stature on the national platform.
This initiative is not just a sports venture but a keystone for a broader $6 billion mixed-use development, promising to redefine the city's identity.
Details: Nestled within the historic Gas Plant district, the new stadium is more than a sports arena; it's a catalyst for unveiling St. Pete's unique charm to a wider audience.
The anticipated economic ripple effect is monumental. In 2022, St. Pete issued 36,800 construction permits, signaling a construction boom with over $1.3 billion in potential value.
With its rich cultural tapestry, the city is set to emerge from Tampa's shadow, claiming its spot as a standalone destination.
Why it matters: St. Pete is on the cusp of a major transformation. The city, already experiencing a population surge and corporate relocations, including billion-dollar entities like CrossBorder Solutions, is set to further its growth trajectory.
The stadium deal is a testament to St. Pete's rising appeal, underscored by its inclusion in PwC's top cities for real estate investment.
The big picture: Beyond baseball, this project is a linchpin for substantial economic and social development.
With over 15,000 jobs expected from stadium operations alone and a significant boost in tourism.
The bottom line: St. Petersburg is at a pivotal juncture. With the new Rays stadium acting as a beacon of progress, the city is embracing a future where it not only shines brighter on the national stage but also fosters a thriving, inclusive community.
This is more than a sports story; it's a narrative of urban reimagining and revitalization.
๐ Step Inside a $2,400,000 Luxury Pool Home in Palm Harbor
๐ Tampa Bay Among The Top Metros For Economic Growth In The Nation
Driving the news: Tampa Bay has been spotlighted as a leading metro area for economic growth, landing the No. 8 spot in a national ranking by Area Development.
This recognition places Tampa Bay at the forefront of economic vitality among 384 U.S. metropolitan areas.
Details: The Area Development report praises Tampa Bay for its robust workforce, dynamic core economy, and impressive job growth, marking it as a standout in the state of Florida.
Why it matters: Tampa Bay's high ranking underscores its burgeoning appeal and economic resilience.
This distinction is particularly significant given its triumph over major metros like Dallas, San Francisco-Oakland, and New York-Newark, reflecting Tampa Bay's competitive edge in fostering economic development.
The big picture: Florida has become a magnet for economic growth, particularly post-Covid-19, with a staggering $39.2 billion in net income flowing into the state from 2020 to 2022.
Tampa Bay has been a key beneficiary of this influx, attracting thousands of new residents and businesses with its vibrant economy and quality of life.
The bottom line: With Florida's business-friendly climate and Tampa Bay's upward economic momentum, the region is poised for continued growth.
Tampa is set to continue to attract talent and investment and increase its status as a hotspot for economic growth, which reinforces its role in shaping Florida's economic landscape.
๐ก Homeowners Today Stay in Their Homes 2x As Long As They Did in 2005
Driving the news: Homeowners are extending their stays in their residences, a trend largely propelled by older Americans aging in place, scarcity of affordable housing, and the ease of obtaining mortgages in the early 2000s.
Details: Tenure for homeowners has increased over the past two decades, with the typical U.S. homeowner residing in their home for 11.9 years, up from 6.5 years twenty years ago.
The pandemic-induced moving surge in 2020 slightly reduced tenure from its peak.
Notable increases in homeowner tenure are observed among baby boomers, with nearly 40% residing in their homes for over two decades, while millennials exhibit shorter tenure, partly due to job mobility.
Why it matters: Extended homeowner tenure exacerbates the shortage of available homes for sale, contributing to escalating home prices across various regions.
The big picture: Baby boomers and Gen Xers, who predominantly own homes, significantly influence housing market dynamics due to demographic shifts and higher homeownership rates compared to younger generations.
Between the lines: Financial incentives, state tax policies, and personal preferences drive older Americans to remain in their homes, contributing to the scarcity of housing inventory and escalating costs.
Whatโs next: While homeowner tenure decreased slightly post-2020, it is expected to stabilize or experience marginal growth, with existing home sales remaining subdued because of low mortgage rates and limited inventory.
The bottom line: Extended homeowner tenure presents challenges for young buyers seeking entry into the housing market, necessitating alternative strategies such as new construction homes.
๐ 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.
๏ปฟ
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.
๏ปฟ
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, donโt hesitate to ask.
๐ Find Available Homes Today
- Available Homes in Palm Harbor
- Available Homes in Tarpon Springs
- Available Homes in East Lake
- Available Homes in Odessa
- Available Homes in Westchase
- Available Homes in Oldsmar
- Available Homes in Safety Harbor
- Available Homes in Dunedin
- Available Homes in Clearwater
- Available Homes on the Beaches or Intercoastal
- Available Homes on a Golf Course
- All Available Homes
๐ฐ In Other News:
- Thatโs all for today, We hope you have an amazing week!
๏ปฟ
If thereโs 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! Weโre here to help with all your home needs.
๏ปฟ
Talk soon,