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🏈 Tampa's $4.6M global ad splash, USF stadium news & luxury market surge

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 16 9 minutes read

❄️ Visit Tampa Bay Spends $4.6M On Out-Of-State Winter Campaign

Driving the news: Visit Tampa Bay is significantly expanding its reach this winter, launching an ambitious $4.6 million marketing campaign aimed at drawing tourists from a wider array of locations.

Details: Traditionally focusing on Atlanta during summer, this year's winter campaign marks a strategic shift, encompassing not only existing markets like Boston, Chicago, Dallas, Philadelphia, New York, and Washington, D.C., but also venturing into international territories such as the United Kingdom, Germany, and Brazil. 

The campaign, running from January 15 through May, will feature innovative advertisements across buildings, taxis, and more.

The initiative will also include a partnership with Tripadvisor and the incorporation of digital tools like Alexa for content integration could set new standards for destination marketing.

Why it matters: This initiative represents a doubling down on Visit Tampa Bay's commitment to tourism growth, with the investment more than doubling from the previous year's campaign. 

The introduction of novel advertising methods, including reflective Uber wraps and Alexa integration, underscores the organization's dedication to staying at the forefront of marketing innovation.

The big picture: Tourism is a vital component of Hillsborough County's economy, with hotel taxable revenue poised to hit the $1 billion mark once again, mirroring last year's success. 

The county's hospitality sector has seen robust growth, with an 8% increase in the average daily rate from December 2022 to December 2023.

By the numbers: The campaign's hefty $4.6 million investment reflects confidence in the potential return from these diverse and expanded marketing efforts, aiming to sustain and build upon the tourism industry's momentum.

What’s next: With the campaign already underway, the effectiveness of these innovative marketing strategies and their impact on tourism numbers will be closely monitored. 

The bottom line: Visit Tampa Bay's enlarged out-of-state winter campaign reflects a bold and innovative approach to tourism marketing, aiming to solidify and expand Tampa Bay's appeal as a premier travel destination, leveraging modern technology and creative advertising to reach new audiences and sustain economic growth.

🏈 USF Seeks New Construction Firm For On-Campus Stadium

Driving the news: The University of South Florida (USF) is on the hunt for a new construction partner for its ambitious on-campus stadium project, following a split with Barton Malow over two months ago. 

This move marks a pivotal step in advancing the facility designed to host football and women's lacrosse events

Details: USF has officially opened the floor for bids, issuing an invitation on February 1st to construction firms interested in managing the development of the five-level stadium. 

A mandatory meeting for potential bidders is scheduled for February 14th, with proposals due by March 6th.

Set to accommodate around 35,000 spectators, the stadium's scale and design reflect USF's ambitions in collegiate sports.

The project's timeline has been adjusted to ensure completion by March 31, 2027, in time for that year's football season kickoff.

Why it matters: This development is significant not just for USF's athletic programs but also for enhancing the campus environment and student experience. 

The selection of a new construction manager will be crucial in keeping the project on track for its revised completion date in 2027.

The big picture: The stadium's construction is part of a broader vision to elevate USF's profile in collegiate athletics and integrate sports facilities more seamlessly within the campus landscape. 

The project underscores the university's commitment to providing top-tier amenities for its athletes and fans alike.

What’s next: With the bidding process underway, USF's next board meeting in March is anticipated to shed more light on the project's progress and the selection of the new construction manager.

This meeting will be a critical juncture in moving the stadium project forward.

The bottom line: USF's pursuit of a new construction firm for its on-campus stadium underscores the university's dedication to enhancing its athletic infrastructure. 

The successful completion of this project will not only bolster USF's sports programs but also enrich the campus culture and student life.

📈 How Did Tampa's Luxury Real Estate Market Compare to National Trends in 2023

Driving the news: While the U.S. luxury real estate sector saw an 8.8% increase in average sale prices, reaching $1.17 million, Tampa Bay's market soared with a 36% jump in luxury home sales, the highest in the country.

Details: This surge was particularly notable in the luxury condo segment, where Tampa Bay experienced a 300% increase in sales, highlighting a unique regional preference for high-end condominiums.

National and local markets have seen a shift in buyer preferences, with a growing demand for quality living spaces. 

Tampa Bay, with its desirable waterfront amenities, has become a magnet for high earners, especially those benefiting from remote work flexibility.

By the numbers: Cash purchases represented 46.5% of luxury home buys nationally in the last quarter of 2023. 

Tampa Bay reflected this trend, with a significant portion of luxury transactions conducted in cash, indicating the financial strength of buyers in the region.

Why it matters: The robust growth of Tampa's luxury market, especially in the face of national trends, underscores the area's rising appeal and the resilience of affluent buyers, many of whom are leveraging cash transactions to bypass high mortgage rates.

What’s next: With experts predicting a moderation in price growth due to an increase in listings, the outlook for 2024 remains optimistic. 

However, Tampa Bay's luxury market, buoyed by its appeal and limited inventory, especially in sought-after waterfront areas, is likely to continue appreciating.

The bottom line: Tampa Bay's luxury real estate market in 2023 not only reflected broader national trends but set new benchmarks, particularly in the condo segment. 

For buyers and sellers alike, the momentum in Tampa's luxury market presents unparalleled opportunities, making now an ideal time to engage with this vibrant real estate 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!


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