🏖️ Pinellas County Tourism Bounces Back from Winter Dip

Driving the news: Pinellas County reported an 8% year-over-year increase in tourist tax revenue in March, with a record-breaking $14.6 million collection, despite a sluggish start to the fiscal year.

Details:

• The county's tourism numbers declined by an average of 2.8% in the first months of fiscal 2024.
• The steepest drop occurred in October, with an 8.25% decrease in tax collections.
• Of the $14.6 million collected in March, $5.1 million came from short-term rentals.

Why it matters: The March figures indicate a reversal of an almost yearlong trend of declining tourism numbers, showcasing the efforts of Visit St. Pete/Clearwater in attracting visitors back to the area.

The big picture: Pinellas County is considering reallocating tourist tax revenue to fund beach renourishment, a new Tampa Bay Rays stadium, and renovations to the Philadelphia Phillies' Clearwater complex. 

The Tourist Development Council has also pledged $25 million to expand The Dali Museum.

By the numbers: Visit St. Pete/Clearwater presented a $41.8 million fiscal 2025 budget, with $31.7 million allocated for promotional expenses.

The budget includes requests for $6 million for advertising in additional markets, $350,000 for a Tampa Bay Rays stadium consultant, and $162,000 for business development sales.

Between the lines: Despite the surge in tourist taxes, Pinellas County saw a 0.5% dip in hotel occupancy compared to last year. 

However, increases in the total number of hotel units and average daily rates contributed to the record tax figure.

What's next: More hotel rooms will be added in the coming years, and the Pinellas County Board of County Commissioners still needs to approve the budget increase requests presented by Visit St. Pete/Clearwater.

The bottom line: Pinellas County's tourism industry is showing signs of recovery with record-breaking tourist tax revenue in March and plans for continued investment in the sector.

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🌇 Developer of One Tampa Condos Preps for Site Work to Begin

Driving the news: Construction equipment will soon be mobilized at the corner of East Twiggs and North Tampa streets, marking the beginning of site work for One Tampa, a highly anticipated 42-story condo tower in downtown Tampa.

Details:

• One Tampa will feature 225 condo units, with prices starting from $1 million.
• The tower will be located at 520 N. Tampa St., replacing the former First Watch restaurant, which is relocating to Park Tower.

Why it matters: One Tampa is one of the most closely watched developments in downtown Tampa, with presales approaching $200 million as of May 2023, making it one of the fastest-selling projects in the area.

The big picture: Kolter Urban assembled the One Tampa site in late 2021 for $11.64 million, which includes properties at 520 N. Tampa St., 514 N.

Tampa St. (the Dohring Building), a small alley next to the Dohring Building, and a vacant lot at 507 N. Ashley Drive.

What's next: A groundbreaking ceremony for One Tampa is expected to take place in the coming weeks, signaling the official start of construction.

The bottom line: As site work begins and the groundbreaking approaches, One Tampa is set to become a significant addition to downtown Tampa's skyline, offering luxury living options in a prime location.

🔥 As Supply Shifts, Home Prices Are on The Rise in Tampa Bay

Driving the news: Home prices continue to rise nationally, but several metros that once ranked among the nation's hottest housing markets are now seeing price cuts, according to new data from residential real estate brokerage firm Redfin.

Details: In Tampa Bay, new listings are up 11%, active listings are up 28.75%, and prices are following suit, up 1.12% year-over-year. 

The metro also ranks 10th nationwide for future build-to-rent developments, with over 1,300 new single-family homes set to hit the Tampa rental market in the next few years.

By the numbers:

• Six of the 10 cities that saw the largest increases in March year-over-year supply were from Florida.
• North Port Sarasota saw the highest price cuts in the country at 48%, followed by Tampa (44%) and Cape Coral (41%).
• In Cape Coral, the average home took an additional 31 days to sell last month compared to March 2023.

Why it matters: Increased supply in many metros is just one of many factors shaping the evolution of the housing market, alongside uncertainty over interest rates, challenges in the home insurance segment, and ongoing affordability challenges.

Between the lines: The insurance crisis is also complicating sales. Last year, 72% of American homeowners saw their insurance premiums go up, and in areas where those costs are surging, economists believe properties are at risk of gaining less value than in locations with more stable premiums.

What's next: Sellers are offering concessions to hold deals together, as rising insurance costs become a significant issue for buyers, especially those purchasing waterfront homes on smaller budgets.

The bottom line: As supply shifts and various factors shape the housing market, Tampa Bay is experiencing rising home prices and a growing build-to-rent sector, while once-hot markets in Florida face price cuts and longer selling times.

📊 Our Current Local Market Numbers

The Pinellas and Tampa Bay markets are hot as peak buying season is in full swing!

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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