π USF stadium update, new homes at Innisbrook Golf Resort & 2024 market forecasts
Mark Fazzini
Meet Mark Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023! ...
Meet Mark Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023! ...
π USF Moves Forward on New Football Stadium
Driving the news: The University of South Florida Board of Trustees approved nearly $6.2 million in new funding for two projects to prepare the campus for a new 35,000-seat football stadium.
Details:
- $3.625 million for the construction of new recreation fields, lighting, fencing, dugouts, and restrooms on the southwest side of campus.
- $2.55 million for permanent improvements at USF Research Park, including utilities, sidewalks, parking lot, and fitness trail.
- New fields are expected to be completed by Thanksgiving 2024 for use in the spring 2025 semester.
Why it matters: The new recreation fields are needed as the current fields are located where the future stadium will be built.
This funding allows USF to relocate the fields temporarily before eventually developing the land for research purposes in 7-10 years.
The big picture: In total, USF expects to spend around $15.2 million on the new fields, funded through a mix of carryforward, auxiliary, and research funds.
The board previously approved the project but needed to vote on increased spending and funding sources.
Between the lines: USF plans to select a construction company soon and negotiate terms, with an intent to award the stadium contract in April.
What's next: Upon completion of the new recreation fields, construction can begin on the highly anticipated on-campus football stadium.
The bottom line: USF is taking key steps to prepare for its new football stadium, ensuring facilities are in place for student recreation until the stadium site is developed.
π Step Inside a $799,900 Luxury Home in Odessa
π¨ Toll Bros. Plans Luxury Community at Innisbrook Golf Resort in Palm Harbor
Driving the news: Toll Brothers Inc. is set to begin construction on Montrose at Innisbrook, a luxury gated community within the Innisbrook Golf Resort in Palm Harbor, Florida.
Details: The development will feature 174 single-family homes and townhomes, with sales starting in the fall and prices beginning in the mid-$500,000s.
The homes will range from 2,097 to 3,932 square feet and offer three different floor plans.
Homeowners will have the opportunity to personalize their homes through the Toll Brothers Design Studio, which provides professional design consultants.
The community will have access to the resort's extensive amenities, including golf courses, restaurants, bars, tennis courts, pickleball courts, swimming pools, a spa, walking trails, and fishing options.
Why it matters: The development of Montrose at Innisbrook showcases the demand in Tampa for luxury living in resort-style communities.
The big picture: The Tampa Bay area continues to attract luxury residential developments, driven by its desirable location, favorable weather, and growing population.
The integration of luxury homes within established resort communities, such as Innisbrook, reflects a trend in the region's real estate market.
Between the lines:ο»Ώ The company's reputation for quality construction and personalization options, coupled with the resort's renowned amenities, is expected to draw significant interest from prospective buyers.
What's next: Construction on Montrose at Innisbrook is slated to begin this summer, with sales commencing in the fall.
As the development progresses, it will be important to monitor the market's response and the potential impact on the surrounding area.
The bottom line: The introduction of Montrose at Innisbrook by Toll Brothers will bring a new level of luxury living to the Innisbrook Golf Resort in Palm Harbor.
π 100+ Housing Experts See Increased Home Price Growth and 6% Mortgage Rates in 2024
Driving the news: Over 100 housing experts predict a rise in home prices and foresee a median 6% mortgage rate by the end of 2024, as per the Q1 2024 Fannie Mae Home Price Expectations Survey.
Details: The survey, in partnership with Pulsenomics, LLC, involved 114 experts who anticipate home price growth of 3.8% in 2024, an increase from previous projections.
These expectations align with a predicted decline in mortgage rates to 6%.
Why it matters: The revised home price growth forecasts highlight the market's resilience amid fluctuating mortgage rates and ongoing housing supply shortages.
The big picture: Economic factors like mortgage rates and housing inventory play pivotal roles in shaping the real estate market's trajectory.
By the numbers: The survey shows an upward revision in home price growth from 2.4% to 3.8% for 2024 and a significant shift in experts seeing higher upside risks to their forecasts.
Between the lines: The experts' outlook hinges on both the anticipated easing of mortgage rates and persistent supply constraints, fueling price growth.
Whatβs next: With mortgage rates expected to stabilize around 6%, the market may witness sustained home price increases, although affordability issues remain a concern.
The bottom line: The housing market is poised for continued growth, but the balance of mortgage rates and supply challenges will dictate the pace and scale of changes.
π 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, donβt hesitate to ask.
π Find Available Homes Today
- Available Homes in Palm Harbor
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- Available Homes in Oldsmar
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- Available Homes on the Beaches or Intercoastal
- Available Homes on a Golf Course
- All Available Homes
π° In Other News:
- Thatβs all for today, We hope you have an amazing week!
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If thereβs 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! Weβre here to help with all your home needs.
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Talk soon,