Wednesday, January 29, 2020 / by Tyler Anderson
The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:
“The market is struggling with a large housing undersupply just as 4.8 m ...
Friday, July 5, 2019 / by Tyler Anderson
So far through Q2 of 2019, the market has remained relatively stable and we have seen consistent growth. The great news for buyers, is that interest rates have actually declined. At the current pace, we should end the year at roughly 5% year-over-year growth (YOY). Compared with 2018’s YOY at 7%, 2017’s YOY was at 9.2% and 2016’s YOY was at 14.7%. We are clearly slowing down and possibly leveling off. Typically, some of the strongest growth comes in the second quarter of the year (spring and early summer). Based on the graph shown here, we have seen little growth through March, April, and June--further indicating that we are leveling off. It’s important to understand that this still doesn’t mean we are in a price correction, or about to go into one. Rather, we will probably see what we had been projecting, with slowing growth through 2019, and an even more significant leveling off through 2020. For some people it may feel like we are going backwards ...
Saturday, June 15, 2019 / by Tyler Anderson
The Tampa Bay area does many things well, but transportation is not one of them. According to a Regional Competitiveness Report, Tampa Bay ranks last in transit ridership per capita, and last in transit vehicle revenue miles per capita. Tampa has made adjustments to make the city less congested and more walkable, but it hasn’t been enough. In 2018, the citizen-led initiative passed the vote with more than 57% in favor of a one percent tax increase to go towards the redevelopment of our roads and transit systems.
This one percent increase in sales tax is projected to be in place for 30 years, or until a maximum amount of $16 billion is hit. It is estimated to raise $276 million annually, and $552 million in the first two calendar years. Of the billions of dollars to be generated over the 30-year lifetime of the tax, 54% is slated for investments in roads and safety, while 45% will be allocated to expanding transit options (one percent is reserved for expenses related to ...
Saturday, June 8, 2019 / by Tyler Anderson
As you may have noticed, there are some new ride-share companies in town. Lime, Spin, Jump (owned by Uber), and Bird are all companies that have been awarded contracts to operate their electric scooters within certain restrictions that the City of Tampa has already outlined (map outlined below). Each company is currently allowed 600 scooters, bringing the grand total to 2,400 scooters operating throughout downtown Tampa.
The premise is simple: Download the app for the scooter company of your choice, find the available scooters on the app’s map, and you will be able to rent the electric scooters for $1, plus the 29 cents per minute to use. There are no formal stations, you can leave the scooters anywhere you want, assuming you are within the acceptable boundaries. The companies rely on people who roam the streets looking to charge the scooters at night for $5-$20 per scooter. These companies also have salaried employees who pick up these scooters and return them for cha ...
Saturday, June 1, 2019 / by Tyler Anderson
Midtown Tampa is a new mixed-use development that recently broke ground on a 22-acre plot near I-275 and Dale Mabry. With a whopping 1.8 million square feet, Midtown features housing, retail, executive office buildings, entertainment, and restaurants. Developed by the Bromley Companies, this is the first mixed-use project of its kind in the Tampa Bay area. The unique, urban space will include: 400 apartments, an Element hotel (Managed by Mariott) with over 200 rooms and meeting spaces, 700,000 square feet of office space and 210,000 square feet of retail space. The goal is to have Midtown Tampa completed by early 2021, just in time for the Super Bowl. Midtown will significantly change the landscape of the area. There are several big names associated with the development. This list includes restaurants owned and operated by Oprah Winfrey, Dr. Andrew Weil, and Chris Ponte. Ponte is a James Beard-nominated chef who has trained at Le Cordon Bleu in Paris and cooked with notable chefs ...