by admin | Jan 30, 2016 | Market Data
The former commissioner of the Chicago Department of Transportation said Thursday that the proposed toll lanes on I-275 go against national trends.
Source: www.bizjournals.com
A transportation expert on Thursday told a group of real estate professionals in Tampa that plans to add express lanes to Interstate 275 are nationally regarded as a “boondoggle.”
If you build it, they will come…this could not be more true for Americans and their infatuation with their cars. That said, the movement to find alternative transportation options that are more efficient and get more cars off the roads.
Tampa Bay is on the precipice of a very important time in determining the future or transportation and smart growth for the region. The proposed TBX project seems to be a step in the wrong direction as opposed to developing other transportation options that would remove cars from the road system as opposed to adding capacity.
by admin | Jan 29, 2016 | Market Data
As the employment situation continues to improve, more buyers made their way into the housing market for the second quarter in a row.
Source: www.dsnews.com
Is the Homeownership pendulum about ready to swing back in the other direction?
“First-time buyers were for the most part held back once again in 2015 by rising rents and home prices, competition from vacation and investment buyers and supply shortages,” said Lawrence Yun, NAR Chief Economist. “While these headwinds show little signs of abating, the cumulative effect of strong job growth in recent years and young renters’ overwhelming interest to own a home should lead to a modest uptick in first-time buyer activity in 2016.”
The Bureau found that homeownership was highest among those 65 years and older at 79.3% in the fourth quarter of 2015, down slightly 79.5% in the previous quarter. However, the only age group to increase their homeownership rate was the 35 to 44-year olds, from 58.8% in the fourth quarter of last year to 59.3% in the fourth quarter of 2015.
by admin | Jan 25, 2016 | Market Data
More than 41,000 jobs were added December.
Source: www.businessobserverfl.com
The region added 41,400 private sector jobs in December 2015 compared to December 2014. As job growth increased, the area’s unemployment rate decreased by 0.9% year-over-year, falling to 4.4%, the statement adds.
Adding to the Tampa metro area’s appeal is its relative cost of living where 100 is average — Tampa’s cost of living is 92.3. That figure is the lowest in Florida.
Tampa metro’s housing, groceries, gas, clothing and health care costs are all lower than the national average,
by admin | Jan 25, 2016 | Market Data
Hillsborough County has committed up to $50 million toward construction and design costs connected to the downtown redevelopment project planned by Tampa Bay Lightning owner Jeff Vinik.
Source: www.tbo.com
Hillsborough County has committed up to $50 million toward construction and design costs connected to the downtown redevelopment project planned by Tampa Bay Lightning owner Jeff Vinik. The agreement calls for the two local governments to contribute matching amounts toward design, permitting and development of public infrastructure, such as streets, drainage and utilities.
The money will come from the increase in property values in the Downtown Community Redevelopment Area. That increase, or increment, is expected to grow as Vinik’s development progresses.
Vinik, through his company Strategic Property Partners, plans to convert about 40 acres of mostly empty parcels and parking lots around Amalie Arena into an entertainment district with hotels, residential towers, stores and restaurants.
Vertica Partners exclusively represented Vinik and his group on the acquisition and assemblage of the vacant land making the project possible.
by admin | Jan 25, 2016 | Market Data
Source: saintpetersburgtimes.fl.newsmemory.com
It is challenging for home owners to accept the fact they do not own air rights or what a neighboring property owner can do with their property (within legal reason), especially in areas undergoing redevelopment.
As much as they feel their rights to privacy are being violated, they are in fact wanting to violate the rights of property owners who do not conform to what they think is acceptable or not.
In almost every single instance, the new homes being built are within the existing zoning regulations which were in place when the complaining owner purchased their own property. It is not as if the city only allowed single-story construction in a neighborhood and then all of a sudden changed the rules on everyone and said now two-story homes will be allowed.
There is an education process that needs to take place for real estate owners, particularly with property rights. Unless you live in a deed restricted area owners have rights and they may do things with their property that you do not agree with. Landscaping, paint colors, fence styles and so on all all rights individuals have as is the right to build what you want as long as it fits in with the zoning regulations.
Many of the existing neighborhoods where these changes are taking place in all likelihood took the place of a previous neighborhood where no one liked that change either. Basically, people are OK with any changes that happened previously because it did not effect them before, but once they move into an area its as if all change must cease…even change allowed by law.
The other side to the coin is the new construction taking place is almost assuredly raising the prices of all homes in that neighborhood. There are always a couple of alternatives people can make…by the property next to you so you can control what happens or move to an area which is deed restricted or is in low danger of being redeveloped.
Change in life is inevitable and this is especially true when it comes to real estate…particularly in demand real estate in highly sought after areas such as Davis Island and South Tampa.
