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The 1 Minute Real Estate Update
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Click on the link below to get a quick update of the Florida Real Estate Market. At my office (Downing-Frye Realty Inc) we have been approaching sales figures not seen since 2004! There has been lots of buyer traffic as people snap up the bargains. Some asking prices are 30 to 60 percent off the peak.
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Naples Real Estate Heating Up (Click Full Screen)
UF survey: Florida’s real estate outlook perks up in several areas
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GAINESVILLE, Fla. – Feb. 2, 2011 – Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, a new University of Florida survey finds.The fourth quarter Survey of Emerging Market Conditions found improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability.Much of the optimism derives from politics with the defeat last fall of Amendment 4, a proposed constitutional amendment that would have required a referendum for all changes to local government comprehensive land-use plans, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. The conclusion of mid-term elections also eased respondents’ uncertainty as it provided a clearer picture of the future.“The state welcomed a new governor who has promised to make Florida a more business-friendly state,” Becker said. “If he can succeed on his goals, respondents believe it will have a positive impact on the real estate market. Any help in attracting new business to move or form in the state will no doubt have a positive impact on job growth.”Survey respondents’ expectations for occupancy and rent increased across every property type. The investment outlook rose in a majority of the property types, and the statewide outlook was the highest since the survey’s inception in 2006. Additionally, private capital is abundant as investors seek the few good products on the market. Overall, the market appears to be improving and will continue to improve at a slow pace over the next year.Despite the positive outlooks in many asset classes, respondents’ optimism is tempered by troublesome economic factors, most notably Florida’s high unemployment rate of 12 percent. Respondents also relayed fears over federal, state and local budget issues.“Local revenues continue to decline as property values decline, placing a tremendous burden on local budgets,” Becker said. “This will require tough decisions by local officials.”The outlook for single-family and condominium sales increased slightly in the fourth quarter, but Becker said home builders continue to have a negative outlook because financing is difficult to obtain and lower prices in the foreclosure and short-sale market take potential customers away from the new housing market. Unexpectedly, however, respondents’ outlook for investment in residential development increased for both single-family homes and condominiums. Becker said the low cost of fully developed lots provides incentive for investors and developers.Expectations for office and retail occupancy continued to improve. Occupancy expectations in the office sector increased, and the outlook for rental rates increased slightly but is expected to continue lagging inflation. In the retail sector, occupancy expectations improved for all property types.Becker said respondents believe occupancy will increase in neighborhood centers and large retail centers. Accordingly, the investment outlook in retail increased for neighborhood centers while declining for the remaining property types.Land investment and capital availability also rose this quarter. More respondents believe land is beginning to be priced at levels that support longer-term investment, despite the fact that lack of financing for land purchases continues to be a concern. The optimistic outlook for capital is due in large part to respondents’ belief that future availability will increase.“Respondents believe there is a need to add additional apartment units based on the fundamentals and expect development financing to be available for that sector,” Becker said. “Private equity continues to be plentiful for quality core assets and valued-add assets.”Expectations for apartment occupancy and the industrial sector were mostly stable.© 2011 Florida Realtors®
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Florida Existing Condo Sales Rise in November
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ORLANDO, Fla. – Jan. 3, 2011 – Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.The statewide existing condo median sales price was $88,200; in November 2009, it was $104,500 for a 16 percent decrease year to year. However, November’s statewide existing condo median price was, month-to-month, 7 percent higher than the statewide existing condo median of $82,400 in October.Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide in November compared to 13,961 homes sold in November 2009 for a decrease of 15 percent.Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.In a separate report, the U.S. Commerce Dept. announced that sales of newly built, single-family homes increased 5.5 percent to a seasonally adjusted annual rate of 290,000 units in November. The gain represents a partial bounce-back from a near-record low, downwardly revised number of new-home sales in October.The November improvement in new-home sales was driven by gains in two regions. The South, which is the nation’s largest housing market, posted a 5.8 percent gain, while the West showed a 37.3 percent rebound from the previous month. Meanwhile, declines of 26.7 percent and 13.2 percent were registered in the Northeast and Midwest, respectively.The inventory of new homes for sale fell to 197,000 units in November, marking the first time in 42 years that this measure has fallen below the 200,000 level. This amounts to an 8.2-month supply at the current sales pace. © 2011 Florida Realtors®
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Moody's hopeful on recovery, notes pent-up Florida demand
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PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.Nationally, corporate balance sheets are strong and business profits have “fully recovered from the recession,” he said, adding that businesses are in a position to hire more employees, though their level of willingness varies.“It’s truly the case that profit growth leads job growth,” Lafakis told state government reporters gathered for the annual conference of the Association of Capitol Reporters and Editors.Household liabilities in the United States have fallen by $900 billion since peaking two years ago and a shift to spending and addressing pent-up demand for purchasing “creates a lot of economic juice,” Lafakis said.Arturo Perez, a fiscal affairs expert with the National Conference of State Legislatures, said states are collectively facing budget gaps that total half a trillion dollars in the coming years. He said state tax revenues bottomed out in fiscal 2010 and that tax collections were growing in 42 states in fiscal 2011, which began July 1. Perez described the prevailing sentiment across the states as “cautiou-mistic” with revenues rebounding from a depressed base.The national economy, which had shed 700,000 to 800,000 jobs per month during the recession, has been adding jobs in recent months but not at the 150,000 per month rate that Lafakis said is needed to keep up with growth in the labor force and make a dent in the unemployment rate.Over the past three months, he said, the national recovery has “downshifted to a more moderate pace.”In the conference’s opening session Thursday, Lori Grange, deputy director of the Pew Center on the States, described research showing elected officials face a “huge deficit” in public trust in state government.Grange said taxpayers favor reduced government spending over new taxes as a budget-balancing strategy and are breaking strongly against new state government debt and borrowing. The center plans to release a report on state debt trends in February, she said.Grange said Illinois had gone on a “borrowing binge” that had led to the lowering of its bond rating and noted that voters in Washington rejected a $500 million request for capital spending to improve public schools.The economic crisis is forcing state government officials to fundamentally rethink their operations, Grange said. She said high unemployment, expiring federal stimulus funds and increased demand for social programs had created “the perfect storm of lousy conditions and all of it’s in the face of significant budget gaps.”Source: News Service of Florida, Michael Norton
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Where do most people want to live?
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NEW YORK – Oct. 21, 2010 – If you could live in any state, except the one you live in now, what state would you choose to live in?The Harris Poll has asked this question every year since 1997. While California tops the list of most popular states to live in among Echo Boomers (now ages 18 to 33) and Gen Xers (ages 34 to 45), Hawaii is the top pick for Baby Boomers (ages 46 to 64) and Matures (ages 65 and over). Among Echo Boomers, Hawaii drops out of the top five.Here are the top-10 states across the age groups:1. California
2. Hawaii 3. Florida 4. Colorado 5. Arizona 6. North Carolina 7. Oregon 8. Texas 9. New York 10. WashingtonSource: Harris Interactive (10/19/2010)© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688 begin_of_the_skype_highlighting |
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