GOOD NEWS ON FLORIDA'S HOUSING PROGNOSIS
Posted in Professional Real Estate Investors By Julie Jones, Friday, August 1, 2008.GOOD NEWS ON FLORIDA'S HOUSING PROGNOSIS
Florida Trend Magazine has an interesting article in the July 2008 issue. A ‘prognosis’ made by the University of Central Florida’s Institute for Economic Competitiveness states that the U.S. will begin recovering from its “mild” recession right about now. Good news. Florida, however, is supposed to be delayed in its recovery due to the statewide housing slump.
Florida’s housing market is supposed to bottom out this quarter and take a slow rise back to 2010. While the luxury real estate market grew quiet through the middle of the first quarter, July brought a flurry of activity for this agent. Increased property showings in July indicate to me that the luxury real estate market may be taking steps towards recovery—something not to be ignored. I and my buyer’s agents have been busy with showings. We have presented more offers to our Sellers in July than in recent months.
While this year brought more interest and showings from foreign buyers than ever before due to favorable exchange rates, June and July brought inquiries from local Floridian’s looking to take advantage of the upcoming tax portability opportunities from Amendment 1, or visitors from colder climes looking to improve their lifestyles. It’s a breath of fresh air to feel this surge of activity once more.
I am choosing to take a positive view of south Florida’s versatile real estate economy. Florida is not only a tropical paradise which many of us happily call home, it remains a favorite location for domestic and international tourists who come and spend their hard-earned dollars either on vacations or in search of new or second homes.
Property Sellers are welcoming offers and willing to negotiate satisfactory deals on all counts. Buyers are placing more cash down on offers to offset loan rates while maintaining excellent tax deductions. The move is “on” in the luxury real estate sector once more.
You must login or register to post a comment.
Submitted by Jeff Manson on August 1, 2008 - 7:43pm.
Things sound a little promising and I am sure things will start getting better soon. Most of the economists I have been falling think that the market is still going to continue to drop over the next year and then stay flat for a couple years before we see any rise in prices.
Jeff Manson
American Dream Realty
Hawaii real estate | Kauai real estate
Submitted by Pasadena Real Estate Agent on August 2, 2008 - 9:13am.
I am very happy to hear that, it makes me happier to see that there is people with a positive outlook on things to come.
Regards,
The Manzo Team
RE/MAX Tri-City
Remax Pasadena
626 296-2900
Pasadena Real Estate | Pasadena Realtors |
Submitted by Leo Kingston on August 5, 2008 - 8:15pm.
I have been shopping the last year in South Beach. I'm from Oklahoma City and I can tell the increase in the activity in South Florida.
Leo Kingston
Mr2SellHomes.com
Submitted by Julie Jones on August 6, 2008 - 7:48am.
How is the trend of business for the Manzo Team in Pasadena?
Julie Jones
Submitted by Julie Jones on August 6, 2008 - 7:53am.
Hello, Jeff Manson---
In south Florida, they're saying we should be moving upward again by 2010. Wouldn't a paradise such as Hawaii be feeling a recovery slant as well? (Was in Maui last May. Such an incredible place!)
Julie Jones
Submitted by Jeff Manson on August 6, 2008 - 9:42am.
Hi Julie -
Things are adjusting here in Paradise like other places on the mainland. I think it may bottom out in 2010, but stay flat a couple years before we see prices rise again :-)
Maui is a great place to visit just like all the islands over here.
Jeff Manson
American Dream Realty
Hawaii real estate | Kauai real estate
Submitted by Glenn Ginsburg on September 11, 2008 - 9:36am.
The median price for single family homes plunged in the month of August over 34 percent. However, a large percentage of the homes were in three developments with numerous foreclosures and potential short sales.
Glenn Ginsburg
Naples Florida | Pelican Bay
Submitted by Julie Jones on September 25, 2008 - 11:21am.
I have had three closings in this office from the end of August through today. Each sale was well over $1M. We have closed sales approaching $34M this year. Premier Estate Properties is a $1M+ brokerage. The luxury market is usually the first to come down, and the first to recover.
While the economy dictates one thing, I believe a positive attitude and maintaining advertising and marketing is still achieving results. The challenge is proving value and being patient with the potential buyers. Truly, it is back to basics for all of us.
Very best,
Julie Jones
Submitted by Calum MacKenzie on September 25, 2008 - 11:58am.
Although prices continue decline, sales look like the might be stabilizing here in Tampa. Prices are down about 20% over last year, but July sales were up 5% and, August was unchanged.
We continue to be very busy with relocation buyers, so despite what you read, people are still moving to Florida.
Calum MacKenzie
Tampa real estate | Wesley Chapel real estate