A new report from the Attorneys’ Title Insurance Fund Inc. finds that Florida’s housing market slowed in 2007 in nearly every county it analyzed. The report also showed that real estate markets flattened out in spring 2007, before the subprime mortgage crisis in August knocked markets down another 10 percent across the state. Since then, the state’s housing market has flattened and is expected to begin to recover during the next several years. The 2008 Fund Florida Real Estate Forecast, commissioned by Florida based Attorneys’ Title Insurance Fund’s Consumer Education Campaign, created by economist Dr. Hank Fishkind using deed data for more than 30 Florida counties. The report provides us a snapshot of the national economic outlook and 33 county specific forecasts for 2008 through 2010.
“Florida is one of the leading states for job creation and outperformed the rest of the country despite the housing market meltdown,” Fishkind says. ‘The state’s population growth also slowed, but is still nearly greater than all of the other Southeastern states put together. Florida has a very large and powerful economy that has gone through a cyclical downshift, but Florida’s economy is still outperforming compared to the rest of the nation. Florida has created a tremendous amount of wealth and despite many of the problems that loose lending practices and subprime mortgages have caused the state now has the highest level of homeownership ever. The market has had some indigestion now, but housing markets will return to normal during the next few years. The damage for some is significant, but in the aggregate, Florida still had some significant economic gains.”
Florida is netting 750 new residents each day. Since November 2007, I’ve been experiencing an increase in inquiries and sales from both International and National customers. In attempting to time the bottom of the market, there may be greater risk by waiting too long with the could have, should have mentality. If you love Miami’s excitement and waterfront lifestyle today is a great time to get a bargain deal. I advise customers to have a 3 to 5 year outlook as a place to love & enjoy with family and friends. I believe there are bottom line bargains each week and promote them regularly to my direct clients.
In studying Sunny Isles real estate to South Beach real estate for the last 30 days, there have been 30 closed sales on Collins Avenue (partly because of the Holiday season). In the last 90 days there were 117 closed sales and 286 closed units in the previous 6 months. Today’s Collins Avenue inventory stands at 2172 total condos over a 15 mile stretch (Jan 8th, 2008). The condos priced in the top 1% are selling on average at 95% sales price to list price ratio. The deals are exciting as my buyer clients are saving sometimes 10 to 20% off. The seller’s I represent are pricing there’s competitively (in the top 1% range) and the luxury condos of Sunny Isles are getting serious offers accepted. In the next 18 months my forecast is a distinct separation between the mainland of Downtown Miami Dade and the Miami Beach FL real estate market. Think about this as tourists and International customers want the luxury oceanfront living the beaches of Miami offer. It’s a great big part what makes Miami so amazing! Let me know if you have any thoughts or a suggestion on this topic of Florida’s rebound occurring in the following years. I will be updating new statistics and trends after this first quarter 08. Best regards!