Florida Real Estate Forecast 2008. Flattening and Recovering in the Coming Years? 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 the spring of 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.
Florida Real Estate Forecast
The 2008 Fund Florida Real Estate Forecast, commissioned by Florida-based Attorneys’ Title Insurance Fund’s Consumer Education Campaign, was created by economist Dr. Hank Fishkind. It uses deed data for more than 30 Florida counties. The report provides a snapshot of the national economic outlook and 33 country-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 other Southeastern states. Florida’s enormous and powerful economy has gone through a cyclical downshift. Florida’s economy is still outperforming compared to the rest of the nation. Florida has created a tremendous amount of wealth. 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, but housing markets will return to normal in 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 increased inquiries and sales from International and National customers. In attempting to time the bottom of the market, there may be a greater risk by waiting too long with the could have, should have the 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 I promote them regularly to my direct clients.
Florida Real Estate Forecast 2008 Study
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 is 2172 total condos over a 15-mile stretch (Jan 8th, 2008). The condos in the top 1% are selling on average at 95% sales price to list price ratio. The deals are exciting as my buyer clients sometimes save 10 to 20%.
The seller’s I represent are pricing there’s competitively (in the top 1% range), and the luxury condos of Sunny Isles are getting offers accepted. In the next 18 months, I forecast a distinct separation between the mainland of Downtown Miami Dade and the Miami Beach real estate market. Think about this as tourists and International customers want the luxury oceanfront living the beaches of Miami offer. It’s a significantly big part of what makes Miami so amazing! Let me know if you have any thoughts or suggestions 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.
