CEO Survey results - property values

The near-term 50,000-foot view for raw land values is not encouraging. The only way this situation can improve is when lending institutions, working with the federal government, get back in the business of acquisition and development loans. The only buyers for raw, undeveloped land right now are cash buyers because the lending option is not available. Cash buyers are only looking to pay far below even current values so those holding raw land have few options. There are some exceptions in key markets like the medical city in Orlando. As far as residential property values go, government and the lending institutions must slow down the foreclosure activity, as it is increasing the inventory surplus and depressing prices. Our design firm is at the front end of the development engine. Once the banks and Feds place money back into the marketplace, we will lead the process of getting the construction machine cranking again.