March 19, 2024

2009 Industry Outlook

Real Estate 2009

Where's the Bottom? The retail, commercial, and office sectors join in on the misery.

Cynthia Barnett | 1/1/2009

Opportunity Knocks

Moses Salcido
Moses Salcido

Many investors have heard how a financial genius named Ed Ball picked up St. Joe Co.’s 12 miles of Panhandle oceanfront property during Florida’s real estate bust in the 1930s for less than $15 an acre. Real estate is a long-term business, and based on Florida population projections, “when you look at the long-term, there are still a lot of positives,” Todd Mansfield, chairman and CEO of Charlotte-based Crosland, told a roomful of disheartened investors at Florida State University’s annual Real Estate Trends conference late last year.

Foreclosures
Ten of the 25 metro areas with the highest foreclosure rates are in Florida.
Rank Metro Foreclosure Rate (households)
1. Las Vegas 1 per 62
2. Cape Coral/ Fort Myers 1 per 79
3. Miami 1 per 93
4. Stockton, Calif. 1 per 100
5. Merced, Calif. 1 per 103
6. Phoenix 1 per 109
7. Riverside, Calif. 1 per 111
8. Fort Lauderdale 1 per 114
9. Modesto, Calif. 1 per 118
10. Orlando 1 per 121
11. Vallejo, Calif. 1 per 128
12. Reno, Nevada 1 per 137
13. Port St. Lucie/ Fort Pierce 1 per 141
14. Bakersfield, Calif. 1 per 143
15. Naples / Marco Island 1 per 155
16. Tampa / St. Petersburg 1 per 171
17. Sacramento, Calif. 1 per 172
18. Salinas, Calif. 1 per 180
19. Detroit 1 per 184
20. Melbourne / Palm Bay 1 per 185
21. Daytona Beach / Ormond Beach 1 per 185
22. St. George, Utah 1 per 188
23. Sarasota / Bradenton/ Venice 1 per 189
24. Visalia, Calif. 1 per 205
25. Bergen, N.J. 1 per 207
Source: RealtyTrac
The coming year will offer unprecedented opportunities for investors to pick up distressed assets, said Mansfield and others, such as Moses Salcido, senior development manager at Orlando’s Panattoni Development Co. “There’s a lot of good real estate with bad capital structures out there,” Salcido said. “We’re looking at buying a lot of distressed notes.”

Indeed, now is the time “to take advantage of opportunities that will be others’ misfortune,” Mansfield said. “That’s the nature of the real estate business.”

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