August 2, 2014

Real Estate Report Card

The Pain Spreads in Real Estate

Hotels are benefiting from increased tourism, but economic conditions are hurting other sectors of the commercial market.

Richard Westlund | 7/1/2008

Residential: When Will Florida’s Housing Market Start to Recover?

Alan Riley
Alan N. Riley
Broker
ReMax Metro
Seminole

“In the Tampa Bay area, we have seen a slight increase in buyers this year, but it will be another year before we wade through the excess inventory and foreclosure sales and return to a normal market.”

Debbie Da Silva
Debbie da Silva
Broker/manager
Prudential Network Realty
Jacksonville

“We are already beginning to see the turnaround. Price reductions and seller allowances in the Jacksonville area are leveling out. We are starting to get multiple offers on some properties as well. Between now and the end of 2008, we’ll see the upturn in the market.”

Mike Pappas
Mike Pappas
CEO/president
Keyes Co.
Miami

“The market has already bottomed from a sales activity standpoint. Our first quarter 2008 business was up 20% compared with fourth quarter 2007. However, I do not expect price appreciation to return until 2009.”

Charles J. Bonfiglio
Charles J. “Chuck” Bonfiglio
Broker/owner
Century 21 AAA Realty
Cooper City; president, Florida Association of Realtors

“I think the bottom of the market is near at hand. If you compare January to February and March, you’ll see each month was better not only in the number of sales, but even in the average price.
This is a great indicator that we are either at the bottom or very near the bottom of
the market.”

Jack McCabe
Jack McCabe
CEO
McCabe Research
& Consulting
Deerfield Beach

“All real estate markets are local. ... Gazing into my crystal ball, I see recovery in winter 2009-10 for Naples and Sarasota; later 2010 for Fort Myers/Cape Coral and Tampa; winter 2010-11 for Orlando, West Palm Beach and Fort Lauderdale. Miami-Dade will be even longer.”

Lewis Goodkin
Lewis M. Goodkin
President
Goodkin Consulting
Miami

“I don’t see us turning the corner in the single-family market until late 2008 to the first quarter of 2009, and the condominium market will be fortunate to bottom out before 2012.”

Michael Saunders
Michael Saunders
Owner/principal broker
Michael Saunders & Co.
Sarasota

“Sarasota/Manatee now leads the state in a modest first-quarter recovery.
We have a long way to go, but I feel we have definitely bottomed out.”

Bob Hudgens
Bob Hudgens
Broker
Century 21 Coastal
Fort Walton Beach

“We expect the market to be better this winter, especially as about 3,000 military personnel are reportedly moving to the Panhandle.”

Clark W. Toole III
Clark W. Toole III
President/COO
Coldwell Banker
Residential Real Estate
Sarasota

“There are some areas that have bottomed out and have started to recover. Other areas of Florida will follow.”

“Many people made the mistake of thinking that commercial real estate would pick up the slack after the residential downturn. But there has been an enormous impact on the state’s office, industrial and retail markets.”

— Lewis Goodkin, president,
Goodkin Consulting in Miami and
a Florida Trend contributor

Tags: Dining & Travel, Around Florida, Housing/Construction

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