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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.
Residential: When Will Florida’s Housing Market Start to Recover?
“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.” |
“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.” |
“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.” |
“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. |
“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.” |
“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.”
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“Sarasota/Manatee now leads the state in a modest first-quarter recovery. |
“We expect the market to be better this winter, especially as about 3,000 military personnel are reportedly moving to the Panhandle.” |
“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, |