May 3, 2024
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2008 Industry Outlook
Residential Real Estate 2008
Bottoming Out: The residential market will likely hit its low this year.
Richard Westlund | 1/1/2008
Florida Housing Starts |
|
| Year | Starts |
| 2006 | 204,000 |
| 2007 | 117,700 |
| 2008 | 116,400 |
| 2009 | 138,200 |
| 2010 | 147,400 |
| *Note: 2007-10 projected Source: Institute for Economic Competitiveness, University of Central Florida |
|
Foreclosures (through September) |
|
| State | Foreclosures |
| California | 302,323 |
| Florida | 225,762 |
| Texas | 151,115 |
| Michigan | 118,102 |
| Georgia | 117,815 |
| Ohio | 112,680 |
| New York | 82,047 |
| North Carolina | 62,958 |
| Arizona | 51,900 |
| New Jersey | 50,346 |
| Nationwide | 2,034,370 |
| Source: RealtyTrac, 2007 | |
For Rent
Still-high home prices and elevated for-sale inventories have revitalized the state’s rental market. “Demand will remain strong, especially for garden-style, low- to medium-density developments in growth-oriented submarkets,” says Michael Wohl, founding partner of Pinnacle Housing Group in
Miami, a joint venture partner in the mixed-use Sheridan Stationside Village in Hollywood. “As more consumers choose to rent for several years rather than buying, the opportunities to build affordable, workforce and market-rate rental communities will continue expanding.”
Business Beat - Week of May 3rd
