Key trends affecting the Florida residential market include strong demand from international buyers, a growing population – 348 people a day net growth in 2010-11 – and an upswing in employment.
Inventories of for-sale homes have fallen to 7.4 months on a statewide average, and just 5.4 months for listings priced under $250,000.
Inventories of for-sale homes have fallen to 7.4 months on a statewide average, and just 5.4 months for listings priced under $250,000.
Bank-owned properties (REOs or “real estate owned”) now constitute about 6 percent of inventory, but 40 percent of sales.
Short sales, where the market value of the home is below the mortgage loan value, make up about 31 percent of current inventory and 18 percent of sales.
Property management and leasing will be an increasingly important segment of the market in 2012, reaching $11 billion or more, due to the large numbers of investor buyers and multifamily buildings with few owners.
In the Florida commercial real estate markets, investors are increasingly interested in buying office, retail and industrial properties. Vacancy rates, while high, have stabilized, along with rental rates. Lenders are getting more realistic regarding the pricing needed to dispose of their distressed commercial properties. There is a lot of existing commercial space that needs to be absorbed.
Vacant Land-Overall, Florida has about 34.7 million acres of land, with only 3 million acres now developed. Local, state and federal governments own about 10 million acres. Florida has seen a 34 percent decrease in its citrus acreage in the last six years.
Source: Realtors® 2012 Real Estate and Economic Forecast Conference
Property management and leasing will be an increasingly important segment of the market in 2012, reaching $11 billion or more, due to the large numbers of investor buyers and multifamily buildings with few owners.
In the Florida commercial real estate markets, investors are increasingly interested in buying office, retail and industrial properties. Vacancy rates, while high, have stabilized, along with rental rates. Lenders are getting more realistic regarding the pricing needed to dispose of their distressed commercial properties. There is a lot of existing commercial space that needs to be absorbed.
Vacant Land-Overall, Florida has about 34.7 million acres of land, with only 3 million acres now developed. Local, state and federal governments own about 10 million acres. Florida has seen a 34 percent decrease in its citrus acreage in the last six years.
Source: Realtors® 2012 Real Estate and Economic Forecast Conference
