My last blog discussed the Economic Summit that took place in Naples recently and what to expect in the Naples market specifically. Part of this discussion also featured input on the entire state of Florida, which has a very positive outlook moving forward.
Statewide, expect a 5% average growth for real estate values. Rents are still going up in Florida. Because of the strong dollar, international sales are declining. Shadow inventory (short sales/foreclosures) have also declined; currently short sales in Florida at about 900 per month - so this return to stability has affected potential short sales as many homeowners are no longer underwater. This is an expected part of the recovery process.
Growth in home sales has returned to traditional rates. Florida is now the 3rd most populous state, behind California and New York and most of the current migration is coming from New York, New Jersey, Michigan and Pennsylvania. Employment growth, which started via tourism recovery, is up, with the major sectors including leisure & hospitality, private health, construction and professional services all growing.
The stock market has had positive returns and at 17000, has allowed for a restoration of wealth portfolios which has driven Florida luxury sales.
There will be some dramatic upside for Florida with low oil, the expansion of the Panama Canal (expectation of an uptick in international trade), transportation and of course, Florida will be a chief beneficiary of Cuba (depending on what happens there).
Author:Rowan Samuel Phone: 239-298-3555 Dated: April 22nd 2015 Views: 465 About Rowan: Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrate...
The Samuel Team are luxury real estate agents with John R. Wood Properties, focusing on waterfront, beachfront and luxury properties including high rise condos, condominiums, single family homes and villas in upscale communities throughout Southwest Fl. Our energy, enthusiasm and dedication will WOW you. We aim to please.
Come see this home during our Broker Open House tomorrow, February 7th
"Mr. Suhr is very friendly and professional in what he is doing. His support to find a house for us was great. Even we are living in Europe, his communication level vocal and in written form was excellent. Based on his professional and very seriously work we are going continuously with him to find another second house"
wbaars11 Bought a Multi Family home in 2014 for approximately $275K in