China Real Estate
Hong Kong Real Estate
Taiwan Real Estate
Japan Real Estate
South Korea Real Estate
India Real Estate
Indonesia Real Estate
Malaysia Real Estate
Philippines Real Estate
Singapore Real Estate
Thailand Real Estate
Pakistan Real Estate
Vietnam Real Estate
Mauritius Real Estate
United States Real Estate
Canada Real Estate
Mexico Real Estate
Brazil Real Estate
Chile Real Estate
Peru Real Estate
Argentina Real Estate
Germany Real Estate
France Real Estate
Spain Real Estate
Austria Real Estate
Belgium Real Estate
Norway Real Estate
Russia Real Estate
Czech Republic Real Estate
Denmark Real Estate
Finland Real Estate
Hungary Real Estate
Ireland Real Estate
Italy Real Estate
Netherlands Rea Estate
Portugal Real Estate
Sweden Real Estate
Switzerland Real Estate
Turkey Real Estate
Greece Real Estate
MIDDLE EAST / AFRICA
|Israel Real Estate
Iran Real Estate
South Africa Real Estate
Zimbabwe Real Estate
Florida Real Estate
Investing in Real Estates in Florida, the United States
When investing in Real Estates in Florida, one might has to review what
happened in the past by reviewing articles in real estate journals.
In 1992, when the real estate market was at a bottom, National Real
Estate Investor, published an article in May, 1992.
With tourism down, Florida's economy and real estate market feel the
recession (May, 1992)
Florida's usually robust economy has been socked hard by the national
recession. And its commercial real estate economy has been among the most
serious casualties. Optimism still reigns for the future, however, even if
experts predict that the state will boom a little slower in the 1990s than
it did in the 1980s.
More about Florida's Real Estate Market Article published in May 1992
In 2005, when the real estate market is hot in Florida, Newswire
ORLANDO, Fla., Jan. 25 /PRNewswire/ -- Florida's housing market more than
weathered four hurricanes making landfall in the state during 2004,
registering a record year in terms of closings and median price for sales of
existing single-family homes statewide. By year's end, Florida came close to
reaching the 250,000 mark for annual sales, according to the Florida
Association of Realtors(R) (FAR), with a total of 242,234 homes sold -- an
11 percent increase over the 218,739 homes sold the year before.
And the prices of those homes keep rising. Statewide, the median sales price
rose 17 percent to reach $182,400; in 2003, it was $155,800. In 1999,
Florida's median sales price was $106,900, which represents a 70.6 percent
gain over the five-year period.
Frank Kowalski, 2005 president of FAR and broker-owner of Metro Dade Realty
Inc. in Miami, says the 2004 existing-home sales data showcases the
phenomenal growth and continued strength of Florida's real estate industry,
despite the short-term local market disruptions caused by four hurricanes
striking the state in August and September.
"Buyers from all over the United States, Canada, Europe and Latin America
are attracted to Florida, and not just because of the climate," he says.
"The Sunshine State has a strong job market and a ready supply of housing in
all price ranges. While median sales prices continue to rise -- in part due
to demand -- residences in Florida offer great values for buyers worldwide."
Low interest rates contributed to the state's dynamic housing market. While
mortgage rates edged up on occasion, they stayed under 6 percent for most of
the year, Kowalski notes. "The annual average for the 30-year fixed- rate
mortgage rate last year was 5.84 percent," he says. "Demand for homes
remained at a record pace in markets across Florida, resulting in a low
supply in many areas and impacting home prices."
Many housing industry insiders predict that the housing sector will see
another near record year in 2005, with mortgage rates expected to gradually
trend upward to 6.5 percent by the end of this year. Realtors predict
another strong year for home sales in Florida.
Last year's average of 5.84 percent for a 30-year, fixed-rate mortgage was
only slightly higher than the 5.83 percent average rate for 2003. FAR's
sales figures reflect closings, which typically occur 30 to 90 days after
sales contracts are written.
Among the state's larger metropolitan statistical areas (MSAs), Tampa-St.
Petersburg-Clearwater reported double-digit gains in number of sales and
median sales price in 2004 compared to the previous year. With a total of
47,639 homes sold last year, the figure was 17 percent higher than the
area's 2003 sales activity, when 40,867 homes changed hands. The median
sales price rose 15 percent to $159,900; the year before, it was $139,300.
George Bodmer, president of the Greater Tampa Association of Realtors and
general manager of Bayside Realty Group Inc. in Brandon, says buyers'
appetite for homes in the Tampa Bay area will remain strong this year.
"This is a great place to live," he says. "It has everything buyers want - -
good schools, entertainment facilities and events, sports, leisure
activities, jobs and, of course, Tampa Bay. Plus, we still have land
available for development in the area and that helps with housing
Other large Florida MSAs reporting higher sales in 2004 compared to a year
ago include: Jacksonville, where 16,150 homes sold for a 15 percent gain;
and Orlando, where 36,659 homes changed hands for a 14 percent increase. The
median sales price also rose 15 percent in both markets last year: reaching
$164,500 in Orlando and $159,000 in Jacksonville.
In the smaller markets, the Naples MSA reported 4,900 homes sold last year,
a 16 percent increase over the 4,225 homes sold the previous year. The
median sales price rose 28 percent to $374,300; the year before, it was
"Supply and demand is one of the primary factors driving our market... the
supply of for-sale homes is tight while the demand has increased
dramatically," says Michelle Harrison, president of the Naples Area Board of
Realtors and Association of Real Estate Professionals and director of sales
for Elias Brothers Communities in Naples. "In the Naples area, we're blessed
with having a lot of investors interested in the market, investors who view
real estate as a tangible asset."
Among the state's smaller markets, others reporting increases in home
resales for 2004 compared to the previous year include: Fort Walton Beach,
where 5,171 homes changed hands for a 27 percent boost; and Lakeland-Winter
Haven, where 5,857 homes sold for a 12 percent increase. The markets' median
sales price also rose last year: in Fort Walton Beach, 25 percent to
$190,300; and in Lakeland-Winter Haven, 15 percent to $111,100.
A chart showing statistics for Florida and its 20 MSAs follows. The chart
compares the number of existing, single-family home sales and median sales
prices, based on Realtor transactions during 2004 and 2003. The median sales
price is the midpoint in the price range -- half the homes sold for more,
half sold for less.
The Florida Association of Realtors, the voice for real estate in Florida,
provides programs, services, continuing education, research and legislative
representation to its more than 120,000 members in 70 boards/associations.
contact us for
advertisement information and other matters.