Florida's existing condo sales up in 3Q 2010

ORLANDO, Fla. – Nov. 11, 2010 – Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.

“A healthy housing market is built on the foundation of a robust economy,” said Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.

“The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer’s tax credit in April pulled future demand into the second quarter,” Snaith said, adding that the drop-off was expected.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

Timothy Becker, the center’s director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. “The apartment sector is the stellar performer,” he said, adding that conditions continue to improve in the commercial sector. “We’re starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future.”

Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent.

© 2010 Florida Realtors®

Related Topics: Home sales

GLOBAL BUYERS BUY UP FLORIDA PROPERTY - CASH

GLOBAL BUYERS

Who they are – most international buyers come from Europe (30.8 percent); North America (27.5 percent); and Asia (25.2 percent) with the remainder being from Latin America, Africa, and Oceania. They speak their native language, embody their culture and follow their customs. Global buyers can include relocating employees, immigrant families, college/university students, and foreign investors.
What they buy – REALTORS® reported that 69 percent of their clients bought single-family homes, 18 percent bought condominiums, and the rest was in townhomes and commercial real estate.
Where they buy - Suburban communities were the most sought after, followed by rural or small town communities and urban areas. Four states account for the most sales – Florida, California, Texas, and Arizona; but sales took place across the country.
How they buy – More than 45 percent of international buyers pay cash (compared to the 93 percent of U.S. homeowners who secure a mortgage). The international buyer on average paid nearly 20 percent more than the domestic buyer, according to a REALTOR® survey that covered the late 2008 to early 2009.

 

New home sales rise 6.6% after dismal summer

 

New home sales rise 6.6% after dismal summer

WASHINGTON (AP) – Oct. 27, 2010 – Sales of new U.S. homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy.

The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. The increase follows a stretch where three of the past four months were the slowest on records dating back to 1963.

High unemployment, tight credit and uncertainty about home prices have kept people from buying homes. Government tax credits propelled the market earlier in the year, but those expired in April.

The median sales price was $223,800. That was up 3.3 percent from a year earlier.
Copyright © 2010 The Associated Press

 

Florida's consumer confidence gets big boost

 

Florida’s consumer confidence gets big boost

GAINESVILLE, Fla. – Oct. 27, 2010 – Historically low interest rates, bargains on condominiums and a moratorium on foreclosures likely caused a six-point jump in Florida’s consumer confidence in October to 74, its highest level in six months, according to a new University of Florida (UF) survey.

“Much like the spike in April’s consumer confidence, this increase was not expected,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. In April, home appliance rebates sparked the increase, he says.

All five of the index components rose in October, with the biggest increase in perceptions about whether it’s a good time to buy big-ticket consumer items, which jumped 10 points to 85.

Perceptions of personal finances now compared with a year ago rose six points to 55, while perceptions of personal finances a year from now rose seven points to 85. Perceptions of U.S. economic conditions over the next year rose five points to 68, while perceptions of U.S. economic conditions over the next five years rose two points to 78.

“As we get closer to the holiday season, consumers should expect increases in both gas and food prices, which will likely affect consumer confidence and holiday sales,” McCarty says. “Given the large increase in confidence this month, I expect a slight decline next month, barring some significant change in the economic climate.”

The rise in confidence this month was particularly marked among seniors. The index rose only two points for those under 60, but 11 points for those 60 and older.

“This is an odd result when the biggest news for seniors during October was the announcement on Oct. 15 of no cost-of-living adjustment to Social Security,” McCarty says. “Since then, there has been a push among President Obama and some in Congress for a one-time payment of $250 as compensation.”

It’s also possible that the midterm election cycle could somehow affect senior optimism, McCarty says. “It is not unusual for the potential viability of one candidate … to translate into one of the index components, although that is typically one of the two components measuring perceptions of U.S. economic conditions.”

A likely cause of an increase in consumer confidence overall is the effect of the temporary moratorium on foreclosures and the possibility of delaying foreclosures as a result of the news that banks may be vulnerable in not following procedures in the filing of paperwork when buying and selling mortgages.

The increase in confidence comes amid mixed economic news about employment, housing, tax revenue and tourism revenue. The latest unemployment figures, which were just released, show Florida’s jobless rate in September was up to 11.9 percent from a revised August figure of 11.8 percent – far above the national unemployment rate of 9.6 percent.

“Although housing prices have been declining, condo sales have been on the rise due in part to bargain-buying by those with cash,” McCarty says. Florida’s number of tourists and the resulting tourism revenue are also outpacing last year.

“My thinking had been that consumer confidence would remain mired in the upper 60s and low 70s until there was a clear path to economic recovery,” McCarty says. “While I still believe that to be the case, the confidence index for Florida has been somewhat erratic since April.”
 
The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for October was collected from 403 responses.

© 2010 Florida Realtors®

 

Les avantages d'un investissement en Floride

Del Prado Realty, LLC

TRC Realtor ® (Certifié Transnational Referral) est une agence immobilière multilingue en Floride, qui vous propose des operations immobiliere d'acquisition de terrains vacants, de maison et d'appartement. Nous vous assistons pour l'achat ou la vente de propriétés résidentielles et d'immeubles commerciaux.
Nous offrons des services additionnels tels que la gestion de propriétés, l’entretien, la réhabilitation ou la construction neuve ainsi que la location de propriétés de vacances et de propriétés résidentielles à long terme et bien plus.
Renseignez-vous auprès de notre agence immobilière multilingue en Floride sur notre liste de maison reprise par les banques, assuance et maison de credit.
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Nous avons accès au service majeur MLS dans notre région de Fort Myers et ses alentours de plages, Cape Coral, Lehigh Acres, Bonita Springs et Naples.
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Nous vous proposons un investissement aux USA sûr et rentable constitué par un placement nouveau, original et à très haute rentabilité. Un placement historiquement sûr et rémunérateur.
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•Stabilité politique des USA
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La rentabilité à moyen terme la plus élevée à ce jour! Le meilleur rapport risque/rentabilité raisonnablement possible.
Il y a encore peu de temps sur 10 ans la hausse des prix de nos produits a été en moyenne de 12% à 20% par an : soit au minimum un doublement du capital en 4 à 6 ans

 

Del Prado Realty, LLC

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Ph# for Juergen Hahn: 1-239-634-6677
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Obama official says banks can restart foreclosures

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=249067

 

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