Sunday, March 26, 2006
Florida Real Estate News & Views
The Florida real estate markets continue to be one of the best in the country but some areas of the state are seeing changes in demand, so let's look at what is Happening in the Florida Luxury Real Estate Market.
While we are seeing that house flipping and the quick buy and selling investment approach that has been so popular over the last few years is starting to waned in the $250,000 - $750,000 market. The true luxury market is stable.
Jacksonville real estate - While Orlando's luxury homes are affordable because they in the middle of the state, Jacksonville is a bargain compared to Miami, Naples and the Keys. Jacksonville which actually has temps below 30 in the winter and beautiful sunshine year round is still a pretty solid market becuase there has been less overbuilding as there has been in Miami. The slower pace of grow benefits buyers and sellers but the balance equal a more steady growth in value. Realtors say the high end market is good and many from the Northeast see Jacksonville's million dollar homes as wise investments.
Miami, FL - The luxury condo market is cooling while some projets remain strong expect the discounts or incentives many be coming soon to those buildings that have have broken ground but are now only 25% to - 40% complete. Word is many projects that have not broken ground are being tabled, based on demand and some are seeing whether construction materials come down in price which could reduce projected building cost.
The luxury home market is a mixed bag as as the average sales price in Miami fell -1.3% from January, yet sellers got 96% of their asking price and that was up from 95% in January. While the buying season is coming up, we expect to see a jump in home sales but over we expect unit sales to be lower than 2005.
Orlando, FL - Orlando continues to see housing growth, with more real estate inventory out there but prices are still up but at a much faster rate. The Orlando area continue to lead the state and in some cases the nation with job growth and opportunity. Luxury homes in this marketplace are sometimes sen as undervalued when compared to the rest of the state, but without dynamic ocean and gulf view it is logical.
Luxury homes around the Isleworth, Windermere, Lake Nona and Healthrow arae continue to do well as do homes in private community with large natural lakes.
Tampa Bay - Pocket of Tampa Bay real estate continue to sizzle but we are also seeing that prices are leveling off and increasing at a rate of 1 to 4% rather than double digit rates over the last few years. I am hearing from my real estate friends the this is no longer a flippers market but one for people who want to live here. There are great homes in this metro area and if you plan to be here 5 years then your house should have a nice return.
Sarasota real estate - New inventory is up, but the number of million dollar resales has not changed. There continue to be some wonderfull estates in this market place that offer amazing views of the Gulf and place you near or on the beach. The good news is that if you are looking to buy, you have more power than you did a year ago and sellers are negotiating more. Homes and condos are selling at an average of 5 -10% below list price.
While we are seeing that house flipping and the quick buy and selling investment approach that has been so popular over the last few years is starting to waned in the $250,000 - $750,000 market. The true luxury market is stable.
Jacksonville real estate - While Orlando's luxury homes are affordable because they in the middle of the state, Jacksonville is a bargain compared to Miami, Naples and the Keys. Jacksonville which actually has temps below 30 in the winter and beautiful sunshine year round is still a pretty solid market becuase there has been less overbuilding as there has been in Miami. The slower pace of grow benefits buyers and sellers but the balance equal a more steady growth in value. Realtors say the high end market is good and many from the Northeast see Jacksonville's million dollar homes as wise investments.
Miami, FL - The luxury condo market is cooling while some projets remain strong expect the discounts or incentives many be coming soon to those buildings that have have broken ground but are now only 25% to - 40% complete. Word is many projects that have not broken ground are being tabled, based on demand and some are seeing whether construction materials come down in price which could reduce projected building cost.
The luxury home market is a mixed bag as as the average sales price in Miami fell -1.3% from January, yet sellers got 96% of their asking price and that was up from 95% in January. While the buying season is coming up, we expect to see a jump in home sales but over we expect unit sales to be lower than 2005.
Orlando, FL - Orlando continues to see housing growth, with more real estate inventory out there but prices are still up but at a much faster rate. The Orlando area continue to lead the state and in some cases the nation with job growth and opportunity. Luxury homes in this marketplace are sometimes sen as undervalued when compared to the rest of the state, but without dynamic ocean and gulf view it is logical.
Luxury homes around the Isleworth, Windermere, Lake Nona and Healthrow arae continue to do well as do homes in private community with large natural lakes.
Tampa Bay - Pocket of Tampa Bay real estate continue to sizzle but we are also seeing that prices are leveling off and increasing at a rate of 1 to 4% rather than double digit rates over the last few years. I am hearing from my real estate friends the this is no longer a flippers market but one for people who want to live here. There are great homes in this metro area and if you plan to be here 5 years then your house should have a nice return.
Sarasota real estate - New inventory is up, but the number of million dollar resales has not changed. There continue to be some wonderfull estates in this market place that offer amazing views of the Gulf and place you near or on the beach. The good news is that if you are looking to buy, you have more power than you did a year ago and sellers are negotiating more. Homes and condos are selling at an average of 5 -10% below list price.
