Today SmartZip, Inc. released it’s first release of the SmartZip Top 10 Markets™, a list of top-rated cities most likely to yield above-average investment returns over the next ten years. The markets are hand-picked by SmartZip’s analysts in conjunction with local market experts.
Presently SmartZip, which just launched its public Beta site in June, 2009, rates over 15 million properties, including listings, foreclosures as well as non-listed homes, across California and Florida only. However, these two states represent some of the most opportunity-rich markets for real estate investment. SmartZip plans to roll out its ratings to all 50 states over the next year which will then give them the ability to highlight the best investment cities across the nation. Read more…
Existing home sales in Florida rose in June, the 10th consecutive month that sales activity showed gains in the year to year comparison for both existing home as well as existing condominium markets. And, for the second month in a row, the statewide median sales prices for existing homes was higher.
According to the Florida Association of REALTORS(R), there were 15,850 existing homes sold in June up 28% from June 2008 when there were 12,339 sales. There were 5,241 existing condos sold in June up 39% from June 2008 when there were 3,771 condo sales.
Florida’s median sales price for existing homes in June was $148,000, down 28% from a year ago when it was $205,300 however June’s price was a 2.49% increase over May’s median price.
This report, as well as other recent reports, are consistent with my recent E-View TMwith Bob Radigan, a broker in Florida, about the Florida market in which Bob said he felt there were good opportunities to buy real estate in Florida.
According to the Governor’s press release, the following are the benefits of the bill:
The bill incentivizes entrepreneurs to undertake economic development projects in designated urban areas.
The bill directs a study of a mobility fee system to replace proportionate share payments paid by developers for transportation impacts.
The bill also allows economic development projects to stay “in the pipeline” by extending the validity of development permits for two years.
The bill makes changes to our affordable housing programs to ensure affordable homes are available for those in need, including young adults leaving the state foster care system.
Finally, the bill encourages green building and storm resistant construction. Read more…
$10 is the price of a raffle ticket for a chance to win a $3,000,000, 6,000 square foot gated waterfront estate home in Ft. Lauderdale, Florida according to information published by Florida Luxury Auctions.
According to information in a press release, a Florida couple chose this approach to “selling” their home due to the current real estate market conditions. “Moving from their dream home is something the Brannans never thought would happen, but the economic crisis has caused them to make many touch decisions. They came to the conclusion that raffling off their 6,000 sq. ft. home was the only reasonable solution.”
The website says there will be 300,000 tickets sold and a portion of the proceeds are to go to The Mission of St. Francis, according to the website.
I might mention, I’m not familiar with the company doing the auction and have not checked out the facts that were in their press release or on their website, but I thought it was an interesting and novel approach to move a home in this market. Before you buy a raffle ticket I would suggest you do your own due diligence .
Frank is often quoted as a source for nationally syndicated real estate columnists and appears as a
Francois (Frank) K. Gregoire, IFA RAA
speaker on appraisal and mortgage related topics. Articles by Francois Gregoire have been published in the REALTOR(R) magazine and the Journal of Property Economics.
Florida is definitely a state that has felt the impact of the declining real estate market. It has been one of of the top four states in number of foreclosures, biggest declines in values and a few other statistics a state would just as soon not be associated with.
The tides may be turning though. The Florida Association of REALTORS(R) reported today that existing home sales in their state rose again in May…the ninth month in a row that sales activity has increased in a year-to-year comparison. Home sales were up 16% in May and condo sales were up 21% for the same period.
Home and condo prices in Florida have taken a big hit over the past two years. Last month the median home price for existing homes was $144,400, a year ago it was $203,800. However the median price in May for Florida was higher than the prior four months. Condo prices have followed suit as well: May’s median condo price was $113,400, down almost 40% from a year ago when it was $181,700. Like single family homes, condo prices are showing signs of “bottoming out”. May’s median condo price was higher than the prior 3 months and about equal to four months ago.
These stats would lead me to believe that the prices in Florida have fallen to the point where home owners and investors are perceiving value and stepping up to the plate and buying. For investors that have been wanting to take advantage of the lower prices in Florida but cautiously waiting for the “bottom” I think these statistics should tempt them to wade out in the water.
Having said that I want to do a little CYA. With the way our federal government has been printing and spending money and the relative instability of the economy, things could change for the bad quickly and this could end up being a “false bottom”. The problem is it is really impossible to determine the “bottom” of a market until it has passed.
Existing home sales in Florida rose in April by 18 percent over a year ago and were up slightly from March.
Condo sales in Florida were up 21% in April from a year ago and up over 6% from March.
This increased activity is, at least in part, a result of significantly lower prices…the median price for existing homes in April, according to the Florida Association of REALTORS(R), was $138,500, down 31% from a year ago when the median home price was $199,500. Due to the large number of foreclosures, the median price has been skewed artificially low, but still, prices are down.
This report is consistent with my recent E-View TM with Bob Radigan, a broker in Florida, about the Florida market in which Bob indicated there were good opportunities to buy real estate in Florida.
This is my final post of a series about Florida real estate and the second part of my interview with Bob Radigan with VIP Realty Groupin the Sanibel/Captiva area.
Following is the continuation of my E-View TM with Bob:
Q-Over the past couple of years there has been a lot of attention to the cost of, or difficulty in obtaining, property and flood insurance for Florida property. Please give me your comments with regard to the availability of insurance and typical cost.
A- I can’t quote rates, I always rely on all my insurance
professionals. All I know is that it is available and it can be expensive
depending on many factors with the property…elevation, age,
conforming/non-conforming, rental, etc. , For the most part it is not as big an issue for most properties.Read more…
This is my third post of a series about Florida real estate and the second part of my interview with Bob Radigan with VIP Realty Group in the Sanibel/Captiva area.
Following is the continuation of my E-View TM with Bob:
Q-Bob, as you know people throughout the Midwest and Canada in particular look at the gulf coast as a desirable place to own a 2nd home or investment property in the form of a vacation rental….the buzz is that prices have dropped to the point that now may be a good time to jump in. There is also plenty of talk about this not being the bottom for Florida yet…waht are your thoughts on this and advice to someone that is considering this?
A- Are we at the bottom yet? Wow…talk about a subject that’s been discussed non-stop! My statement is that the entire country’s real estate market does not react at the exact same time, no one state, area or market will be at the peak or bottom in a way or time that the news media will ever be able to announce to the buying public,” the bottom has been hit here…buy now!”
Florida specifically has many markets, most have already hit bottom, others not yet, and others like Sanibel and Captiva islands have definitely seen a significant decrease in values.. not like many local inland locales.
Is it the time to buy, is it at the bottom here? Definitely yes, best prices in 8+ years, best interest rates, but buyers need to learn to trust their Realtors knowledge and to make the offer! Really…make an offer! Sellers are motivated, buyers need to take advantage of the best buyers market since the titanic! Read more…
Q- Bob, please share with us your background and experience.
A- I moved to Sanibel in 1979 and started a small ad studio/advertising office. My extensive national marketing background has helped me in Real estate promotions and advertising. Read more…
Presently SmartZip, which just launched its public Beta site in June, 2009, rates over 15 million properties, including listings, foreclosures as well as non-listed homes, across California and Florida only. However, these two states represent some of the most opportunity-rich markets for real estate investment. SmartZip plans to roll out its ratings to all 50 states over the next year which will then give them the ability to highlight the best investment cities across the nation. Read more…
Florida Association of REALTORS(R)
the point where home owners and investors are perceiving value and stepping up to the plate and buying. For investors that have been wanting to take advantage of the lower prices in Florida but cautiously waiting for the “bottom” I think these statistics should tempt them to wade out in the water. 
