Real Estate Report
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The political bottleneck in Washington over the debt ceiling has left the US credit rating going south and Florida’s real estate market not knowing what direction to go.
The University of Florida’s latest quarterly report on real estate shows the impact of mixed signals from Washington. The commercial real estate sentiment index declined for the first time in seven quarters. The report surveys real estate experts, from brokers to investors. They cite job growth and government spending as key factors for a confused market.
Timothy Becker/UF real estate researcher: “It really has a wide ranging effect on the industry and so that’s why, in most cases, jobs is the number one thing that our respondents talk about and until we get some meaningful job growth things aren’t going to get better.”
And experts say Florida could benefit from an improving tourism market.
Timothy Becker/UF real estate researcher: “If you look at the numbers, tourism really didn’t take a big hit during the recession and in fact we’re improving every quarter. And that’s a good thing for the state of Florida, that’s a good thing for the hotel market, and we’re seeing that in the numbers for the hotel properties.”
Researchers say capital is growing in Florida, but for now, it can’t find a good deal.