Florida Real Estate Woes
Real estate experts have been looking forward to Floridaâ€™s housing marketing hitting bottom as a sign that things will start improving. But the University of Floridaâ€™s latest quarterly survey on real estate in the Sunshine State shows most experts remain as depressed as the housing market. The commercial real estate sentiment index declined for the second straight quarter despite a mostly positive outlook for the marketâ€™s fundamentals. As usual, jobs hold the key to housing.
Timothy Becker/UF real estate researcher: â€śJobs are really the key. Until we start growing jobs in a significant fashion, things arenâ€™t really going to get a whole lot better. They will stabilize, as they have, and weâ€™ll kind of go along the bottom. But until we start getting meaningful job growth in the state and in the country, things arenâ€™t going to get a whole lot better.â€ť
The quarterly survey tracks the views of more than two hundred real estate brokers; investors and analysts across the Sunshine State. They see little to be sunny about in the single-family home market.
Timothy Becker/UF real estate researcher: â€śItâ€™s going to be down in doldrums for a long period of time. I mean we have foreclosure issues that are going to go on for the next 2, 3, maybe even 4 years. Theyâ€™re going to keep that market really depressed I think.â€ť
Experts say the apartment marketâ€™s doing well as young people move to urban areas without buying a home.