Ideas and Opinions from Donald Trump and TrumpU Faculty.
Real Estate Investing Market Update - Tampa Bay & Sarasota
As our real estate team travels the country teaching people how to invest in real estate we compile market updates to help our members understand the changing market.
This week we are holding free real estate trainings in the following South Florida areas:
Florida is home to a large proportion of America’s foreclosed real estate, and foreclosures are continuing to rise, with many banks desperate to sell off property and recover their assets - which means opportunity for real estate investors. Recent news shows that:
- Real estate prices nationwide may be at or near their bottom, with May seeing a 14% price drop from Q1 2008 to a median price of $169K
- Sales have increased sharply in South Florida
- Floridians are optimistic about the long-term values of their real estate, and most feel that government programs will lead or are leading to a price recovery
- Prices of non-short-sale homes in Pasco and Pinellas counties near Tampa are now selling for approximately the same price as short-sale homes, foretelling a price rebound
- Foreclosure rates continue to rise, meaning more opportunities to buy property cheaply from the bank
All the signs point to Florida real estate prices starting to stabilize. Now’s the time to get onboard, before the price rebound picks up steam and investment properties become harder to afford. Read on to find out details...
Floridians generally feel upbeat about Florida real estate values, and believe that government programs are either having or are soon going to have a significant effect on Florida’s economic recovery, according to a University of Florida study.
Because banks need to sell off foreclosed homes in order to recover assets, they are prioritizing foreclosure sales, to the benefit of consumers. Specialized foreclosure listing websites in particular have helped drive homebuyers to less expensive homes in droves, particularly in markets like Florida, where low prices have helped middle-class first-time homebuyers with steady jobs.
Tampa Bay
With sales increasing over the previous year every month since August, prices are starting to rebound in some neighborhoods hit particularly hard by foreclosures and job loss, in Pasco and Pinellas counties. Even if the price rise is just a blip on the radar, it’s a particularly good omen for investors that short sale and non-short-sale prices are almost the same across Pasco County - this usually means that prices have reached their floor. (The floor in this case? A full 43% lower than their peak of 2006.)
Sarasota
Prices are reportedly rising in the Sarasota area, even as foreclosures increase - the average home sold for $6,000 more in April 2009 than in 2008. The price rise may not be sustained statistically, but should be noted as part of the volatility of the area’s real estate market.
Anecdotal evidence has luxury real estate sales in the Sarasota area picking up slightly, with a number of $1m+ houses selling recently.
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4 Comments
Your summary is in keeping with other market indicators that have experts saying the recession is now over. One indicator used was unemployment. I know here near Elkhart County IN, the trailer factories are starting to call workers back. We still certainly have a long long way to go. Thank you for your concise summaries, and links to your references. They are both interesting and helpful.
ADEDAPO OKE
I respect your opinions and dedication to our real estate and the overall economics of our country. I am concerned about your statements regarding Florida. I live in St. Petersburg/Tampa area and I am very concerned to see homeless and indigents emerging into high end neighborhoods. I feel that rentals of high valued real estate has been abandoned in our area and now very non desireables have come along and are breaking into thesehomes and living in them. The police are not always able to keep up and it is affecting our million dollar neighborhoods in the gorgeous sea side Historic North East. We are very concerned about our value over time as we have lost about 35% to date. What is you opinion of high end neigh borhoods experiencing this type of dilima ??