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FLORIDA REAL ESTATE MARKET CONDITIONS RELEASED TODAY

Today one of the state's largest title insurance underwriters release its 2009 Real Estate Forecast and Southeast Florida focus. To those of us that live here it is no surprise that the numbers are grim. To those outside of Florida the numbers are shocking! The report, issued by Attorneys Title Insurance Fund, makes several projections and findings.

First, it expects no housing rebound until at least 2010, largely because of declines in population and employment growth.

Existing Palm Beach County single family homes average price peaked in 2006 and will be off 50% in 2009. Broward and Miami-Dade Counties are already at or very near their bottom. Average prices across the region will be around $300,000, which is down 40 to 50% from the peak.

New home sales and prices are dramatically changed. Last year saw Palm Beach average less than 133 new home sales a month, which is perhaps only 15% of the peak monthly sales from before. Broward County saw only 350 units sold in 2008 and projects about 1000 units yearly through 2012.

Housing starts in Palm Beach County went from a 14,000 high to a 2007 low of 3,000 units. Look for a rebound to 6,000 but gradually with that figure being reached in 3 more years.

Condominium sales for existing homes was also off about two-thirds from 2005 peaks and prices are still softening for the coming year. Look for a gradual improvement through 2012 but only to about half of the peak 2005 levels. Prices will fare somewhat better for this part of the product line, but will not recover to the lofty heights for any foreseeable future.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at Need Short Sale Information? - These Articles Probably Answer Your Question

Posted by Richard Zaretsky, Florida Real Estate Attorney on 01/06/2009 06:05 PM

Comments (7)

Market Forecast in the Real Estate Market Channel

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7 Comments on FLORIDA REAL ESTATE MARKET CONDITIONS RELEASED TODAY

JAN

wow, not too good.

Evening Richard, After reviewing the " Scenarios ", which were " ...overly optimistic..." I am wondering how they would have fared had there not been such a dramatic economic collapse ? Hope your 2009 is the best ever !

Richard,

"Look for a gradual improvement through 2012 but only to about half of the peak 2005 levels. Prices will fare somewhat better for this part of the product line, but will not recover to the lofty heights for any foreseeable future."

I would not be surprised to see it happening much earlier and going much higher even over the peak of 2005. It will be interesting to watch. i would not also be surprised if my forecasts are underestimated, not overestimated.

Not that I am an idiot optimist, but this is notfor the first time, and California had that, when every guru were saying that the next warm up would be conservative, and will not reach the level of the previous one, and it was BS, and the prices with every cycle were starting from higher point and were going higher.

JAN

I feel lucky that my wife and I were able to get into the housing market before everything went down hill. We're buying our home with a company called Taylor Morrison (they've got a contest for a dream vacation going on at http://dreambig.taylormorrison.com/?utm_source=bc) and they've been working with us on every step of the home buying process. I was especially concerned about financing a home at the same time I chose to retire, but their financial advisors have been making it easy. I really recommend this company to anyone looking to buy a home.

Thanks Richard. Interesting times up ahead for all of us. Lots of hard work, but we'll survive.

Fishkind predicted back in May 2007 that the market had bottomed out in Florida. Boy was he wrong. I don't trust anything that their firm puts out any more. After that prediction, their firm lost my respect. They should get into tarot cards and hurricane predicting while they are at it. I have great respect for The Fund though.

JAN

Hi Richard - What a great BLOG - The information you are providing is invaluable - Thank you so much for your input. I will be a frequent visitor! Thanks again........ Gwennie

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