As we approach the 1/2 way mark for 2007 we are seeing some life in residential real estate sales. It is still very slow but we are having some activity on those properties where the sellers are priced correctly for todays market conditions. This cannot be said for the sale of residential lots or vacant acreage. Residential lot sales and acreage sales are very weak and we have seen a significant weakening of the price structure and still very little activity.
The bright spot in our Hernando County market has been commercial real estate. To date we are still selling vacant commercial land in high demand areas. Commercial development lagged behind the residential boom and so demand still exists. Retail plaza's with good Cap rates are also desirable and in demand. Investors are still in the commercial market looking and are willing to buy good properties.
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