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Soft Market will take a turn in NW FL

By Justin Ulm

Real Estate Agent with Re/Max Southern

November 10, 2006 08:37 AM

Hello Everyone,

I was just doing a bit of research on the net and if you think now is not the time in NW FL, you are part of a large group who has been ultimately mis-informed. Our market did grow rapidly over the last 5 years, and things look as though they have plateaued out, but there is still hope for the future. Check this article out from CNN.com in regards to the top 5 places to buy real estate now....

72%	Projected gain in home prices (5-year)*
	Median home price 2006: $223,000 2011: $383,000
	Population 2006: 166,000 2011: 187,000
	Per capita income 2006: $31,000 2011: $40,200

Don't believe me, check the link below, and after doing so, give me a call so that I can let you know which deals are truly "STEALS." 850.699.0559

http://money.cnn.com/popups/2006/biz2/newrules_bestinvest/

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Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Justin.

May I offer the affordabilty factor as a wrench in the projections?

On an 80% mortgage at 6% interest, only, the interest payment is currently at $892, add $150 for taxes and insurance and the current housing ratio is at 40% (kind of high).

In 2011, the projected ratio (using the same formula) would be at 50%. the limit for "predatory lending" in Florida.

Yo will have, like we do in San Diego, an affordability problem. Only 17% of our population can afford a median-priced home right now. That didn't stop our 120% price appreciation over the past 5 years.

I may be just playing too much with the numbers here.

Nov 10, 2006 05:47 PM

Robert Monk

100% Realty, Inc. - Santa Rosa Beach, FL

Florida Real Estate

Great post, Justin. With the international airport coming to Panama City, the market should begin to improve very soon. Expect the St. Joe Company and its influence to promote growth in the area.

Oct 26, 2007 02:43 AM

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