Florida Real Estate Values Forum
Last Friday , June 10, 2011, I attended a forum about Florida real estate values. The forum was held at the Halifax plantation clubhouse.
There were 2 excellent presenters.
1. Charles Lentz, Orlando Managing Director for Integra Realty Resources.
2. Morgan Gilreath, Volusia County Florida Property Appraiser.
I, for one would not have attended if Mr.Gilreath was not one of the presenters. Mr. Lentz provided a greatdeal of information about commercial, apartment and other types of property in Florida. His presentation was excellent.Mr.Gilreath presented much more local and residential data which is more directly related to my Ormond Beach real estate business which is in Volusia County. Mr.Gilreath included a discussion of his preliminary tax roll estimates which was submitted as required on June 1, 2011 and has included his slides on his web site at http://webserver.vcgov.org/2011vcard.pdf .
So what did I learn? There is improvement overall in Florida housing and some areas have seen some types of property in some markets go from recession to recovery. This while existing home sales are sputtering and values are continuing to decline.
The decline in values is less than in the past few years and values have stabilized in some neighborhoods. Overall, the taxable value of single family homes in the county is 49% of peak values at the height of the bubble.
Mr Gilreath believes the county condo market is overbuilt.
Mr Gilreath's recearch back to the 1850's shows that in volusia county residential property has remained fairly consistent at 90% of all property.
The last three years values have declined 23%, 16%, and 9% according to property appraiser data.