Florida Real Estate Close up: Three Healthy Florida Markets
Fri Nov 11, 2011 by Oppenheim Law on Florida Law News
As a follow up to South Florida Law Blog’s post reporting that Miami Fort Lauderdale, Jacksonville and Bradenton/Sarasota/Venice were included in the top 20 healthiest real estate markets in the United States – let’s dig in deeper to what is the secret formula.
What we’re taking away from these numbers is there is an upswing in growth in these Florida communities, and a stabilization in the tough job market, making all of these cities places prospective home buyers need to consider.
- Miami/Fort Lauderdale/Pompano Beach
Perhaps one of the most positive signs to come out of South Florida is the tremendous upswing in forecasted building permits in 2012, up to 7,522 from just 2,708 in 2011, with about half of that coming from traditional multi-family homes.
Job growth and big projects coming
Jobs are expected to grow 2.7 percent, and home prices, which fell by double digits in the first half of ‘11, are beginning to turn around.
While unemployment does remain high in this South Florida, jobs in Miami are coming slow but steady with two big upcoming projects, the CitiCentre and Resorts World Miami, expected to add tens of thousands of jobs in coming years. The site also reports the Port of Miami has three projects on the horizon that will prepare the port to handle bigger ships and more cargo.
Located between Tampa and Fort Myers, these cities in Manatee and Sarasota counties came in at #9 on Builder’s list. They cite an upswing in permit activity, mostly in Manatee County, for multi-family homes. According to Builder Pulte, D.R. Horton, and Lennar along with local builders Neal Communities and Lee Wetherington Homes, as among the more active builders.
Most promising is the employment growth in this area (3.7 percent according to Builder) and they state that home prices in these cities are expected to rise 2.8 percent.
- Jacksonville, Fla.
For this northern Florida community, Builder Online points to the area’s strong military presence and a growing financial services sector. They report an expected 3.2 percent rise in employment, and a 3.3 percent rise in median income.A downsizing in the number of foreclosures has led to a stabilization in home prices in 2011, with an expected 5% rise in the coming year. Duval County, where Jacksonville is located, has the highest average annual wages in Florida, according to the U.S. Bureau of Economic Analysis.
This is another area expected to see a nice increase in building permits, nearly double over 2011, according to Builder Online, which nearly 70 percent in single family homes.
Florida, the sunshine state, is getting healthier when it comes to real estate.