Florida is currently on the road to recovery from a major decline in real estate ventures. Many studies conducted by real estate and market experts reports that this year may result in a positive response from the real estate market here in the region.
Steady Downfall of Florida Real Estate
The years before 2005 marked a prosperous real estate venture in Florida. Many foreign and local investors are flocking into the area to buy any "for sale" lots they can find. Investors are even taking advantage of half-finished construction projects in assorted real estate properties, like apartments, for bigger profit.
The years 2005 and 2006, however, gave evidence to the major decline in the economy of Florida real estates. Residential property acquisitions were in steady decline as many individuals defaulted on their loan payments.
Foreclosures of many residential properties were commonly seen during the late months of 2005 and early 2006. Financial lenders were implementing strict procedures and guidelines on residential acquisition loans, which made it harder for people to get one.
June 2006 resulted in a total of 30% decline in home sales and 35% on condo units. Certain areas of Florida experienced a 48% reduction on home sales - which was considered as an all-time low in the region.
The Road To Recovery
The pendulum that represents the real estate market in Florida swung to the opposite direction in 2007 and 2008. Home sale prices are now going down, which is more affordable for local residents and foreign investors.
The interest rates of financial loans are also going down, as well as the strict measures implemented during 2005 and 2006, are slowly being loosened. The interest rates of these residential areas are also on a steady decrease, which is evidenced by the slow increase of home sales and real estate acquisitions.
Early this 2008, there has been a major influx of new residents, as well as new job opportunities. Both clear indicators that Florida is slowly recovering from its major decline.
Market experts and economists believed that when the high property taxes and home insurance premiums are being regulated to accommodate the demands of both local and international buyers, Florida may be able to profit greatly from the sudden turn of events in real estate.
New opportunities
There has been a major increase in real estate acquisition in commercial and industrial areas in Florida, especially for the opportunities of such. This includes executive office space, office buildings, corporate headquarters, suites, and bank branches.
Other commercial properties are also in a steady rise as many areas are developed into shopping centers and malls, chain stores, showrooms, retail sites, and more.
But despite the availability of these real estate properties that will give Florida the leverage to tip the balance in their favor, everything will all depend if the buyers will be interested enough to invest in the venture.
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