Economist sees daylight in state housing market – Residential housing will rebound in ’08 and ’09, but condos will still lag

Hank Fishking, Florida’s premier economist believes that the downturn in the residential real estate market is over.

That does not mean that Southwest Floridians will see much improvement in the months ahead. But barring a sharp increase in oil prices, or some other earth-shattering event, market conditions are not likely to deteriorate.

I argue that housing has stopped going down, “Fishkind said. “it is weak. It is painful, but it is not going to get worse.”

…”Ugly, ugly” was how the economist referred to the condo market, in which sales have plunged to about 120 per month from about 600 per month during the boom. Read the entire article

Worst is over, real estate experts say

Population growth is one of the reasons why Lawrence Yun, chief economist for the National Association of Realtors thinks Florida will be one of the first to recover from the housing doldrums.

…The softness that has bedeviled Southwest Florida’s residential real estate market for almost a years has just about run its course and will not last beyond another six to 12 months, according to Lawrence Yun. Read the entire article

Best local real estate market since May 2006
Sarasota Association of Realtors

The Sarasota real estate market rebounded in March 2007 with the best sales figures in 10 months, reinforcing recent expectations that the market is in recovery from a decline that bottomed out in the fall of 2006.

…The numbers indicate that sales in March 2007 climbed by 51% compared to February 2007, and were very close to the number of total sales in March 2006, when 675 properties changed hands. Read the entire article

Property tax relief & reform agreement reached

I am excited to announce that an agreement has been reached between the House and the Senate on the tax cut levels for historic relief and reform package that will save Florida taxpayers $31.6 billion over the next five years. This is, by far, the largest tax cut in Florida’s history.

I cannot be more proud of the excellent work of our negotiating team and the valuable input from our respective legislative chambers. Together, we are bringing forth a thoughtful and comprehensive plan that will give every property owner – homestead, non-homestead residential and commercial/industrial – a tax cut this year. We are confident that when this plan is implemented, Floridians will finally have a more equitable tax system that will yield property tax bills that they can afford to pay.

Marco Rubio, Speaker, Florida House of Representatives Read the entire article

Pending Sales Remain High as April 2007 Sales Dip

From the Sarasota MLS statistics, real estate sales for April 2007 looked a lot like April of last year. A total of 363 homes and 179 condominiums were sold, compared to 353 homes and 192 condominiums in the previous year. Overall both homes and condos sales in Sarasota were 542 in April compared to 545 sales in 2006.

Year to date sales this year were up more than 14 percent over last year which continue to show recovery in the Sarasota market. SAR President Joe Hembree, said "typically, a recovery in the real estate market begins with stabilization, followed by a return to a normal rate of sales and property appreciation" The Sarasota market seems to be leading the state of Florida to a recovery.

Pending sales in 2007 reported: in January 383, in February 565, 705 pending sales in March. April 2007's pending sales of 609 were off from March but higher than recent months. Read the entire article

Home sales pick up in Sarasota area, but lag elsewhere

Although local housing inventory stubbornly hovered near record high levels, the Sarasota-Bradenton market turned in the Sunshine State's best results for April with existing home sales activity up 16 percent compared with a year earlier.

…The condo arena looks more problematic. The inventory was in the upper 4,000s until mid-April, when it broke above 5,000, and it has stayed there since.  As of May 15, there are 5,207 condos for sale and only 383 deals pending.  Read the entire article

Key index shows economy slowing

A gauge of future economic activity showed the US economy will slow in coming months, reversing recent gains and suggesting higher gas prices and a sluggish construction industry are beginning to take their toll.

…”The slowdown could ease concerns that the Federal Reserve will raise interest rates,“ said Mark Zandi, chief economist at Moody’s Economy.com.  Read the entire article

Market has plenty of room for rebound

The local real estate market is showing signs of life, but economist and Sarasota resident, John Tuccillo, says it still has far to go.

Formerly the chief economist of the National Association of Realtors, Tuccillo says the uptick in property sales “shows the essential quality of the area.”  Read the entire article

Property values keep rising

Residents who thought their property taxes would drop because of declining home values could be in for a shock when they open their tax bills in November.

The taxable value of existing property rose 6% last year in Manatee County and 4% in Charolotte County, according to estimates released Thursday by property appraisers in those counties.

…Since fulltime residents are protected by the Save Our Homes amendment to the constitution which holds increases in their taxable home values to 3% or inflation, whichever is less, the brunt of tax increases has been borne by part-time residents, businesses and full-time residents who moved into new homes.  Read the entire article

Sarasota County tax base's growth slows to a crawl, relieving some property owners

 For the first time in years, it looks like part-time residents and business owners will not have to worry when they open their property tax bills.

That is because Sarasota County's values climbed only 5 percent last year, with much of that owing to new construction, according to an estimate released Friday by Sarasota County Property Appraiser Jim Todora.

While the county’s tax base is now estimated at $62 billion, the latest increase could bring relief to no-homesteaded property owners who bore the brunt of five consecutive years of double-digit growth capped by a 28 percent jump in 2005.

In a twist, much of the increase came from full-time residents who are protected from large jumps in the assessed values of their homes by the Save Our Homes constitutional amendment.  “Their values went up 2.5 %,” Todora said.  Read the entire article