The Expert: Florida’s Silver Lining
Commercial Property News reports: Market-based discussions are back, and among the hot topics is the outlook for Florida’s apartment market, in which investors are probing for opportunities. Apartment values are down between 25 and 45 percent, depending on the submarket. Condominiums have traded for as little as 40 percent of development costs. Is it time to buy?
In 2008, Florida experienced a 3.2 percent job loss and ended the year with unemployment at 8.1 percent. The drop in employment has hurt apartment occupancy and rent growth. In the major markets, transaction volume was down between 31 and 77 percent, according to Real Capital Analytics Inc. The only segment that had a pick up in activity was the sale of failed or fractured condominiums, up from two transactions in 2007 to 14 in 2008.
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Posted by: Nina Turner