by Steve Silcock | Jan 21, 2013 | Investment Property in Florida, News, Real Estate News, Retirement / 55+
The Florida housing market has seen difficult times over the last few years but from what we see happening on the ground here at Bardell we look to be leading the recovery and out performing many of the US markets. 2010 and 2011 were challenging markets but 2012 saw a reduction in inventory and an increase in the median selling price of of almost 20%.
This year I expect to see the Disney / Four Corners market continue to improve and new construction looks set to make a strong comeback. Unlike most US housing markets we are heavily dependent on out of state and overseas investment but it’s encouraging to see that forecsts for the US housing market as a whole are looking up. Improving markets in the rest of the country (particular up and down the east coast) will undoubtably fuel the relocation / retirement markets and the pent up demand from the much coveted “bably boomers” is sure tosee increasing activity in the 55+ retirement communities around the Central Florida are.
Jan. 14, 2013 – CoreLogic released its CoreLogic Home Price Index (HPI) which looks at repeat sales. It found a 7.5 percent increase in 2012 – the largest home price increase since 2006.
In 2013, CoreLogic projects home prices to rise 6 percent due to greater affordability fueling steady demand, a lower level of real estate owned (REO) sales and a low inventory of unsold homes.
Housing made an impressive recovery in 2012
• Total homes sales increased 6 percent to 4.2 million in 2012, up from 3.9 million in 2011 for the first increase since 2005.
• Non-distressed homes sales increased 11 percent to 3.2 million.
• New sales increased 3 percent to nearly 300,000.
• Home price growth happened in many U.S. locations.
• REO sales declined more than 20 percent to 600,000, the third annual consecutive decline.
• Short sales rose 23 percent to 370,000 units, the highest level since the real estate downturn began.
• Serious delinquencies declined by nearly 300,000 loans in 2012, which drove the seriously delinquent rate down to 6.9 percent, from 7.4 percent in 2011. Since the January 2010 peak, serious delinquencies have declined by 1 million loans.
The housing market enters 2013 poised for further recovery
• Rising home prices will continue to slowly release pent-up supply as underwater borrowers are unlocked and opportunistic sellers begin to provide relief to tight inventories.
• Geographic diversity in home price growth will continue.
• CoreLogic expects continued market improvement in serious delinquencies.
• Despite improvements and a positive outlook for the coming year, uncertainty remains on the impact of qualified mortgage and qualified residential mortgage requirements.
© 2013 Florida Realtors®
by Steve Silcock | Jan 10, 2013 | Homes, Villas and Condos, Investment Property in Florida, New Construction, Real Estate News
Driving around the Four Corners area it’s easy to see to see that new home construction in the area is set to boom in 2013. In November and December I attended meetings with two of America’s biggest builders (Lennar and Dr Horton) and their intentions for 2013 are very clear – Florida new home construction is very high on their agenda.
Florida has always been an attractive destination for vacationioners and retiree’s but with an increasing population the residential new home market also looks set to make 2013 a comeback year and the same appears to be happening across the US according to a recent report issued by the Associated Press
WASHINGTON (AP) – Jan. 17, 2013 – Home construction in 2012 highest in 4 years
The Commerce Department said Thursday that builders broke ground on houses and apartments at a seasonally adjusted annual rate of 954,000. That’s 12.1 percent higher than November’s annual rate and nearly double the recession low reached in April 2009.
For the year, builders started work on 780,000 homes. That’s still roughly half of the annual number of starts consistent with healthier markets. But it is an increase of 28.1 percent from 2011. And it is the most since 2008 – shortly after the housing market began to collapse in late 2006 and 2007.
Steady job gains, record-low mortgage rates and a tight supply of new and previously occupied homes available for sale have helped boost sales and prices in most markets. That has made builders more confident.
“The strong rise in single-family starts is a clear indication of builder confidence in the sales outlook,” said Pierre Ellis, an economist at Decision Economics, in a note to clients.
In December, the pace of single-family home construction, which makes up two-thirds of the market, increased 8 percent. It is now 75 percent higher than the recession low reached in March 2009.
Apartment construction, which is more volatile, surged 23 percent last month.
Applications for building permits, a sign of future construction, inched up to a rate of 903,000 – a 4 1/2-year high.
Confidence among homebuilders held steady in January at the highest level in nearly seven years. But builders are feeling slightly less optimistic about their prospects for sales over the next six months, according to a survey released Wednesday.
In November, sales of previously occupied homes rose to their highest level in three years, while new-home sales reached a 2 1/2-year high.
Copyright © 2013 The Associated Press, Martin Crutsinger, AP economics writer. All rights reserved.
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by Steve Silcock | Dec 27, 2012 | Homes, Villas and Condos, Investment Property in Florida, Local Events, New Construction, News, Real Estate News
Lennar Homes has announced plans for a $1 billion development at ChampionsGate. Lennar expects to launch early next year on three communities with sales prices starting at more than $200,000
The Country Club at ChampionsGate – with 600-800 single family homes, villas and condos, and a 30,000 square foot clubhouse with dining facilities, pools and a fitness center.
The Vistas at ChampionsGate, with 382 upscale condos, townhomes, golf homes overlooking 54 holes of golf.
The Retreat at ChampionsGate, with 600+ single family homes to be sold as a short-term rental resort with clubhouse, resort pools and kids water park.
Already established as a prime location for the vacation market the area between I4 and Hwy 27 previously intended to be the Stoneybrook South golf community looks destined to become the place to live, work and play just a few miles south of DisneyWorld.
When completed the combined are will represent 5,000+ homes, an elementary school and park, 54 holes of golf , office space, retail space and almost 3,000 hotel rooms. Located close to I4 with easy access to all of Central Florida this New Home development is guaranteed to draw a lot of attention from the residental and overseas buyers.
Visit ChampionsGateRealEstate.com for the latest on all the new developments at ChampionsGate
The Florida housing market has seen difficult times over the last few years but from what we see happening on the ground here at Bardell we look to be leading the recovery and out performing many of the US markets. 2010 and 2011 were challenging markets but 2012 saw a reduction in inventory and an increase in the median selling price of of almost 20%.