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Investors and consumers alike are aware of the changes occurring in the Florida real estate climate. Clearly, there has been a marked shift away from the colossal fallout that came with the 2008 economic downturn, but what are the new trends emerging in Florida real estate markets? What can investors look for as the new, hot Florida markets?
Daren Blomquist joins us to discuss these changing markets and what investors and potential investors may want to look out for. As Vice President of RealtyTrac, Daren has nearly 15 years of experience in real estate data collection and analysis. Although initially specializing in Foreclosure data collection, RealtyTrac has expanded its scope to encompass a more holistic approach, collecting data on wide-ranging varieties of real estate markets and empowering consumers, developers and investors with the resources and information on market trends.
In Florida markets, Daren indicates several trends and potential trends that are currently forming in real estate. As Florida is still on the recovery from the massive flood of foreclosures following the 2008 economic downturn, there are many hot markets stemming from these foreclosures. Potential markets are also being projected based on consumer trends following the recession; there has been a paradigm shift overall away from traditional home ownership.
- Despite dramatic decreases, Florida remains top-ranking in foreclosure rates
- Jacksonville (Duval County) highest in FL
- Tampa (Hillsborough County) 2nd
- Daytona Beach (Volusia County) 3rd
- Decrease in home ownership
- roughly 5 million age 35 and under not owning
- roughly 7 million age 35-45 not owning
- shift towards rentals
- Cash sales constitute 53% residential property sales
- Multi-family markets on upturn
- 2-4 units and 5+ up roughly 7% annually
- 5+ units up 15%
- House-flipping remains active in FL on foreclosure-centric areas
- Ocala sees 13% increase in single-family house-flipping
- Miami, Tampa account for high flip rates
- “Responsible Flipping”
- Hot-spots for rent increase rates (above HUD fair-market data average)
- Citrus County – 3%
- Polk, Bay, Volusia – 3%
- Brevard, Okaloosa, Alachua – 2%
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