Monday, August 6, 2012

Real Estate in Florida recovery continues positive momentum

Real Estate in Florida recovery continues positive momentum

According to the report made by Florida realtors, the state’s real estate market continues its popularity in so many ways.  There is an increase in the median prices, possible decrease in inventory and waiting sales were recorded last June. Even though there are some buyers who have some problems with regards in securing their money. Economists believed that this recovery is somewhat a positive way to make it better. These are signs that reflect the economic recovery and the demand for employment in the state. In contrast the fixed-rate mortgages remains at ease and still continue to gain interest from new buyers and investors.
It shows in the latest housing data by Florida Realtors, there is an increased pending sales, an increased in closed sales and rapid growth in median prices and a depletion in inventory of home that are for sale for in Florida’s housing market by the month of June.

It is stated by Florida Realtors President Summer Greene, and also a regional manager of Better Homes and Gardens Real Estate Florida in Fort Lauderdale that Florida’s housing tries to recover its positive momentum. In addition to his statement, Signs usually points to solid gains shows a positive outcome for the state’s economy. During the month of June, a report says that there are pending sales reaching 31 percent for the existing single-family homes and also 23 percent for town house-condo units when compared last year. There is a trend that shoes most of the buyers wants to purchase their dream home in Florida however there are problems with regards to their financing options and credit standards.

Contracts that are being signed but is unfinished or not yet closed are referred as pending sales; usually closed sales starts at 30 to 90 days after the sales contracts are written.
The single-family homes national median sales price over all total is 18,800 in the month of June, there is a 5.3 percent difference compared to last year said by Florida Realtors industry Data and Analysis department and vendor partner 10K Research and Marketing. The price for single-family existing homes last month reached $151,000 and continues to increase by 8.2 percent from June 2011 statewide.
 (NAR) National Association of realtors states the national median sales for single-family homes last May 2012 was $182, 900 and continues to reach up to 7.7 percent from last year. While in California it was $312, 110 statewide median sales price for single-family. Also in Maryland it was believed that the price is reached up to $259, 207; However in New York it was reported up to $208, 000.

Median is called the midpoint; wherein there is a 50/50 distribution of sales; half the homes were sold in higher prices while the other half are less. Distressed properties were affected by the sales foreclosures because in general that can sell at a discounted price compares to traditional homes.
A total of 9, 202 are sold last month, up to 1.5 percent from those sold in Jujne 2011 statewide in Florida’s annual comparison for sales of tonwhomes/comdos. Last year the state wide median for townhome-condo properties was $110,000 to 15.8 percent. It was also reported by NAR that national median existing condo price last May 2012 was $180,000.
Reported by Florida Realtors, last month’s result of inventory at six-month’s supply for single-family homes and town-home condo reached 5.9-month’s supply.
It is said by Dr. John Tuccillo, Florida Realtors Chief Economists that the trend they have established still continues since last year. By the month of June there will be an improvement in every housing market. Closed sales, pending sales, median prices, average prices and ratio sales are up. However the lsiting are down so as the days on market and what is important are the inventories. He says that they have reached a six months’ supply of inventory for single-family homes and 5.9 months’ supply for townhouse-condos.
In addition to this he also stated that there will be an improvement towards employment in the state, and hopefully this will continue in the future.
According to Freddie Marc, interest rates for fixed rate mortgage in 30 year averaged 3.68 percent in June 2012, and lower than 4.51 percent average in the same month a year earlier.

Full statewide housing activity report can be seen on this link: and look under Latest Releases, or download the June 2012 data report PDF under Market Data at:
A data released by Florida Realtors 2012 marks a partnership between Florida Realtors Industry Data and Analysis department and new vendor partner 10K Research and Marketing. Datas from housing sales from state’s local realtor organizations are being collected and organized with its goal in providing one of a kind, localized market reports to local frealtor boards and other associations within Florida Realtors. It can give the ability to serve as the definitive voice of real estate by groups and their Realtor members. Florida realtors also provide comprehensive statewide housing market statistics- however some new data metropolitan statistical areas (MSAs) are not included.
The Florida Realtors or also known as the Florida Association of Realtors is the voice for real estate Florida. They give programs, continuing education, services, research and also act as legislatives to its members that have a number of 115,000 in 63 boards/assocations. Their website is link:  

10 Things to know for interested land Buyers in Florida

10 Things to know for interested land Buyers in Florida

An article from IDSupra reported that there are ten things to know for interested land buyers in Florida. Land development in Florida is believed to be a complicated process because of its vast coastline, its interconnecting waterways and other sorts of land formations; it is protected by state and/or federal rules. The development is stated as challenging because there is a continuous change in its regulations. It is included in the ten things is the fact that there are 3.8 million acres reported as conservation land in the state, it requires variation permitting than non-conservation land, and that process took much longer or at least in one year.

The State of Florida is in the process of changing and developing land planning, conservation of land, protection of its environment, and real estate that is handled by both its state and local governments these factors are important for interested people who want to invest in Florida real estate.
In today’s time the State of Florida has an approximately 3.8 million acres of uplands owned and managed including 500,000 acres of conservation easements. These lands are usually used as a recreation or for conservation purposes that is continually protected by the Constitution of Florida.

Lands that is no longer needed by the state is offered as a lease to state agencies, state universities, etc., and if they won’t accept this then the land is made to local governments. This process is decided in the State of Florida. However, if those local governments don’t buy the tract chances are the State will sell this property for the public.

10 Facts to know for those interested in Florida land and real estate:

1.       The State of Florida has an approximately 3.8 million acres of conservation land that is leased by the Division of State Lands to agencies in the state or the local government. They manage things like some parks, preserves, forests or recreation areas.

2.       Aside from its conservation the Florida Division of State Lands also leases non-conservation lands to agencies and local governments like college campuses, state prisons and government office buildings.
3.       The uses of the land or its management are required legally for uplands that are under lease from both conservation and non-conservation and the State of Florida.
4.       For conservation and non-conservation land, the land requirements will not require the same thing under Florida law.
5.       To acquire a land it will take a one year period for conservation property for the submission of plan (from time of lease) and the approvals of the following such as the Department of Environmental Protection, a Florida water management district, and some Florida Natural Areas Inventory and/or Division of Historical Resources and the Division of Lands are needed.
6.       For conservation lands in Florida. Land management must meet the Florida Statute Sections 253.034(5) and 259.032(10), and the agency rule requirements. In contrast, for non-conservation land, it must be submitted on a Division form (if you are familiar to this then it’s not an absolute requirement.)
7.       There are a lot of changes that has been made in land use or managements activities, for those who are included in the ARC’s list that are approved Interim Management Activities or additions to the Optimum Planning Boundary, may be allowed without undergoing any review by the ARC or by just posting on the ARC website as a minor plan amendment. In regularly scheduled meeting it is agreed that more substantive changes must be presented.
8.       Over 160 acres of Land Management Plans for parcels should be presented for the recommendations of the Acquisition and Restoration Council (ARC).
9.       For Parcels Land Management Plans that are below 160 acres may use a form developed by the Division.
10.   Most conservation land’s in the states are manage by the following:

·         Florida Forest Service
·         Florida Fish and Wildlife Conservation Commission (FWC)
·         DEP’s Division of Recreation and Parks (DRP)
·         DEP’s Office of Greenways and Trails (OGT)
·         DEP’s Office of Coastal and Aquatic Managed Areas (CAMA)
·         Florida’s five water management districts that owns more than 1.5 million acres, that are managed to protect the potable water supplies as well also to provide outdoor recreation favourable attainment goals:

·         Northwest Florida Water Management District (NWFWMD)
·         South Florida Water Management District (SFWMD)
·         Southwest Florida Water Management District (SWFWMD)
·         St. Johns River Water Management District (SJRWMD)
·         Suwannee River Water Management District (SRWMD)

As discussed in an earlier post, St. John’s River Water Management District is considered as selling of surplus land for private buyers. This news is still being debated whether or not the others will follow what St. John’s did, but because of financial problems it seems that this kind of lands will be favourable in the future.