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| Florida Housing Market Sluggish but Stable |
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(September 6, 2007) --
University of Florida study released this week paints a relatively optimistic picture of the sunshine state's housing market.
“The results from our survey remind us that the underlying markets for real estate in Florida are still in good shape,” says Wayne Archer, director of UF's Bergstrom Center for Real Estate Studies. “Owner residential is the only area of real estate markets where there are problems at this time. Apartments, retail, office, industrial and hospitality all remain stable and healthy.”
The center's quarterly survey of Florida real estate trends confirmed that the single-family market is sluggish but stable, although the condominium market continues to struggle, Archer says.
There are as many as 40,000 vacant condo units for sale in Miami. Unless there is some movement by foreign investors to buy these condos, the market is likely to be hurting for a long time, he concludes.
"I think home owners have not yet come to terms with the fact that the price increases we've seen in the last two or three years are not going to continue," Archer says.
— REALTOR® Magazine Online |
| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag), September 6, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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