Tag Archives: sun and sand

Planning to buy a snowbird retreat in Florida?

Florida’s housing market is constrained by tight inventory which is not likely to improve significantly due to several challenges cited in a new report from Florida Realtors.

Chief Economist Dr. Brad O’Connor sees robust growth for the market with strong immigration and low unemployment in the state. Home sales are expected to gain 4% year-over-year in 2020, similar to 2019.

Last year, Florida saw an uptick in sales despite a 9% pullback from international buyers.

“It was exciting to see the almost 6% growth (5.9%) in closed single-family sales in 2019 from 2018,” O’Connor said. “Florida topped over $100 billion (total of “$101.9 billion) in volume in home sales last year, up 8.3% from 2018; for condo-townhouses, we reached $31.6 billion in volume, up 1.8% over the 2018 figure.”

But with new listings down 11.4% year-over-year for single-family homes and down 9.7% for condos, prices are set to rise around 4%, although O’Connor doesn’t see that as a problem currently.

“The median sales price still continues to rise, but looking at what the monthly mortgage payment is, that’s still a lot lower due to current historically low mortgage rates,” O’Connor said. “And that continues to drive sales and makes it a good time to buy.”

Supply side issues
The challenges to increased supply in Florida were discussed at the 2020 Florida Real Estate Trends summit during last week’s Florida Realtors Mid-Winter Business Meetings.

One of the panelists was Kristine Smale, senior vice president, Meyers Research, who says that there are three main factors restricting supply: higher construction costs, which moderated slightly in 2019 but are expected to rise again in 2020; a shortage of labor – 2019 had the largest amount of construction job postings since the Great Recession; and a lack of available, affordable land supply.

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Source: Canadian Real Estate Magazine – by Steve Randall 28 Jan 2020

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Grenada’s Real Estate Market Is Booming

The small real estate market in Grenada is booming, according to a new report from Century 21 Grenada Grenadines.

The country’s real estate sector saw a 71 percent increase in sales volume last year compared to 2014.

Overall real estate sales in Grenada totaled $40.753 million last year, up from $23.8 million in 2014, with the average transaction value in 2015 at $84,772 — itself an increase of 64 percent over 2014. The company cautioned, however, that individual large sales can skew the average, meaning the transaction value increase wass “not due to an increase in the values of the individual properties.”

That came from an average of about 40 real estate sales every month.

That was driven in large part by buyers from the United Kingdom, who represented 81 percentage of the total value of foreign-buyer-purchased real estate last year.

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Grenada also saw strong growth in Grenada’s commercial sector.

Indeed, there was a concomitant 46 percent increase in approvals for new construction of commercial units and increased occupancy in a number of commercial complexes.

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Both residential and commercial have been buoyed by Grenada’s citizenship by investment program, which has generated “increased recognition of Grenada as a luxury destination,” the company said.

“We are projecting continued year-over-year increases of sales volumes in 2016,” the company said.

Source: Caribbean Journal – February 3rd, 2016 | 11:14 am

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