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Newsletter - March, 2008

Nationally things are looking up for the real estate industry. Congress gave overwhelming final approval February 7, 2008 to the Economic Stimulus Package supported by National Association of Realtors and Realtors across the country.

As a result, the government will be sending payments to most American households and grant tax incentives for business investment the plan totals $152 billion. The final deal came Wednesday after the Senate added low-income seniors and disabled veterans to the list of people who would receive money under a package previously approved by the House, and then approved the bill, 81 to 16.

The legislation includes the requested GSE and FHA reforms strongly backed and lobbied by NAR. The increased loan limits mean borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.

From Pensacola to Key West, buyers are taking advantage of the lowest Florida home prices in several years. “Pricing on both homes and condominiums has been drifting downwards in the past year, as sellers have become more realistic in their expectations,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR).

In November – Florida’s median sales price for existing single-family homes was $215,800, down 10 percent from a year ago. The median is the midpoint where half the homes sold for more, and half for less.  The statewide median sales price for condos was $186,700, down 9 percent from November 2006.
In Naples, “prices have adjusted to a more realistic range than in 2005,” said Sally Masters, broker-associate with Coldwell Banker’s North Naples office. “There are some great deals here as far as waterfront properties, golf course communities and estate homes.”

Mike Pappas, president/CEO of The Keyes Company, Miami, noted that lower sales levels and a high inventory, resulted in a 20 percent reduction in Broward condominium prices in the past year, while condos in the Boca Raton/West Palm Beach market declined nearly 30 percent.  

Nationally, Lawrence Yun, chief economist for the National Association of Realtors® (NAR), recently said he expects existing-home prices to hold steady this year at the 2007 level of $217,600.

Locally in the Lower Keys we are seeing the same effects. Prices have dropped on an average of 20-25% in the last 2 years. We are seeing a positive movement in the number of units sold from quarter to quarter.

It’s the magic time to buy in the Florida Keys…

Don’t be at the bus station when your train comes in!!!!!

Cheryl Moses
REALTOR®, Broker & Co-Owner