Orlando Real Estate News

ORLANDO - Florida Realtor Magazine talked to members throughout the state and asked them to analyze the challenges and opportunities facing Florida's real estate market over the next 12 months. According to the responses, it helps to consider four distinct types of buyers:

1. Working-age singles, couples and families
This segment is most affected by conditions in the local economy, especially the creation of new jobs. Sean Snaith, director, University of Central Florida Institute for Economic Competiveness in Orlando, notes that the strongest sectors of Florida's economy are education, health services, and professional and business services. That means real estate professionals should keep track of hospitals, schools and service companies in their communities for expansions or other job-creating activities.

2. Retirees
This group includes people primarily from the Northeast and Midwest, along with a growing number of Floridians who are downsizing and retiring close to home. However, U.S. financial turmoil in 2008-09 choked the state's inflow of retirees.

"They saw their nest eggs diminish," says Snaith, "and that forced them to rethink their plans and delay retirement by a year or two. How long before that stream comes back remains to be seen."

Lewis Goodkin, president of Goodkin Consulting in Miami, adds that Florida remains a popular destination for retirees, and traditional migration patterns are likely to resume with a recovery in the national economy.

3. Investors
Investors are looking for good deals on residential and commercial rental properties that they can resell for a profit or rent for ongoing income. In many cases, these buyers are purchasing foreclosures or bank-owned properties.

"I get stopped every day by people who are looking for great buys," says John J. Adams, general manager of Adams, Cameron & Co. in Daytona Beach. "These are not the 'flippers,' but people who have money and are looking for the true bargains."

4. Second-home buyers
These buyers are domestic and international residents seeking vacation homes in the sun. "We're seeing a lot of short sales in this market," says Jim Batenchuk, broker of Charles Rutenberg Realty in Orlando. "But people from the around the world are still coming to Orlando-Kissimmee for vacations, and there are some tremendous bargains available."

John Tuccillo, president of Tuccillo and Associates (JTA) in Sarasota, notes that U.S. real estate is particularly well priced for European buyers who benefit from the euro, which is stronger than the U.S. dollar.

Of course, Florida is still benefiting from its natural appeal to buyers in all four categories. As Cathy McCarthy, executive vice president, Premier Properties of Southwest Florida Inc., Naples, says, "We sell lifestyles - the beach, golf and winter retreats. That demand is still going strong."

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

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