Real Estate Recovery on the Rebound in Southwest Florida
With commercial real estate sales in Southwest Florida giving a much needed boost to the area's real estate market, metropolitan Naples ranked #2 in the U.S. for the lowest industrial vacancy rate this month, posting a 4.2% overall rate of vacancy. Florida, on the whole, managed to squeeze out 3 of the top 10 spots with lowest industrial vacancy rates. Lakeland grabbed the #1 spot, and Clearwater / St. Petersburg came in at #7.
The recovery in the housing market is seen to be linked to these positive developments in the industrial real estate market, akin to the widely recognized connection between hikes in employment rates and subsequent gains in real estate sales. Home prices statewide have increased, with Southwest Florida home values shooting up 8%, greatly surpassing the national average of only 1.3% this past quarter. Supply, or lack thereof, of Southwest Florida homes for sale is seen as one of the reasons for the fluctuation, but the supply constraints don't seem to be deterring potential buyers.
Home and condo sales in Sarasota and Manatee Counties recorded 928 sales this September, an 11% increase over the same time last year. Laura Benson, president of the Sarasota Association of Realtors told the Herald Tribune, "The real estate industry has returned to a much healthier place than we were four or five years ago. For the agents who experienced the down times, this has become a great period of rebound." Even Lawrence Yun, chief economist for the National Association of Realtors had a positive outlook on the Southwest Florida real estate market, saying, "Despite occasional month-to-month setbacks, we're experiencing a genuine recovery."
About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional real estate services by concentrating on information, education and the use of leading edge technologies. He also is a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955