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Will 2010 See a Recovery for Florida Real Estate? |
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Florida was one of the real estate markets hit hardest by the recent economic downturn. |
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| Author: Sara Goldstein |
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It's impossible to say if Florida property values will improve, and it is likely that in real terms they will never match the incredibly inflated values of the early 2000's property boom. However, there are many positive signs for Florida property owners.
The last quarter of 2009 saw a significant increase in many Florida markets. The combination of the tax credit for first-time home buyers, along with some signs that the economy may be on the mend, and the dramatically lower prices led to many people deciding to take the plunge into home ownership.
In many ways, this means that the real estate market is stronger now than it was in 2006. Values are more realistic, and more property is owned not by real estate speculators who are only looking to sell it again, but by people who are planning on staying in the home for a significant amount of time, building up equity and making a positive contribution to their communities.
With much of the Florida economy dependent on tourism, many will be happy to know that most forecasts include a slight upswing in tourism this year. Hotel and resort owners who have been pleading just for a year that was no worse than last year may be happy to see increased business this year.
Unfortunately, Florida's commercial real estate market is likely to be weaker this year. With many companies consolidating, merging, or outright failing during the economic downturn Florida office space is likely to see vacancy rates that approach 20%, which will seriously affect owners' cash flow, and may lead to many foreclosures on commercial real estate.
Overall, even though recovery may not be just around the corner, Florida property has inherent values which have not been diminished by this downturn. Unfortunately, the downturn may be seen by government agencies as an opportunity to use eminent domain to acquire your property at bargain basement prices.
If you have been given an offer by a government agency to buy your house at a value far below what you believe it is worth, you need help to protect the value of your long-term investment. To learn more about protecting your property and your rights from eminent domain, visit the website of the Florida Property Rights Law Firm, PA today.
About Author
If you have been given an offer by a government agency to buy your house at a value far below what you believe it is worth, you need help to protect the value of your long-term investment. To learn more about protecting your property and your rights from eminent domain, visit the website of the Florida Property Rights Law Firm, PA today.
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