Bye Bye Real Estate Market Bottom

While gloom and doom still best describe people’s attitudes towards the real estate market, good news bleeps are finally popping up from key markets in Florida and Coastal North Carolina reflecting market shifts we haven’t seen in a long time. For example, last week in Tampa Florida, reports were released that Tampa home builders began construction on the highest number of new homes in the past quarter than in the same three quarters since 2008. Tampa Florida is not alone. According to the U.S. Commerce Department, strong housing starts in Tampa Florida paralleled the country. Yes, the largest number of new home starts in the third quarter of 2011 took place nationally too. To us, this is the first proven sign of the credit markets loosening and real estate developers preparing to deliver homes to the pent up demand. Without financing, builders are unlikely to build new model homes and new spec homes in master planned communities.

This past week in South Florida, we were pleasantly surprised to be invited to a ground breaking celebration for a new real estate development near the beach; a 39 unit town home / condominium and even more surprising, to discover more than half of the units are already sold. Since 2007, commercial financing for new real estate developments had vanished into thin air halting all new construction in our area. The South Florida condominium market has suffered in the past 3 years, in part because of the lack of condominium financing available to buyers. Under the breath of the market, some condominiums were being ‘black listed’ by Lenders because underwriter’s felt certain condominium buildings were higher risks. Lenders wanted to stay clear of condominium buildings with a high number of foreclosures. In these buildings, large special assessments could be imposed upon their borrowers because of the unexpected budget deficits from fewer paying property owners. It is apparent today by new real estate developments breaking ground and the shopping centers in our area receiving extreme makeovers that credit markets have loosened and market conditions in Florida are improving.

Market conditions in New Bern North Carolina are also noticeably positive. 100 year old Weyerhaeuser Real Estate Development broke ground this month on a mega development in New Bern North Carolina called Craven 30 North. Weyerhaeuser has a proven track record of developing quality master planned communities such as Taberna Country Club, next door to Carolina Colours. Market conditions in Charleston South Carolina are even more exciting. For example, Daniel Island is setting sales records this year as their inventory of single family homes and condominiums are being gobbled up by buyers. Daniel Island is just one of several coastal South Carolina communities we continually monitor. Charleston South Carolina was just named #1 City in the United States by the Conde Nast Traveler’s Readers Choice Awards. People are falling in love with Charleston South Carolina and are clearly digging in their roots in preparation for retirement.

The common denominator we see from the good news popping up, is the news is coming from the best states to retire in the Southeast. It is hard to ignore the pent up demand and fight the buying trend headed our way. The predicted migration of retiring Baby Boomers to the south will effect the Southeast soon as they seek to escape the harsh winters and high cost of living states. If you have been sitting on the fence, it is a good time to make your move now while the best selections are available to you. We're happy to help you compare the best master planned communities in a educational way and share with you how you can preview these master planned communities as our VIP guest. Reach out to us and say 'hello'. Write us at info@communityfinder.com or call us toll free 866.384.1799