Central Florida’s Real-Estate Bust May Just be Over
Word is around the Orlando real estate market that Central Florida’s real estate bust has come to its end. There are not one or two, but three different sources that are ready to vouch for the positive turn of events in Central Florida. The three different sources and data contained in their industry reports – all of which were released within a week’s time, point towards a growing industry.
Three sources, three reports and several reasons to revel
Industry reports focusing on the real estate and construction market of the US as a whole as well as the states individually, show signs of recovery and a rosy future. The sources include the US Bureau of Labor Statistics, the Urban Land Institute and Economic and Demographic Research’s Florida Office.
The US Bureau of Labor Statistics ranks Florida number one in the nation in terms of state’s construction growth. The state’s Office of Economic and Demographic Research cited buildings as the reason Florida’s economy was recovering. Further, reports from the Urban Land Institute project a rosy, bubble-free future for Florida’s real estate industry.
While the dark clouds of foreclosures still loom large – Florida sporting the highest percentage of foreclosures in the nation – real estate agents in Orlando and industry experts alike, agree that the numbers are merely recession leftovers.
What’s more is that several industry experts are in agreement with the views expressed in the three reports. According to Cecelia Bonifay, who chairs the Urban Land Institute (Central Florida), the real estate industry has gained momentum throughout the nation, and Florida is no exception. She notes how all factors were aligning themselves for an extremely “positive marketplace” and adds that the positive sentiments were shared by almost all sectors of the US economy. Bonifay also points out that the recently released reports were essentially different because the recovery has become broader and spread across pretty much all economic sectors.
Leo Nimkoff, the Chair of the Commercial Council of the Orlando Regional Realtor Association is another expert who agrees that Florida’s real estate bust has approached its end. He reasons that people moving into Florida have helped the state grow – something top Orlando Realtors will agree with. Orlando itself has seen its fair share of new constructions, many of which are multimillion dollar projects like the $56 million Crescent Central Station complex.
According to Nimkoff, people moving to Florida to settle permanently or the ones moving temporarily for work, generate jobs that go well beyond real estate and constructions. Retails, restaurants, malls spring up to meet the demands of a growing Floridian population and jobs get generated for the locals in such retails, restaurants and malls.