BOCA RATON, FL--ARA’s Florida offices are pleased to announce the completion of our year-end market report, titled “2007 in Review.”The report takes an in-depth look at the dynamic multihousing market within the state of Florida and offers a look at historical investment sales volume, discusses who the active buyers are, tackles the impact of the shadow market, and takes a look ahead into 2008.
A snapshot of the report’s contents:
A snapshot of the report’s contents:
For a number of reasons, 2007 was an interesting year for real estate. After three straight years of record-breaking investment volume, sales slowed dramatically due to tightening credit standards and a sense of trepidation on the part of lenders brought on largely by the fallout of the subprime market.
According to the Urban Land Institute, real estate industry leaders pointed to improving occupancy rates, rental rates, and escalating net operating incomes in commercial and multifamily markets as support for a “soft landing” forecast for 2008. Demand for apartments is expected to escalate in 2008, especially in higher-cost coastal corridors with barriers to entry, due largely to the impact of echo boomers and continued frustration on the part of would-be buyers and financially strapped homeowners.
Throughout Florida, continued population growth and job creation are fueling continued demand for apartment units. A lack of affordable for-sale housing in many markets, along with the sub-prime fallout and more stringent lending practices are further fueling that demand. High construction costs and the price of land have kept development at a minimum – all of which should translate into increasing occupancies and positive rental rate movement within rentals.”
The full report may be viewed by contacting Lisa M. Rossetti at lrossetti@arausa.com.
CONTACT:
Lisa M. Rossetti
Director of Research
777 Yamato Road, Suite 140
Boca Raton, FL 33431
561.988.8800 Ext. 120
561.988.8810 FAX
blocked::mailto:lrossetti@ARAusa.com
www. ARAusa.com
Throughout Florida, continued population growth and job creation are fueling continued demand for apartment units. A lack of affordable for-sale housing in many markets, along with the sub-prime fallout and more stringent lending practices are further fueling that demand. High construction costs and the price of land have kept development at a minimum – all of which should translate into increasing occupancies and positive rental rate movement within rentals.”
The full report may be viewed by contacting Lisa M. Rossetti at lrossetti@arausa.com.
CONTACT:
Lisa M. Rossetti
Director of Research
777 Yamato Road, Suite 140
Boca Raton, FL 33431
561.988.8800 Ext. 120
561.988.8810 FAX
blocked::mailto:lrossetti@ARAusa.com
www. ARAusa.com
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