Wyndham Hotels and Resorts Adds Landmark Historic Hotel in New Orleans

PARSIPPANY, N.J. (Oct. 27, 2008) – Wyndham Hotels and Resorts today announced the addition of the 251-room Chateau Bourbon, (top right photo) a Wyndham® Historic Hotel in New Orleans, to its portfolio of upscale hotels.

The former Chateau Sonesta hotel, owned by New Orleans-based HRI Lodging, is situated between Canal and Iberville Streets in the city’s famed French Quarter district.

The pre-Civil War structure was formerly the D.H. Holmes department store, which operated for more than 140 years until it was converted into a hotel in 1995 by HRI Properties, Inc.

Upgrades to the property will include the addition of the Wyndham brand’s signature “Be Well” bedding; flat screen televisions; new guest room and public space carpeting; and significant enhancements to bathrooms, guestroom furniture and fixtures.

The Chateau Bourbon Hotel is the ninth historic property to join the Wyndham portfolio, which also includes the Whitney in New Orleans; Abraham Lincoln in Reading, Pa.; Hotel Galvez and Tremont House in Galveston, Texas; The Roberts Mayfair in St. Louis; The St. Anthony in San Antonio; Union Station in Nashville; and The George Washington in Winchester, Va.

Peter Strebel, (middle left photo) Wyndham Hotels and Resorts president, said Wyndham historic hotels “have a true sense of place” and are a “unique part of the brand’s DNA.”

“Wyndham historic properties elegantly blend their historic integrity, unique architectural features and ambience with the contemporary creature comforts today’s travelers expect,” he said. “We are honored to welcome the Chateau Bourbon Hotel to our distinguished family of celebrated historic hotels.”

“Our goal is to restore the Chateau Bourbon, A Wyndham Historic Hotel back to its status as one of the finest hotels in the French Quarter through our affiliation with the Wyndham brand, which has a sterling reputation in the lodging industry for supportive and valuable partnerships with hotels in historic buildings,” said Honoré Aschaffenburg, president of HRI Lodging.

Following its opening in 1849, the former D.H. Holmes department store became beloved by New Orleans shoppers. It later gained broader appeal by the 1981 Pulitzer Prize-winning novel A Confederacy of Dunces whose opening scene features the landmark’s famous “clock,” a favorite meeting place for generations of New Orleanians.

Property highlights include 12-foot ceilings in each guest room; a contemporary art collection featuring original art by emerging and established artists; the Atrium Courtyard, with its glass roof and exposed cypress beams from the D.H. Holmes building; the Clock Bar lounge adorned by alabaster pillars from the original D.H. Holmes soda fountain; Ralph Brennan’s Red Fish Grill; (middle right photo) and Tempo Restaurant. (bottom left photo)

Modern comforts and amenities include an airline boarding pass station; in-room spa services; wired and wireless high-speed Internet access; Nintendo®; heated outdoor pool; 24-hour business center; and complimentary fitness facility.

Specializing in meeting and wedding events, the hotel also offers 10,000 square feet of function space including 10 meeting and banquet rooms for groups up to 320.

Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), offers upscale hotel and resort accommodations throughout the United States, Canada, United Kingdom, Mexico and the Caribbean.

All hotels are either franchised or managed by Wyndham Hotels and Resorts or an affiliate. Additional information is available at http://www.wyndham.com/.

CONTACT:

Evy Apostolatos
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany NJ 07054
(973) 753-6590
evy.apostolatos@wyndhamworldwide.com

Marcus & Millichap Capital Corp. Arranges $1.8M Loan for Brooklyn, NY Office Building

BROOKLYN, N.Y., Oct. 27, 2008 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.8 million fixed-rate loan to refinance a 12,000-square foot office building in the Park Slope neighborhood of Brooklyn. (top right photo)

Sean Mooney, the associate director in the firm’s Brooklyn office, arranged the financing package for the multi-tenant office building at 1713 Eighth Ave.

“The property had multiple challenges with construction, zoning and usage issues,” says Mooney.

“MMCC was able to remedy the issues and execute the transaction within the original time frame.” (Typical Park Slope neighborhood, bottom left photo)

Financing for this transaction was provided by a commercial bank at a 6.12 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 75 percent.

“MMCC was able to provide favorable rates and terms on this transaction that exceeded the expectations of the borrower,” says Mooney.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

U.S. Retail Sector Bracing For Grim Holiday Season As Economy Weakens, Says New S&P Report

NEW YORK Oct. 27, 2008--The end of 2008 is shaping up to be the most difficult holiday season in memory for U.S. retailers.

Faced with a torrent of challenges, including a horrible housing market, rising unemployment, falling consumer spending, declining consumer confidence, extraordinary stock market volatility, and uncertainty in the financial markets, the domestic retail industry is back on its heels, according to a new report by Standard & Poor's Ratings Services titled "The 2008 Holiday Season: No Diamonds In The Stocking," published earlier today on RatingsDirect.

"We think that the final quarter of 2008 will be a poor one as consumers continue to rein in their shopping," said Standard & Poor's credit analyst Gerald A. Hirschberg, "and that they will continue their long-standing history of waiting for last-minute bargains during the holiday."

With this as a background and the evidence of steadily declining same-store sales throughout the retail sector, we are predicting that November-December GAFO (clothing, accessories, department stores, discount stores, sporting goods, book stores, toy stores, consumer electronics, music, home furnishings, and other goods) sales will at best be flat with last year's $255 billion.

Media Contact: David Wargin, New York (1) 212-438-1579, david_wargin@standardandpoors.com

Analyst Contacts: Gerald A Hirschberg, New York (1) 212-438-7837

HFF secures $4.7M financing for retail lifestyle center in Washington Township, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured a $4.7 million permanent loan for Long Valley Village, a 29,600-square-foot lifestyle retail center in Washington Township, New Jersey.

Working exclusively on behalf of Claremont Properties, Inc., HFF placed the 10-year, fixed-rate loan with The Provident Bank.


Completed in 2005, Long Valley Village is 81% leased to tenants including Dunkin Donuts, Quizno’s Subs, Grow With Us Child Care, Tile Studio of Long Valley and Valley Music Center.


The property is located at 62 East Mill Road (State Route 24) in the Morris County suburb of Washington Township.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.


HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. www.hfflp.com.

CONTACTS:

Jon Mikula, (top right photo) HFF Senior Managing Director, 973 549 2000, jmikula@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

HFF closes sale of Two Riverway in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of Two Riverway, (top right photo) a 17-story, Class A office building in Houston’s Galleria submarket.

HFF senior managing director H. Dan Miller(top left photo), managing director Robert Williamson, (middle right photo) associate director Marty Hogan (bottom left photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Coventry Fund X, Ltd.

Two Riverway Holdings LLC, a subsidiary of Donerail Corporation, purchased the property for an undisclosed amount.

Two Riverway is situated within the 27-acre Riverway master-planned development at the southeast corner of Post Oak and Woodway Drive west of Interstate Loop 610 in Houston. The 92% leased property contains 369,479 square feet of which 55% is occupied by Chicago Bridge & Iron and IBM.

“Two Riverway’s location within the Galleria submarket provides strong barriers to entry due to the scarcity and high cost of available sites coupled with the current capital market environment,” said Miller. “Since 1999, only two Class A buildings have been built in the Galleria submarket and both are owner occupied.”
“The purchase of Two Riverway is testament to Houston’s desirability from the global investment community,” added Hogan.

Coventry Realty Advisors, Inc. is a real estate investment management/private fund and has acquired and developed over $2.5 billion of office, retail and mixed-use properties since its inception in 1982.

CONTACTS:

H. Dan Miller, HFF Senior Managing Director, 713 852 3500, dmiller@hfflp.com

Martin T. Hogan, HFF Associate Director, 713 852 3500, mhogan@hflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

GVA Advantis Hires Radek Knesl, MBA, as Office and Industrial Associate in Tampa

TAMPA, Fla. – (Oct. 27, 2008) – GVA Advantis has hired Radek Knesl, MBA,(top right photo) as an associate of office and industrial services for its Tampa office.

“Radek is a great fit with GVA Advantis,” says Managing Director Lucas Hewett (middle left photo) . “With his financial background and strong analytical skills, he really understands how today’s economic climate affects our clients, and can use his experience to creatively seek solutions that will serve our clients’ best interests.”

Most recently Knesl was the vice president of business development for TCM Bank, N.A., a subsidiary of the Independent Community Bankers of America (ICBA) and ICBA Bancard.

During the ten years Knesl was with TCM Bank, he was the recipient of the company’s “Million Dollar Turnaround” award, was a speaker at numerous banking conventions and was instrumental in the growth of TCM Bank as it acquired over 250 community bank card portfolios.

A graduate of the University of Tampa, Knesl earned a Masters degree in Business Administration with a concentration in business management and entrepreneurship, as well as a Bachelor of Science degree, cum laude, in financial management and international business.

He was awarded the prestigious James H. Lingerfelt Ethics in Business award, an honor bestowed to a scholar who demonstrates high ethical standards and a strong potential for professional success and social responsibility.

Knesl is a Miller Heiman Certified sales professional and a licensed real estate sales associate in Florida. He is a member of Toastmasters International, has volunteered for the Internal Revenue Service (IRS) and Habitat for Humanity, and is a Trustee of the Robert W. Cook Scholarship Fund at the University of Tampa.

Knesl was born in the Czech Republic and immigrated to the United States in 1992. Since then he has resided in the Tampa Bay area, where he currently lives with his wife and son.

CONTACT:

Lisa Hyde, Director of Marketing, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, Florida 33607, Tel 813.342.4752, Fax 813.342.4004
E-mail Lhyde@gvaadvantis.com
http://www.gvaadvantis.com/

Thomas D. Wood & Co. Brokers $4M in Two Loans

Miami Retail-Warehouse Building Gets $1.04M Loan

MIAMI, FL—Oct. 27, 2008— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,040,000 for the 1741 Building in Miami, Florida.

Ben Jimenez, (top right photo) Company Assistant Vice President, financed the loan through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent lenders, at a rate of 6.875%.

The fully-amortizing loan has a term of 15 years and a loan-to-value of 60%. The 11,880 square-foot retail/warehouse building is owner-occupied by India Clothier, and was built in 1965. The 1741 Building is located at 1741 NW 20th Street, Miami, Florida.

For further information, please contact:
Ben Jimenez (305) 447-7820 bjimenez@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com
http://www.tdwood.com/

Handy Storage and Discount Mini-Storage, Pembroke Pines, Receives $5.8M Loan

LAKEWOOD RANCH, FL—Oct. 27, 2008— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $5,800,000 for Handy Storage and Discount Mini-Storage.

Both properties were financed through Thomas D. Wood and Company’s correspondent relationship with StanCorp Mortgage Investors.

Brad Cox, (bottom left photo) Company Vice President, secured financing for Handy Storage in the amount of $3,000,000 and a rate of 6.375%.

The loan term is 20 years, based on a 25-year amortization, with a loan-to-value of 36%. The 90,886 square-foot self-storage facility was built in 1996 and is located at 350 S. University Drive, Pembroke Pines, Florida.

Cox arranged financing for Discount Mini-Storage in the amount of $2,800,000 and a rate of 6.7%.

The loan term is 20 years, based on a 25-year amortization, with a loan-to-value of 70%.

The 55,782 square-foot self-storage facility was built in 1986 and 1999, and is located at 5002 S. Manhattan Avenue, Tampa, Florida. (bottom right site map)

For further information, please contact:
Brad Cox (941) 907-8112 bcox@tdwood.com

Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Glimcher Reports Third Quarter 2008 Results

Core mall store occupancy at September 30, 2008 of 93%

Quarterly releasing spreads increased 19% over the prior rental rate

Completed $80 million of mortgage financings in October 2008

COLUMBUS, OH /PRNewswire-FirstCall/ -- Glimcher Realty Trust, (NYSE:GRT), has announced financial results for the third quarter ended September 30, 2008.

(References to per share amounts are based on diluted common shares.)

"We are pleased with the property operating metrics for the quarter especially during these uncertain economic times," stated Michael P. Glimcher, (top right photo), Chairman of the Board and CEO. "Furthermore, we made tangible progress towards addressing our debt maturities in this challenging credit environment."

Net loss to common shareholders in the third quarter of 2008 was $(3.4) million, or $(0.09) per share, as compared to a net income available to common shareholders of $46.4 million, or $1.23 per share, in the third quarter of 2007.

Included in the third quarter 2007 income was a $48.8 million gain related primarily to two malls sold in the third quarter of 2007.

Funds From Operations ("FFO") in the third quarter of 2008 was $18.8 million compared to $20.2 million in the third quarter of 2007. On a per share basis, FFO for the third quarter of 2008 was $0.46 per share compared to $0.50 per share in the third quarter of 2007.

For a complete copy of Glimcher Realty Trust's news release, please contact

Mark E. Yale, Exec. V.P., CFO, +1-614-887-5610,.myale@glimcher.com or

Lisa A. Indest, V.P., Finance and Accounting,+1-614-887-5844, lindest@glimcher.com

both of Glimcher Realty Trust

Web site: http://www.glimcher.com/

Marcus & Millichap Capital Corp. Arranges $1.35M Loan for Portland, OR Apartment Complex

PORTLAND, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.35 million fixed-rate loan to refinance the Hoffman Apartments property, a 12-unit multi-family asset located at 1425 NW 19th St. in Portland.

Steven Wiltshire, (top right photo) an associate director in the firm’s Portland office, arranged the financing package for Hoffman Apartments.

“The property was operating at under market expense with lower-than-market expense ratios,” says Wiltshire.

“MMCC was able to add value by documenting the ratios and presenting an improved debt-service coverage ratio to the lender. As a result, the borrower also benefited by a gain in proceeds at closing.”

Financing for this property was provided by a commercial bank at a 6.37 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 58 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Cotter-Ryan Commercial Completes Site Work, Starts Vertical Construction of 20,000-SFOffice Building in Debary, FL

LONGWOOD, FL --- Cotter-Ryan Commercial has completed site work and started vertical construction of a 20,000 square foot office building at SummerHaven Professional Center, located off Enterprise Rd. and Summerhaven Ave. in DeBary.

William Turner, (top right photo) director of operations at Cotter-Ryan Commercial, LLC, said the three-story tilt-wall building will open in March of next year. Construction will cost $1.5 million, Turner said. SummerHaven Professional Center, LLC, is the developer.

For more information, contact
Jessica Bush, Cotter Ryan Commercial, LLC 407-786-7686
Scott Ryan, President Cotter Ryan Commercial 407-786-7686
William Turner Director of Operations Cotter Ryan 407-786-7686
Larry Vershel, Larry Vershel Communications 407-644-4142

Tilt-Con Starts School Projects in Miami-Dade and Broward Counties, FL

Westminster Christian School is Getting a two-story, 22,250-SF Cafetorium

MIAMI-DADE COUNTY, FL – Tilt-Con Corporation, Tamarac, is under way on Westminster Christian School’s new 2-story, 22,250-square-foot cafetorium in Palmetto Bay (top right rendering) , under its contract with Burke Construction Group, Doral, FL.

Ranked as Florida’s largest tilt-up concrete constructor by Southeast Construction magazine, Tilt-Con utilizes its multi-story economical system for tilt-up concrete walls, and its scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and mezzanines.

Designed by The Corrales Group, Boca Raton, Tilt-Con’s scope of work is slated for completion in January 2009. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

Skanska Building 121,225-SF Elementary School in Broward County

BROWARD COUNTY, FL – Tilt-Con Corporation, Tamarac, is under way on Broward County Public Schools’ new multimillion-dollar 121,225-square-foot Elementary School Z in Parkland, in Broward County, FL.

The two-building, one- and two-story facility is located at Nob Hill Road and N. Pine Island Road.

Selected for the project by Skanska USA Building’s Dania Beach, FL, office, Tilt-Con is utilizing its economical multi-story system for tilt-up concrete walls.

Tilt-Con’s scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and mezzanines. Designed by Song + Associates, Palm Beach, FL, Tilt-Con’s work is slated for completion in January 2009.

Contact: Kenneth H. Cristol, 407-774-2515

Harkins Development and Harkins Realty Stay Busy in Tough Economic Times

LEESBURG, FL – Sanford-based Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Sanford-based Harkins Companies, was awarded a three-year continuing contract with the City of Leesburg to provide Real Estate Consulting and Listing Services according to Harkins Realty managing director Mark Harkins. (top left photo)



“Harkins Realty, Inc. is pleased to have been selected to provide comprehensive services to the City of Leesburg, one of Central Florida’s fastest-growing communities,” added Harkins.

(Scenic Venetian Gardens Park, Leesburg, middle left photo)

Harkins Development Wins $775,000 Contract to Build Dental Office in Ocoee, FL

OCOEE, FL – Harkins Development Corporation, the full-service development and general contracting division of Sanford-based Harkins Companies, was awarded a $775,000 contract to construct a new 6,000-square-foot medical office building containing the 3,000-square-foot dental office of Paul F. Hettinger, DMD, at 3490 Old Winter Garden Road, Ocoee, FL.

Construction is slated to commence on November 1 and completion is slated for April 2009, according to Harkins Development president Matt Harkins. The project was designed by DSI Architecture, Lake Mary, FL. The remaining 3,000 square feet of office space is available for sale or lease according to Mark Harkins, managing director of Harkins Realty, Inc.

Harkins Finishing $2.4M Bright Horizons Facility at Temple Palms, FL

ORLANDO, FL – Harkins Development Corporation, the full-service development and general contracting division of Sanford-based Harkins Companies, is wrapping up work on the new $2.4 million, three-building, 12,000-square-foot Bright Horizons Family Solutions child care and early education center located at 5171 Cypress Preserve Drive in Tampa Palms.

The project, which includes three 4,000-square-foot buildings as well as site improvements and a swimming pool, will be completed on schedule later this month according to Harkins Development president Matt Harkins. (top right photo)

The project was designed by Rojo Architects, Tampa. Based in Watertown, Massachusetts, Bright Horizons Family Solutions is the world’s leading provider of employer-sponsored child care and early education programs, serving more than 600 clients including ninety Fortune 500 companies.

Harkins Working on Lennar Homes' $6M Clubhouse at Heritage Hills in Clermont, FL

CLERMONT, FL – Harkins Development Corporation, the full-service design-build development and general contracting division of Sanford-based Harkins Companies, is under way on Lennar Homes’ new upscale $6 million, 16,000-square-foot clubhouse and related amenities at Heritage Hills in Clermont, FL. (Site map, bottom right)

Harkins’ scope of work also includes a swimming pool, gazebos, monument signs and site work, as well as basketball, bocce ball and tennis courts. Company president Matt Harkins said the 8-acre complex was designed by Tisch and Associates, Fort Myers, FL, and is slated for completion in August 2009.

Harkins Development also recently completed the community’s guardhouse and has constructed numerous residential amenity projects for Lennar Homes and other national homebuilders.

For more information, visit http://www.harkinscompanies.com/ or phone 407-323-9310.

Contact: Kenneth H. Cristol 407-774-2515

GVA Advantis Presents Third-Quarter Office and Industrial Market Reports

ORLANDO, FL--The Orlando office of GVA Advantis presents its third-quarter reports on metro's office and industrial markets.

For complete copies of the reports, please contact Shelli H. Browning, Director of Research and Marketing, GVA Advantis, Orlando, at SBrowning@gvaadvantis.com.

Industrial Market Highlights

· $6.42 Overall average asking lease rate on vacant industrial space in Orlando

· 739,093 Total square feet of 20,000sf+ industrial space currently under construction

· 1,146,570 Total square footage available for subleasing in all 11 submarkets, approximately 45% of which is located in the Airport/Southeast Orlando submarket

· 1,232 Number of industrial buildings at 20,000sf+ being tracked in Orlando’s 11 submarkets

· $66.83 Average price per square foot paid for seven Orlando area industrial properties sold during 3Q08, down from $89.32 in 2Q08

(Atlas Commerce Center, 11176 Boggy Creek Road, South Orlando, top left photo)

Investment Summary

Sales activity was extremely light in the third quarter for the industrial sector. Industrial property sales totaled $26,640,000 and averaging around $67 per square foot. This is down significantly from the second quarter’s $40 million in transactions that averaged approximately $89 per square foot, and represents a little over 50 percent of first-quarter sales transactions. The total sales represent approximately 92 percent of the original collective asking price of the six properties.

Office Market Highlights

(SoDo mixed-use project in South Downtown Orlando, bottom right rendering)

· $24.76 Class A overall average asking lease rate on direct vacant space in Orlando

· 199,681 Total square feet space leased in the 3rd quarter comprising 15 transactions each of at least 5,000 SF

· 265,561 Fewer square feet of vacancy available for lease in the Lake Mary/Heathrow/Sanford submarket over 2Q08

· 543 Number of office buildings at 15,000 SF+ being tracked in Orlando’s 12 submarkets

· $178.50 Average price per square foot paid for eight Orlando area office properties sold during 3Q08

(Discovery Tech Center II, 2710 Discovery Drive, Orlando, top right photo)

Investment Summary

In yet another sign of economic paralysis, sales transactions for the third quarter totaled only $58.6 million for eight properties. Conversely, per square foot totals were higher at $178.50 versus $153.00 in the second quarter. Year to date, office property investment sales totaled approximately $238.3 million.

Total sales in 2007 reached $783 million, which fell short of the record years of 2004 and 2005, so overall investment activity has suffered significantly and fallen dramatically in a short period of time. Per square foot sales peaked in 2007 at $209.11, which earned Orlando the number 2 spot in the Southeast region.

Florida's Existing Home, Condo Sales Increase in September 2008, According to Florida Association of Realtors(R)

ORLANDO, FL /PRNewswire/ -- For the first time in almost three years, Florida's existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison.

(For a complete copy of FAR's news release, please contact Marla Martin, Communications Manager, +1-407-438-1400, Ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, Ext.2314, both of Florida Association of Realtors(R) Web site: http://media.living.net/)

Last month's sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR.

The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

"The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months)," says Dr. Sean Snaith, (top right photo) economist and director of the University of Central Florida Institute for Economic Competitiveness.

"This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory."

Snaith noted that September 2007 was a volatile time for the housing industry. "The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007," he explained.

"That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007."

Florida's median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 -- an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors(R) (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.

The latest housing outlook from NAR points out the importance of available credit to the mortgage market.

"Home sales will be constrained without a freer flow of credit into the mortgage market," said NAR Chief Economist Lawrence Yun (top left photo). "The faster that happens, the sooner we'll see a broad stabilization in home prices that in turn will help the economy recover."

Among the state's large to medium-size markets, the Daytona Beach MSA reported a total of 536 homes sold in September compared to 478 homes a year ago for a 12 percent increase. The existing home median sales price was $160,000; a year ago, it was $193,200 for a 17 percent decrease.

In the year-to-year comparison for the existing condo market, a total of 74 units sold in the MSA last month, up 1 percent compared to 73 condos sold the previous September.

The market's existing condo median price was $237,500; a year ago, it was $277,100 for a 14 percent decrease.