University Florida Study Released on Real Estate Market

Posted by admin on August 12, 2009 under Uncategorized | Be the First to Comment

GAINESVILLE, Fla. – Aug. 12, 2009 – Florida real estate won’t rebound until the job market improves, but investor confidence in the outlook for business and availability of money are reasons for cautious optimism, according to the latest University of Florida (UF) survey.

“I think we’re on the road to recovery, and even though most markets report they’ve seen the bottom, it’s going to be a long climb; because as long as we continue to lose jobs, the real estate market will be depressed,” says Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, which conducts the quarterly survey.

The retail and office sectors of Florida’s real estate market are suffering the most because a large number of people are out of work or uneasy about their jobs, and spending less money, Becker says. Unless consumer buying patterns change dramatically, national retailers will continue to pull back with more store closings and fewer store openings.

There is some good news, though: Signs of confidence expressed by respondents in March about their personal business outlook and the availability of real estate investment money have grown stronger. That optimism is spreading to other types of property. Read more of this article »