Offshore investors snapping up Fla. real estate
MIAMI (AP) – Aug. 8, 2011 – Offshore investors are flocking to Florida’s distressed real estate prices as major companies with ties to Hong Kong, Spain, Argentina and Malaysia are snapping up properties sensing the local market has bottomed.
International companies can park their investment and position themselves for the next development cycle, said Tere Blanca, president and chief executive officer of Miami-based Blanca Commercial Real Estate.
“Acquiring prime properties at discount prices in the height of the market was not achievable. Whomever has deep liquidity and can be nimble and act when opportunities arise can acquire properties at what we consider to be solid pricing,” he said, according to the Daily Business Review.
Stephan Gietl of Austria and his partner Fernando Levy-Hara, of Argentina, have purchased 307 South Florida condo units for $40 million since 2009. The duo has sold most of the units, mainly to international investors. Levy-Hara says the units yield between 5 and 6 percent profit per year after maintenance fees and property taxes.
“With the potential appreciation, if you’re buying at half the price of the bubble, you have the potential to go up 60 to 70 percent in the next five years,” he said
Fewer homes for sale, inventories fall sharply
WASHINGTON – Aug. 5, 2011 – High inventories of homes for sale have plagued many markets, but in a recent analysis of metro areas, inventories were found to be shrinking sharply during the second quarter, The Wall Street Journal reports.
About 2.34 million homes were listed for sale on the multiple-listing service by the end of June, the lowest level for that time of year since at least 2007, according to Realtor.com. What’s more, some inventory levels even reached their lowest levels since the housing crisis began five years ago, which has prompted some markets to even say their facing a shortage of homes on the market.
In its analysis, The Wall Street Journal found that of the 28 major metro areas evaluated, inventory levels had dropped in all 28 – except for three. What’s more, they found that inventories had dropped by double digits in 16 of those markets during the second quarter when compared to a year ago. For example, inventories dropped in Miami by 43 percent from a year ago; 30 percent in Washington, D.C., and more than 20 percent in cities like Charlotte, N.C., Seattle, and San Francisco.
Foreclosure activity down in most U.S. metro areas
LOS ANGELES – July 28, 2011 – Most of the nation’s largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments.
In the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their foreclosure rate drop versus the same period last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
State forecasts property value increases
TALLAHASSEE, Fla. – Aug. 4, 2011 – In a sign that Florida’s housing market may be on the road to recovery, the state’s top economist expects an increase in school property tax rolls next year of 1.3 percent.
Vacation homes: Why it might be time to buy
WASHINGTON – Aug. 2, 2011 – Home price declines remain the norm in many areas, but experts say certain luxury markets are picking up steam and attracting affluent vacation-home buyers.
The median second-home price fell 11 percent to $150,000 in 2010 from the prior year, according to the National Association of Realtors® (NAR). And the price dropped 25 percent since 2006, compared to a 22 percent decrease for the overall housing market.
Experts say sales activity depends on geography, with buyers more interested in prime vacation spots
NAR: Pending home sales rise in June
WASHINGTON – July 28, 2011 – Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors® (NAR). Month-to-month activity increased in the West and South but declined in the Midwest and Northeast. However, all regions show strong double-digit gains from a year earlier.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May, and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the homebuyer tax credit. The data reflects contracts but not closings.
Wednesday, August 10, 2011
Monday, August 1, 2011
Inventory continues to Drop - Median Sales Price is Up
Blog posts
Kiplinger letter dated 7-8-2011
One bright spot in the housing market: an influx of buyers from China. Chinese buyers will account for 9% of foreigners purchasing US homes this year, second only to Canadian buyers, who make up 23% of foreign home purchases. They’re snapping up bargains in California, Nevada, Florida and New York, typically shelling out more that the average home price in any given locale. Foreign buyers see US homes as good investments opportunities over the long run. Beijing is helping drive investors abroad. In a bid to slow inflation at home, it has banned multiple purchases of properties around 30 major cities in China.
Home building spikes in June
WASHINGTON AP. Builders broke ground on 14.6% more single-family homes and apartments; building permits increased 2.5%.
Housing expected to improve over last year
WASHINGTON – July 19, 2011 – The U.S. housing market, aided by a recovering rental sector, is unlikely to experience a “double-dip” setback, Freddie Mac said Monday.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.
What does the future hold for jumbo loans?
NEW YORK – July 18, 2011 – The private market is ready to fill the void when conforming limits on government-backed mortgages at Fannie Mae, Freddie Mac, and the Federal Housing Administration expire at the end of September 2011, Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee on Wednesday.
On Oct. 1, the maximum mortgage amount in high-cost areas is set to drop from $729,750 to $625,500.
On Oct. 1, the maximum mortgage amount in high-cost areas is set to drop from $729,750 to $625,500.
More buyers purchasing multimillion-dollar homes
- By LAURA LAYDEN
- Posted July 15, 2011 at 2:30 p.m., updated July 15, 2011 at 3:40 p.m.
NAPLES — Buyers are showing more interest in multimillion-dollar mansions in Naples.
From April to June of this year, sales for homes and condos priced at $2 million and up increased 20 percent, when compared to the same months a year ago. There were 91 sales, up from 76 a year ago in this market, according to report by the Naples Area Board of Realtors (NABOR).
Wealthy Americans upgrade to pricier primary homes
NEW YORK – July 13, 2011 – Amid still-depressed housing numbers that dominate headlines, a new survey by the independent New York City-based Luxury Institute and the Institute for Luxury Home Marketing finds that high net-worth U.S. homeowners are taking advantage of the downturn and trading up into higher-priced primary residences.
Lured by lower prices, one in four U.S. consumers with an annual income of $150,000 or more have bought a residential property since 2008 at a median purchase price of $509,000 – an increase of 3.2 percent from the 2005 to 2007 period.
Most new residences (83 percent) are single-family homes and two-thirds of those are in suburban settings. Seventeen percent plan to purchase additional property this year, while 23 percent of those younger than 50 plan to buy in 2011.
More than one-third (37 percent) of the wealthy value their homes at $1 million or higher, while 32 percent assess their primary residence to be worth $500,000 or less.
Seventy percent of wealthy homebuyers used a real estate agent to help with their property purchase, and two-thirds of that group says they would work with the same agent again.
“Luxury is the good news story in real estate,” says Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing. “The number of wealthy households has jumped back to pre-recession levels and affluent home buyers are actively purchasing. The National Association of Realtors’ statistics show that national home sales at $1 million and above were up more than 18 percent year-over-year in 2010. Strong activity continues this year as well.”
Lured by lower prices, one in four U.S. consumers with an annual income of $150,000 or more have bought a residential property since 2008 at a median purchase price of $509,000 – an increase of 3.2 percent from the 2005 to 2007 period.
Most new residences (83 percent) are single-family homes and two-thirds of those are in suburban settings. Seventeen percent plan to purchase additional property this year, while 23 percent of those younger than 50 plan to buy in 2011.
More than one-third (37 percent) of the wealthy value their homes at $1 million or higher, while 32 percent assess their primary residence to be worth $500,000 or less.
Seventy percent of wealthy homebuyers used a real estate agent to help with their property purchase, and two-thirds of that group says they would work with the same agent again.
“Luxury is the good news story in real estate,” says Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing. “The number of wealthy households has jumped back to pre-recession levels and affluent home buyers are actively purchasing. The National Association of Realtors’ statistics show that national home sales at $1 million and above were up more than 18 percent year-over-year in 2010. Strong activity continues this year as well.”
Dottie Babcock COO John R. Wood Realtors 7/18/2011 reports
Data taken from the Naples/Estero and Bonita MLS
Closed Sales
Closed sales year-to-date are at the highest level since 2005.
Closed sales are up over prior year in all price segments with the exception of properties priced above $5,000,000,
which remains approximately even with the same period 2010 (17 closed year-to-date 2011 vs 16 in 2010).
Closed sales between $1,000,000 and $5,000,000 are up 15% over first six months 2010.
Median sales price has increased 18% since January
Pended SA LES
Pended sales above $1,000,000 posted a 25% increase for the month over June 2010.
Year-to-date pended sales are approximately even with the same period 2010, and the third highest on record for the period.
NEW LISTINGS
The number of new listings placed on the market in June was the lowest for the month since 2004.
Available inventory in the Naples, Bonita Springs, Estero market stands at 7,589 units (4,027 condominiums and 3,562 single
family homes). This represents a 22% decrease from July 1, 2010.
Overall inventory continues to fall and currently stands at approximately a nine month supply.
End of blog
Market activity continued at an active pace during the month of June, as buyers began returning for the summer “buying season”. Inventory continued to drop and the median sales price is up substantially since the beginning of the year. Now is the time to begin focusing on building a listing inventory for the winter season. With some segments already experiencing a shortage of product, it is increasingly important to remain the company with the widest selection of well-priced properties in order to meet buyer needs.
Wednesday, July 20, 2011
Children Learn To Fish Local Waters
Children Learn To Fish Local Waters
Optimist Club has been helping some local youngsters do just that.
For seven Mondays this summer, fifth through eighth graders attending
Sanibel Recreation Center’s summer program will have the opportunity to learn how
to fish local waters.Each week the Optimist Junior Anglers’ Club will test the waters at a different site
on Sanibel, using different skills and targeting different fish. For five of the seven weeks
the kids will fish from a variety of shore locations.
Bailey’s General Store is donating the bait for these shore-fishing excursions. The
group will also make two trips out on the water at Tarpon Bay. Tarpon Bay Explorers
is providing bait, two pontoon boats and two fishing guides to take the Junior Anglers
out on the bay for each trip.
The first attempt at fishing Tarpon Bay was June 20 and it proved full of fun and
fish. Captain Steve Maddix had a group of seven boys, and the six girls fished with
Captain Andy Pollack.
And visit: http://www.whatshotflorida.com/
Friday, May 20, 2011
Florida Real Estate News and Trends - May 2011
Kiplinger Letter May 13, 2011
Soon, the cost of money will rise as well, as the Federal Reserve moves from a policy of easing to neutral then to tightening the money supply. Odds are, it will raise short-term interest rates in early 2012, triggering a hike in banks lending rates
Economy, affordability to drive home sales growth
WASHINGTON – May 16, 2011 – Home sales are on track to outperform last year, even though the market doesn’t have the benefit of the homebuyer tax credit, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 Realtors® Midyear Legislative Meetings.
Florida foreclosures down in April
TALLAHASSEE, Fla. – May 13, 2011 – Foreclosures in April were a whopping 59 percent lower in Florida than a year ago.
Pending Sanibel 2011 Residential total #’s
5/18 5/11 4/27 4/20 4/13 4/6 3/23 3/16 3/8 2/24 2/17
48 48 43 42 34 34 34 34 40 30 31
Pending Sanibel 2011 Condominiums total #’s
5/18 5/11 4/27 4/20 4/13 4/6 3/23 3/16 3/8 2/24
35 36 35 32 40 33 31 30 24 16
GM to Boost Plant Investments
BY SHARON TERLEP
General Motors Co. will invest $2 billion and add 4,000 workers through recalls of idle workers and new hiring by 2014, the company said Tuesday.
Kiplinger…Growth will pick up this quarter and increase and increase by about 3% for the year.
Florida’s existing home, condo sales rise in 1Q 2011 Related:
NAR: Existing-home sales rise in most states in 1Q
ORLANDO, Fla. – May 10, 2011 – Florida’s existing home and existing condo sales rose in first quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13 percent in 1Q 2011 with a total of 44,531 homes sold statewide; during the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29 percent compared to the year-ago sales figure.
Florida population: Census summary 2010
Census Bureau Florida reports
The 52-page "Florida Population: Census Summary 2010" is posted on floridarealtors.org in PDF format.
WASHINGTON – May 10, 2011 – Florida continues to grow. According to the 2010 Census, Florida’s population was 18,801,310 on April 1, 2010, an increase of 2,818,486 since April 1, 2000.
The 2000-2010 period was the fourth consecutive decade to see the Florida population grow by more than 2.8 million residents. Florida’s numeric population increase during the past decade was the third largest of any state, trailing only Texas and California. Its percent increase (17.6 percent) was the eighth largest in the nation.
County trends
Only Monroe and Pinellas counties saw a population decline over the decade, while 65 of Florida’s 67 counties logged an increase. Monroe lost 6,499 residents while Pinellas declined by 4,953.
Twenty-four of Florida’s 67 counties grew by more than 20 percent, and 52 beat the national growth rate of 9.7 percent.
Four counties grew by more than 50 percent – Flagler, Sumter, Osceola and St. Johns – while another eight – St. Lucie, Lake, Lee, Walton, Clay, Pasco, Wakulla and Hernando – grew by 30-50 percent. Growth has no clear geographic border, and Florida’s rapidly expanding counties can be found throughout the state, on both coasts and in the interior.
As vacation rentals gain popularity, online sites increase listings
ORLANDO, Fla. – May 9, 2011 – Vacation rentals, once an ugly duckling of the travel industry, are getting their turn at the spotlight. With more vacationers considering rental homes, investors are pouring money into online portals that match homeowners with travelers struck with hotel fatigue. Aimed largely at families, vacation rentals which include privately owned homes and condos, and unoccupied timeshares has been a fragmented market that’s been growing even as it’s been slow to turn to the Internet for sales.
Sales of vacation rentals grew about 9 percent to $26.4 billion in the three years from 2007 to 2010, according to a 2009 report by travel research firm PhoCusWright. Only about 17 percent of sales likely came from Internet channels.
Companies such as HomeAway hope to accelerate the pace. The Austin-based company has attracted about $400 million in venture capital since its founding in 2005 and has used the funds to buy vacation rental sites VRBO.com and VacationRentals.com. In March, it filed to raise up to $230 million in an initial public stock offering.
Airbnb, which started in 2008 by linking budget-conscious couch surfers and backpackers with homeowners with a spare room, has expanded in recent years by adding more listings that rent an entire condo or home. Such landlords now make up about 65 percent of its 80,000 listings. Unlike many other sites, Airbnb doesn’t charge homeowners to post listings. It takes a small percentage from actual purchases.
Online travel stalwarts also are keen on the segment. In 2008, TripAdvisor bought a controlling stake in FlipKey.com. Orbitz and Travelocity have launched vacation rental sites in recent years. Meanwhile, customer demand continues to rise. Customers’ queries on the vacation rental booking systems run by LeisureLink rose 10 percent in March 2011 from a year ago, says Steve Reich of LeisureLink, a Pasadena, Calif.-based firm that helps small property managers and owners get their inventory shown on large vacation rental websites.
Available inventory has been growing, as well. There are about 6 million vacation homes for rent in the U.S. and Europe, according to HomeAway.
5 markets ripe for appreciation
CHICAGO – May 6, 2011 – Realtor.com recently unveiled a list of markets where property values are stabilizing, buyer traffic is picking up, and prices will likely appreciate soon.
Top five "turnaround towns"
1. Buffalo-Niagara Falls, N.Y.: List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent compared to the its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most-searched at Realtor.com, so buyer interest appears high.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March – the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas’ inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (national median drop was 31 percent), Dallas has not faced as steep of property value declines as other bigger cities.
5. Boston, Mass.: Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly – 0.26 percent – year over year.
Source: "Top 10 Early Turnaround Towns From REALTOR.com, Part II," Realtor.com (April 28, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
NAR forecast: Rise in housing activity
WASHINGTON – May 13, 2011 – Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the Realtors® Midyear Legislative Meetings & Trade Expo here.
"If we just hold at the first-quarter sales pace of 5.1 million, sales this year would rise 4 percent, but the remainder of the year looks better," says Lawrence Yun, NAR chief economist. "We expect 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million – that’s a sustainable level given the size of our population."
Mortgage interest rates should rise gradually to 5.5 percent by the end of the year and average 6.0 percent in 2012 – still relatively affordable by historic standards. "A huge volume of cash sales, supported by the recovery in the stock market, show that smart money is chasing real estate. This implies that there could be a sizeable pent-up demand if mortgages become more readily accessible for qualified buyers," Yun said. "The problem isn’t with interest rates, but with the continuation of unnecessarily tight credit standards that are keeping many creditworthy buyers from getting a loan despite extraordinarily low default rates over the past two years."
Yun said that if credit requirements returned to normal, safe standards, home sales would be 15 to 20 percent higher. He added that some parents are buying homes with cash for their children, and offering them loans, which provide better returns than bank accounts or CDs.
Yun projects the Gross Domestic Product to grow 2.5 percent this year and 2.7 percent in 2012, adding 1.5 million to 2 million jobs yearly over the next two years. The unemployment rate should decline to 8.8 percent by the end of 2011 and average 8.6 percent next year, returning to a normal level of 6 percent around 2015.
Citizens board approves $1.4B in insurance
TALLAHASSEE, Fla. – May 12, 2011 – Citizens Property Insurance Corp will return to the private re-insurance market to help pay for hurricane claims during the upcoming season in an attempt to begin weaning the state-backed insurer off taxpayer assessments in the event of a catastrophic storm.
Meeting via conference call, Citizen’s governing board Wednesday approved the purchase of $900 million in pre-event insurance coverage and another $400 million in private reinsurance as it prepares for the 2011 hurricane season now only a few weeks away.
Soon, the cost of money will rise as well, as the Federal Reserve moves from a policy of easing to neutral then to tightening the money supply. Odds are, it will raise short-term interest rates in early 2012, triggering a hike in banks lending rates
Economy, affordability to drive home sales growth
WASHINGTON – May 16, 2011 – Home sales are on track to outperform last year, even though the market doesn’t have the benefit of the homebuyer tax credit, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 Realtors® Midyear Legislative Meetings.
Florida foreclosures down in April
TALLAHASSEE, Fla. – May 13, 2011 – Foreclosures in April were a whopping 59 percent lower in Florida than a year ago.
Pending Sanibel 2011 Residential total #’s
5/18 5/11 4/27 4/20 4/13 4/6 3/23 3/16 3/8 2/24 2/17
48 48 43 42 34 34 34 34 40 30 31
Pending Sanibel 2011 Condominiums total #’s
5/18 5/11 4/27 4/20 4/13 4/6 3/23 3/16 3/8 2/24
35 36 35 32 40 33 31 30 24 16
GM to Boost Plant Investments
BY SHARON TERLEP
General Motors Co. will invest $2 billion and add 4,000 workers through recalls of idle workers and new hiring by 2014, the company said Tuesday.
Kiplinger…Growth will pick up this quarter and increase and increase by about 3% for the year.
Florida’s existing home, condo sales rise in 1Q 2011 Related:
NAR: Existing-home sales rise in most states in 1Q
ORLANDO, Fla. – May 10, 2011 – Florida’s existing home and existing condo sales rose in first quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13 percent in 1Q 2011 with a total of 44,531 homes sold statewide; during the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29 percent compared to the year-ago sales figure.
Florida population: Census summary 2010
Census Bureau Florida reports
The 52-page "Florida Population: Census Summary 2010" is posted on floridarealtors.org in PDF format.
WASHINGTON – May 10, 2011 – Florida continues to grow. According to the 2010 Census, Florida’s population was 18,801,310 on April 1, 2010, an increase of 2,818,486 since April 1, 2000.
The 2000-2010 period was the fourth consecutive decade to see the Florida population grow by more than 2.8 million residents. Florida’s numeric population increase during the past decade was the third largest of any state, trailing only Texas and California. Its percent increase (17.6 percent) was the eighth largest in the nation.
County trends
Only Monroe and Pinellas counties saw a population decline over the decade, while 65 of Florida’s 67 counties logged an increase. Monroe lost 6,499 residents while Pinellas declined by 4,953.
Twenty-four of Florida’s 67 counties grew by more than 20 percent, and 52 beat the national growth rate of 9.7 percent.
Four counties grew by more than 50 percent – Flagler, Sumter, Osceola and St. Johns – while another eight – St. Lucie, Lake, Lee, Walton, Clay, Pasco, Wakulla and Hernando – grew by 30-50 percent. Growth has no clear geographic border, and Florida’s rapidly expanding counties can be found throughout the state, on both coasts and in the interior.
As vacation rentals gain popularity, online sites increase listings
ORLANDO, Fla. – May 9, 2011 – Vacation rentals, once an ugly duckling of the travel industry, are getting their turn at the spotlight. With more vacationers considering rental homes, investors are pouring money into online portals that match homeowners with travelers struck with hotel fatigue. Aimed largely at families, vacation rentals which include privately owned homes and condos, and unoccupied timeshares has been a fragmented market that’s been growing even as it’s been slow to turn to the Internet for sales.
Sales of vacation rentals grew about 9 percent to $26.4 billion in the three years from 2007 to 2010, according to a 2009 report by travel research firm PhoCusWright. Only about 17 percent of sales likely came from Internet channels.
Companies such as HomeAway hope to accelerate the pace. The Austin-based company has attracted about $400 million in venture capital since its founding in 2005 and has used the funds to buy vacation rental sites VRBO.com and VacationRentals.com. In March, it filed to raise up to $230 million in an initial public stock offering.
Airbnb, which started in 2008 by linking budget-conscious couch surfers and backpackers with homeowners with a spare room, has expanded in recent years by adding more listings that rent an entire condo or home. Such landlords now make up about 65 percent of its 80,000 listings. Unlike many other sites, Airbnb doesn’t charge homeowners to post listings. It takes a small percentage from actual purchases.
Online travel stalwarts also are keen on the segment. In 2008, TripAdvisor bought a controlling stake in FlipKey.com. Orbitz and Travelocity have launched vacation rental sites in recent years. Meanwhile, customer demand continues to rise. Customers’ queries on the vacation rental booking systems run by LeisureLink rose 10 percent in March 2011 from a year ago, says Steve Reich of LeisureLink, a Pasadena, Calif.-based firm that helps small property managers and owners get their inventory shown on large vacation rental websites.
Available inventory has been growing, as well. There are about 6 million vacation homes for rent in the U.S. and Europe, according to HomeAway.
5 markets ripe for appreciation
CHICAGO – May 6, 2011 – Realtor.com recently unveiled a list of markets where property values are stabilizing, buyer traffic is picking up, and prices will likely appreciate soon.
Top five "turnaround towns"
1. Buffalo-Niagara Falls, N.Y.: List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent compared to the its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most-searched at Realtor.com, so buyer interest appears high.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March – the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas’ inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (national median drop was 31 percent), Dallas has not faced as steep of property value declines as other bigger cities.
5. Boston, Mass.: Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly – 0.26 percent – year over year.
Source: "Top 10 Early Turnaround Towns From REALTOR.com, Part II," Realtor.com (April 28, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
NAR forecast: Rise in housing activity
WASHINGTON – May 13, 2011 – Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the Realtors® Midyear Legislative Meetings & Trade Expo here.
"If we just hold at the first-quarter sales pace of 5.1 million, sales this year would rise 4 percent, but the remainder of the year looks better," says Lawrence Yun, NAR chief economist. "We expect 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million – that’s a sustainable level given the size of our population."
Mortgage interest rates should rise gradually to 5.5 percent by the end of the year and average 6.0 percent in 2012 – still relatively affordable by historic standards. "A huge volume of cash sales, supported by the recovery in the stock market, show that smart money is chasing real estate. This implies that there could be a sizeable pent-up demand if mortgages become more readily accessible for qualified buyers," Yun said. "The problem isn’t with interest rates, but with the continuation of unnecessarily tight credit standards that are keeping many creditworthy buyers from getting a loan despite extraordinarily low default rates over the past two years."
Yun said that if credit requirements returned to normal, safe standards, home sales would be 15 to 20 percent higher. He added that some parents are buying homes with cash for their children, and offering them loans, which provide better returns than bank accounts or CDs.
Yun projects the Gross Domestic Product to grow 2.5 percent this year and 2.7 percent in 2012, adding 1.5 million to 2 million jobs yearly over the next two years. The unemployment rate should decline to 8.8 percent by the end of 2011 and average 8.6 percent next year, returning to a normal level of 6 percent around 2015.
Citizens board approves $1.4B in insurance
TALLAHASSEE, Fla. – May 12, 2011 – Citizens Property Insurance Corp will return to the private re-insurance market to help pay for hurricane claims during the upcoming season in an attempt to begin weaning the state-backed insurer off taxpayer assessments in the event of a catastrophic storm.
Meeting via conference call, Citizen’s governing board Wednesday approved the purchase of $900 million in pre-event insurance coverage and another $400 million in private reinsurance as it prepares for the 2011 hurricane season now only a few weeks away.
Wednesday, May 11, 2011
Catch Up Blog - Jan 2011 to April 2011
3 tips for smart vacation-home buying
ATLANTA – April 14, 2011 – Shoppers can find lots of good deals in vacation homes at the moment. In many second-home hot spots, prices remain close to five-year lows. For example, single-home prices in second-home hotspot Napa, Calif., are down 47 percent from their peak in 2006, according to Fiserv.
A buyer looking to cash in on vacation- or second-home values should consider the following:
1. Is it rentable? Even if a buyer isn’t planning to rent, he or she may still want to consider the rental aspects of the property, particularly since a home’s rental potential can affect its resale value, says Catherine Jeffrey, a real estate professional in Fredericksburg, Texas. Buyers should check with the homeowners association or township to ensure that short-term rentals are allowed.
2. How do you plan to use the home? The loan rate depends, in part, on how the property will be used. For example, if buyers intend to use the property primarily as a second home, they’ll pay about the same mortgage rate as a primary residence, says HSH Associates vice president Keith Gumbinger. However, if they plan to get rental income from the property, the property will be treated as an investment, which means they may need to pay as much as 25 percent of the buying price for the downpayment and up to one percentage point more in interest.
3. Are you eligible for the tax benefits? If owners rent the house for two weeks or less per year, they won’t have to report income to the IRS, and they’ll be able to deduct property taxes and mortgage interest. If the owners stay in the home for less than two weeks or have 10 percent rental days, whichever is greater, they’ll be able to deduct operating costs, such as cleaning and maintenance fees, as well as the interest and property tax, says Rick Shapiro, a CPA in West Hartford, Conn. He suggests homeowners talk with a tax expert to find out what tax benefits apply. Source: "5 Things to Know About Buying a Vacation Home," CNNMoney.com (April 5, 2011)
Economy stronger, survey says Global woes don’t deter U.S. growth The Associated Press - WASHINGTON-Economists say the U.S. economy is gaining strength despite political unrest in North Africa and the Middle East and last month’s devastating earthquake and tsunami in Japan. A survey from the National Association for Business Economics finds that economists are hopeful that the broader economy is substantially improving, with rising employment reported for the fifth quarter in a row. The survey found that "companies appear to be positioning themselves for a firming economic environment," said Shawn DuBravac, an economist with the Consumer Electronics Association, who analyzed the findings.
Real estate: It's time to buy again Posted by Shawn Tully, senior editor-at-large
March 28, 2011 5:00 am
Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing. A home under construction in Austin. The number of new homes in the pipeline nationwide is quite low. From his wide-rimmed cowboy hat to his roper boots, Mike Castleman fits moviedom's image of the lanky Texas rancher. On a recent March evening, Castleman is feeding cattle biscuits to his two pet longhorn steers, Big Buddy and Little Buddy, on his 460-acre Bar Ten Creek Ranch in Dripping Springs, a hamlet outside Austin in the Texas Hill Country. The spread is a medley of meandering streams, craggy cliffs, and centuries-old oaks. But even in this pastoral setting, his mind keeps returning to a subject he knows as well as any expert around: the housing market. "I'm a dirt-road economist who sees what's happening on the ground, and in 35 years I've never seen a shortage of new construction like the one I'm seeing today," declares Castleman, 70, now offering a biscuit to his miniature donkey Thumper. "The talking heads who are down on real estate will hate to hear this, but America needs to build a lot more houses. And in most markets the price of new homes is fixin' to rise, not fall."
Castleman is in a unique position to know. As the founder and CEO of a company called Metrostudy, he's spent more than three decades tracking real-time data on the country's inventory of new homes. Each quarter he dispatches 500 inspectors to literally drive through 45,000 subdivisions from Baltimore to Sacramento. The inspectors examine 5 million finished lots, one at a time, and record whether they contain a house that's under construction, one that's finished and for sale, or a home that's sold. Metrostudy covers 19 states, or around 65% of the U.S. housing market, including all the ones hardest hit by the crash: Florida, California, Arizona, and Nevada. The company's client list includes virtually every major homebuilder and bank -- from Pulte (PHM) and KB Home (KBH) to Bank of America (BAC) and Wells Fargo (WFC).
The key figures that Metrostudy collects, and that those clients prize, are the number of homes that are vacant and for sale in each city, and the number of months it takes to sell all of them. Together those figures measure inventory -- the key metric in determining whether a market has a surplus or a shortage of new housing.
Today Castleman is witnessing an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That's less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. "If we had anything like normal levels of buying, those houses would sell in 2½ months," says Castleman. "We'd see an incredible shortage. And that's where we're heading."
If all the noise you're hearing about housing has you totally confused, join the crowd. One day you'll read that owning a home has never been more affordable. The next day you'll see news that housing starts have plunged to nearly their lowest level in half a century, as headlines announced in March. After four years of falling prices and surging foreclosures, it's hard to know what to think. Even Robert Shiller and Karl Case can't agree. The two economists, who together created the widely followed S&P/Case-Shiller Home Price indices, are right now offering sharply contrasting views of housing's future. Shiller recently warned that the chances were high for a further double-digit drop in U.S. home prices. But in an interview with Fortune, Case took a far brighter view: "The lack of new home building is a huge help that a lot of people are ignoring," says Case. "People think I'm crazy to be optimistic, but housing is looking like the little engine that could."
To see where real estate is truly headed, it's critical to keep your eye firmly on the fundamentals that, over time, always determine the course of prices and construction. During the last decade's historic run-up in prices, Fortune repeatedly warned that things were moving too fast. In a cover story titled "Is the Housing Boom Over?," this writer's analysis found that the basic forces that govern the market -- the cost of owning vs. renting and the level of new construction -- were in bubble territory. Eventually reality set in, and prices plummeted. Our current view focuses on those same fundamentals -- only now they're pointing in the opposite direction.
So let's state it simply and forcibly: Housing is back.
Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction that so amazes Castleman. The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year.
Drumming up sales
Of course, home prices are low and home construction is weak for a reason: incredibly low demand. For our scenario to play out, America will need a decent economy, with job creation and consumer confidence continuing to claw their way back to normal.
One big fear is that today's tight credit standards will chill the market. But we're really returning to the standards that prevailed before the craze, and those requirements didn't stop prices and homebuilding from rising in a good economy. "The credit standards are now at about historical levels, excluding the bubble period," says Mark Zandi, chief economist for Moody's Analytics. "We saw prices rising with fundamentals in those periods, and it will happen again."
To see why, let's examine the remarkable shift in home affordability. A new study by Deutsche Bank measures affordability in two ways: first, the share of income Americans are paying to own a home. And second, the cost of owning vs. renting. On the first metric, the analysis finds that homeowners now pay just 9.8% of their income in after-tax mortgage, tax, and insurance payments. That's down from 17.2% at the bubble's peak in 2007, and by far the lowest number in the Deutsche Bank database, going back to 1999. The second measure, the cost of owning compared with renting, should also inspire potential buyers. In 28 out of 54 major markets, it's now cheaper to pay a mortgage and other major costs than to rent the same house. What's most compelling is that in all of the distressed markets, owning now wins by a wide margin -- a stunning reversal from four years ago. It now costs 34% less than renting in Atlanta. In Miami the average rent is now $1,031 a month, vs. the $856 it costs to carry a ranch house or stucco cottage as an owner. (For more, see The top 10 cities for home buyers)
Not all markets will bounce back equally, of course. Housing resembles the weather: The exact conditions are different in every city. But in general the big U.S. markets fall into two different climate zones right now. We'll call them the "nondistressed markets" and the "foreclosure markets." A more detailed look shows why the forecast for both is favorable.
Nondistressed markets: Ready for launch
No cities went untouched by the collapse in prices over the past few years. But markets such as Northern Virginia, Indianapolis, Minneapolis, San Diego, the San Francisco suburbs, and virtually all of Texas held up reasonably well. In those areas prices spiked far less than in bubble cities -- the foreclosure markets we'll get to shortly -- chiefly because they didn't get nearly as many speculators who thought they could flip the homes or rent them to snowbirds.
The nondistressed markets will be able to get prices rising and construction growing far faster than the harder-hit areas for a simple reason: Although some of these markets are still suffering from foreclosures, they don't need to work through the big overhang haunting a Las Vegas or a Phoenix. The number of new homes for sale or in the pipeline is extraordinarily low in nondistressed markets. San Diego is typical. It has just 921 freestanding homes for sale or under construction, compared with 4,425 in late 2005. The challenge for these cities is to generate enough demand to reduce inventories of existing, or resale, homes. In the entire country the resale supply stands at 3.5 million houses and condos. That's a fairly high number, since it would take more than eight months to sell those properties; seven months or below is the threshold for a strong market.
But in the nondistressed cities, the existing home inventory is lower, closer to seven months on average. So a modest increase in demand will translate into strong gains in both prices and new construction. That should happen quickly, because most of those markets -- including Silicon Valley, Northern Virginia, and Texas -- are now showing good job growth.
Zandi of Moody's Analytics expects that prices will rise three to four points faster than inflation for the next few years in virtually all of the nondistressed markets. His view is that prices will increase in line with rents, which are now growing briskly because apartments are in short supply. Those higher rents will encourage buyers to cross the street from an apartment to a home of their own.
In Northern Virginia, Chris Bratz, an engineer, and his wife, Amy DiElsi, a publicist, are planning to leave their rental apartment and become homeowners for the first time. The main reason? Buying has simply become a far better deal than renting. "The market got completely inflated, then it crashed, so prices are coming back to where they should be," says Chris. As the couple have watched prices fall, they have also watched the rent on their apartment spiral upward, reaching $2,700 a month. They calculate that they should be able to purchase a townhouse for between $400,000 and $500,000 and pay less per month for a mortgage.
The nondistressed markets will also lead the way in construction. Zandi predicts that for the nation as a whole, single-family housing "starts" -- measured when a builder pours a foundation for a new home -- will rise from 470,000 in 2010 to as much as 700,000 this year. A large portion of that activity will happen in nondistressed markets where a tightening supply of resale houses will start making new homes look like a good deal. "Our main competition is from resales," says Jeff Mezger, CEO of KB Home. "The prices of those homes have stayed so low, because of low demand, that it's hampered the ability of builders to sell new houses."
But many would-be buyers simply prefer a brand-new house. Eventually they'll move from renters to buyers, and the trend will accelerate now that prices are no longer dropping. In Minneapolis, Yuan Qu and her husband, Xiang Chen, a researcher at the University of Minnesota, just moved from a two-bedroom rental to a new light-blue four-bedroom ranch with a chocolate-colored roof on a spacious corner lot. They paid $400,000, a bargain price compared with a few years ago. The couple, both in their early thirties, moved to Minnesota from China six years ago. "We wanted to buy a house, and we've been waiting and waiting and waiting," says Qu. "The prices went down for so long, we finally thought they couldn't keep falling." For Qu the only choice was new construction. "We're not very handy people," she admits.
Foreclosure markets: The outlook is brightening
A home off the market in Mesa, Ariz.
The true disaster areas for housing since the bubble burst have been Sunbelt cities such as Las Vegas, Phoenix, and Miami -- places that boasted great job and population growth in the mid-2000s, only to suffer a housing crash that swamped them with empty homes and condos and crushed their economies. But people always want to live in those sunny locales, and their job markets are starting to recover, albeit slowly. In foreclosure markets the inventory problem is far greater because it includes not just traditional resale homes but millions of distressed properties. Fortunately those houses are now such a screaming deal that investors, including lots of mom-and-pop buyers, are purchasing them at a rapid pace. To be sure, some foreclosure markets won't rebound for years because they're both vastly overbuilt and far from big job centers; a prime example is California's Inland Empire, a real estate disaster zone 80 miles east of Los Angeles.
But the outlook is brightening for Phoenix, Las Vegas, Miami, and parts of Northern California. A big positive is the tiny supply of new homes entering the market. Phoenix, for example, has a total of just 8,100 new homes that are either for sale or under construction, down from 53,000 in mid-2006. The big test in these cities is absorbing the steady stream of distressed properties. The foreclosures put downward pressure on the market far out of proportion to their numbers because of markdown pricing. "We had levels of inventory even higher than this in 1990 and 1991," says MIT economist William Wheaton. "But they were traditional listings, not foreclosures, so they didn't create the big discounts you get with foreclosures."
Wheaton reckons that we'll see a flow of around 1 million foreclosures a year, at a fairly even pace, from now through 2013. That figure is frequently cited as evidence that the market is doomed for years in most foreclosure markets. Not so. The reason is that the vast bulk of those units, probably over 600,000, according to Gleb Nechayev, an economist with real estate firm CB Richard Ellis (CBG), are being converted to rentals either by investors or their current owners. Those properties are finding plenty of renters, since the rental market is still extremely strong across the country. Remember, the millions who lost their homes to foreclosure still need somewhere to live.
A typical investor is Alex Barbalat, a Russian immigrant who's purchased seven homes east of San Francisco in the towns of Bay Point, Antioch, and Pittsburg. His average purchase price is around $100,000 for homes that once sold for between $300,000 and $500,000. But he has no trouble finding renters, since his tenants can commute to jobs in San Francisco on the BART transit system. Barbalat is pocketing rental yields on the prices he paid of around 12%, and he's in no hurry to sell. "I'm holding them until prices drastically rise," he says.
Investment funds are also entering the game. Dotan Y. Melech looks for bargains in Las Vegas for UnitedAMS, a firm he co-founded that manages apartments and other real estate investments. The firm has raised more than $20 million from outside investors to purchase distressed properties. So far, Melech has bought around 300 houses and plans to purchase another 200 this year. He has no trouble renting the houses he buys, since, he estimates, occupancy rates in Las Vegas are touching 95%. The "cap rate," or return on investment after all expenses, is between 8% and 10% -- twice the rate on 10-year Treasuries. Melech rents to people who lost their homes but are reliable renters. "A lot of people can't be buyers because their credit got hurt," he says.
Even with investors jumping in, buying activity in foreclosure markets hasn't yet increased enough to bring inventories down. It will soon. Zandi thinks prices will fall a couple of percentage points lower in the distressed markets in the short run. "But that will be overshooting," he says. "It's like an elastic band. If prices do drop this year, they will need to bounce back because they'll be far too low compared with rents and replacement cost." Renters will come off the sidelines to purchase homes in the years ahead, precisely the opposite trend of the past few years.
Consider the example of Michael Dynda, a retired Air Force avionics technician who now works for a government contractor in Las Vegas. Dynda, 49, is a first-time buyer who put off purchasing for years, in part because prices were falling so rapidly in Las Vegas, with no bottom in sight. But last year the combination of bargain prices and low mortgage rates became too good to resist. He ended up purchasing a 2,300-square-foot stucco home for $240,000, or about half what it would have fetched in 2007. Dynda got a 4.38% home loan, and pays the same amount on his mortgage as on the rent on the house he left to become a homeowner. "The timing was about as good as it could get," says Dynda.
Mike Castleman's company tracks the inventory of new homes in 19 states across the country. He sees supply getting tight. "Home prices are fixin' to rise," he says.
Back on the ranch, Mike Castleman is lounging in his creek-front mansion, built from "a hundred tons of fine central Texas limestone." As he shows off his collection of custom-made guitars, including one crafted to resemble the skin of a rattlesnake, the homespun housing guru once again returns to his favorite topic.
Castleman claims that this recovery will look like all the others: It will bring a severe shortage of housing. He invokes the livestock business to explain. "It takes three years between the time a bull mates with a cow and when you get a calf ready for market," he says. "That's how it is in housing too. We'll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved. Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house." But those folks, says Castleman, will be set on buying a place. "And they'll want it so bad they'll bid the prices up!" In other words: Beat the crowd.
It's a Great Time to Buy a House
Mike Castleman, the Texan with the best realtime view of housing in the U.S., tells editor-atlarge Shawn Tully that the naysayers are about to get a big surprise: rising prices for new homes
Blog posts
Survey: Americans still optimistic about housing
NEW YORK – April 13, 2011 – A sluggish real estate market hasn’t shaken the confidence of the public in how it views homeownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March.
Fla. leads nation in potential job growth
MIAMI – April 15, 2011 – According to a Wells Fargo report released this week, Florida is No. 1 in potential job growth once the state shakes off lingering effects from the recession.
The study looked at regional competitiveness – the factors that might lead employers to create jobs locally. To compile results, Wells Fargo analyzed 20 years of employment data and growth trends. It then projected future growth. While an expected boost in tourism post-recession played a part in Florida’s ranking, Wells Fargo also cited an expanded diversity in the state’s job market, such as the Scripps Research facility in Palm Beach County.
"The influx of new medical research facilities will help reinvigorate … growth in Florida, helping further diversify the state’s economy," according to the report.
The study found Florida competitive in 22 industries. Georgia – No. 2 on the list – had 21. Wells Fargo considered traditionally white-collar industries as Florida strengths, including professional services, insurance and finance.
© 2011 Florida Realtors®
TripAdvisor Announces 2011 Travelers' Choice Beaches Awards
Top Beaches in the U.S. and World Indentified Based on Opinions of Millions of Travelers
NEWTON, Mass., April 5, 2011 /PRNewswire/ -- TripAdvisor®, the world's largest travel site*, today announced the winners of its inaugural 2011 Travelers' Choice® Beaches awards. Top beach spots were named in the U.S., Europe, Asia, Canada, the South Pacific, the Caribbean and Mexico, and Central and South America.
Award winners were determined based on the most highly rated beach destinations by travelers in TripAdvisor reviews. Unlike any other honors, TripAdvisor Travelers' Choice winners are based on millions of real and unbiased reviews and opinions from travelers around the world.
According to a recent TripAdvisor survey of more than 2,100 U.S. respondents, 68 percent are planning a beach vacation in 2011. Fifty-four percent are planning a trip to a U.S. beach destination. Seventeen percent intend to visit the U.S. southeast coast, 13 percent expect to explore the northeast coast, 12 percent plan to go to the gulf coast and 10 percent plan to visit the west coast. Twenty-six percent are planning a beach trip to the Caribbean or Mexico in 2011.
"It's that time of year when travelers are dreaming of getaways to warm beach destinations. To provide inspiration on where to go, we've named some amazing hot spots around the world, based on millions of real and unbiased reviews and opinions from TripAdvisor travelers," said Barbara Messing, chief marketing officer for TripAdvisor. "In addition to the outstanding beaches, these destinations also feature top-rated options for hotels, vacation rentals, attractions, and restaurants."
Travelers' Choice Beaches Award-winning World Beach Destinations:
1. Providenciales, Turks and Caicos
2. Boracay, Philippines
3. Palm/Eagle Beach, Aruba
4. Negril, Jamaica
5. Tulum, Mexico
6. Myrtle Beach, South Carolina
7. Seven Mile Beach, Grand Cayman
8. Punta Cana, Dominican Republic
9. Cape May, New Jersey
10. Santa Teresa, Costa Rica
Travelers' Choice Beaches Award-winning U.S. Beach Destinations:
1. Myrtle Beach, South Carolina
2. Cape May, New Jersey
3. Panama City Beach, Florida
4. Miami Beach, Florida
5. Sanibel Island, Florida
6. Clearwater, Florida
7. Honolulu, Hawaii
8. Captiva Island, Florida
9. Poipu, Hawaii
10. Siesta Key, Florida
For the complete 2011 Travelers' Choice Beaches lists, go to http://www.tripadvisor.com/TCBeaches.
About TripAdvisor
TripAdvisor® is the world's largest travel site, enabling travelers to plan and have the perfect trip. TripAdvisor offers trusted advice from real travelers and a wide variety of travel choices and planning features (including Flights search, TripAdvisor Mobile and TripAdvisor Trip Friends) with seamless links to booking tools.
TripAdvisor® Media Group, operated by TripAdvisor LLC, attracts more than 50 million unique monthly visitors* across 18 popular travel brands**. TripAdvisor-branded sites make up the largest travel community in the world, with more than 40 million unique monthly visitors***, 20 million members, and over 45 million reviews and opinions. The sites operate in 29 countries worldwide****, including China under daodao.com. TripAdvisor also operates TripAdvisor for Business, a dedicated division that provides the tourism industry access to TripAdvisor's millions of monthly visitors. The division includes Business Listings, which allows hoteliers to connect directly to millions of researching travelers, and Vacation Rentals, which helps property managers and individual home owners list their properties and showcase hotel alternatives.
TripAdvisor Media Group websites have been recognized as top travel resources in 2010 by Conde Nast Traveller, Good Housekeeping, TIME magazine and Travel + Leisure.
TripAdvisor Media Group generated $486 million in revenue in 2010. TripAdvisor and the sites comprising the TripAdvisor Media Group are operating companies of Expedia, Inc. (NASDAQ: EXPE).
TripAdvisor, Travelers' Choice and the TripAdvisor logo are trademarks or registered trademarks of TripAdvisor LLC in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.
Florida’s existing home, condo sales up in February
ORLANDO, Fla. – March 21, 2011 – Florida’s existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure. Florida attracts 2.8 million over decade
WASHINGTON – March 21, 2011 – New Census data show that Florida has registered its seventh consecutive decade of double-digit population growth. While the nation as a whole grew by 9.7 percent, the number of Sunshine State residents surged 17.6 percent as 2.8 million more people put down stakes here from between 2000 and 2010. Harsh winter may have triggered vacation home market rebound
WEST PALM BEACH, Fla. – March 18, 2011 – After several years of negative trends in the real estate industry, a recent market study shows signs of increasing consumer confidence. The third annual Cotton Report polled more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. The survey included participants from 39 states, as well as Canada, Europe and Latin America.
While no direct correlation was made to the harsh winter temperatures, the research survey indicated a substantial increase in the number of homebuyers seeking a vacation home purchase, an increase of 800% year-over-year. This dynamic trend is further supported by an increase in the number of buyers describing their transition as a geographic relocation, now 40%. Spring jobs outlook goes up in 2011News-Press Ft Myers Fl
Job prospects are expected to be better this spring than a year ago even as hiring slows slightly from earlier this year according to a labor market forecast to be published today. About 16 percent of Lee County employers expect to increase their staffing from April to June which is doubled from the 8 percent recorded a year ago, according to Manpower Economic Outlook Survey. That is a doubling no matter which way you look at it
Glut of new homes is whittled. SW Florida’s vacant houses being bought
by Dick Hogan News-Press
Lee County’s subdivisions have fewer vacant new homes than they have had since 1993, according to a new study by housing date company Metrostudy. That’s likely to lead to increased sales soon as supplies dwindle, says builders and industry analysts.
Consumer confidence jumps higher in Jan.
WASHINGTON – Feb. 22, 2011 – The Conference Board Consumer Confidence Index, which had increased in January, improved further in February. The Index now stands at 70.4, up from 64.8 in January. The Present Situation Index improved to 33.4 from 31.1. The Expectations Index increased to 95.1 from 87.3 last month.
"The Consumer Confidence Index is now at a three-year high, due to growing optimism about the short-term future," says Lynn Franco, director of The Conference Board Consumer Research Center.
FSBOs vanish, sellers turn to real estate pros
WASHINGTON – Feb. 21, 2011 – For-sale-by-owners are rare nowadays. In fact, the number of FSBOs dropped to record lows over the past year.
Unrepresented sellers make up just 11 percent of the market, down from 13 percent in 2009, according to the 2010 National Association of Realtors® Profile of Home Buyers and Sellers.
With today’s more complex transactions – such as with short sales and foreclosures and frequent changes in mortgage lending – more sellers are finding comfort in the help of real estate professionals to guide them through the process.
In the seller’s market, FSBO sellers tried to sell the home themselves because they thought they could save on commission fees, but today’s sellers realize that if they don’t use an agent, it’ll likely cost them more in the long run, experts say.
"Selling by owner does not guarantee the seller will put 5 [percent] to 6 percent more in his or her pocket in trade for doing all the work and taking on potentially costly liabilities," Margaret Woda, associate broker with Long & Foster in Crofton, Md., told The Washington Times. "On the contrary, prospective FSBO buyers have their eyes on that 5 percent to 6 percent as well. It’s more likely the buyer will win this negotiation in a buyer’s market with a huge price reduction – probably even larger than the saved commission."
Some FSBO sellers also often make the mistake of listing their home at a higher price than the market warrants. But even if they do find a buyer for that price, unless it’s a cash purchase, the home has to be appraised and many deals can then fall apart.
Source: "Fewer Sellers Going Do-it-Yourself Route," The Washington Times (Feb. 11, 2011)
ATLANTA – April 14, 2011 – Shoppers can find lots of good deals in vacation homes at the moment. In many second-home hot spots, prices remain close to five-year lows. For example, single-home prices in second-home hotspot Napa, Calif., are down 47 percent from their peak in 2006, according to Fiserv.
A buyer looking to cash in on vacation- or second-home values should consider the following:
1. Is it rentable? Even if a buyer isn’t planning to rent, he or she may still want to consider the rental aspects of the property, particularly since a home’s rental potential can affect its resale value, says Catherine Jeffrey, a real estate professional in Fredericksburg, Texas. Buyers should check with the homeowners association or township to ensure that short-term rentals are allowed.
2. How do you plan to use the home? The loan rate depends, in part, on how the property will be used. For example, if buyers intend to use the property primarily as a second home, they’ll pay about the same mortgage rate as a primary residence, says HSH Associates vice president Keith Gumbinger. However, if they plan to get rental income from the property, the property will be treated as an investment, which means they may need to pay as much as 25 percent of the buying price for the downpayment and up to one percentage point more in interest.
3. Are you eligible for the tax benefits? If owners rent the house for two weeks or less per year, they won’t have to report income to the IRS, and they’ll be able to deduct property taxes and mortgage interest. If the owners stay in the home for less than two weeks or have 10 percent rental days, whichever is greater, they’ll be able to deduct operating costs, such as cleaning and maintenance fees, as well as the interest and property tax, says Rick Shapiro, a CPA in West Hartford, Conn. He suggests homeowners talk with a tax expert to find out what tax benefits apply. Source: "5 Things to Know About Buying a Vacation Home," CNNMoney.com (April 5, 2011)
Economy stronger, survey says Global woes don’t deter U.S. growth The Associated Press - WASHINGTON-Economists say the U.S. economy is gaining strength despite political unrest in North Africa and the Middle East and last month’s devastating earthquake and tsunami in Japan. A survey from the National Association for Business Economics finds that economists are hopeful that the broader economy is substantially improving, with rising employment reported for the fifth quarter in a row. The survey found that "companies appear to be positioning themselves for a firming economic environment," said Shawn DuBravac, an economist with the Consumer Electronics Association, who analyzed the findings.
Real estate: It's time to buy again Posted by Shawn Tully, senior editor-at-large
March 28, 2011 5:00 am
Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing. A home under construction in Austin. The number of new homes in the pipeline nationwide is quite low. From his wide-rimmed cowboy hat to his roper boots, Mike Castleman fits moviedom's image of the lanky Texas rancher. On a recent March evening, Castleman is feeding cattle biscuits to his two pet longhorn steers, Big Buddy and Little Buddy, on his 460-acre Bar Ten Creek Ranch in Dripping Springs, a hamlet outside Austin in the Texas Hill Country. The spread is a medley of meandering streams, craggy cliffs, and centuries-old oaks. But even in this pastoral setting, his mind keeps returning to a subject he knows as well as any expert around: the housing market. "I'm a dirt-road economist who sees what's happening on the ground, and in 35 years I've never seen a shortage of new construction like the one I'm seeing today," declares Castleman, 70, now offering a biscuit to his miniature donkey Thumper. "The talking heads who are down on real estate will hate to hear this, but America needs to build a lot more houses. And in most markets the price of new homes is fixin' to rise, not fall."
Castleman is in a unique position to know. As the founder and CEO of a company called Metrostudy, he's spent more than three decades tracking real-time data on the country's inventory of new homes. Each quarter he dispatches 500 inspectors to literally drive through 45,000 subdivisions from Baltimore to Sacramento. The inspectors examine 5 million finished lots, one at a time, and record whether they contain a house that's under construction, one that's finished and for sale, or a home that's sold. Metrostudy covers 19 states, or around 65% of the U.S. housing market, including all the ones hardest hit by the crash: Florida, California, Arizona, and Nevada. The company's client list includes virtually every major homebuilder and bank -- from Pulte (PHM) and KB Home (KBH) to Bank of America (BAC) and Wells Fargo (WFC).
The key figures that Metrostudy collects, and that those clients prize, are the number of homes that are vacant and for sale in each city, and the number of months it takes to sell all of them. Together those figures measure inventory -- the key metric in determining whether a market has a surplus or a shortage of new housing.
Today Castleman is witnessing an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That's less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. "If we had anything like normal levels of buying, those houses would sell in 2½ months," says Castleman. "We'd see an incredible shortage. And that's where we're heading."
If all the noise you're hearing about housing has you totally confused, join the crowd. One day you'll read that owning a home has never been more affordable. The next day you'll see news that housing starts have plunged to nearly their lowest level in half a century, as headlines announced in March. After four years of falling prices and surging foreclosures, it's hard to know what to think. Even Robert Shiller and Karl Case can't agree. The two economists, who together created the widely followed S&P/Case-Shiller Home Price indices, are right now offering sharply contrasting views of housing's future. Shiller recently warned that the chances were high for a further double-digit drop in U.S. home prices. But in an interview with Fortune, Case took a far brighter view: "The lack of new home building is a huge help that a lot of people are ignoring," says Case. "People think I'm crazy to be optimistic, but housing is looking like the little engine that could."
To see where real estate is truly headed, it's critical to keep your eye firmly on the fundamentals that, over time, always determine the course of prices and construction. During the last decade's historic run-up in prices, Fortune repeatedly warned that things were moving too fast. In a cover story titled "Is the Housing Boom Over?," this writer's analysis found that the basic forces that govern the market -- the cost of owning vs. renting and the level of new construction -- were in bubble territory. Eventually reality set in, and prices plummeted. Our current view focuses on those same fundamentals -- only now they're pointing in the opposite direction.
So let's state it simply and forcibly: Housing is back.
Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction that so amazes Castleman. The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year.
Drumming up sales
Of course, home prices are low and home construction is weak for a reason: incredibly low demand. For our scenario to play out, America will need a decent economy, with job creation and consumer confidence continuing to claw their way back to normal.
One big fear is that today's tight credit standards will chill the market. But we're really returning to the standards that prevailed before the craze, and those requirements didn't stop prices and homebuilding from rising in a good economy. "The credit standards are now at about historical levels, excluding the bubble period," says Mark Zandi, chief economist for Moody's Analytics. "We saw prices rising with fundamentals in those periods, and it will happen again."
To see why, let's examine the remarkable shift in home affordability. A new study by Deutsche Bank measures affordability in two ways: first, the share of income Americans are paying to own a home. And second, the cost of owning vs. renting. On the first metric, the analysis finds that homeowners now pay just 9.8% of their income in after-tax mortgage, tax, and insurance payments. That's down from 17.2% at the bubble's peak in 2007, and by far the lowest number in the Deutsche Bank database, going back to 1999. The second measure, the cost of owning compared with renting, should also inspire potential buyers. In 28 out of 54 major markets, it's now cheaper to pay a mortgage and other major costs than to rent the same house. What's most compelling is that in all of the distressed markets, owning now wins by a wide margin -- a stunning reversal from four years ago. It now costs 34% less than renting in Atlanta. In Miami the average rent is now $1,031 a month, vs. the $856 it costs to carry a ranch house or stucco cottage as an owner. (For more, see The top 10 cities for home buyers)
Not all markets will bounce back equally, of course. Housing resembles the weather: The exact conditions are different in every city. But in general the big U.S. markets fall into two different climate zones right now. We'll call them the "nondistressed markets" and the "foreclosure markets." A more detailed look shows why the forecast for both is favorable.
Nondistressed markets: Ready for launch
No cities went untouched by the collapse in prices over the past few years. But markets such as Northern Virginia, Indianapolis, Minneapolis, San Diego, the San Francisco suburbs, and virtually all of Texas held up reasonably well. In those areas prices spiked far less than in bubble cities -- the foreclosure markets we'll get to shortly -- chiefly because they didn't get nearly as many speculators who thought they could flip the homes or rent them to snowbirds.
The nondistressed markets will be able to get prices rising and construction growing far faster than the harder-hit areas for a simple reason: Although some of these markets are still suffering from foreclosures, they don't need to work through the big overhang haunting a Las Vegas or a Phoenix. The number of new homes for sale or in the pipeline is extraordinarily low in nondistressed markets. San Diego is typical. It has just 921 freestanding homes for sale or under construction, compared with 4,425 in late 2005. The challenge for these cities is to generate enough demand to reduce inventories of existing, or resale, homes. In the entire country the resale supply stands at 3.5 million houses and condos. That's a fairly high number, since it would take more than eight months to sell those properties; seven months or below is the threshold for a strong market.
But in the nondistressed cities, the existing home inventory is lower, closer to seven months on average. So a modest increase in demand will translate into strong gains in both prices and new construction. That should happen quickly, because most of those markets -- including Silicon Valley, Northern Virginia, and Texas -- are now showing good job growth.
Zandi of Moody's Analytics expects that prices will rise three to four points faster than inflation for the next few years in virtually all of the nondistressed markets. His view is that prices will increase in line with rents, which are now growing briskly because apartments are in short supply. Those higher rents will encourage buyers to cross the street from an apartment to a home of their own.
In Northern Virginia, Chris Bratz, an engineer, and his wife, Amy DiElsi, a publicist, are planning to leave their rental apartment and become homeowners for the first time. The main reason? Buying has simply become a far better deal than renting. "The market got completely inflated, then it crashed, so prices are coming back to where they should be," says Chris. As the couple have watched prices fall, they have also watched the rent on their apartment spiral upward, reaching $2,700 a month. They calculate that they should be able to purchase a townhouse for between $400,000 and $500,000 and pay less per month for a mortgage.
The nondistressed markets will also lead the way in construction. Zandi predicts that for the nation as a whole, single-family housing "starts" -- measured when a builder pours a foundation for a new home -- will rise from 470,000 in 2010 to as much as 700,000 this year. A large portion of that activity will happen in nondistressed markets where a tightening supply of resale houses will start making new homes look like a good deal. "Our main competition is from resales," says Jeff Mezger, CEO of KB Home. "The prices of those homes have stayed so low, because of low demand, that it's hampered the ability of builders to sell new houses."
But many would-be buyers simply prefer a brand-new house. Eventually they'll move from renters to buyers, and the trend will accelerate now that prices are no longer dropping. In Minneapolis, Yuan Qu and her husband, Xiang Chen, a researcher at the University of Minnesota, just moved from a two-bedroom rental to a new light-blue four-bedroom ranch with a chocolate-colored roof on a spacious corner lot. They paid $400,000, a bargain price compared with a few years ago. The couple, both in their early thirties, moved to Minnesota from China six years ago. "We wanted to buy a house, and we've been waiting and waiting and waiting," says Qu. "The prices went down for so long, we finally thought they couldn't keep falling." For Qu the only choice was new construction. "We're not very handy people," she admits.
Foreclosure markets: The outlook is brightening
A home off the market in Mesa, Ariz.
The true disaster areas for housing since the bubble burst have been Sunbelt cities such as Las Vegas, Phoenix, and Miami -- places that boasted great job and population growth in the mid-2000s, only to suffer a housing crash that swamped them with empty homes and condos and crushed their economies. But people always want to live in those sunny locales, and their job markets are starting to recover, albeit slowly. In foreclosure markets the inventory problem is far greater because it includes not just traditional resale homes but millions of distressed properties. Fortunately those houses are now such a screaming deal that investors, including lots of mom-and-pop buyers, are purchasing them at a rapid pace. To be sure, some foreclosure markets won't rebound for years because they're both vastly overbuilt and far from big job centers; a prime example is California's Inland Empire, a real estate disaster zone 80 miles east of Los Angeles.
But the outlook is brightening for Phoenix, Las Vegas, Miami, and parts of Northern California. A big positive is the tiny supply of new homes entering the market. Phoenix, for example, has a total of just 8,100 new homes that are either for sale or under construction, down from 53,000 in mid-2006. The big test in these cities is absorbing the steady stream of distressed properties. The foreclosures put downward pressure on the market far out of proportion to their numbers because of markdown pricing. "We had levels of inventory even higher than this in 1990 and 1991," says MIT economist William Wheaton. "But they were traditional listings, not foreclosures, so they didn't create the big discounts you get with foreclosures."
Wheaton reckons that we'll see a flow of around 1 million foreclosures a year, at a fairly even pace, from now through 2013. That figure is frequently cited as evidence that the market is doomed for years in most foreclosure markets. Not so. The reason is that the vast bulk of those units, probably over 600,000, according to Gleb Nechayev, an economist with real estate firm CB Richard Ellis (CBG), are being converted to rentals either by investors or their current owners. Those properties are finding plenty of renters, since the rental market is still extremely strong across the country. Remember, the millions who lost their homes to foreclosure still need somewhere to live.
A typical investor is Alex Barbalat, a Russian immigrant who's purchased seven homes east of San Francisco in the towns of Bay Point, Antioch, and Pittsburg. His average purchase price is around $100,000 for homes that once sold for between $300,000 and $500,000. But he has no trouble finding renters, since his tenants can commute to jobs in San Francisco on the BART transit system. Barbalat is pocketing rental yields on the prices he paid of around 12%, and he's in no hurry to sell. "I'm holding them until prices drastically rise," he says.
Investment funds are also entering the game. Dotan Y. Melech looks for bargains in Las Vegas for UnitedAMS, a firm he co-founded that manages apartments and other real estate investments. The firm has raised more than $20 million from outside investors to purchase distressed properties. So far, Melech has bought around 300 houses and plans to purchase another 200 this year. He has no trouble renting the houses he buys, since, he estimates, occupancy rates in Las Vegas are touching 95%. The "cap rate," or return on investment after all expenses, is between 8% and 10% -- twice the rate on 10-year Treasuries. Melech rents to people who lost their homes but are reliable renters. "A lot of people can't be buyers because their credit got hurt," he says.
Even with investors jumping in, buying activity in foreclosure markets hasn't yet increased enough to bring inventories down. It will soon. Zandi thinks prices will fall a couple of percentage points lower in the distressed markets in the short run. "But that will be overshooting," he says. "It's like an elastic band. If prices do drop this year, they will need to bounce back because they'll be far too low compared with rents and replacement cost." Renters will come off the sidelines to purchase homes in the years ahead, precisely the opposite trend of the past few years.
Consider the example of Michael Dynda, a retired Air Force avionics technician who now works for a government contractor in Las Vegas. Dynda, 49, is a first-time buyer who put off purchasing for years, in part because prices were falling so rapidly in Las Vegas, with no bottom in sight. But last year the combination of bargain prices and low mortgage rates became too good to resist. He ended up purchasing a 2,300-square-foot stucco home for $240,000, or about half what it would have fetched in 2007. Dynda got a 4.38% home loan, and pays the same amount on his mortgage as on the rent on the house he left to become a homeowner. "The timing was about as good as it could get," says Dynda.
Mike Castleman's company tracks the inventory of new homes in 19 states across the country. He sees supply getting tight. "Home prices are fixin' to rise," he says.
Back on the ranch, Mike Castleman is lounging in his creek-front mansion, built from "a hundred tons of fine central Texas limestone." As he shows off his collection of custom-made guitars, including one crafted to resemble the skin of a rattlesnake, the homespun housing guru once again returns to his favorite topic.
Castleman claims that this recovery will look like all the others: It will bring a severe shortage of housing. He invokes the livestock business to explain. "It takes three years between the time a bull mates with a cow and when you get a calf ready for market," he says. "That's how it is in housing too. We'll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved. Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house." But those folks, says Castleman, will be set on buying a place. "And they'll want it so bad they'll bid the prices up!" In other words: Beat the crowd.
It's a Great Time to Buy a House
Mike Castleman, the Texan with the best realtime view of housing in the U.S., tells editor-atlarge Shawn Tully that the naysayers are about to get a big surprise: rising prices for new homes
Blog posts
Survey: Americans still optimistic about housing
NEW YORK – April 13, 2011 – A sluggish real estate market hasn’t shaken the confidence of the public in how it views homeownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March.
Fla. leads nation in potential job growth
MIAMI – April 15, 2011 – According to a Wells Fargo report released this week, Florida is No. 1 in potential job growth once the state shakes off lingering effects from the recession.
The study looked at regional competitiveness – the factors that might lead employers to create jobs locally. To compile results, Wells Fargo analyzed 20 years of employment data and growth trends. It then projected future growth. While an expected boost in tourism post-recession played a part in Florida’s ranking, Wells Fargo also cited an expanded diversity in the state’s job market, such as the Scripps Research facility in Palm Beach County.
"The influx of new medical research facilities will help reinvigorate … growth in Florida, helping further diversify the state’s economy," according to the report.
The study found Florida competitive in 22 industries. Georgia – No. 2 on the list – had 21. Wells Fargo considered traditionally white-collar industries as Florida strengths, including professional services, insurance and finance.
© 2011 Florida Realtors®
TripAdvisor Announces 2011 Travelers' Choice Beaches Awards
Top Beaches in the U.S. and World Indentified Based on Opinions of Millions of Travelers
NEWTON, Mass., April 5, 2011 /PRNewswire/ -- TripAdvisor®, the world's largest travel site*, today announced the winners of its inaugural 2011 Travelers' Choice® Beaches awards. Top beach spots were named in the U.S., Europe, Asia, Canada, the South Pacific, the Caribbean and Mexico, and Central and South America.
Award winners were determined based on the most highly rated beach destinations by travelers in TripAdvisor reviews. Unlike any other honors, TripAdvisor Travelers' Choice winners are based on millions of real and unbiased reviews and opinions from travelers around the world.
According to a recent TripAdvisor survey of more than 2,100 U.S. respondents, 68 percent are planning a beach vacation in 2011. Fifty-four percent are planning a trip to a U.S. beach destination. Seventeen percent intend to visit the U.S. southeast coast, 13 percent expect to explore the northeast coast, 12 percent plan to go to the gulf coast and 10 percent plan to visit the west coast. Twenty-six percent are planning a beach trip to the Caribbean or Mexico in 2011.
"It's that time of year when travelers are dreaming of getaways to warm beach destinations. To provide inspiration on where to go, we've named some amazing hot spots around the world, based on millions of real and unbiased reviews and opinions from TripAdvisor travelers," said Barbara Messing, chief marketing officer for TripAdvisor. "In addition to the outstanding beaches, these destinations also feature top-rated options for hotels, vacation rentals, attractions, and restaurants."
Travelers' Choice Beaches Award-winning World Beach Destinations:
1. Providenciales, Turks and Caicos
2. Boracay, Philippines
3. Palm/Eagle Beach, Aruba
4. Negril, Jamaica
5. Tulum, Mexico
6. Myrtle Beach, South Carolina
7. Seven Mile Beach, Grand Cayman
8. Punta Cana, Dominican Republic
9. Cape May, New Jersey
10. Santa Teresa, Costa Rica
Travelers' Choice Beaches Award-winning U.S. Beach Destinations:
1. Myrtle Beach, South Carolina
2. Cape May, New Jersey
3. Panama City Beach, Florida
4. Miami Beach, Florida
5. Sanibel Island, Florida
6. Clearwater, Florida
7. Honolulu, Hawaii
8. Captiva Island, Florida
9. Poipu, Hawaii
10. Siesta Key, Florida
For the complete 2011 Travelers' Choice Beaches lists, go to http://www.tripadvisor.com/TCBeaches.
About TripAdvisor
TripAdvisor® is the world's largest travel site, enabling travelers to plan and have the perfect trip. TripAdvisor offers trusted advice from real travelers and a wide variety of travel choices and planning features (including Flights search, TripAdvisor Mobile and TripAdvisor Trip Friends) with seamless links to booking tools.
TripAdvisor® Media Group, operated by TripAdvisor LLC, attracts more than 50 million unique monthly visitors* across 18 popular travel brands**. TripAdvisor-branded sites make up the largest travel community in the world, with more than 40 million unique monthly visitors***, 20 million members, and over 45 million reviews and opinions. The sites operate in 29 countries worldwide****, including China under daodao.com. TripAdvisor also operates TripAdvisor for Business, a dedicated division that provides the tourism industry access to TripAdvisor's millions of monthly visitors. The division includes Business Listings, which allows hoteliers to connect directly to millions of researching travelers, and Vacation Rentals, which helps property managers and individual home owners list their properties and showcase hotel alternatives.
TripAdvisor Media Group websites have been recognized as top travel resources in 2010 by Conde Nast Traveller, Good Housekeeping, TIME magazine and Travel + Leisure.
TripAdvisor Media Group generated $486 million in revenue in 2010. TripAdvisor and the sites comprising the TripAdvisor Media Group are operating companies of Expedia, Inc. (NASDAQ: EXPE).
TripAdvisor, Travelers' Choice and the TripAdvisor logo are trademarks or registered trademarks of TripAdvisor LLC in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.
Florida’s existing home, condo sales up in February
ORLANDO, Fla. – March 21, 2011 – Florida’s existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure. Florida attracts 2.8 million over decade
WASHINGTON – March 21, 2011 – New Census data show that Florida has registered its seventh consecutive decade of double-digit population growth. While the nation as a whole grew by 9.7 percent, the number of Sunshine State residents surged 17.6 percent as 2.8 million more people put down stakes here from between 2000 and 2010. Harsh winter may have triggered vacation home market rebound
WEST PALM BEACH, Fla. – March 18, 2011 – After several years of negative trends in the real estate industry, a recent market study shows signs of increasing consumer confidence. The third annual Cotton Report polled more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. The survey included participants from 39 states, as well as Canada, Europe and Latin America.
While no direct correlation was made to the harsh winter temperatures, the research survey indicated a substantial increase in the number of homebuyers seeking a vacation home purchase, an increase of 800% year-over-year. This dynamic trend is further supported by an increase in the number of buyers describing their transition as a geographic relocation, now 40%. Spring jobs outlook goes up in 2011News-Press Ft Myers Fl
Job prospects are expected to be better this spring than a year ago even as hiring slows slightly from earlier this year according to a labor market forecast to be published today. About 16 percent of Lee County employers expect to increase their staffing from April to June which is doubled from the 8 percent recorded a year ago, according to Manpower Economic Outlook Survey. That is a doubling no matter which way you look at it
Glut of new homes is whittled. SW Florida’s vacant houses being bought
by Dick Hogan News-Press
Lee County’s subdivisions have fewer vacant new homes than they have had since 1993, according to a new study by housing date company Metrostudy. That’s likely to lead to increased sales soon as supplies dwindle, says builders and industry analysts.
Consumer confidence jumps higher in Jan.
WASHINGTON – Feb. 22, 2011 – The Conference Board Consumer Confidence Index, which had increased in January, improved further in February. The Index now stands at 70.4, up from 64.8 in January. The Present Situation Index improved to 33.4 from 31.1. The Expectations Index increased to 95.1 from 87.3 last month.
"The Consumer Confidence Index is now at a three-year high, due to growing optimism about the short-term future," says Lynn Franco, director of The Conference Board Consumer Research Center.
FSBOs vanish, sellers turn to real estate pros
WASHINGTON – Feb. 21, 2011 – For-sale-by-owners are rare nowadays. In fact, the number of FSBOs dropped to record lows over the past year.
Unrepresented sellers make up just 11 percent of the market, down from 13 percent in 2009, according to the 2010 National Association of Realtors® Profile of Home Buyers and Sellers.
With today’s more complex transactions – such as with short sales and foreclosures and frequent changes in mortgage lending – more sellers are finding comfort in the help of real estate professionals to guide them through the process.
In the seller’s market, FSBO sellers tried to sell the home themselves because they thought they could save on commission fees, but today’s sellers realize that if they don’t use an agent, it’ll likely cost them more in the long run, experts say.
"Selling by owner does not guarantee the seller will put 5 [percent] to 6 percent more in his or her pocket in trade for doing all the work and taking on potentially costly liabilities," Margaret Woda, associate broker with Long & Foster in Crofton, Md., told The Washington Times. "On the contrary, prospective FSBO buyers have their eyes on that 5 percent to 6 percent as well. It’s more likely the buyer will win this negotiation in a buyer’s market with a huge price reduction – probably even larger than the saved commission."
Some FSBO sellers also often make the mistake of listing their home at a higher price than the market warrants. But even if they do find a buyer for that price, unless it’s a cash purchase, the home has to be appraised and many deals can then fall apart.
Source: "Fewer Sellers Going Do-it-Yourself Route," The Washington Times (Feb. 11, 2011)
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