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SWFL Real Estate’s Positive Outlook

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The Brown Team

 RICK BROWN: (239) 322-2313 BRENDA BOOTH-BROWN: (239) 287-8834 www.TheBrownRealtyGroup.com Everyone in the real estate industry agrees on one thing right now— we are on the upside of recovery in the SWFL real estate market. Notable changes in forward-looking indicators, and overall outlook from prudent real estate investors are pointing to very positive signs of improvement. In Florida, and especially in SWFL, the industrial sector of the commercial real estate market is in the lead with just released data showing a top-three placement for lowest industrial vacancy rates in the nation. According to a recent Cushman and Wakefield market statistical report, the Naples metro area ranked No. 2 in the nation for the lowest industrial vacancy rates with 4.2 percent overall vacancy. Moreover, Florida claimed three of the top 10 metro areas with the lowest industrial vacancy rates (Lakeland at No. 1, Naples at No. 2, and St. Petersburg/Clearwater at No. 7). Lee County ranked 38th on the list with a 9.3 percent vacancy rate — slightly higher than the national average of 8.7 percent vacancy. Improvements in the housing market are considered a huge factor to positive developments in the industrial sector of commercial real estate. Existing home sales jumped 7.8 percent in August to the highest level in more than two years — the highest level since May of 2010 when sales were fueled by a federal home-buying tax credit. Foreclosure activity was down quite a bit in Lee County according to recent statistics released by the Southwest Florida Real Estate Investors Association. Lenders filed 567 foreclosure lawsuits in September which is down 198 from August and about the same as September 2011. Decreases in foreclosure means possible new construction since homes available for sale will be down. Permit activity has increased in Southwest Florida. In unincorporated Lee County, permit activity posted a 34 percent gain month over month with a 104 percent gain over the number of permits pulled by contractors in September 2011. Multi-family permits also had a small increase of 9 percent over the previous fiscal year. F Industries such as engineering firms are starting to move acquiring larger space. This may be from the large increase in demand for multi-family development over the past year. According to the National Association of Home Builders, multi-family developer sentiment recently hit its highest level since 2005. Southwest Florida’s recovery is thankfully coming back in full force with continued strength and improvement in key fundamental areas that will aid greatly to its overall health and sustainability. New construction heads improvements in the industrial market and lead to significant progress in employment and shifts in primary population that help the realization of full market recovery. Read full article at: http://www.news-press.com/article/20121014/RE/310130038/1076/HOMESCAPE99

The Brown Team

RICK BROWN: (239) 322-2313 BRENDA BOOTH-BROWN: (239) 287-8834 www.TheBrownRealtyGroup.com

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