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BRITISH HOMES GROUP Florida ~ Specialising in Florida Real Estate

Brand-New Luxury 5-Bedroom Luxury Villa Close to Disney

A BRITISH HOMES GROUP “BEST BUY”

Just Reduced $30,000 to

$239,000!

Pool, Spa, 5 Bedrooms and Close to Everything!

• Over 2,600 square feet of air-conditioned living space
• 2 En-Suite Master Bedrooms plus 3 additional bedrooms
• Upstairs Theatre and Game Room
• Backs on to wooded Conservation Area
• Minutes from Disney, 3 Championship Golf Courses, Supermarket and Shops
• Ideal for Second Home, Long and Short-Term Rentals

FINANCING AVAILABLE

For Overseas investors (including UK) with a 30%/ $71,700 deposit

THIS SPECTACULAR BRITISH HOMES’ “BEST BUY” WILL NOT LAST!

So if you are at all interested please contact MARK SHORE, our UK/Florida property specialist (from Bristol!), directly.

Mark will give you full details on this and other great buys in the Disney area and help you with the mortgage financing arrangements if needed – all in time for you to enjoy this year’s “Season” in the Sunshine State of Florida!

Mark’s Orlando Mobile Phone Number is 863-557-6443

Good luck – but please act quickly if you are interested!

Bill Cowie President

www.britishhomesgroup.com

Orlando, Florida

Kissimmee Office 407 396 9914
Direct (Mobile) 407 620 7777

British-American Chamber of Commerce Advisory Board

Request more information on this home or submit a Custom Search Request

The BRITISH HOMES GROUP Florida
2960 Vineland Road | Info@britishhomesgroup.com or (+1) 407 396 9914

Very nice fully furnished 4 bedroom,3 bathroom pool home on a corner lot with a south facing pool and spa.

This home is only 6 years old and has been well maintained by the current owners and has an upgraded furniture package.

Cumbrian Lakes is a very popular development and is also gated. It is three miles south of 192 so superbly situated to shops , restaurants and the attractions.

This property has been used as a short term rental property but would also make an excellent primary or second home. The pool and spa are in the sun all day long which is a great plus for short term holiday rentals, the pool also looks out over a lake.

There are two en suite bedrooms and the other two bedrooms share a bathroom.

Mortgages are available for British and other international buyers with a 30% down payment.

  

4 Bedroom, 2 Bathroom Pool Home in Davenport, FL

 

Request more information on this home or submit a Custom Search Request

April 30, 2010

From today’s Orlando Sentinel…

University of Florida survey: Florida’s real estate has bottomed out

Are things about to turn around for real-estate properties both private and commercial, such as in downtown Orlando? According to 1 study, that is a real possibility even if it is far from a certainty at this point.
 
Florida real estate has hit bottom and is in the process of stabilizing, according to results of a quarterly survey by the University of Florida.

Private capital – both foreign and domestic – continues to enter the state in search of high-quality investments, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. As banks start to deal with their problem assets, more deals will come to market, he added.

Also, life insurance companies have started to reinvest in commercial properties after backing off for the past year and a half. Because those companies invest premiums from customers’ policies, they are not deterred by the lack of available bank financing, he said.

While most of the real estate professionals surveyed predicted the market probably won’t get any worse, few said it has actually begun to improve, Becker noted. “One of our respondents summed it up by stating that, ‘If anything, we will get less bad,’ ” he said.

“So if they think things aren’t going to get worse and they may actually get better, it follows that they’re going to want to start investing again,” he said.

While South Florida is one of the state’s strongest areas with its diverse economy, steady migration and influx of foreign capital, Orlando, Tampa and Jacksonville are also picking up.

“Florida’s big cities – those four areas – are less bad off than the rest of the state, and they’re going to be quicker to recover than other places,” Becker said.

The retail and office markets are in the worst shape and will likely continue to struggle until job growth improves and frees up more discretionary spending by consumers, the survey concluded.

Apartments continue to be the strongest sector in the state because of high demand from people moving out of foreclosed homes, Becker said.

Statewide, Florida’s new-home market will continue to be slow as more and more foreclosures become available on the existing-home market, Becker said. “That competition makes it very difficult for new homes to get built and purchased, because buyers can often get an equal or nicer home for a much cheaper price on the foreclosure market,” he said.

The report is more optimistic than some recent economic forecasts, which have predicted the market may further soften through at least the end of the year.

David Stiff, chief economist for Wisconsin-based Fiserv Inc, predicted in March that Orlando residential prices would fall by double-digit percentages through the third quarter and then increase by less than 2 percent from late 2010 until late 2011. Fiserv’s report predicts that housing prices in Florida will fall in all 22 of its largest markets, with prices in Miami falling by one-third through the third quarter of this year.

Mary Shanklin can be reached at mshanklin@orlandosentinel.com or 407-420-5538.
———————-
 
Thank you for your business – please tell your friends!

Sincerely,

Bill Cowie  President

www.BritishHomesGroup.com

Kissimmee Office: 407 396 9914

Member: British-American Chamber of Commerce

Our Email Address: Info@BritishHomesGroup.com

Quick Contact Request

http://www.britishhomesgroup.com/contactus.php

Customised Property Search Request

http://www.britishhomesgroup.com/floridaproperty.php

We are delighted to announce that Mark Shore has joined the British Homes Group team.

British Realtor helping UK clients buying homes in the Orlando area.

We are sure that those of you who have worked with Mark in his over 30 years in the property and finance business in both the UK and US will agree that Mark is one of the most experienced, helpful and trust-worthy professionals in our business.

Mark hails from Bristol and moved to Orlando in 2003. Mark has now acquired an extensive and intimate knowledge of the DisneyWorld area of Central Florida. He also has access to more that 20,000 residential property “listings” in Central Florida’s current buyers market.

Mark has successfully bought and sold his own properties. And he is more than willing to share his actual, invaluable hands-on experience with his customers.

Mark has also already set up a “British Homes VIP Service” for UK buyers and sellers:

British Homes VIP Buyer Service – for UK property buyers who would like Mark to act as their sole “Buyers Agent” – at no extra cost – in finding the right property at the right price for them. Simple and safe!

British Homes VIP Sellers Service – for UK sellers who would like British Homes to feature their properties – again at no extra cost – on their web site, blog or other international publicity media.

You can contact Mark on info@britishhomesgroup.com or by calling (+1) 407 396 9914.

One such property, for example, is beautiful home – with a pool – close to Disney that was bought by a British Homes customer in 2003 for $196,000. The seller is now willing to accept $135,000 for a quick sale (see www.britishhomesgroup.com).

Thank you for your business – please tell your friends!

And welcome again Mark!

Sincerely,

Bill Cowie, Director
www.britishhomesgroup.com
Orlando, Florida

From this weekend’s:

Sunday Times, Lucy Denyer

Florida: a mix of different personalities

Florida’s property market has collapsed, but with the worst over, it could be time to swoop in the Sunshine State

It’s freezing outside, there are at least a couple more months to go before the weather warms up, and the idea of a holiday home in the sun is probably pretty tempting right now. But Spain’s not hot enough, and the Caribbean and the Seychelles are too expensive. Could Florida be the answer?

With its country-club lifestyle and balmy climate, the Sunshine State has traditionally been popular with British buyers. In the past 18 months, however, it has fallen out of favour, as prices have come crashing down by 50% or more from their peak. Florida had the second highest foreclosure rate – the equivalent of repossessions – in America in 2008, affecting one in 22 properties. Many remain empty and abandoned, after being seized by the banks.

“Some people just dropped the keys and left – they were effectively handing the property back to the bank,” says Todd Swann, owner of Swann & Associates, an estate agency based in DeLand, central Florida. “Pricing didn’t seem to matter when times were really desperate. It felt like we were working in a morgue.”

In recent months, things have started to pick up. Although prices remain low, properties are starting to move again as people try to make the most of the bargains on offer. For UK-based buyers, there is also the exchange rate to consider: although the pound is already at a nine-month low against the dollar, some analysts expect further falls, which would add to the attraction of buying now.

At face value, there do seem to be incredible deals out there, with flats in some condominiums on sale for as little as $15,000 (£9,700) – sites such as foreclosuredataonline.com give an idea of what’s on offer. Yet it’s a case of caveat emptor, warns Bill Cowie, director of British Homes Group, a Florida-based company running online auctions where prices start as low as one cent, with no reserve. “A $15,000 condo might sound good, but it’s in a building with no homeowners’ association, with a wreck of a kitchen,” he says.

Instead, do your research, visit America in person – don’t even think about buying blind off the internet – and make sure your chosen area is an attractive one with good infrastructure.

Where should you go? Florida’s two coasts have different personalities: the relaxed west coast, with its subtropical temperatures, is centred on elegant, tree-lined Tampa and classy Sarasota, with its orchestra and concert programme. The east, by contrast, is defined by hectic Miami – cruise-liner port and nightlife central – and luxurious Palm Beach. Inland is Orlando – with Walt Disney World on the doorstep and easy access to both coasts.

If you like the thought of bath-warm seas, head west. Here you’ll find everything from supersleek condo units to estates with elegant colonial-style houses set in carefully landscaped grounds, complete with waving palm trees. Al Horrigan, chief executive of the Sarasota-based RSVP Real Estate, an associate of Savills, says prices on the western coast, from Tampa down to southern Sarasota County, appear to have stabilised, which means good deals for buyers whatever the price range.

At the bottom end, you can pick up a two-bedroom, lock-up-and-leave flat in a condominium within walking distance of the beach for less than £130,000 – although you’ll have to move fast, as competition is tough.

At the other end of the scale are the “McMansions” in ritzy Longboat Key, just offshore from Sarasota. Once priced at £1.5m, they can now change hands for just £520,000. Horrigan says the mid-market is the safest option: a detached three- to four-bed waterfront home with pool starts at £390,000. “Single family homes are always a better investment than condominiums,” he says. “More people want them, so they’ll always have a higher resale value.”

If you prefer a wilder social life, head to Miami, for beaches, bars and nightlife. South Beach, in particular, has a trendy retro feel, its art-deco architecture mixed with towering skyscrapers. Oceanfront property is always going to be a safer investment here: while prices have come down 30%-50% from their peak, they are starting to stabilise.

Karla Abaunza, broker of Luxury Living Realty (luxurylivingrealty.net), a Miami Beach-based agent, recommends focusing on the first five roads south of Fifth Street, where half a dozen luxury condominiums represent the best of what’s on offer; a two-bedroom condo would set you back £490,000, but don’t forget the stiff monthly management fees of about 60p per sq. ft.

If you prefer to be away from the city, try Fisher Island, once the home of the Vanderbilts and now an exclusive community, accessible by ferry from South Beach. The cheapest property available at present is a three-bedroom house, in need of renovation, for £580,000. Prices can reach the millions.

In Orlando or other inland areas, it’s worth considering a gated community, for a property you can lock up and leave. Stirling Sotheby’s International Realty (stirlingsir.com) has a three-bedroom house in the Palisades, a golf community in Clermont, west of Orlando, for £120,000; the owner gets access to a pool, boating and tennis courts.

Northeast of Orlando, in the DeLand area, you are near Ocala National Forest and St John’s River, and still only an hour from Mickey and his pals.

Properties with land are a particularly good buy now – land values have dropped so sharply that the extra acreage is almost free. A three- to four-bedroom detached property, with outbuildings and a pool, costs between £116,000 and £162,000.

As with any overseas purchase, there are potential pitfalls. If you plan to a buy with a American dollar mortgage, then any further fall in the pound will increase your monthly repayments; for a fee, you can hedge against this, through a company such as World First (worldfirst.com). Or take out a mortgage half in pounds and half in dollars. Don’t forget that you will also be liable for real-estate tax – a yearly fee equivalent to 2% of the purchase price.

Nor should you count on funding your purchase by letting out the property: many condominium associations have rules governing how many rentals you are allowed in a year. Other local restrictions can also apply.

If that all sounds too complicated, you could always follow the example of Beverley Byrne and her husband, Richard Hearn. During a visit to Florida 18 months ago, the couple, both in their fifties, were tempted by a three-bedroom waterfront villa in Cape Coral, on the west coast, on sale for less than £195,000, but they decided not to restrict themselves to one area.

“Rather than become landlubbers, we bought a 44ft trawler yacht for $69,000, and we’re off exploring Florida’s Sunshine Coast,” Beverley says. Then she adds: “There are still plenty of real-estate bargains out there should we change our minds.”

Golden opportunities? A look at what’s on offer around the state

Palm Coast £180,000

Built 12 years ago, this 1,757 sq ft villa has three bedrooms, three bathrooms, one reception, a pool, a garden and a two-car garage. It is in Grand Haven, a gated community on the east coast of Florida, popular with British buyers. The agent estimates that maintenance costs would be about £1,100 a year. 00 1 386 445 9288, ecpremierproperties.com

Bradenton £130,000

This 1,861 sq ft villa in the Tampa Bay area, built in 2006, has four bedrooms, all with ceiling fans, two bathrooms and a large living room. There is no private pool, but it does come with a double garage, a large back yard and lakeside views. RSVP Real Estate, in association with Savills; 020 7016 3740,savills.co.uk/abroad

Davenport £81,000

This three-bedroom, two-bathroom house is part of a gated development in Davenport, Polk County, which is 20 miles from Orlando. The 1,700 sq ft property, which has an outdoor pool, was bought by the present owners for almost double the price – £156,000 – in 2007.  Call 00 1 407 396 9914 or visit  http://www.britishhomesgroup.com for more information.

——————-

If you already own a home here and you are considering short or long term renting the home, or if you are considering buying a home (anywhere in Florida) please use one of our contact options below – The British Homes Group

We are located on the NW Corner of 535 and US highway 192 above the Edwin Watts Golf Shop and across the road from the Publix super market. Please feel free to visit anytime Monday through Friday, 9 – 5pm.

Our local number is: (+1) 407 396 9914

Our Email Address: Info@BritishHomesGroup.com

Quick Contact Request

http://www.britishhomesgroup.com/contactus.php

Customised Property Search Request

http://www.britishhomesgroup.com/floridaproperty.php

10 Things to Know About Real Estate in 2010

by Luke Mullins
Tuesday, December 29, 2009

Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic–while painful for many home owners–has created some wonderful opportunities for bargain hunters. If that’s not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.

But while the 2010 outlook appears inviting, there’s one key catch. “You need to have a stable job,” says Mark Zandi, the chief economist of Moody’s Economy.com. The economy is showing signs of life, but the unemployment rate is already at 10 percent and expected to go higher. And while those mortgage rates are attractive, buying a house makes sense only if you can bank on your income stream. So before you consider purchasing a home, take a hard look at your job, your company, and your industry.

That said, here are 10 things to know about real estate in 2010:

1. Prices to bottom: After more than three years of falling, real estate values have shown signs of stabilization in recent months. At the national level, home prices slid nearly 9 percent between the third quarter of 2008 and the same period this year, according to the S&P/Case-Shiller home price report. That’s a notable improvement from the second quarter’s nearly 15 percent annual drop and the first quarter’s 19 percent decline. This improvement will give way to a bottom in home prices–finally!–in 2010, but not before additional declines, Zandi says. Zandi projects home prices will hit bottom in the third quarter of 2010 after logging a peak-to-trough decline of roughly 37 percent, based on the S&P/Case-Shiller national home price index. “That means we’ve got another roughly 10 percent [decline] to go,” Zandi says.

2. Mortgage delinquencies up: Amid falling home prices and a nasty labor market, roughly 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter–the highest delinquency rate in the 37-year history of the Mortgage Bankers Association’s National Delinquency Survey. Two factors are expected to drive delinquencies even higher next year. First, nearly 1 in 4 homeowners currently owes more on their mortgage than the property is worth, which increases their odds of default. And secondly, the national unemployment rate–which already stands at 10 percent–will peak at about 10.5 percent in the first quarter of 2010, says Patrick Newport, an economist at IHS Global Insight. Additional job losses mean more borrowers won’t be able to pay their mortgage bills. “The [delinquency] rate is going to stay up there for quite a while because the job market is going to be really weak for a while,” Newport says.

3. Foreclosures move upstream: The number of foreclosure sales will increase to about 1.9 million in 2010, according to Moody’s Economy.com. And while we’ve already seen a growing number of more expensive homes heading into foreclosure, Heather Fernandez, vice president of marketing at the real estate search engine Trulia, expects the trend to pick up steam next year. (Trulia is a U.S. News partner.) “We are poised in 2010 to see a surge of foreclosures from prime borrowers. Hundreds of billions of dollars in option [adjustable rate] mortgages are set to be recast” next year, Fernandez says. Option adjustable rate mortgages allow borrowers to make lower monthly payments for an initial period, after which the payments adjust–or “recast”–higher. For some borrowers, the new payments can be more than twice their initial payments. Combined with other factors, like the loss of a job, a recasting option adjustable rate mortgage can make borrowers more likely to default. “These are [properties] at higher price points [and] potentially in more desirable neighborhoods,” Fernandez says.

4. Mortgage rates to rise: Anyone who purchased a home in 2009 was presented with some extremely attractive mortgage rates. Rates on 30-year, fixed mortgages fell to an average of 4.88 percent in November, down sharply from 6.09 a year earlier. A key factor behind the plunge was a Federal Reserve program, first announced in November of 2008, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac. But the program is slated to expire at the end of the first quarter, and if private investors don’t step up, fixed mortgage rates could jump. (The Fed, of course, could always decide to extend the program.) The unwinding of this Fed program, the improving economy, and mounting concern over government deficits could push rates on 30-year, fixed mortgages to roughly 5.5 percent by mid-2010 and close to 6 percent by the end of the year, says Mike Larson of Weiss Research. “Almost all signs to me point higher,” Larson says.

5. Buyer’s market remains: With prices still falling, mortgage rates remaining historically attractive, and additional homes hitting the market in the form of foreclosures, the dynamics of the real estate market will continue to favor buyers over sellers in 2010. That means those looking to buy a home next year should not feel pressured to act impulsively. “You don’t need to have a sense of urgency, but understand that as time progresses the balance of power as we get into 2010 is going to slowly but surely shift away from [buyers],” Larson says. “It is not going to be a strong seller’s market, but it will be more evenly distributed as the year goes on.” Data from the real estate firm Zillow show that home buyers are already losing the leverage they once enjoyed. While home buyers landed a median discount of 4.6 percent off listing prices in January, the size of the gap fell to 2.7 percent by October. Expect this gap to close further as 2010 marches on.

6. Modification plan could be modified: While the Obama administration has put nearly 700,000 borrowers into temporarily restructured mortgages, it had found permanent fixes for just 31,382 struggling homeowners through November. What’s more, critics have identified two key shortcomings of the government’s $75 billion antiforeclosure plan. First, the program isn’t much help for borrowers struggling to stay in their homes as the result of a job loss. And the rickety labor market is a key factor behind rising delinquencies. At the same time, the plan does not sufficiently address the issue of negative equity–owing more on your home loan than the property is worth–which also works to increase foreclosures. “The current modification program does not address negative equity and is therefore destined to fail,” Laurie Goodman, a senior managing director at Amherst Securities Group, told a congressional committee in written testimony on December 8. “It must be amended to explicitly address this problem.” Zandi says the government may move next year to overhaul the modification program in two ways: improving troubled borrowers’ negative equity positions by writing down some of the mortgage principal, and helping to turn troubled homeowners into renters.

7. FHA lending standards may increase: While banks have jacked up lending standards in the face of mounting delinquencies, mortgages backed by the Federal Housing Administration–which come with a minimum down payment of just 3.5 percent–have remained accessible to a wide swath of borrowers. The FHA guarantees nearly 30 percent of new-home purchase mortgages today, up sharply from just 3 percent in 2006. But the rapid growth has occurred alongside an increase in mortgage delinquencies. As a result, the FHA’s reserves have dipped below congressionally mandated levels. The development has put pressure on the Obama administration to beef up its requirements for agency-backed home loans. In early December, the Department of Housing and Urban Development announced that it would make several changes to FHA mortgage requirements: raising up-front cash requirements, boosting minimum credit scores, and perhaps charging more for insurance premiums. Additional new restrictions may be in store. Taken together, the developments could work to choke off the supply of mortgage credit to borrowers who can’t get financing elsewhere.

8. Tax credit available through June: On top of lower prices and cheap mortgage rates, Uncle Sam is offering an additional incentive to get buyers into the market next year. In early November, President Obama signed a bill extending and expanding a popular tax perk for home buyers. The legislation gives qualified first-time home buyers a tax credit of up to $8,000 if they close the purchase of a primary residence by the end of June. Meanwhile, qualified current home owners are eligible for a credit of up to $6,500 when they buy their next principal residence. But while the tax perk may make a home purchase more tempting, would-be buyers should make sure they have the job security and financial wherewithal to handle the transaction before going ahead. “Don’t let [the home buyer tax credit] be the thing that drives you to act,” Larson says.

9. Markets will vary a great deal by region: The performance of the national housing market is much less important that the dynamics of your local market, and sales and pricing trends will vary a great deal from one area to the next in 2010. “There will be geographic pockets where the values will still continue to decline, and there will be geographic pockets where they increase,” said Dale Siegel, a mortgage broker and the author of The New Rules for Mortgages. That means anyone interested in buying real estate next year can’t just read the national headlines. Instead, find a good blog that covers the local housing market and consider speaking with a real estate agent with experience in the area. Check out online listings–pay close attention to pricing and inventory trends. And make sure to head out to open houses to get a firsthand feel for the market.

10. Mobile maps can help: Advances in technology have enabled would-be home buyers to increase the efficiency of their searches. For example, Zillow’s iPhone app allows home buyers to see the estimated values and listed prices of the properties they pass on the street. The app, which is free, has been downloaded more than 830,000 times. Trulia has unveiled a similar product that allows users to find nearby open houses as well. “If you are sitting in a neighborhood having brunch on a Sunday, you can very easily pull up your phone [and] walk into open houses,” says Trulia’s Fernandez.

Copyrighted, U.S.News & World Report, L.P. All rights reserved.

Best in ’10!

Bill Cowie, Director
www.britishhomesgroup.com

P.S. 2010 might be the year to take advantage of the current unprecedented “buyers market” here in the Sunshine State of Florida!

Buy-to-Let this great Florida property.

This house has never been occupied – it is virtually brand new, built in 2006.

4 bed, 2 bath, 1900 square foot home.

Master suite with garden tub & dual sinks.
Kitchen opens up to the large family room.
Brick paver driveway.
No rear neighbors – backs up to orange grove with views of the lake.

Ideal for cash-buyer.

This is a great opportunity for homeownership at a fraction of the homes original value. Don’t delay!

Please call 0800 096 5989 or +1 407 396 9914 and ask for Jim.

Info@britishhomesgroup.com or contact us here:

“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”

The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.

Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.

In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.

The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”

© 2008 FLORIDA ASSOCIATION OF REALTORS