Florida real estate development lawyer Rosa Eckstein Schechter says growing media excitement over Florida’s economic future can be supported with concrete examples of blossoming growth in several markets and a variety of industries.
“The growing excitement over the future of Florida’s real estate market isn’t just optimism. It can be supported by concrete examples of growth that point to a brighter future for Florida’s economy. There is a clear shift in the market, and we are seeing increased activity and signs of sustainable economic progress across the board.”
Reacting to notables like Donald Trump forecasting great things for Florida’s future real estate market, Miami real estate attorney Rosa Eckstein Schechter takes things one step further by providing concrete illustrations of Florida surviving one of the bleakest real estate economic periods in modern times.
“There are definite signs of shifting winds in the Florida real estate market, with positive movement in several different sectors and industries that impact not only Florida real estate but the economy of the state as a whole,” says University of Miami Law and Harvard University graduate Rosa Schechter of Eckstein Schechter Law.
Included among those illustrations of an economy that is bouncing back are the following events according to real estate expert Schechter:
1. Wall Street, through investment banks and private groups, is looking to buy blocks of residential properties from Florida’s hard hit financial institutions, in what Forbes magazine dubbed this week “REO Bulk Buying,” and the sale of these shadow inventories will help free Florida lenders to do what they do best: lend money for economic growth;
2. Builders are beginning to build again: e.g., the Daily Business Review reported a few days ago that Lennar Homes is seeing a surge in home sales, experiencing its strongest quarter sales since 2008. There is growing competition among builders for prime locations;
3. More traditional residential deals are being made for high-end homes in a number of affluent Miami-area communities including Coral Gables, Pinecrest, and Aventura. One example: the recent Key Biscayne sale of a private residence for $8 million as reported in the Daily Business Review.
4. Small companies are hiring again. The Sun Sentinel reported on April 4 that forty percent of small business owners plain to hire during the next six months in Florida.
5. The 2011 Florida Community Planning Act reforms succeeded in empowering municipalities with the ability to facilitate development in their areas, and these local governments have not only acknowledged their new-found power but have swiftly exercised it. Developers are finding cities ready for growth and willing to cooperate and create a synergy for efficient permitting and best development practices.