R.E. Wholesalers - Central Florida Real Estate News & Info
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Central Florida remains in the top of the nation's hottest markets, and it is still by far one of the least expensive. Not to mention the benefits of our attractive tax structure, extensive entertainment venues, fabulous climate, low employment rate, and low vacancy ratios. No wonder investors are flocking in - Central Florida was 2007's Hottest Market to Watch.Sperry Van Ness, the nation's top commercial real estate advisors, ranked Central Florida among the TOP 2 in their TOP 10 Markets to Watch for 2007 report.
>> Metro Orlando Ranks #2 in the Commercial Top Markets to Watch in 2007
The Central Florida area comes in just behind Los Angeles as the Nation's top retail investment market to watch. This ranking is highlighted by the fact that the region will welcome 52,000 new residents and 44,500 new jobs this year. Orlando also showed its lowest commercial vacancy rate in seven years at 5.3%. The Van Ness analysts predict "Orlando could also be home to the "happiest place on earth for retail investors.">> Metro Orlando Ranks #4 in the Nation for Rental Market
The Orlando market's gross occupancy was 97.5% as of June 30, 2006, according to a Market View Orlando Multi-Housing summary by CB Richard Ellis. Monthly rents are also on the rise. In 2006, rents had gone up 7.7% and the increases won't be slowing down. Analysts are predicting a 6% to 10% increase for 2007.>> A Top 3 Choice for Developers and Builders for 2007
Condo conversions and multifamily housing units have been a source of attraction for investors, says Marnie Connor, senior adviser at Sperry Van Ness. "The economic fundamentals are very strong. I think they see that potential profit.">> Metro Orlando Ranks in the Top 1% in the Nation for the Next Big Biotech Medical City
The Burnham Institute's decision to expand to Orlando makes Central Florida an instant player in the $700 billion biomedical industry. The area already boasts an upcoming University of Central Florida medical school and a planned VA hospital. Burnham plans to build a 175,000-square-foot facility and employ as many as 300 scientists and support staff within a decade and is expected to create a spin off of start-up firms and other research facilities. Rasesh Thakkar, chief executive officer of Tavistock Group Thakkar predicted. With the school, a planned Veterans Affairs hospital and Burnham, "you'll have the anchors of what is a medical city."Predictions that Burnham's presence will generate 3,600 jobs within 15 years are reasonable, said Mark Johnston, a professor of business at Rollins College in Winter Park and even though the facilities won't open for a couple of more years, studies are already predicting UCF's medical school alone could generate an additional $1.4 billion annually to the economy within 10 years.
>> Florida Remains in the Top 3 Most Popular States that U.S. Adults Would Choose to Live In
If they could live in any state outside of their own, according to the September, 2006 Harris Poll.>> The Central Florida/Orlando Area Returns to the List of the 15 Most Popular Cities This Year
While Florida is consistently among the most popular states, the only city in Florida that makes the top 15 list is Orlando.>> The Bust that Wasn't - Down from the Peak in 2005, but Still the 2nd Best on Record
According to the Orlando Regional Realtor Association, a total of 21,617 properties had sold in the Orlando area through September, 2006. This is a decline from 2005's record levels but this "down" year remains on pace to be the second best year on record.Association President Beverly Pindling said that, while soaring home values in the past few years delighted homeowners who were ready to sell, the long-term health of the market is better served by "slow, steady increases in home values."
"It's getting tougher and tougher for apartment developers to find sites that are in a desirable location and zoned for multifamily," says Shelton Granade, director of operations for CB Richard Ellis-Central Florida Multi-Housing Group. "There's a high demand for housing - compared to what the Orlando area will need just within the next two years ¾ the supply is pretty modest."
>> Orlando International Airport Remains at the Top Among the World's Airports
Orlando International Airport moved up two notches to become the 12th-busiest airport in the nation, according to new rankings released by Airports Council International. The group also said OIA moved up from 24th to 21st on the list of the world's busiest airports in terms of passenger traffic. Last year the airport tallied a record 34.1 million passengers, making it the busiest in the state.>> New Developments for Downtown Orlando
The city finalized plans and purchased land for a new sports arena, a new center for the arts and renovating the Citrus Bowl, the total project costing $1.04 billion. In addition, Parramore, the city's most troubled community, is benefiting from new mixed-income housing and Parramore Heritage Park, which is under construction, Mayor Buddy Dyer said.The city's public-safety initiative will put more police on the streets during the next three years, he added. Dyer said residents and commuters can look forward to a better transportation system, including commuter rail -- which will include several downtown stations -- and additional bus links. Dyer projects, "With the projects we have on board, the city will stand head-to-head and shoulder-to- shoulder with any region in the world."