Forecast for Real Estate Market in 2015: Mostly Sunny
When it comes to making predictions about what’s in store for 2015, economic analysts are forecasting good things ahead for the U.S. real estate market. A new report, Emerging Trends in Real Estate 2015, pretty much summed up the mood in the title of Chapter 1: “Sustaining Momentum But Taking Nothing For Granted.”
Florida Cities Are Among Markets to Watch
Based on extensive surveys of more than 1,400 industry professionals, the annual report is a joint project of the Urban Land Institute and PricewaterhouseCoopers. It identifies 75 “markets to watch” in the coming years, and eight of the metropolitan areas to keep an eye on are in Florida.
Miami checked in at No. 19 on the list. Tampa/St. Petersburg came in at No. 35, followed by Orlando at No. 39. Fort Lauderdale and Palm Beach ranked 44 and 45 respectively. The other Florida markets to make the list were Jacksonville, Cape Coral/Fort Myers/Naples, and Daytona/Deltona.
Miami, however, was the only Florida market where overall real estate prospects were rated as “generally good.” The others were considered “fair.”
This marks the second year in a row Miami has made the top 20. “Survey respondents obviously feel that the market has fully recovered from the housing bust meltdown that had many thinking it would be years before the market returned to more normalized conditions,” the report said. Its authors added that the construction market is “up and running again in Miami and that is driving growth in a number of support industries.”
Texas Markets Rated Strongest
Analysts note that while the findings resemble the rankings of previous years, there’s been some significant reshuffling among the hottest real estate markets. Citing “the strength of the Texas economy,” the survey places Houston in the top spot this year while Austin came in at No. 2, “pushing perennial top market San Francisco to the number-three spot.” Dallas-Fort Worth came in at No. 5.
The predictions also vary depending on the type of property. Industrial warehousing was seen as a hot ticket for both investment and development purposes. Prospects for moderate to high income apartments were also generally seen as favorable. As the report put it, “Housing is on its way back.” Regional malls, on the other hand, ranked near the bottom with investment and development prospects rated as “poor.”
Overall, however, it’s quite a turnaround from what real estate experts were predicting just a few years ago as the economy headed for a nosedive.
Our Attorneys Are Well-Versed on Latest Trends
At the real estate Law Offices of Larry E. Bray, we make a point of staying abreast of the latest trends in both residential and commercial real estate here in Florida and around the country. If you’re looking to capitalize on the improving outlook for this sector of the economy, we can help.
Whether you’re buying a home, acquiring new office space, or making other property investments, real estate transactions can become very complicated very quickly. We’ll make sure you understand the legal impact of the documents you sign by providing you with the legal counsel you need during a real estate closing. Feel free to contact us at our Lake Worth, Boca Raton or West Palm Beach office to arrange a consultation.