The Daily Soak - November 26

Florida: One of World's Top "Real Estate Challenges"

That, according to a new weekly "In Depth" survey by Forbes which scans the globe looking for the most depressed markets. The Russian analyst's recent prediction the U.S. will break into regions after this current financial meltdown must be gaining some steam, because Forbes lumps Florida in with the "Southern U.S." The magazine notes, "Orlando prices are down 20% from last year, Miami prices have dropped by 17% and Tampa homes are commanding 20% less than a year ago. What's more, transaction volume in Florida is at a standstill." The other corners of the globe with the biggest challenges include the U.K., Continental Europe, Eastern Europe, all of South America, Australia, China and Japan. (Slideshow)


Florida Developers Finally Going Underground

But it's not out of fear of persecution for overbuilding during the boom years. The subterranean trend is an attempt to bury massive parking garages under new developments like the Downtown Dadeland complex in Miami. While Florida's water table has long served as an obstacle to going underground, height restrictions and exorbitant land prices are forcing some developers to suck it up..."it" being the water that inevitably inundates this type of construction. One developer says, "It's almost like building a swimming pool...you pump the water out and put cars in it." According to the Sun-Sentinel, the 2-level underground garage at Dadeland "spans 7 acres and required construction workers to tolerate bathtub-like conditions for a year." Plans are now underway for 3 and 4-level underground garages in Broward and Palm Beach Counties.


Marco Island: A Rare Bright Spot in Southwest Florida

Sales are up and inventory is down on Marco Island according to one area realtor. In a column on MarcoNews.com, realtor Natalie Kirstein reports "buyer activity is increasing, sales are up for the past two consecutive months, and, overall, for the past six months Marco Island posted a 27 percent gain... as of Oct. 31, inventory was down 13 percent in a year over year comparison." Beachfront condominiums have been the best sellers on the island followed by inland single-family homes and water indirect single-family homes. Prices ranged from single family foreclosures under $150,000 on the low-end to luxury high-rise units in the $1.4 million to $4.35 million.