Builder Report: Decent Sales Within Central Florida Housing Market
CB Richard Ellis (CBRE) reported that its Central Florida housing market multihousing group sold 8,660 units for approximately $772 million in 2006.
CBRE’s sales accounted for 42 percent of the $1.85 billion total apartment sales in metro Orlando. In terms of total dollars, 2006 was the second most active year for Central Florida apartment sales, trailing only 2005, which saw heavy action in the condo conversion market.
Apartment occupancy rates for 2006 were 96.8 percent and are projected to remain at 95 percent or higher throughout metro Orlando due to the strong job market. Research by CBRE indicates that 41,000 jobs were created in the region during the 12 months ending September 2006.
Interest in purchasing multihousing properties in metro Orlando with Florida home loans continues to be strong because of growing demand for apartments as more new residents move into the region to fill those newly created jobs, CBRE says.
In addition, few new apartments are expected to be built in 2007 because of a lack of available land. But it’s a good sign that the reason is unrelated to a slowdown in Florida mortgage loan demand.
March 19th, 2007 at 5:25 pm
[…] The Sun-Sentinel reports that Lake County School Board members could decide Monday to seek a nearly 150 percent increase in the fees builders must pay to help build classrooms in the county, which has become the fastest growing section of the Central Florida housing market. […]
March 20th, 2007 at 4:22 pm
[…] pace of new-home construction continued to slow in the Central Florida housing market during the fourth quarter, with housing starts falling 37 percent from the same period a year ago, […]