State of Fla Housing Report

[Cork On the Ocean]

Something to chew on (90 pages)
State of Florida just released their final housing report. Based on 2004 info.

http://www.flhousingdata.shimberg.ufl.edu/publications/sofh/2004_Final_Housing_Report.pdf

 

[Miss Kitty]

Something to chew on (90 pages)
State of Florida just released their final housing report. Based on 2004 info.

http://www.flhousingdata.shimberg.ufl.edu/publications/sofh/2004_Final_Housing_Report.pdf

Is there a Cliff Notes version? I'd love to hear your synopsis, Cork.

 

[Cork On the Ocean]

Is there a Cliff Notes version? I'd love to hear your synopsis, Cork.

Mindblowing isn't it Sue? Found a tool they put out to summarize it by county and prined it but stops at 2003. An interesting thing it showed was that the actual sales in all categories actually dropped from 2002 to 2003 where the summary stops. This is from the Walton county summary:

Homes = 2002= 1077 2003 = 738
Mobiles = 2002= 122 2003= 107
Condos= 2002= 1516 2003= 1108

Haven't dug 2004 number of sales out of the full report yet but pretty sure it was over 2003. Considering this significant drop in 2003, what occurred this summer is not necessarily indicative a continuing trend downward because after the 2003 drop, 2004 went wild. Lets hope same for 2006, well maybe not the same wild sales but back upward again.

Also, noted that Walton is the least affordable county in the state. Are you getting that also? They seem to attribute it to the large number of second homes so there's no county household income to correct it downward. They also noted large growth in the number of working people in 2004 but it looks like that was inland.

2004 data
"Over one-third of Walton County's growth occurred within tract 9506 located along the Gulf of Mexico between Panma City and Destin. Tract 9505 is located just north of of tract 9506 but is still not far from the coast. Over 50% of the county's growth occurred within these two census tracts. In the middle of the age spectrum is the working age population, primarily those age 35-54. Census tracts 9502 in Walton County, experienced 58%, of their population increase from the working age 35-54 population group, respectively. In fact, in Walton County, this age group had the largest growth rate in every census tract within the county. "

Seems like this is a good sign that we're increasing in the working age population and perhaps investors need to look at housing for these people. Just a thought. Lots more to digest from this report.






Also interesting is the same

 

[Miss Kitty]

Thank you Cork!! My name is not Chicken Little, so I have not been concerned with "falling" prices and "lack" of buyers. I think the most important data concerns the building of housing for our service providers. This topic has been brought up before. I remember that SanDestin and St. Joe were building this type of housing...have they started?

 

[Cork On the Ocean]

Thank you Cork!! My name is not Chicken Little, so I have not been concerned with "falling" prices and "lack" of buyers. I think the most important data concerns the building of housing for our service providers. This topic has been brought up before. I remember that SanDestin and St. Joe were building this type of housing...have they started?

I think you're absolutely right about service housing. We need it desperately. We're seeing it in North Santa Rosa and Freeport

RE Sandestin: I know that the Bungalos at SanDestin was affordable housing class and Joe has produced some affordable housing and has more on the horizon. Joe has Palmetto Trace in PC (480 units) and Hawks Landing in Lynn Haven (167 units)

Joe is also doing Florida Ranches in Walton County. Expected to consist of 50- to 150-acre sites located within 1,000 to 3,000-acre communities. Initial pricing for Florida Ranch parcels is expected to range from $4,500 to $7,500 per acre. Sales are expected to begin in 2006. Not exactly lower end but not as high as beach communities. Seems to target working people that want more space. They're calling it new ruralism.

During the third quarter, Bay County approved a development agreement for WaveCrest, a beachfront development along Front Beach Road in Panama City Beach. WaveCrest is being planned for up to 88 residential units on the north side of the road. Don't have prices on this one yet but should find out more. Other communities across the street from the beach in PC are still quite affordable.

Joe also seems to have small business in mind:

Nautilus Business Park

In the third quarter of 2003, St. Joe Commercial broke ground on the Nautilus Business Park fronting on US 98 in Bay County. When completed in the first quarter of 2004, the park will have 12 net saleable acres divided into seven different parcels. The Nautilus Business Park represents a new commerce product that is being marketed to small business users that need some highway frontage for showrooms with the ability to build a warehouse/distribution facility to the rear of the property. Initially, the parcels will be priced between $300,000 and $375,000 per acre.

Cedar Grove Commerce Center

In the third quarter of 2003, St. Joe Commercial broke ground on the Nautilus Business Park fronting on US 98 in Bay County. When completed in the first quarter of 2004, the park will have 12 net saleable acres divided into seven different parcels. The Nautilus Business Park represents a new commerce product that is being marketed to small business users that need some highway frontage for showrooms with the ability to build a warehouse/distribution facility to the rear of the property. Initially, the parcels will be priced between $300,000 and $375,000 per acre.

This is from various reports they've published so not sure if they've met their projected start dates or not on some of them.

 

[drsvelte]

RE Sandestin: I know that the Bungalos at SanDestin was affordable housing class and Joe has produced some affordable housing and has more on the horizon.

Bungalos are selling in the $600K range - is this considered "affordable housing" for service providers? Sandestin has built apartment/dormitory housing for their seasonal workers off the resort.

 

[Kurt]

Wouldn't a resort-providing corporation buy cheap land, build cheap housing, and bus workers back and forth? St. Joe already has plenty of cheap land in many places. And, a bridge across the intracoastal will provide easy access to thousands of acres.