South Florida economic forecast for 2011
South Florida economic forecast for 2011: The tricounty of South Florida (Palm Beach, Broward, Miami-Dade) forecasts modest growth in business services, healthcare and manufacturing will help stabilize the local economy. The manufacturing sector will add jobs again in 2011 after several years of contraction. In addition, the region's international trade is a major source of strength, especially that many Latin American economies are doing better than the United States.
We will see solid increase in housing starts in Palm Beach, Broward and Miami-Dade counties. Housing starts will pick up to about 63,000 statewide, compared with 20,000 in 2010. And for the tri-county area 11,300 in 2011 new home starts are expected compared with 6,200 in 2010 As for the re-sale market, the single-family segment continues to outpace condominium sales. Inventory is decreasing with both condos and single family homes, and prices are stabilizing in many areas, even increasing in some single family home communities.
Foreclosures and short sales will continue to affect the state's housing market at all price points with inventory in this market taking another 12 to 24 months to be absorbed. Mortgage rates are still very low and there are many cash buyers in the market. I see a healthy demand for good properties. I say to my Buyers: 'You are buying at the lowest point in the real estate market in many years and, should you find a top of the line property it is very likely that you are purchasing at HALF of what the Seller paid for or has in the property'.