According to the ULI (Urban Land Institute), the immediate future of real estate promises “a relatively smooth ride”. In concert with PricewaterhouseCoopers, the ULI unveiled their “2018 Emerging Trends in Real Estate” report last month in Los Angeles. The consensus of real estate experts and analysts surveyed by ULI view a “sudden drop in altitude” as highly unlikely. The ULI went further stating “Growth trends and an economic tailwind suggests an expansion of the current cycle, amid larger structural shifts in real estate.”
Real estate inventory levels remain tight as evidenced by the paltry 989 condos for sale within our 40 mile stretch of Emerald Coast beaches. Exactly 10 years ago (November 2007) we had 3,411 condos for sale, of which only 43 sold. We’ve come a long way!
SFR (single family residential) homes in Destin/Miramar averaged $684,014 last month while averaging $1,186,747 along 30-A. Condos in Destin/Miramar averaged $393,401 last month while averaging $412,298 along 30-A.
Many buyers who would otherwise be taking profits out of the stock market to diversify into real estate are holding off for the moment. We are being told that they wish to wait for the final disposition as to the tax reform proposals now in the Senate. They say they will resume purchasing after the final outcome but simply want to know what the tax ramifications will be moving forward.
Please call, text or email us anytime for an update!
Ed, Terri, Kay, Denis and Tammy