NEW YORK – Aug. 17, 2009 – “Florida is overdeveloped, over-speculated, and overleveraged,” says Greg Rand, managing partner at Better Homes and Gardens Rand Realty.
Florida is also a great buying opportunity, he insists.
With 78 million baby boomers expected to retire in the next two decades, the Sunshine State’s prospects are good, Rand says.
The smart money is coming back to Florida, agrees Harvey E. Green, president and CEO of commercial real estate brokerage Marcus & Millichap. Green has been investing in real estate for more than 40 years.
Ruth Trettis, a broker at Premier Properties in Naples, Fla., says she has sold nine homes in Port Royal, the city’s most affluent area, to one buyer. That buyer, who purchased the properties at deep discount, hasn’t done anything with them, even though the costs of just holding them are high. The buyer, Trettis says, bought the properties because he has a strong belief in real estate as a long-term investment.
The key is patience, says Green. “Real estate was never a short-term investment.”
Source: The New York Times
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