Monthly Archives: November 2013

floridaAccording to ARA Florida principal Dick Donnellan, Florida has encountered a general recovery in its “primary markets” over the last year. He pointed out that “a decline in home ownership has pushed more renters back into the market place. The economy is starting to recover, jobs are increasing, and there’s more demand for apartments.  A lot of these jobs will be obtained by younger people and they are starting to get out of living at their parents or in a two- to three-roommate situation, and they can rent an apartment for the first time because they’re employed.”

The ideas perpetrated above were echoed by senior client manager at Forum Architecture & Interior Design Inc., Andrew Roark who pointed to the continued demonstrations of growth in the region.  Florida consistently is found among the top of completed multifamily projects.  While indeed all of the larger metropolitan area are developing nicely, it seems that Miami is ahead of the curve.  As Senior VP at Colliers International South Florida says, Larry Stockton noted, “Southeast Florida (Miami in particular) is highly sought-after for development. Coastal cities along the west coast of the state have seen some improvement but have not benefited from international demand to the same degree as South Florida,” Stockton says. “Orlando and Central Florida continue to see moderate demand. Existing product has been one of the better performing asset classes over the last 12 months with vacancy rate declines and strong year-over-year growth, especially in the urban core.”

Meanwhile many Florida homeowners continue to struggle to pay their mortgages, especially the elderly.  Thus earlier this week a program was launched by Florida Housing launched a program to help elderly homeowners through the Elderly Mortgage Assistance Program.  Those homeowners who are encountering difficulties will be able to receive aid in the amount of $25m.  This translates into eligible homeowners receiving a 2-year, forgivable loan of up to $25,000.

So while in general Florida housing is doing well, there are still gaps that need to be addressed.

floridaWhen it comes to making a decision about where to live, the three main considerations are often: housing, education and employment.  In this article, we look at how Florida fares on these issues.

According to data collected by Florida Realtors 2012, in September of this year sales of homes I the state remained on a “year-over-year growth streak.” Indeed, the figures are actually even better than what they were for the same time period last year.    Over 18,000 single homes were sold throughout the state in September 2013 and there was an increase in the median home price to $170,000, which is 17 percent higher than last year.  so that’s good news for Florida housing.

Moving on to education in the region the Bay Education Foundation of Bay County, FL recently recognized Doral Bank for the company’s “financial and volunteer support to assist Bay County middle school and high school students to be in a position to pursue a college education.”   Doral Bank has been beneficial for the education of the state.  In a recent ceremony, Bay Education Foundation’s executive director said, “Doral Bank changes lives. Doral's financial support of our scholarship program and the volunteer hours that bank employees contribute assist us in helping many students.”  In addition, the bank recently gave a $7,500 donation to the Foundation's ‘Take Stock in Children’ program, that awards college tuition scholarships to promising students from low-income households.

When it comes to the current situation of employment in the region, of course, this is impacted by housing and education and vice versa. The three aspects act interdependently of each other.

According to the ADP Regional Employment Report employment numbers in the state of Florida for October 2013were high.  8,580 private sector jobs (in the fields of construction, transportation, construction and utilities) alone were added during this time frame. As well, together with California, Texas, Ohio and New York, Florida posted the largest job gains during the month, nationwide.  This figure is an increase of .13 percent.

So in general, statistics and reports have shown that the state of Florida is boasting a relatively high quality of life if being measured by housing, education and employment.