The facts:
I just read a great article in Florida Trend Magazine. If you are an executive, Developer, or in charge of our region for your company, then this is a great magazine to read. The results are in for 2006, and the population for Florida grew again gaining more than 1000 people per day. Here are the numbers:
Daily in Migration +1,932
Daily out Migration - 966
Births minus deaths +115
Daily growth 1,081
FLorida Population
2003 17.0 million
2004 17.4 million
2005 17.8 million
2006 18.2 million
Florida ranked 2nd in the US for Biggest Population Gains (321,697) only behind Texas (579,275).
My opinion:
I am surprised. The last year was about as bad as it has gotten with factors affecting real estate. High property taxes, skyrocketing insurance rates, lack of affordable housing, some of the worst Hurriance seasons ever appeared to valid reasons for a slowdown in the growth. Personally I have in the last 6 months had a lot of past clients move to the Carolinas. It felt like 5 years ago, everyone was moving here from the Carolinas. The bottom line is that the real estate boom was experienced in other parts of the country too, so markets like California and New York as still much more expensive and FLorida continues to draw residents form those countries. California has earthquakes, midwest has tornadoes, northeast has blizzards. It is all relative.
Florida still has a lot of advantages regarding taxes and prices. We are one of the few states that do not have an income tax. We pay higher property taxes as a result, but this helps the locals because they dont pay income tax and foreign property owners all pay property taxes. Unlike a lot of other taxes, you cannot shelter property income tax. Did you know that the millage rate here in Fort Lauderdale is 22.11 and Miami 24.64 is much less that other cities like Pittsburgh (29.41), Detroit (53.07), Bloomfield (36.47).
The bottom line is that people are still coming and further helps the case that our property values should remain stable.
DEAL OF THE DAY
**Estate Sale** This Aventura condo in the Bonavista has renovated Bathrooms, new tile, new windows and is priced for fast sale at $250,000. 2/2 with water view right on Country Club Drive. There is no mortgage on the property, the first reasonable offer will be accepted, descendants want a quick sale. Call 305-965-6947. This will be hitting the market be Feb 1,2007.