Speculation Fueled Bradenton Sarsota Market in 2005
Today's Sarasota Herald Tribune writes...
A national study of housing sales during 2005 confirmed what many had suspected -- that speculation has been rampant in the booming real estate market.
Almost 40 percent -- or 3.34 million -- of the homes and condominiums bought last year nationwide were by people who had little or no intention of living in them, the National Association of Realtors found.
Of those, 27.7 percent were strictly investments while 12.2 percent were vacation homes, arguably investments themselves.
A Herald-Tribune analysis of single-family home ownership records in Florida shows the same pattern, with far fewer recent new owners taking advantage of tax breaks reserved for resident homeowners, implying that they are investment properties.
What affect might this have on the market? Read the whole article at
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060413/BUSINESS/604130618
A national study of housing sales during 2005 confirmed what many had suspected -- that speculation has been rampant in the booming real estate market.
Almost 40 percent -- or 3.34 million -- of the homes and condominiums bought last year nationwide were by people who had little or no intention of living in them, the National Association of Realtors found.
Of those, 27.7 percent were strictly investments while 12.2 percent were vacation homes, arguably investments themselves.
A Herald-Tribune analysis of single-family home ownership records in Florida shows the same pattern, with far fewer recent new owners taking advantage of tax breaks reserved for resident homeowners, implying that they are investment properties.
What affect might this have on the market? Read the whole article at
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060413/BUSINESS/604130618
posted by Dan Forbes at
8:36 AM
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