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REAL ESTATE
The latest prediction being reported by the National Association of Realtors is that the residential market has bottomed out. The expectation is that recovery might take 18 months.
There are a number of issues that must be considered in reviewing the existing situation.
Real estate values in Central Florida have dropped in 2007. The flow of people into Florida has not stopped. The legislature is considering reducing local taxes, thus reducing the income to pay for future growth. Impact fees are increasing to provide basic infrastructure to developments and the cost of infrastructure continues to rise. Florida Communities are concern with have adequate dollars to pay for infrastructure and services. School Boards are now required to set a Level of Service under the “Growth Management Act” which can severely restrict the number of building permits issued. The impact of high a Level of Service Standard could affect the ability of communities to grow in a sustainable way.
Housing prices have gotten out of the reach of the average worker. A reduction in taxes, without reduction of impact fees and insurance will not be solving any problems. In fact tax cuts could leave Cities and Counties unable to provide basic services and restrict emergency services. Builders have been stuck with high inventories and declining markets have opened the floodgates for innovated sales incentives ranging from free appliances to boat slip leases to sell off current housing stock. Higher property taxes and soaring insurance rates have bitten hard on property speculators, leading to a higher rate of mortgage defaults than have been seen in the recent past.
Because of all these factors, infill development in the Central Business Districts of communities will become more attractive to investors and developers especially in areas where additional incentives can be provided. There are various groups such as the “How Shall We Grow” in Central Florida, promoting higher densities and more open space. Rising fuel prices make mid and high-rise apartments attractive in new town centers. Community Redevelopment Agencies, Business Improvement Districts, and Main Street Programs provide programs such as Tax Increment Financing to add value to downtown redevelopments.
Sustainable growth becomes even more important to our future. The Green development movement continues to grow in popularity, including new projects developed with insulated glass windows, plant-covered roofs for natural temperature controls and photovoltaic cells to generate energy.
LEGAL BRIEFS
The often-unreasonable position of the Department of Community Affairs in finding large-scale amendments "In Compliance" appears to be softening. President and CEO Michael Joachim has been busy, helping to negotiate agreements for multiple clients with the Department of Community Affairs. Michael's in-depth knowledge of the legal implications of the current round of growth management legislation has allowed him to find the middle ground so that agreement can be reached. Michael is currently researching the possible implications of upcoming legislation dealing with a Hometown Democracy Act, increases in homestead exemptions, water plans, and transportation management in order to represent clients as their expert witness and sustainable planning advocate.
IF YOU LIVE IN FLORIDA , WHERE DO YOU GO FOR VACATION?
Jon Adams, Planner and GIS expert, is spending most of the month of June in Moldova.
Moldova, a former protectorate of Russia is where Jon met his wife during an assignment with the Peace Corp.