Panama City, Lakeland, and Vero Beach make Top 10 Appreciation List

With price appreciation slowing across the U.S., three Florida cities show promise for big gains in the next 5 years.

Panama city #1 - plans to build new airport:

"State and local governments and a top regional developer, St. Joe Co., are planning to build a new airport by 2008 at a cost of more than $300 million. Locals expect the new facility to open up the region the way Southwest Florida International Airport in Fort Myers helped drive a housing boom along Florida's southwestern coast in the 1980s."

Vero Beach #2 - needs 150,000 homes in the next 25 years:

"Here's why: A Florida Atlantic University study says Indian River County and its two closest neighbors will need a projected 154,000 new homes during the next 25 years to house the growing population and replace old structures. A Manpower Employment Outlook Survey predicts growth in construction, manufacturing, and retail jobs too. Per capita income growth closely shadowed that of Martin County, Florida's second-wealthiest, and is gaining on that of Palm Beach County, the state's richest."

Lakeland #4 - proximity to booming tampa area means hugh growth potential

"Aside from the panhandle and Vero Beach, few places in Florida scream out "buy now" like Lakeland. A house goes for a fifth less than the national median of $227,500, and Lakeland is just 30 minutes from Tampa, a juggernaut of 2.7 million people that's projected to add almost 210,000 more residents over the next five years."

To read the entire article:

Top 10 cities: Where to buy now 1 Business 2.0

Florida’s Largest Land Auction of the Year

Haywood Realty is hosting Florida's Largest Land Auction on November 11th, 2006 in Palm Beach Gardens. Small lots and Large Tracts of land up to 700 acres will be sold, with some auctions selling with no reserve price.

For more details, please visit their press release:

Florida’s Largest Land Auction of the Year

Event Date: November 11th, 2006 Saturday
Time: 9 am
Where: Amara Shrine Temple Auditorium
3650 RCA Blvd. Palm Beach Gardens, FL 33410
Telephone Hotline: 866-596-9730

Lower Interest Rates Anticipated for Next Year

Here's an interesting article by Jim Juback:

New hope for the ‘07 economy - MSN Money

With a lot of investors predicting a further drop in home prices, Jim explains a different scenario for next year. Land prices in Florida have seen a big drop in the last year, and now might be a good opportunity to take advantage of the correction. If interest rates continue to lower, as Jim predicts, land should appreciate at a nice rate next year.

Is the time to buy when everyone is selling, or when everyone is buying?

I'm prediciting a slow return to prices we saw in late '05 and early '06, and yes I think now is the time to buy.

Miami Housing Market anticipates High Inventory for Next Two Years

Miami Market Report:

With the current trends in Miami's housing market, it's safe to assume prices will fall in Dade County in the near future. Single-family homes and condo sales have fallen 37% and 27% respectively since last year.

"Not only has the inventory increased threefold, but the amount of buyers on the market is less than half of what it was last year," notes Ron Fillion of Ocean International Realty in Miami. Fillion believes the city will retain a high inventory in proportion to its population for at least the next two years.

Article Link: U.S. Cities With Biggest Housing Inventories: Financial News - Yahoo! Finance

The condo market is particularly vulnerable. With an increasing supply of condos, and a decrease in the number of buyers in the condo market, economics says that prices will fall.