The Real Deal Miami

Report: Florida still to suffer

October 22, 2008 10:16AM

The Urban Land Institute and PricewaterhouseCoopers LLP released a survey that indicates South Florida may hurt for longer than the rest of the country, because its economy is already weaker than that of many other urban areas, but it could see a speedy rebound. The survey showed that as housing prices near a bottom — perhaps by late 2009 — homes closer to cities with thriving economies and mass transit will outperform outer-ring suburbs and “exurban areas,” where high gas prices are making long car commutes prohibitively expensive and raising utility bills. Emerging Trends in Real Estate 2009 also says changing housing preferences could increase demand for condos in urban areas, many of which now have a glut of such properties. One respondent said their company had 30,000 unsold units in South Florida — just as they did during periods of oversupply in 1975 and 1988.