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Old 03-26-2011, 10:38 PM
 
Location: Long Island
196 posts, read 277,125 times
Reputation: 60

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In your Opinion,,what is Truely the Hrdest Hit aread effected by this Terrible Crash?
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Old 03-26-2011, 10:43 PM
 
Location: Niceville, FL
4,674 posts, read 8,649,903 times
Reputation: 3291
Fort Myers- not much business there other than new home construction for so many years.
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Old 03-27-2011, 12:19 AM
 
Location: Daytona Beach, Florida
461 posts, read 918,283 times
Reputation: 398
Central Florida:
Orlando (overbuilding/speculation) and Space Coast (NASA job closings).

I don't believe Florida real estate will ever recover to previous levels due to the fact it had been previously financed by retirees with real pensions for decades.

New retirees today don't have pensions (lost in corporate bankruptcies), and only have 401K's (if lucky)!

This is not enough to sustain a new life in Florida as was done by previous generations.

There were also substantial owners with seasonal homes in FL -- but now faced with higher taxes/fees, energy/transportation costs and the tightening economy, these sales seem less realistic or frequent.

There is also competition from sexy foreign markets such as Costa Rica, Cancun, Dominican Republic, etc. for modern, safe, affordable resort-lifestyle properties -- with direct airline service for snowbirds (like they would have to use to get to FL anyway), to what were once unreachable, exotic global outposts.

R.I.P.

Last edited by daytonadewd; 03-27-2011 at 12:36 AM..
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Old 03-27-2011, 12:40 AM
 
Location: Tampa
2,602 posts, read 4,574,008 times
Reputation: 1444
Probably somewhere in Southwest Florida. There isn't much industry and commerce and the market seems to have counted on retirees and people moving to the area without any sort of job security.
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Old 03-27-2011, 07:53 AM
 
Location: Sanford, FL
12,519 posts, read 12,721,422 times
Reputation: 9025
Tampa

The city has one of the nation's highest unemployment rates (12.5%) and it's one of a handful of major metro areas with a rate that high. The lack of adequate infrastructure (roads and transit) are crippling the ability to land new industry/jobs.
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Old 03-27-2011, 08:27 AM
 
Location: Hernando County, FL
8,489 posts, read 11,372,908 times
Reputation: 5397
Quote:
Originally Posted by kyle19125 View Post
Tampa

The city has one of the nation's highest unemployment rates (12.5%) and it's one of a handful of major metro areas with a rate that high. The lack of adequate infrastructure (roads and transit) are crippling the ability to land new industry/jobs.
At 12.5 Tampa was not even in the top 50 metros for unemployment rate. With it dropping last month from 12.5 to 11.5 there are probably 75 or so metros with a higher unemployment rate. I understand you mentioned major metros not all metros but I am not sure what you are considering major.

At the 12.5% in January there were 8 Florida metros with a higher unemployment rate. Not sure where a full percentage point improvement would put it with Florida metros but in January it would have put Tampa ahead of 15 Florida metros.

Tampa will, in my opinion, come back quicker than most areas of Florida. It is a decently diversified economy with the ports, tech, tourism, ag, etc..
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Old 03-27-2011, 12:24 PM
 
Location: Sanford, FL
12,519 posts, read 12,721,422 times
Reputation: 9025
Quote:
Originally Posted by Mike1306 View Post
At 12.5 Tampa was not even in the top 50 metros for unemployment rate. With it dropping last month from 12.5 to 11.5 there are probably 75 or so metros with a higher unemployment rate. I understand you mentioned major metros not all metros but I am not sure what you are considering major.

At the 12.5% in January there were 8 Florida metros with a higher unemployment rate. Not sure where a full percentage point improvement would put it with Florida metros but in January it would have put Tampa ahead of 15 Florida metros.

Tampa will, in my opinion, come back quicker than most areas of Florida. It is a decently diversified economy with the ports, tech, tourism, ag, etc..

Ummm, ok...


Among metros, Tampa's workforce has suffered more than most

Tampa maintains the fifth-highest unemployment rate among large cities - Tampa Bay career management | Examiner.com

Forbes ranks Tampa No. 4 most stressed-out city
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Old 03-27-2011, 12:44 PM
 
Location: Hernando County, FL
8,489 posts, read 11,372,908 times
Reputation: 5397
Ummm, ok...

Care to address the actual stats I posted in regards to Florida metros?
This thread was about Florida's hardest hit city not how Tampa ranks against other U.S. metros.

And your Forbes link is a nice touch, not only does Forbes have some of the worst ranking methodologies it really doesn't relate to this thread.
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Old 03-27-2011, 02:32 PM
 
Location: Tampa
2,602 posts, read 4,574,008 times
Reputation: 1444
Tampa may have been hit pretty hard, but I think it has one of the better chances for rebounding than a lot of the state. A lot of the over-development occurred in areas that had little to no commerce or industry, or areas that may soon lose their main industry (like the Space Coast, with NASA up in the air). Tampa was a legitimate city before the boom, and it remains a legitimate city, which, I think, will help in the long run.
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Old 03-27-2011, 04:28 PM
 
Location: Palm Island and North Port
6,779 posts, read 12,895,611 times
Reputation: 2072
North Port was hit pretty hard:
March of 2005-Mar 2006: 1358 sales and the average sales price is $250K
Mar 2006-March 2007: 1240 sales and the average sales price is $234K
March 2007-2008: 879 sales and the average sales price is $189K
March 2008-March 2009: 1361 sales and the average price is $127K
March 2009-March 2010: 1384 sales and the average sales price is $111K
March 2010-March 2011: 1454 sales and the average sales price is $101k.

In North Port from 2005-2011 the prices have dropped more than 50%
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