RESEARCH DIVISION Business Data for Engaging in International Real Estate Transactions in Florida January 2 for Real Estate
Introduction Overview of International Transactions Today, we are living a global marketplace. International transactions imports, exports, and capital flows are substantial and growing. Along with the expansion of international trade and the internationalization of capital markets, the flow of people across borders has increased. The demand for real estate in both the residential and commercial sectors has grown, both in terms second homes as well as in terms of investment properties. The purpose of this report is to present recent economic data related to international business activity directly associated with Florida, particularly as related to providing information to non-u.s. residents in terms of residential and commercial real estate. 25, Monthly U.S. Imports and Exports of Goods and Services (Unit: $ Million) 2, 5,, 5, 2 2 22 23 24 25 26 27 28 29 Import Export The growth of the international economy provides many opportunities for rental housing, first and/ /or second homes, and commercial properties. A recent study, The 29 National Association of REALTORS Profile of international Home Buying Activity, shows that approximately 4 percent of national existing home sales involved non-resident foreign buyers. In addition, immigrants to the U.S. as well as foreign expats residing in the U.S. for business purposes provide a significant residential demand. In the commercial area e.g.., office building, retail, industrial, multi-family, and hotel properties property ownership is essentially worldwide. The level of actual participation in international transactions will vary from state to state. NAR conducted a survey of REALTORS in 29 to better understand the extent of non-u.s. resident homebuyers, why those buyers purchased U.S. homes, and what types of properties they bought and for what purpose. Of the REALTORS who participated in the survey, 2 percent reported that they didd at least one home sale transaction with international buyers. Page
International residential transactions in the United States occur for a variety of reasons: foreign expats with international corporations needing housing while working outside of their home countries, foreign residentss seeking second/vacation homes (e.g., Canadians vacationing in the winter in Florida) ), and foreign-born nationals seeking residences due to immigration. The homeownership rate of foreign-born households recently arrived in the U.S. tends initially not to be high. Due to language, cultural and institutional adjustments, homeownership among recent immigrants lags behind that of native-born Americans and the population as a whole. However, eventually, the homeownership rate of immigrants surpasses that of the national average, with over 8 percent of foreign-born U.S. residents owning a home far higher than the national homeownership rate of 67 percent. 9% 8% 7% 6% 5% 4% 3% 2% % % 5 Home Ownership of Immigrants by Length of Stay in U.S. years or less 6 to years to 5 years 6 to 2 2 to 25 years years 26 to 3 years 3 to 35 years 36 to 4 years more than 4 years 2 28 U.S. Homeownership REALTORS can seize the opportunity and help close the early-year homeownership gap through counseling and homebuyer education programs for their foreign-born clients. Many REALTORS have already realized the potential business opportunities. Over the last five years, almost half of NAR members indicated that they have participated in a transaction involving an international element, and this trend will inevitably increase. Florida Overview of Current Economic Trends and Residential/Commercial Real Estate Florida has been the most popular destination of home buyers from abroad. In a separate survey of Profile of Internationa l Home Buyers in Florida, it is estimated that international clients in Florida represented an estimated 3 percent of existing home purchases during July 28- July 29. Tourism is Florida s largest industry, with the Orlando area particularly known for Disney, Universal, and other theme parks and attractions. With thousands of miles of beaches ranging from the Emerald Coast in northwest Florida to major areas along both the east and west coasts, and Key West in the south, Florida is an important vacation destination. Citrus Page 2
fruit is the second largest industry. Florida produces the majority of citrus fruit grown in the U.S. Other products include sugarcane, strawberries, and tomatoes. Phosphate mining is the state s third largest industry. NASA at the Kennedy Space Center and the U.S. military at a variety of bases and commands throughoutt the state, result in major Federal expenditures in the state. Finally, Florida has repeatedly proven to be attractive for a retirement home or second home both to U.S. citizens as well as many part-year visitors from Canada, Mexico, South America, and Europe. In the past year Florida the Great Recession has disproportionately affected Florida and, in particular, its real estate market. This is believed to be a temporary phenomenon, but in the 29 /2 both the commercial and residential real estate markets have experienced and are expected to continue to experience for a while the effects of the recession. Florida has experienced a high level of distressed property as well as significant job losses. The Philadelphia Federal Reserve Bank Coincident Economic Activity Index shows that Florida has been hit to a somewhat greater degree than has been the case for the rest of the nation. Philadelphia Federal Reserve Coincident Economic Activity Index 2 8 6 4 2 8 6 4 2 2 2 22 (: July, 992) 23 24 25 26 27 28 29 Florida Florida real estate has experienced a number of problems: Median Home Prices have experienced major declines to a greater degree than overall U.S. prices. The decline in Existing Home Sales was very substantial, with particular problems in the Condo area. Sales of Commercial property have also declinedd significantly. At this time the Florida market has started to enter the recovery mode. Some areas are reporting significantly increased sales, and foreclosures and condos have been clearing the market relatively quickly. Page 3
7 6 5 4 3 2 State and National Existing Home Sales Volume (Unit:,) 8, 7, 6, 5, 4, 3, 2,, FLORIDA U.S. 3, State and National Median Existing Home Sales Price ( Unit: $) 25, 2, 5,, 5, FLORIDA U.S. Page 4
Commercial Real Estate Sales for Five Major Areas 2 8 6 4 2 8 6 4 2 Miami, Orlando, Tampa, Ft. Lauderdale, Jacksonville Sales Billionss 26 27 28 Total U.S. Commercial Sales Volume Commercial Sales Volume Total U.S. Billions 45. 4. 35. 3. 25. 2. 5.. 5. 26 27 28 29 Detailed dataa for Florida real estate and economicc drivers is presented in the tables at the end of this report. Page 5
Information on NAR s Global Programs NAR Global is the division of the National Association of REALTORS created to help members achieve unparalleled growth. Offering the Certified International Property Specialist Designation, the At Home With Diversity and the Resort and Second Home Property Specialist Certification, we show REALTORS how to diversify their business, and provide designees with the research, tools and accesss to globalize their network. With over 8 bi-lateral agreements, affiliation with nearly 6 countries, and strategic partners, NAR Global helps you explore the global market. NAR s international program has a long history, demonstrating the foresight of NAR leaders over a number of decades. Through carefully developing and nurturing international bilateral and multilateral relationships worldwide, NAR has laid a solid foundation for participation in today s global marketplace. Numerous products and resources have been developed to assist NAR members and REALTOR Associations in including a global market component in their business plan/member services program. These resources include: NAR Global home page at Realtor.org Best general resource for information on NAR international programs and services http://www.realtor.org/global Certified International Real Estate Specialist (CIPS) designation program and business network Provides introductory and advanced training for real estatee professionals and administrators, along with business development/networking tools, resources and events. Access course descriptions, schedule, benefits and other information on CIPS from NAR Global home page, http://www.realtor.org/global Global E-Report (Electronic Newsletter) Available free to any NAR member, provides members with tips on how to expand their market and connected to global events.. To subscribe to this newsletter, please visit your Profile page at Realtor.org and select International News Pre-packaged Meeting Tool Kits for Broker Meetings Series of short, informational training modules on global market topics; ideal for use in sales agent meetings, local council meetings, etc. You may download at http://www.realtor.org/cipshome.nsf/pages/ /toolkits NAR Global Association Network NAR partners with over 8 associations in nearly 6 countries all of whose members subscribe to a code of conduct similar to the NAR Code of Ethics. Review the full list of foreign partners, NAR s volunteer liaisons to thesee groups, and/or access the association directly at http://www.realtor.org/intlnet.nsf/coopassocmain WorldProperties.com. WorldProperties.com is backed by the International Consortium of Real Estate Associations (ICREA). Currently, it is comprised of 3+ leading national real estate organizations representing 2 million brokers/ /agents worldwide, each of whom adhere to a code of conduct. WorldProperties.com provides benefits to broker/agent members by assisting them in marketing and facilitating business in the global marketplace. Accesss www.worldproperties.com Page 6
Data Overview A variety of tables and graphs present information relevant to the Florida real estate picture: Contents Demographic and Housing Statistics Table : Population Demographics by Birth Place... 9 Table 2: Tenure Status and Median Income... 9 Table 3: Tenure Status by Citizenship... Table 4: Major Language Spoken at Home... Table 5: Migration Statistics... Mortgage Statistics Table 6: Mortgage Originations in 28... Table 7: Current Mortgage Status as of 29 3rd Quarter... Immigration Statistics Table/Chart 8: Admitted Immigrants... 2 Table/Chart 9: Naturalized Citizens... 2 Table/Chart : Immigration by Originationn Regions and Countries in 28... 3 Table/Chart : Immigration by Originationn Regions and Countries in 28... 4 Table 2: Nonimmigrant Visitors to Florida............ 5 International Economic Activities Table 3: Employment by Foreign Direct Investment Firms... 6 Table 4: Florida Exports by Product... 7 Table 5: Florida Exports by Trading Partner... 8 Local Economics and Housing Market Trends Table/Chart 6 A : Housing and Economic Trends for Cape Coral Fort Myers, FL... 9 Table/Chart 6 B : Housing and Economic Trends for Deltona Daytona Beach Ormond Beach, FL.. 2 Table/Chart 6 C : Housing and Economic Trends for Gainesville, FL... 2 Table/Chart 6 D : Housing and Economic Trends for Jacksonville, FL...... 22 Table/Chart 6 E : Housing and Economic Trends for Miami Fort Lauderdale Miami Beach, FL...... 23 Table/Chart 6 F : Housing and Economic Trends for Ocala, FL... 24 Table/Chart 6 G : Housing and Economic Trends for Orlando, FL... 25 Table/Chart 6 H : Housing and Economic Trends for Palm Bay Melbourne Titusville, FL... 26 Table/Chart 6 I : Housing and Economic Trends for Pensacola Ferry Pass Brent, FL... 27 Table/Chart 6 J : Housing and Economic Trends for Sarasota Bradenton Venice, FL... 28 Table/Chart 6 K : Housing and Economic Trends for Tallahassee, FL... 29 Table/Chart 6 L : Housing and Economic Trends for Tampa St.Petersburg Clearwater, FL... 3 Local Commercial Fundamentals Table/Chart 7 A : Commercial Real Estate Fundamentals for Fort Lauderdale... 3 Table/Chart 7 B : Commercial Real Estate Fundamentals for Jacksonville... 32 Table/Chart 7 C : Commercial Real Estate Fundamentals for Miami...... 33 Table/Chart 7 D : Commercial Real Estate Fundamentals for Orlando... 34 Table/Chart 7 E : Commercial Real Estate Fundamentals for Tampa...... 35 Page 7
Table/Chart 7 F : Commercial Real Estate Fundamentals for West Palm Beach... 36 Local Commercial Investment Trends Table/Chart 8 A : Commercial Real Estate Investments in Fort Lauderdale... 37 Table/Chart 8 B : Commercial Real Estate Investments in Jacksonville... 38 Table/Chart 8 C : Commercial Real Estate Investments in Miami... 39 Table/Chart 8 D : Commercial Real Estate Investments in Orlando... 4 Table/Chart 8 E : Commercial Real Estate Investments in West Palm Beach... 4 Table/Chart 8 F : Commercial Real Estate Investments in Tampa... 42 Page 8
Demographic and Housing Statistics Table : Population Demographics by Birth Place Entry Year All U.S. Born Foreign Born Citizen Citizen U.S. Naturalized Parents Citizen Florida Before 98 98 989 99 999 2 or later Total U.S. Before 98 98 989 99 999 2 or later Total,7,7 736,8,2,9,26,78 8,328,34,78,75 8,266,662,666,567 2,9,466 34,59,728 4,738,655 263,69,759 8,679 3,79 36,759 37,773 85,29,,265 46,58 466,48 44,63 2,423,867 73,27 4,729 362,734,724,65,44 6,54,84 4,52,494 4,64,44,4,583 6,33,357 Source: American Community Survey PUMS Data 28 Non Citizen 4,495 24,5 528,98 888,5,798,99,778,895 3,74,328 6,748,546,83,976 2,685,745 Table 2: Tenure Status and Median Income Florida U.S. Total Housing Unit Occupied Unit Owner Occupied Renter Occupied Vacant Unit Homeownership Rate Median Household Income Homeowners Renters 8,798,23 7,57,285 4,96,497 2,4,788,74,928 7.% 56,633 32,94 29,6,383 3,,329 75,373,53 37,728,276 5,959,54 66.6% 47,778 56,633 Source: American Community Survey PUMS Data 28 Page 9
Demographic and Housing Statistics Table 3: Tenure Status by Citizenship Ownership Status All Florida Owner Occupied Homes,77,45 Renter Occupied Homes 5,,339 Total 6,728,789 U.S. Owner Occupied Homes 95,473,63 Renter Occupied Homes 87,63, Total 283,86,263 Source: American Community Survey PUMS Data 28 Born Citizen Naturalized Citizen 9,722, 746,83,6 3,89, 875 32,46 3,63, 62,53,757 75,8,76,29,75 72,,28 4,53,638 247,9,969 5,363,388 Non Citizen 8,93 8,388,6,4 8,452,652,358,254 9,8,96 Table 4: Major Language Spoken at Home Languages Florida English Spanish Indo European Asian Other Total U.S. English Spanish Indo European Asian Other Total Source: American Comm All 5,239,394,269,635 398,672 4,966 44,68 7,57,285 9,97,265 2,598,288 5,99,92 3,328,689 977,895 3,,329 munity Survey PUMS Data 28 Linguistically Isolated Linguistically Not Isolated 39,37 878,265 86,22 32,452 24,425 8,54 6,24 38,44 58,29,39,672 3,52,825 9,95,463 87,466 4,227,726 939,868 2,388,82 6,63 86,265 5,475,789 6,528,275 Table 5: Migration Statistics Florida Non Movers Movers Moved From Same County Moved From Same State Moved From Different State Moved From Abroad Source: American Community Survey PUMS Data 28 (%) U.S. (%) 95,448,337 84.4% 7,652,992 5.6%,443,74 9.2% 3,765,38 3.3% 2,729,6 2.4% 74,639.6% Page
Mortgage Statistics Table 6: Florida Total Loans Conventional FHA VA RHS U.S. Total Loans Conventional FHA VA Mortgage Originations in 28 Purchase Loans Median # of Loans Amount 7,628 6,2 42,87 9,257 2,452 2,963,72 2,9,392 755,37 45,8 22, 242,9 67, 22,9 35,9 26,2 236,8 7,5 25,9 RHS 53,2 4,2 Source: Home Mortgage Disclosure Act Data, 28 Refinancing Loans Median # of Loans Amount 47,85 26,597 8,826 2,368 4 3,27,43 2,69,973 474,478 4,8 87 2,5 25,7 73,6 2,5 273, 26,6 223,4 79,6 97,9 7,8 Table 7: Florida Currently Servicing Total Conventional Conventional Prime Conventional Sub Prime FHA VA U.S. Currently Servicing Total Conventional Conventional Prime Conventional Sub Prime FHA VA Current Mortgage Status as of 29 3rd Quarter Loans Seriously (, ) % Share Delinquent Source: Mortgage Bankers Association, 29 3,465 3,3 2,66 55 249 84 44,646 38,598 33,879 4,79 4,85,99 Foreclosur e Inventory 8.8% 2.7% 75.5% 4.9% 7.2% 2.4% 4.4% 45.4% 4.3% 8.% 9.6% 32.2% 7.8% 4.7% 8.9% 4.5% 75.9%.6%.9% 2.7% 6.3% 28.7% 8.7% 5. % 3.2% 5.4% 3.3% 2.3% Page
Immigration Statistics Table/Chart 8: Admitted Immigrants 999 2 2 22 23 24 25 26 27 28 Florida U.S. 57,26 644,787 94,474 84,2 4,48,,58,92 9,46,,59,356 52,77 73,542 76,78 957,883 22,95,,22,257 55,986,,266,29 26,277,,52,45 33,445,,7,26 8 6 4 2 8 6 4 2 Admitted Immigrants (Unit:,),4,2, 8 6 4 2 Florida U.S. Table/Chart 9: Naturalized Citizens 999 2 2 22 23 24 25 26 27 28 Florida U.S. 67,43 837,48 68,854 886,26 48,577 66,259 44,732 572,646 35,5 462,435 43,795 537,5 42,999 64,28 9,846 72,589 54,563 66,477 28,328,,46,539 4 2 8 6 4 2 Naturalized Citizens (Unit:,),2, 8 6 4 2 Florida U.S. Source: Department of Homeland Security, Immigration Statistics 28 Page 2
Immigration Statistics Table/Chart : Immigration by Origination Regions and Countries in 28 Total Africa Asia Europe Oceaniaa North America South America Cuba Haiti Colombia Venezuela Jamaica Mexico Peru Brazil Dominican Republic Philippines Argentina India Ecuador China, PRC Nicaragua Honduras United Kingdom Canada Vietnam Guatemala Trinidad and Tobago Pakistan Guyana Germany El Salvador Chile Russia Uruguay Bangladesh Israel Korea Costa Rica Albania 33,445 2,786 2,287 8,637 7 7734 32,622 4,946 4,682 3,48 6,5 5,37 4,632 3,635 2,783 2,779 2,89 2,46,785,74,69,5222,493,49,34,97,37 883 732 78 643 629 59 573 55 537 528 59 486 4644 Oceania.% Source: Department of Homeland Security, Immigration Statistics 28 5, 4, 3, 2,, Immigration by Origination Regions Recnet Immigration Trend by Major Countries Jamaica 24 Unknown.% South America 24.% Africa 2..% North America 57.9% Venezuela Colombia Asia 9.2% 25 26 27 Haiti Europe 6.5% 28 Cuba Source: Department of Homeland Security, Immigration Statistics 28 Page 3
Immigration Statistics Table/Chart : Immigration by Origination Regions and Countries in 28 Total Africa Asia Europe Oceaniaa North America South America Cuba Haiti Nicaragua Colombia Jamaica Dominican Republic Mexico Peru Venezuela Brazil Honduras Philippines India Ecuador Trinidad and Tobago Canada United Kingdom Vietnam Argentina Guyana Guatemala El Salvador Chile China, PRC Panama Costa Rica Bahamas Bosnia Herzegovina Germany Russia Pakistan Poland Spain 28,328 2,4,522 8,352 34 82363 24,583 34,32,675 9,968 9,7 7,33 4,366 4,82 3,68 3,34 2,356 2,273 2,239 2,23,92,56,555,5,473,436,232 6 4 89 762 742 623 583 57 534 525 47 456 43 Oceania.% Source: 28 4, 35, 3, 25, 2, 5,, 5, Source: 28 Naturalization by Origination Regions South America 9.2% Department of Homeland Security, Immigration Statistics Recent Naturalization Trend from Major Countries Jamaica 24 Unknown.2% Africa.6% North America 64.2% Asia 8.2% Europe 6.5% Colombia Nicaragua Haiti 25 26 27 28 Cuba Department of Homeland Security, Immigration Statistics Page 4
Immigration Statistics Table 2: Nonimmigrant Visitors to Florida 25 26 27 28 Foreign government officials and families Temporary visitors: for business Temporary visitors: for pleasure Transit aliens Treaty traders and investors Students and dependant family Representatives to international organizations and families Temporary visitors: for pleasure, visa waiver, Guam Temporary workers and trainees, dependent family Representatives of foreign information media and families Students and exchangee visitors, and dependant family Fiancés /spouses of U.S. citizens and their children Intra Company transferees and dependant family Vocational students and dependant family NATO officials and families NAFTA professional workers and dependant family Fiancés/spouses of permanent residents and their children Temporary visitors: visa waiver, business Temporary visitors: visa waiver, pleasure All other classes Total 2,44 377,3,849,54 88,646 22,73 39,78,396 77,37 3,68 6,577 5,972 56,37 2,233 95 3,99,362 47,348 2,34,84,8 5,2,63,96 366,468,,956,833 9,895 24,476 42,8,397 22 87,4 3,432 22,826 4,76 48,7 2,533,297 4,357 729 35,695 2,,3,274 4 4,,99,9 2,329 37,7 2,27,334 94,59 25,47 46,35,456 2 9,34 3,889 32,459 5, 5,24 3,497,445 4,8 55 45,6 2,26,777 5,366,973 2,26 394,28 2,473,25 96,46 25,53 48,959,597 2 78,829 3,96 3,26 4,544 5,86 4,44,548 4,694 292 57,867 2,542,25 6 5,93,939 Source: Department of Homeland Security, Immigration Statistics 28 Page 5
International Economic Activities Table 3: Employment by Foreign Direct Investment Firms 22 23 24 25 26 Florida Total Private Sector Employees Direct Investment Firms All industries FDI Firm share (%) Manufacturing Wholesale trade Retail trade Information Finance and insurance * Real estate, rental, leasing Professional, scientific, tech services Other industries U.S. Total Private Sector Employees Direct Investment Firms All industries FDI Firm share (%) Manufacturing Wholesale trade Retail trade Information Finance and insurance * Real estate, rental, leasing Professional, scientific, tech services Other industries * Excludes depository institutions. Source: Bureau of Economic Analysis 6,29,4 252, 4% 75,6 24,6 26,3 3,9 9,9 5,5 7, 89,2 8,627,6 5,425,4 5% 2,236,4 57,9 58,8 238,8 232,3 33,7 65,,49,5 6,97, 247,8 4% 73,9 2,3 26,5,3,3 5,3 7,5 9,6 8,, 5,244,4 5% 2,7,4 529, 582,2 239,9 24,7 35,6 75,2,324,2 6,432,,9 237,,6 4% 65,,2 2,,3 3,,2 3,,2 6,,4 8,, 5,,7 88,,7 9,6,,7 5,3,,5 5% 2,3,,9 56,,7 62,,7 22,,7 94,,9 47,,7 83,,3,36,,5 6,78,8 23,7 3% 6,3 2, 29,7 3,2 6,4 9,6 5,6 84,9,72,6 5,2,6 5% 2,,9 578,5 573, 22, 99, 47, 97,5,393,4 6,93,2 248, 4% 66,8 26, 3,9 4,4 6,7 9,9 6,7 86,5 3,795, 5,33,5 5% 2,57,8 68,7 564, 223,5 25, 46, 22,4,42,9 Page 6
International Economic Activities Table 4: Florida Exports by Product 25 Total 33,444 Share among U.S. Export (%) 4% Computers & Electronicc Prod. 9,542 Transportation Equipment 5,882 Chemical Manufactures 3,569 Machinery Manufactures 3,588 Misc. Manufactures,737 Waste & Scrap 269 Elec. Eq., Appliances & Parts,88 Processed Foods,7 Fabricated Metal Products 847 Paper Products 87 Primary Metal Manufactures 392 Plastic & Rubber Products 57 Crop Production 636 Spec. Classification Provisions 64 Used Merchandise 284 Non Metallic Mineral Mfgs. 225 Fabric Mill Products 5 Wood Products 2 Petroleum & Coal Products 87 Beverage & Tobacco Products 33 Leather & Related Products 48 Printing & Related Products 288 Furniture & Related Products 6 Apparel Manufactures 27 Fishing, Hunting, & Trapping 5 26 38,558 4%,856 6,792 3,95 4,353 2,86 6,557,26 983 967 439 623 77 556 367 249 492 229 4 67 63 86 76 79 52 (Unit: Million) 27 28 44,858 54,238 4% 4% 2,9 2,65 7,352 9,97 4,689 7,76 5,5 6,383 2,768 2,773,22 2,286,733,954,49,672,98,34,4,74 52,4 843 958 83 869,3 76 62 683 286 334 369 3 23 282 7 25 93 242 24 239 27 234 9 232 8 98 9 8 Source: Department of Commerce, State by State Exports 28 Page 7
International Economic Activities Table 5: Florida Exports by Trading Partner 25 26 Total Share among U.S. Export (%) Computers & Electronicc Prod. Transportation Equipment Chemical Manufactures Machinery Manufactures Misc. Manufactures Waste & Scrap Elec. Eq., Appliances & Parts Processed Foods Fabricated Metal Products Paper Products Primary Metal Manufactures Plastic & Rubber Products Crop Production Spec. Classification Provisions Used Merchandise Non Metallic Mineral Mfgs. Fabric Mill Products Wood Products Petroleum & Coal Products Beverage & Tobacco Products Leather & Related Products Printing & Related Products Furniture & Related Products Apparel Manufactures Fishing, Hunting, & Trapping 33,444 4% 9,542 5,882 3,569 3,588,737 269,88,7 847 87 392 57 636 64 284 225 5 2 87 33 48 288 6 27 5 38,558 4%,856 6,792 3,95 4,353 2,86 6,557,26 983 967 439 623 77 556 367 249 492 229 4 67 63 86 76 79 52 (Unit: Million) 27 28 44,858 54,238 4% 4% 2,9 2,65 7,352 9,97 4,689 7,76 5,5 6,383 2,768 2,773,22 2,286,733,954,49,672,98,34,4,74 52,4 843 958 83 869,3 76 62 683 286 334 369 3 23 282 7 25 93 242 24 239 27 234 9 232 8 98 9 8 Source: Department of Commerce, State by State Exports 28 Page 8
Local Economic and Housing Market Trends Table/Chart 6 A : Housing and Economic Trends for Cape Coral Fort Myers, FL 35, 3, 25, 2, 5,, 5, Median Home Price 6. 5. 4. 3. 2.. Median Price to Median Income. Cape Coral Fort Myers, FL Source: NAR 29 Cape Coral Fort Myers, FL Source: NAR 29, HUD 29 3 25 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 7 6 5 4 3 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Cape Coral Fort Myers, FL Cape Coral Fort Myers, FL Source: BEA 29 Source: Census Bureau 29 Page 9
Local Economic and Housing Market Trends Table/Chart 6 B : Housing and Economic Trends for Deltona Daytona Beach Ormond Beach, FL 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Chattanooga, TN GA Source: NAR 29 Chattanooga, TN GA Source: NAR 29, HUD 29 3 25 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Chattanooga, TN GA Chattanooga, TN GA Source: BEA 29 Source: Census Bureau 29 Page 2
Table/Chart 6 C : Housing and Economic Trends for Gainesville, FL Local Economic and Housing Market Trends 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Gainesville, FL Source: NAR 29 Gainesville, FL Source: NAR 29, HUD 29 6 4 2 8 6 4 2 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Gainesville, FL Gainesville, FL Source: BEA 29 Source: Census Bureau 29 Page 2
Table/Chart 6 D : Housing and Economic Trends for Jacksonville, FL Local Economic and Housing Market Trends 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Jacksonville, FL Source: NAR 29 Jacksonville, FL Source: NAR 29, HUD 29 7 6 5 4 3 2 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 7 6 5 4 3 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Jacksonville, FL Jacksonville, FL Source: BEA 29 Source: Census Bureau 29 Page 22
Local Economic and Housing Market Trends Table/Chart 6 E : Housing and Economic Trends for Miami Fort Lauderdale Miami Beach, FL 45, 4, 35, 3, 25, 2, 5,, 5, Median Home Price 9. 8. 7. 6. 5. 4. 3. 2... Median Price to Median Income Miami Fort Lauderdale Miami Beach, FL Source: NAR 29 Miami Fort Lauderdale Miami Beach, FL Source: NAR 29, HUD 29 3, 2,5 2,,5, 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Miami Fort Lauderdale Miami Beach, FL Source: BEA 29 Miami Fort Lauderdale Miami Beach, FL Source: Census Bureau 29 Page 23
Table/Chart 6 F : Housing and Economic Trends for Ocala, FL Local Economic and Housing Market Trends 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Ocala, FL Source: NAR 29 Ocala, FL Source: NAR 29, HUD 29 2 8 6 4 2 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 3 2 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Ocala, FL Ocala, FL Source: BEA 29 Source: Census Bureau 29 Page 24
Table/Chart 6 G : Housing and Economic Trends for Orlando, FL Local Economic and Housing Market Trends 3, Median Home Price 6. Median Price to Median Income 25, 5. 2, 4. 5, 3., 2. 5,.. Orlando, FL Source: NAR 29 Orlando, FL Source: NAR 29, HUD 29,2, 8 6 4 2 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Orlando, FL Orlando, FL Source: BEA 29 Source: Census Bureau 29 Page 25
Local Economic and Housing Market Trends Table/Chart 6 H : Housing and Economic Trends for Palm Bay Melbourne Titusville, FL 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Palm Bay Melbourne Titusville, FL Source: NAR 29 Palm Bay Melbourne Titusville, FL Source: NAR 29, HUD 29 25 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 2 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Palm Bay Melbourne Titusville, FL Palm Bay Melbourne Titusville, FL Source: BEA 29 Source: Census Bureau 29 Page 26
Local Economic and Housing Market Trends Table/Chart 6 I : Housing and Economic Trends for Pensacola Ferry Pass Brent, FL 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Pensacola Ferry Pass Brent, FL Source: NAR 29 Pensacola Ferry Pass Brent, FL Source: NAR 29, HUD 29 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Pensacola Ferry Pass Brent, FL Pensacola Ferry Pass Brent, FL Source: BEA 29 Source: Census Bureau 29 Page 27
Local Economic and Housing Market Trends Table/Chart 6 J : Housing and Economic Trends for Sarasota Bradenton Venice, FL 45, 4, 35, 3, 25, 2, 5,, 5, Median Home Price 7. 6. 5. 4. 3. 2... Median Price to Median Income Sarasota Bradenton Venice, FL Source: NAR 29 Sarasota Bradenton Venice, FL Source: NAR 29, HUD 29 35 3 25 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 4 3 3 2 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Sarasota Bradenton Venice, FL Sarasota Bradenton Venice, FL Source: BEA 29 Source: Census Bureau 29 Page 28
Table/Chart 6 K : Housing and Economic Trends for Tallahassee, FL Local Economic and Housing Market Trends 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Tallahassee, FL Source: NAR 29 Tallahassee, FL Source: NAR 29, HUD 29 2 5 5 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Tallahassee, FL Tallahassee, FL Source: BEA 29 Source: Census Bureau 29 Page 29
Local Economic and Housing Market Trends Table/Chart 6 L : Housing and Economic Trends for Tampa St.Petersburg Clearwater, FL 25, 2, 5,, 5, Median Home Price 4.5 4. 3.5 3. 2.5 2..5..5. Median Price to Median Income Tampa St.Petersburg Clearwater, FL Source: NAR 29 Tampa St.Petersburg Clearwater, FL Source: NAR 29, HUD 29,4,2, 8 6 4 2 (Unit: Thousand) Non Farm Employees ( Unit: Million) 6 4 2 8 6 4 2 8 7 6 5 4 3 2 Single Family Home Permits (Unit: Thousand) 5 4 3 2 Tampa St.Petersburg Clearwater, FL Tampa St.Petersburg Clearwater, FL Source: BEA 29 Source: Census Bureau 29 Page 3
Table/Chart 7 A : Commercial Real Estate Fundamentals for Fort Lauderdale Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 3 25.% 2 2.% 2 3 5.% 4 5.% Source: NAR / CBRE EA Retail Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 2 4.% 3.5% 3.% 2.5% 2 3 2.% 4.5% 5.% 6.5% Source: NAR / CBRE EA 5.%.% Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 6 2.5% 4 2.% 2.5%.% 2 4.5% 6.% 8 9.5% 9.% Multifamily Fundamentals Completions (Units) Net Absorption (Units) 4 2 8 6 4 2 Vacancy Rate (%) 8.% 7.% 6.% 5.% 4.% 3.% 2.%.%.% Source: NAR / CBRE EA Page 3
Table/Chart 7 B : Commercial Real Estate Fundamentals for Jacksonville Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 3.% 25.% 2 2.% 5.%.% 3 5.% 4.% Source: NAR / CBRE EA Retail Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 3 6.% 2 4.% 2.%.% 8.% 6.% 4.% 2 2.% 3.% Source: NAR / CBRE EA Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 25 2.% 2 8.% 5 6.% 4.% 2.% 5.% 8.% 5 6.% 4.% 2.% 5.% Multifamily Fundamentals Completions (Units) Net Absorption (Units) Vacancy Rate (%) 2 4.% 5 2.%.% 8.% 5 6.% 4.% 2.% 5.% Source: NAR / CBRE EA Page 32
Table/Chart 7 C : Commercial Real Estate Fundamentals for Miami Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 3.% 8 6 4 2 2 4 6 Completions (' SF) 3 25 2 5 5 5 5 2 25 25.% 2.% 5.%.% 5.%.% Source: NAR / CBRE EA Retail Fundamentals Net Absorption (' SF) Vacancy Rate (%).% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.%.%.% Source: NAR / CBRE EA Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 4.% 5 3.5% 3.% 5 5 2 25 Multifamily Fundamentals Completions (Units) Net Absorption (Units) 2 5 5 5 5 2 25 3 2.5% 2.%.5%.%.5% Vacancy Rate (%) 8.% 7.% 6.% 5.% 4.% 3.% 2.%.%.% Source: NAR / CBRE EA Page 33
Table/Chart 7 D : Commercial Real Estate Fundamentals for Orlando Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 4 9.5% 3 9.% 2 8.5% 8.% 7.5% 7.% 6.5% 2 6.% 3 5.5% Source: NAR / CBRE EA Retail Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 2 6.% 4.% 2.%.% 8.% 2 6.% 3 4.% 4 2.% 5.% Source: NAR / CBRE EA Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 8.% 5 6.% 4.% 2.% 5.% 5 2 25 Multifamily Fundamentals Completions (Units) Net Absorption (Units) 25 2 5 5 5 8.% 6.% 4.% 2.%.% Vacancy Rate (%) 2.%.% 8.% 6.% 4.% 2.%.% Source: NAR / CBRE EA Page 34
Table/Chart 7 E : Commercial Real Estate Fundamentals for Tampa Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 4 3.% 2 2 4 6 Completions (' SF) 5 5 5 5 2 25 3 35 4 25.% 2.% 5.%.% 5.%.% Source: NAR / CBRE EA Retail Fundamentals Net Absorption (' SF) Vacancy Rate (%) 4.% 2.%.% 8.% 6.% 4.% 2.%.% Source: NAR / CBRE EA Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 8.% 5 6.% 4.% 5 5 2 25 3 35 Multifamily Fundamentals Completions (Units) Net Absorption (Units) 25 2 5 5 5 2.%.% 8.% 6.% 4.% 2.%.% Vacancy Rate (%) 9.5% 9.% 8.5% 8.% 7.5% 7.% 6.5% Source: NAR / CBRE EA Page 35
Table/Chart 7 F : Commercial Real Estate Fundamentals for West Palm Beach Local Commercial Fundamentals Office Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 5 24.% 4 23.5% 3 23.% 2 22.5% 22.% 2.5% 2.% 2.5% 2 2.% 3 9.5% Source: NAR / CBRE EA Retail Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 25 6.% 2 4.% 5 2.%.% 5 8.% 6.% 5 4.% 2.% 5.% Source: NAR / CBRE EA Industrial Fundamentals Completions (' SF) Net Absorption (' SF) Vacancy Rate (%) 4 8.% 2 6.% 4.% 2.% 2.% 4 6 8 Multifamily Fundamentals Completions (Units) Net Absorption (Units) 5 5 5 5 8.% 6.% 4.% 2.%.% Vacancy Rate (%) 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.%.%.% Source: NAR / CBRE EA Page 36
Local Commercial Investment Trends Table/Chart 8 A : Commercial Real Estate Investments in Fort Lauderdale Millions $4, $3,5 $3, $2,5 $2, $,5 $, $5 $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office 26 27 28 29* Source: Real Capital Analytics Fort Lauderdale Commercial Real Estate Investments CLOSED OFFERED 29 Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $3 $2 $373 $22 Nr. 2 2 2 7 ($ Mil) $63 $67 $22 $364 Nr. 5 2 7 6 Source: Real Capital Analytics Troubled Properties Vol ($ Mil) Nr. PSF $373 3 $28 $5 9 $57 $377 8 $49 $65 48 $93,27 Cap Rate % % 8% 7% Page 37
Local Commercial Investment Trends Table/Chart 8 B : Commercial Real Estate Investments in Jacksonville Millions $,6 $,4 $,2 $, $8 $6 $4 $2 $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office Source: Real Capital Analytics Jacksonville Commercial Real Estate Investments CLOSED OFFERED 29 Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $6 $2 $23 $39 Nr. 2 3 4 ($ Mil) $52 $58 $5 $93 Nr. 6 6 6 7 Source: Real Capital Analytics Troubled Properties Vol ($ Mil) Nr. PSF $23 4 $3 $32 3 $6 $84 8 $87 $343 22 $44,442 Cap Rate % % % 9% Page 38
Table/Chart 8 C : Commercial Real Estate Investments in Miami Local Commercial Investment Trends Millions $6, $5, $4, $3, $2, $, $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office Source: Real Capital Analytics Miami Commercial Real Estate Investments CLOSED OFFERED 29 Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $73 $52 $49 $79 Nr. 6 6 7 5 ($ Mil) $425 $273 $32 $492 Nr. 32 25 27 7 Source: Real Capital Analytics Troubled Properties Vol ($ Mil) Nr. PSF $533 26 $45 $87 3 $82 $562 9 $23 $,949 6 $3,895 Cap Rate 8% 4% 7% 7% Page 39
Table/Chart 8 D : Commercial Real Estate Investments in Orlando Local Commercial Investment Trends Millions $4,5 $4, $3,5 $3, $2,5 $2, $,5 $, $5 $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office Source: Real Capital Analytics Orlando Commercial Real Estate Investments CLOSED OFFERED 29 Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $9 $98 $72 $77 Nr. 7 8 8 9 ($ Mil) $32 $26 $7 $47 Nr. 25 22 4 22 Source: Real Capital Analytics Troubled Properties Vol ($ Mil) Nr. PSF $66 2 $79 $28 3 $63 $385 2 $8 $985 32 $67,53 Cap Rate 8% 8% 8% 8% Page 4
Table/Chart 8 E : Commercial Real Estate Investments in West Palm Beach Local Commercial Investment Trends Millions $3, $2,5 $2, $,5 $, $5 $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office Source: Real Capital Analytics West Palm Beach Commercial Real Estate Investments CLOSED OFFERED Troubled Properties 29 Vol Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $49 $ $85 $34 Nr. 5 5 8 ($ Mil) $83 $55 $27 $294 Nr. 3 6 2 4 ($ Mil) $272 $45 $458 $85 Nr. 4 7 2 22 PSF $24 $ $2 $7,64 Source: Real Capital Analytics Cap Rate 7% % 8% 6% Page 4
Table/Chart 8 F : Commercial Real Estate Investments in Tampa Local Commercial Investment Trends Millions $4, $3,5 $3, $2,5 $2, $,5 $, $5 $ Commercial Real Estate Investment Volume Apartment Retail Industrial Office Source: Real Capital Analytics Tampa Commercial Real Estate Investments CLOSED OFFERED 29 Vol Vol YTD thru Nov '9 OFFICE INDTRIAL RETAIL MULTIFAMILY ($ Mil) $85 $57 $65 $324 Nr. 5 5 8 22 ($ Mil) $357 $237 $232 $53 Nr. 24 2 3 3 Source: Real Capital Analytics Troubled Properties Vol ($ Mil) Nr. PSF $5 24 $3 $35 6 $73 $24 6 $ $55 32 $52,375 Cap Rate 8% % 9% 7% Page 42