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FLORIDA LAND VALUES STRONG THANKS TO RISING ECONOMY
Florida land values strong thanks to rising economy
LAKELAND, Fla. – May 24, 2018 – The residential land market in Florida is extremely strong, according to the latest edition of the "Lay of the Land Market Report." The report, published by Dean Saunders, owner of Lakeland-based Coldwell Banker Commercial Saunders Real Estate, provides an accounting of verified land sales from 2017.
"Overall, the residential land market in Florida is very strong as a result of the improving economy, combined with the continued influx of almost 1,000 people per day to the state," Saunders says. "As demand for residential development land increases, sales of agriculture land in the paths of progress increase. With the capital earned from selling land for high development prices, sellers are reinvesting in other rural agriculture land."
Residential growth is occurring the most along the I-4 corridor from Tampa to Daytona Beach. Jerry Parrish, chief economist for the Florida Chamber of Commerce, notes that from Jan. 1 to April 6, 83,524 people had moved into Florida, and the state's adjusted gross income grew by $2 billion.
The real estate market in the Treasure Coast (Indian River, St. Lucie, Brevard, Martin, and Okeechobee counties) is hot. In Indian River County, 5-acre ranchette lots sold at the bottom of the market in the $10,000 to $12,000 range. According to the report, prices are strongest in Martin County with a few sales in the $25,000 to $50,000 range for home sites of approximately five acres.
Source: Growing Produce (05/16/18) Giles, Frank
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