As Florida real estate continues to head in a positive direction, the question is, will it last and which divisions of real estate will prosper most? Wayne Archer Ph.D., the director of The Bergstrom Center for Real Estate Studies and professor at the University of Florida, has forecasted several trends that Florida real estate will see this year. For Central and North-Central Florida, growth is happening in quite a few regions.
A new development out of Orlando called Lake Nona has already raised $3 billion in capital for the 7,000 acre development of residential units, hospitals and medical research facilities. Orlando’s airport is planning a $1.1 billion dollar expansion program. And The University of Central Florida is increasing its student housing to cater to its 60,000+ study body. Another trend to watch is the revival of senior living developments similar to the Villages, which currently caters to 100,000+ seniors by providing residential living, medical, retail and entertainment components. Looking farther south, Miami is seeing a revival in its residential sector since its low in 2008. More international purchases of homes and condos are helping this revival as more foreigners are choosing Miami for both vacation and retirement.