Housing Predictions from Hank Fishkind, Florida economist

Sarasota Herald Tribune, Jan. 8, 2008

Florida economist Hank Fishkind is suggesting that housing markets in portions of Southwest Florida have bottomed out in their fall from the boom times:

NEW SINGLE-FAMILY HOME MARKET
Manatee County: The new single-family home market will not likely bottom out until 2009, with more than 1,000 homes predicted to close that year. The average cost will remain flat through 2010.
Sarasota County: The market bottomed out by the end of 2007, with around 900 predicted closings, down from 1,700 in 2005. The average price of a new single-family home will remain constant through 2010.

EXISTING SINGLE-FAMILY HOME MARKET
Manatee County: Closings of existing single-family units dropped to 4,000 in 2006 after the 2005 peak of 8,000, and this gap is expected to widen during the next few years. As a result, prices will remain flat through 2010.
Sarasota County:Existing single-family homes are expected to see a slight rebound in 2008, though not significant enough to bring levels back to the 2005 mark. The average price is expected to remain at about $340,000 for the foreseeable future.

NEW CONDOMINIUM MARKET
Manatee County: As the softest part of the Manatee County market, condominiums will see significant drops in both units and prices in the coming years.
Sarasota County: The condominium market will remain at its 2006 level for the next several years, despite a significant drop in prices in 2007. Prices are predicted to remain flat thereafter.

EXISTING CONDOMINIUM MARKET
Manatee County: The existing condominium market is predicted to begin a strong recovery in 2008, and the average price is expected to remain at $270,000 through 2010.
Sarasota County: Existing condominiums are expected to see a strong rebound in 2008, and an average price of $370,000 is projected through 2010. Source: Fishkind & Associates Inc.ter."