Category — Largo

CLEARWATER, FLORIDA – Sometimes what people think may be happening and what is actually occurring in the real estate market does not coincide. So let’s look at the facts, and hear what some experts in the field have to say about Florida’s economy and real estate.

At the recent Florida Realtors’ 2012 Real Estate and Economic Forecast Conference, Chief Economist Dr. John Tuccillo stressed the slow but steady upward trends in Florida housing and employment, both of which have been overlooked. With prices at attractive levels, investors are back in the market and the distressed property market has stabilized. International demand has risen over the last year, adding to the positive trends in Florida real estate. Realtor panelist Clark Toole agreed, citing the increases in population and employment as positive drivers for the state’s economy.

In Florida and nationwide, restrictions on credit have slowed the real estate market’s recovery. While the average credit scores of approved loans under “normal” circumstances are around 720, in 2009 and 2010 the average was around 760. Easing credit conditions to “normal” could increase sales 15-20% higher. Dr. Lawrence Yun, NAR chief economist, shared his belief that there will be a 10% price increase in South Florida as bargain hunters and foreign buyers boost sales – taking advantage of prices that are too good to pass up.

Even experts outside the industry agree that Florida should have positive growth in 2012. While Florida employment growth has been weak and its recovery sluggish, Mark Vitner, senior economist at Wells Fargo, also had encouraging remarks on the state. He pinpointed tourism and healthcare as leaders in the employment recovery. International visitors to Florida’s many vacation destinations have boosted tourism, while concurrently stepping up as investors in the state’s housing market. Vitner indicated specific areas in the state where prices have bottomed-out and employment has turned around.

The Florida recovery is a marathon, not a sprint. Although the pace is frustrating at times, this slow and steady improvement is good for Florida. The state is moving in the right direction. Realtors can encourage positive thinking about the real estate market with their clients and back up their case with the facts. The national consumer sentiment number of 67.7 beat last month’s 64.1 and the analysts’ forecast, showcasing that consumers’ attitudes are brighter across the U.S. Consumer sentiment has improved each of the last four months. As perceptions shift to better match reality, sales and your business should change for the better.

– Erica Cross, research analyst, Florida Realtors

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Largo was officially incorporated in 1905, and in 1913 became the first town in Florida and second in the nation to adopt a town manager form of government. The town grew rapidly through the boom times of the 1920s, but was hit hard by a freeze in the latter part of the decade. Due to mounting debt and the Great Depression, the City of Largo was reduced to its original 1905 boundaries and became the Town of Largo.

When World War II veterans returned home, they quickly discovered the joys of living on Florida’s suncoast, previously only known to the local farmers and a few rich vacationers. The population boomed, growing from just 1,500 residents in 1950 to over 5300 ten years later. An unexpected freeze in 1962 dealt a serious blow to Largo’s agricultural industry, and as groves were sold off, developers were quick to move in to build homes for a growing population. By 1970, Largo’s population reached more than 22,000, and a new City of Progress was born.

Today, Largo is a community of more than 70,000 residents and continues to grow through voluntary annexation. Over the last 10 years, the City has developed such landmark projects as Largo Central Park and the Largo Cultural Center. Downtown redevelopment is currently underway, and a new, 93,000 square-foot library was recently opened. From the days of its pioneer roots to today, Largo remains your City of Progress.