While the real estate market is definitely in a bad place in Florida, many big, national banks and big, national builders are feeling the pinch.... some are even hitting the bricks - figuratively speaking.
With announcements that Hollywood Florida based TOUSA and Fort Lauderdale Florida based Levitt & Sons are filing bankruptsy, and that Levitt ceased all construction due to massive debt... it would seem that we've seen the end of development in Florida until we absorb what we already have... but that may not necessarily be so!Now that some of the big boys are hurting, a new breed of smaller, leaner developers are descending on Florida like Snowbirds of Prey.
These developers are well positioned to find abandoned projects, builder close-outs, and distressed projects at bargain prices that are ready to be salvaged.
They also have the vision to pull off more interesting projects that have margins that are significantly lower than a big developer's shareholders require.
Couple with this the terrible brain drain due to the middle class heading for the greener pastures with lower property taxes, these developers are able to build condos & townhomes that will help first time home buyers, low and moderate income buyers, and local workforces find properties near where they work at appropriate prices.
Keep an eye out for these Snowbirds... and if you're sitting on a project that needs some TLC to get it off the ground, think of them fondly. They might just want to partner with you to make your project a reality!
For the full story, follow this link -o-> Florida Mortgage & Real Estate Developers heading In and Out