compared to Collier County. “Since so much of Collier’s market is luxury, its overall statistics are much more driven by luxury trends in sales and prices,” he says.
were steep last year on single-family homes and—unlike elsewhere— they fell on townhomes and condominiums. The reason is that Palm Beach County has a greater diversity of housing than Collier County, says O’Connor. Palm Beach County has a lot of luxury properties, but they make up a much smaller percentage of its housing stock
THE FED’S RATE HIKES Aside from tax reform, another potential short-term boost to property sales is the Federal Reserve’s schedule of raising interest rates, which began in 2015. Buyers might have some incentive to secure property sooner rather than later, says O’Connor, especially since the Fed is on track to hike rates further this year. “If buyers do need financing, now is probably the time,” he notes. All in all, the real estate market outlook so far appears fairly rosy, even with interest rates and prices on the rise and the low supply of new property in certain markets and sectors. “As long as the economy keeps going strong and people want to buy, Florida has an established presence,” O’Connor says. “It’s been a destination for money for a long time and we cater to that. Plus, there is no income tax and we have the sun and the water. It’s really that simple.” «
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