Tax receipts from real-estate transactions are expected to be $132.6 million below what had been expected this year, state economists reported last week.Sales taxes -- which provide the bulk of Florida's general revenue -- are off $746.1 million as purchases of housing-related items such as carpeting, appliances and building supplies nose-dived.Corporate-income-tax collections for the 2007-08 budget year also were revised downward, by $236.2 million.
I recently visited our neighbor to the south and two things struck me. One of my brother's in-laws just bought a house for almost half the price it was listed at just a year ago.
Also, across from my brother's property, several years ago, developers bought a large piece of pasture land for a staggering sum. Their plan was to build a mixed use community. Shortly after the purchase, the ubiquitous construction trailer popped up. Now, a year later, the trailer is gone and the pasture still houses only cows.
Their are some dark clouds just over the southern horizon. The situation bears watching.
2 comments:
I've been watching development trends for a number of years now.
I collect new almost every day. Scroll down the stories.. there is one about how developers are leaving Florida and heading for your neck of the woods across the Georgia line.
http://www.northeastpascoconcernedcitizens.info/Local%20News.htm
1/2 of what it was last year is probably still too overvalued.
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