1. No category

February/March 2015
Cross Border Tax,
Estate Planning &
Real Estate Legal
Services
With over twenty-five years of legal
experience, Altro Levy LLP is a boutique law firm providing sophisticated
cross border tax, estate planning and
real estate legal services. With offices in
Montreal, Toronto, Calgary, Vancouver,
Florida, California and Arizona, Altro
Levy serves all Canadians and Americans who wish to enjoy a cross border
lifestyle. The firm regularly represents
Canadians who have U.S. assets,
Canadians with adult children in the
U.S., Canadians moving to the U.S., as
well as Americans living in Canada. To
learn more about our cross border legal
services, please visit our website. www.altrolevy.com
1-800-370-4860
2015 FLORIDA REAL
ESTATE MARKET
REPORT
Introduction
The Florida real estate market was deeply shaken when the U.S. housing
bubble burst eight years ago. Today, recovery is evident across the
state. This is welcome news for Canadian snowbirds looking to invest
in Florida property either for personal use or investment purposes.
Below, a historical overview of the Florida real estate market, predictions for the U.S. economy in 2015 and forecasts for five Florida real
estate markets popular with snowbirds are presented. First, a look at
the report’s highlights. Highlights
U.S. economy is predicted to grow by 3% in 2015, only the second time
›› The
such growth has been forecast in the past decade.
mortgage interest rates have fallen over the past year and are expected to
›› U.S.
rise slowly while credit conditions loosen.
›› Employment and wage growth are on the rise across the U.S., including Florida.
of Florida homes are rising, but Florida properties are still affordable for
›› Prices
snowbirds; rising prices may create capital gains down the road.
real estate may be a good investment due to the above; the tightening
›› Florida
rental market in many cities may also influence snowbirds to purchase Florida
1 2 3
4
5 real estate.6 Historical Overview of the
Florida Real Estate Market:
2006-2013
The U.S. housing bubble began to burst in 2006, causing a credit crisis that led to the
start of a recession by the end of 2007;7 the Case-Shiller price index published on December 30, 2008 reported a record decrease of 18% in home prices from 2007.8
It is widely believed that the housing bubble burst because of the U.S.’s loose standards
for approving mortgage loans as well as the low interest rates offered on mortgages and
short-term loans.9 Many U.S. states felt the impact of the housing crisis, but Florida was among the
hardest hit. Between 2007 and 2013, the price of homes in Florida fell by over
48%, due in part to increased unemployment rates and overbuilding.10 Foreclosures
were commonplace. Montréal • Toronto • Calgary • Vancouver • Ft. Lauderdale • Sarasota • Naples • Phoenix • Palm Springs
Generally, compared to the Florida real estate market in 2003,
Florida housing prices hit their peak in 2007 across several communities, including those favoured by Canadian snowbirds, such
as Naples-Marco Island, Orlando-Kissimmee, and Cape CoralFort Myers.11 Prices bottomed out in 2011 and by the last quarter of 2013,
“average prices in Florida [were] only 7 percent higher” than 2003.12 However, while new home builds in Florida fell well below the
2006 peak in 2009, they increased gradually between 2009 and
2013,13 and, by 2012, the South Florida housing market, which
is particularly popular with Canadian snowbirds, was beginning
to show signs of recovery.14 The real estate market crash in Florida was, in some ways, beneficial to Canadians. The strong Canadian dollar and falling U.S.
housing prices encouraged Canadian buyers of Florida real estate.
Currently, over 500,000 Canadians own Florida real estate,15 and
Canadians account for 1/3 of all real estate purchased by foreigners, most of which was purchased in the past five years, between
2008 and 2013, inclusive.16 Historical Overview of
the Florida Real Estate
Market: 2013-2014
In 2014, Canadians continued to play a key role in the recovery
of the Florida market. According to the National Association of
Realtors’s 2014 Survey (the “2014 Survey”),17 foreign buyers of
Florida real estate spent $7.97 billion dollars on Florida property in 2014, an increase from $6.43 billion dollars in 2013.18
The 2014 Survey attributes this increase in sales to the “continued recovery of the world economy and the affordability of U.S.
properties . . . approximately 76 percent of all Florida realtors
believe that their clients found Florida property less expensive
than similar property in their home countries.”19 Housing prices
in Florida are particularly affordable, especially when compared
to the cost of a Canadian home. According to Jack Ablin, Chief
Investment Officer at BMO Harris Private Bank, “the median
priced home in Florida is nearly half that in Canada” - $124,000
USD vs. approximately $255,000 USD in Canada’s large urban
centres.20 This is perhaps one reason that the largest number of
foreign buyers of Florida property were Canadians, who composed
32% of the foreign buyers of Florida property accounted for in
the 2014 Survey.21 One recent trend is that many Americans are now renting homes
while they recover from the U.S. financial crisis and await access
to credit for mortgages. As the rental market continues to tighten,
purchasing a vacation home may be the most convenient way
for snowbirds to consistently enjoy high quality vacation property. Alternatively, investing in Florida property can also be a
good source of revenue for Canadians who choose to rent their
Florida property to locals or snowbirds in search of a vacation
home in a tight market.22 Investing in Florida rental property
has, indeed, become more popular over time: the number of
Canadians who purchased Florida real estate for the sole purpose
of renting that property out increased from 14% in 2008 to 24%
in 2014.23 The 2014 Survey is in line with the Florida Realtors December
2014 Statewide Report for single-family homes, which also reported rising sales in 2014.24 The report shows that closed sales
of single-family homes state-wide totalled 22,414 in December
2014, an increase of 15.8 percent from December 2013.25 The median price of both existing single-family homes and
townhouse-condos rose in December 2014 as well: the median
sales price for single-family homes rose to $185,000, up by 6.9%
from December 2013,26 and the median sales price for townhouses and condominiums rose to $149,000, up by 8.4% from
December 2013.27 December was the 37th straight month of year-over-year
rising median sale prices for single-family homes, townhomes
and condominiums.28 Sherri Meadows, the 2014 president of the Florida Realtors association, attributes Florida’s real estate appreciation in 2014 to
three factors: the fact that people are moving to Florida in increasing numbers, the employment market’s improvement and the
strengthening Florida economy.29 Short sales of single-family homes and condo-townhouses dropped
significantly in 2014 as well: 2014 short sales for single-family
homes fell by 50.7% and short sales for condo-townhouses fell
by 58.2% compared to 2013. 30 Across Florida as a whole, 244,543 existing single-family homes
were sold in 2014, an increase of 8.1% from 2013.31 Although condo-townhouse sales dropped by 1.2% from 2013
to 2014,32 as Florida Realtors Chief Economist, Dr. John Tuccillo states, “We close the books on 2014 on a very positive note.
The year marks the transition of the Florida real estate market
from a rapid recovery to a path of steady growth. Virtually all
the metrics for the market are moving in the right direction at
levels that can be sustained.”33 Based on the expectations for the U.S. economy, Florida economy
and Florida real estate market outlined below, the future of Florida
real estate continues to look bright for 2015. Expectations for
Florida Real Estate
Market: 2015
The U.S. Economy & U.S. Real
Estate Market
The U.S. real estate market will become healthier over the course
of 2015. According to Freddie Mac’s January U.S. Economic &
Page: 02/07
Montréal • Toronto • Calgary • Vancouver • Ft. Lauderdale • Sarasota • Naples • Phoenix • Palm Springs
Housing Market Outlook, the strengthening U.S. economy, with
its “economic growth . . . running at about a 3 percent annual
rate”34 will play a significant role in the ongoing stabilization of
the U.S. real estate market. U.S. government fiscal stimulus and loosening credit conditions
may contribute to improving the U.S. economy and real estate
market.35 Below, some of the 2015 U.S. real estate market highlights predicted by Freddie Mac, including commentary on the
energy sector’s role on market conditions, as well as a review of
Canadian interest rates. mortgage interest rates, which fell below 4% at
›› U.S.
the end of 2014, will increase to about 5% by the end
of 2015.36 falling price of crude oil has influenced the price of
›› The
gas - gas prices at the start of 2015 were just above two
dollars per gallon, and it is possible that this figure will
fall below the two dollar per gallon mark. The last time
gas prices were as low was 2009. Falling gas prices puts
more money in Americans’ pockets, which gives them
more spending power and sparks economic growth.44 the above will translate to an increase in housing
›› Whether
market stability remains to be seen; the downside to falling
energy prices is that housing markets centred around the
energy sector, such as various cities in Texas, may recover
at a slower rate in 2015.45 lagging global economy marks the start of 2015, which
›› Amight
Bank of Canada recently cut its overnight rate by 1/4
›› The
weaken the U.S. economy in turn, slowing growth
of one percentage point to 3/4 per cent. This move may
37
be beneficial for Canadian homeowners with variable-rate
mortgages. TD Bank predicts the Bank of Canada will cut
this rate by another 1/4 percent in March.38 major Canadian banks are dropping interest rates on
›› The
mortgages in response to the Bank of Canada; rates on
five-year fixed-interest mortgages are currently as low as
3.09% (TD Bank) and 2.84% (RBC).39 attractive option for Canadians planning to invest
›› One
in Florida real estate may be to finance at home in Canada,
taking advantage of these low Canadian rates while simultaneously avoiding the precarious currency exchange
rate game. start of 2015, U.S. mortgage rates continue to stay
›› Atlow,themaking
refinancing a viable option for borrowers.
Low rates may “help the growing purchase market continue to expand and reach the highest levels . . . seen
since 2007.”40 Mae and Freddie Mac have also launched their
›› Fannie
Home Possible Advantage lending program, which offers
a 3% down payment option on home buys and refinances if certain criteria are met, as sanctioned by the
Federal Housing Finance Agency. A small cut to premiums
for refinancers or borrowers purchasing a home for the
first time will also be on the table for 2015, offered by the
Federal Housing Administration. These initiatives are
expected to contribute to the expansion of the U.S. housing
market in 2015.41 appreciation, which was 9.3% in 2013 and 4.5%
›› Housing
in 2014, will fall to 3% in 2015. Although U.S. real estate
will continue to appreciate and mortgage interest rates
will rise, housing will remain highly affordable.42 home builds will increase by 20% from 2014 to
›› New
2015, which may account for the predicted 5% increase
across various industries, including the housing sector.
Freddie Mac reports a global forecast of growth, however.46 Realtor.com, the National Association of Realtors’s website, made
similarly positive projections in their 2015 Housing Forecast.
Realtor.com’s chief economist, Jonathan Smoke, cited the improving job market as a key catalyst for increasing the health of the
U.S. real estate market in 2015: as young people enjoy greater
job prospects (it is predicted that 2.75 million jobs will be created
in the U.S. this year),47 their ability to enter the housing market
will increase.48 As long as access to credit remains available –
despite the predicted rise in mortgage interest rates, expected in
the third quarter of 201549 – the housing market will enjoy a
boost from first-time homebuyers. 50 Currently, low interest rates and gas prices are acting as a boon
to the U.S. housing market.51 New home starts and home sales
are expected to increase along with mortgage refinancing, at least
in the short term.52 Going forward, all eyes will be on the global
economy and its impact on the U.S. housing market.53 The Florida Economy
& Florida Real Estate
Market
According to JPMorgan Chase’s recent Florida Economic
Outlook,54 Florida’s economy will be improving along with the
rest of the U.S. this year.55 Real estate is a key component of
Florida’s economy; while the state has experienced losses in recent
years due to the collapse of Florida’s home-building business, 56
Florida’s steadily improving employment rates (reflected by the
normalizing level of layoffs and decreasing unemployment benefits applications),57 reflects the positive trends in the larger U.S.
economic context outlined above. The information relayed by leaders at the Florida Realtors 2015
Economic Summit, held in Orlando on January 21, 2015, also
echoed these positive nationwide trends. Florida Department of
Economic Opportunity Executive Director Jesse Panuccio stated
in total home sales projected by Freddie Mac.43 Page: 03/07
Montréal • Toronto • Calgary • Vancouver • Ft. Lauderdale • Sarasota • Naples • Phoenix • Palm Springs
that Florida has “the fastest-growing labor force in the country”
out of the ten largest U.S. states. According to Ted Jones, chief
economist and senior vice president of Stewart Title Guaranty
Company, Florida can “expect 2.2 to 2.4 percent total job growth
in the next year.”59 As Florida’s population continues to grow,
the state’s economy and housing market are both set to boom.60 JPMorgan Chase predicts that housing prices will rise in tandem
with income, reflecting the growing Florida economy.61 In keeping
with these trends, the 2015 forecast for new home building is
also positive in Florida: recovery, although gradual, is predicted
to continue in 2015.62 Indeed, as 2015 began, the Florida housing
market showed signs of a balanced inventory, moderate sales
growth and rising home values that reflect historical rates.63 Like the reports proffered by Freddie Mac, Realtors.com and
JPMorgan Chase, BMO Bank of Montreal’s Annual Snowbird
Outlook also predicts that the value of U.S. homes is on the rise.64
According to BMO, Canadian snowbirds who already own U.S.
vacation property can expect their U.S. property to appreciate,
creating healthy capital gains.65 For Canadians looking to purchase
a U.S. vacation home in Florida, now is the perfect time as the
BMO report predicts that “retirement state housing prices [will]
outpace the national average, due to increasing numbers of retirees, and abundance of capital from abroad and lower interest
rates.”66 This is good news for Canadians who already own or
plan to purchase property in Florida. Breakdown by County
Below, a brief snapshot of Florida real estate in 2014 with predictions for 2015, broken down by some of the Florida counties
most popular with snowbirds. Altro Levy attorneys have represented numerous buyers and sellers in real estate transactions in
the below counties and have had the opportunity to analyze the
following real estate market trends. 1. Sarasota
The Sarasota market remained affordable in 2014, with inventory that slightly increased at the end of the year.67 Inventory
availability and pricing account, in part, for Sarasota’s robust
number of sales in 2014: the Sarasota real estate market closed
last year with a record sales rate of 11,550 transactions, an alltime high for the county that exceeds pre-recession sales records.68 Industry statistics dictate that the Sarasota real estate market
may be a seller’s market in 2015.69 This prediction falls in line
with both the national and state-wide housing market predictions,
which are forecasting property appreciation across the board.
The Realtor Association of Sarasota and Manatee expects more
robust sales in 2015, with low mortgage rates, unemployment
levels and energy costs predicted to offset rising property prices.70 Sarasota
Palm Beach
Collier
Broward
Miami-Dade
2. Collier (Naples)
The Naples Area Board of Realtors’s Annual 2014 Market Report
points to continuous recovery for the Collier County real estate
market in 2015, particularly in the luxury real estate market.71
Sales of single-family homes and condominiums priced between
$1 million and $2 million increased by 21% between 2013 and
2014, and sales of single-family homes and condominiums worth
$2 million or more rose by 33% in 2014.72 The median closed
price of single-family homes and condominiums increased by
13% in the same period, from $240,000 to $270,000.73 Closed sales of single-family homes and condominiums across
all price categories in the Collier County market only increased
by a modest 1% between 2013 and 2014.74 However, “broker
analysts contend that [2014] was the third best year in sales
history within the last 10 years” due to the fact that sales of
properties priced in brackets over $300,000 increased notably.75
As high-net worth buyers continue to invest in Naples, Collier
County will continue to stabilize and grow in 2015. 3. Miami-Dade (Miami)
The Miami real estate market is also set to continue recovering
in 2015. Although the Miami economy dealt with severe blows
during the recession, which was marked by decreased property
Page: 04/07
Montréal • Toronto • Calgary • Vancouver • Ft. Lauderdale • Sarasota • Naples • Phoenix • Palm Springs
values, foreclosures and unemployment, the past three years have
been “record sales years” and property has been appreciating for
the past two years.76 In 2014, demand for residential real estate
was high, and new condo builds began to increase noticeably.77
Foreign buyers account for much of the buzz surrounding Miami
condos; waterfront property is at a premium, particularly for
snowbirds looking for vacation homes.78 These properties will
likely appreciate in 2015, as will developments in Miami’s urban
centre.79 As Miami’s economy continues to recover and job growth
increases, the city will continue to attract real estate buyers,
particularly for projects designed by star architects, which may
gain in both popularity and value in 2015.80 4. Broward (Ft. Lauderdale)
Like Miami, Ft. Lauderdale should experience more job growth
in 2015. Florida currently ranks fourth for job creation, and, in
2014, the Miami-Ft. Lauderdale area had the most job growth
its seen since 2008. If this trend continues for 2015, the Ft.
Lauderdale real estate market should reap the benefits.81 In 2014, home values in Ft. Lauderdale rose by 7.4%.82 The
housing website Zillow predicts only an incremental increase in
home values for Ft. Lauderdale: the forecast is a 0.7% increase
over the course of 2015. In 2015,83 the themes for Broward
County and Ft. Lauderdale will be moderate unemployment and
real estate market stabilization in a post-recession climate. 5. Palm Beach
At the end of 2014, buyers continued to seek Palm Beach property as the market stabilized and incomes allowed for homebuying.84 Although home prices in Palm Beach County fell towards
the end of 2014 (by November, the median price had dropped
by just under 1% when compared with November 2013), home
sales went up by 9% between November 2013 and November
2014.85 This 9% increase in sales mirrors the overall 9% increase
in the total estimated value of homes for all three major South
Florida counties in 2014: $717 billion in Palm Beach, Broward
and Miami-Dade, a spike just under 10% from last year.86 Sales of luxury Palm Beach County properties valued at $1 million
or more rose by 16% in 2014,87 and, overall, in 2014, Palm Beach
County home values rose by 13%.88 According to Zillow, Palm
Beach County real estate is expected to appreciate by another
2.1% in 2015.89 The consistently growing rate of luxury home sales reflects the
strength of the luxury real estate market in Collier County, and,
when coupled with the predicted property appreciation, could
mean good things for the future of Palm Beach County real estate
in 2015. As the nation’s economy recovers in 2015, the demand
for properties in Palm Beach County will likely remain strong
with buyers continuing to seek out homes in this highly valued
South Florida area. Conclusion
The outlook for Florida real estate is positive for 2015. The U.S.
economy is stabilizing after a lengthy recession took its toll on
the nation, particularly the Florida housing market, previously
one of the most robust in the country. Florida real estate markets
popular with snowbirds should mimic the strengthening U.S.
economy in 2015 thanks to new home starts, job and wage
growth, slightly loosening credit standards and low interest rates.
It is an exciting time in the history of Florida real estate. For those snowbirds who already own Florida real estate, or
those snowbirds who are looking to purchase property for the
first time, 2015 is an ideal time to turn your mind to crossborder estate and tax planning in order to ensure that your
investment in the U.S. real estate market is both smooth and
financially beneficial. Disclaimer
This report presents information of a general nature and is not intended to be an opinion on any
specific individual situation. The report also contains statistical information that should not be
construed as providing legal, tax or investment advice. While the report endeavours to ensure accuracy and timeliness, no one should act upon the information contained herein without appropriate professional advice and after a thorough examination of the facts of a particular situation. Partners
David A. Altro, B.A., LL.L., J.D., D.D.N., F. Pl., TEP
Florida Attorney, Canadian Legal Advisor & Quebec Notary
daltro@altrolevy.com
Shlomi Steve Levy, B.A., LL.B., J.D., TEP
Quebec Lawyer & Canadian Legal Advisor
slevy@altrolevy.com
Matt C. Altro, B. Comm., F. Pl., CFP® (CAN), CFP® (US)
Chief Operating Officer
maltro@altrolevy.com
Bonnie L. Altro, B.A., B.C.L., LL.B.
New York & Ontario Attorney
baltro@altrolevy.com
Jonah Z. Spiegelman, B.Sc., M.A., J.D.
British Columbia, Alberta & California Attorney
jspiegelman@altrolevy.com
Professionals
Jason S. Ansel, B. Comm., LL.L., J.D.
Ontario & Quebec Lawyer
jansel@altrolevy.com
Antoine Brosseau Wery, LL.B., J.D.
Quebec & New York Attorney
awery@altrolevy.com
Heela Donsky, B.A., J.D.
Ontario Lawyer
hdonsky@altrolevy.com
Leanne Milech, B.A., LL.B.
Ontario Lawyer
lmilech@altrolevy.com
Samantha Y.F. Wu, B.A., J.D.
Ontario & New York Attorney
swu@altrolevy.com
Page: 05/07
Montréal • Toronto • Calgary • Vancouver • Ft. Lauderdale • Sarasota • Naples • Phoenix • Palm Springs
Endnotes
1.
http://freddiemac.mwnewsroom.com/press-releases/freddie-macnovember-u-s-economic-and-housing-mar-otcqb-fmcc-1159272
2.
http://www.cbsnews.com/news/u-s-housing-activity-is-improving-butslowly/
3.
http://www.realtor.com/news/5-housing-market-predictions-2015/
4.
See Notes 58-60, below.
5.
http://newsroom.bmo.com/press-releases/u-s-vacation-homes-expected-to-appreciate-for-can-tsx-bmo-201410140972465001
6.
http://business.financialpost.com/2014/10/21/needs-illo-the-newquestion-for-canadian-snowbirds-heading-south-to-buy-or-rent/
7.
http://www.uvu.edu/woodbury/docs/summaryoftheprimarycauseofthehousingbubble.pdf
8.
http://www.marketwatch.com/story/home-prices-off-record-18-inpast-year-case-shiller-says
9.
26. Ibid, p. 4
27. http://www.floridarealtors.org/ResearchAndStatistics/Florida-MarketReports/Index.cfm, p. 4 (December Townhouse Condos)
28. http://media.floridarealtors.org/fla-s-housing-market-stable-strong-atend-of-2014/, para. 4
29. http://media.floridarealtors.org/fla-s-housing-market-rising-salesprices-in-oct-2014, para. 3
30. http://media.floridarealtors.org/fla-s-housing-market-stable-strong-atend-of-2014/, para. 10
31. Ibid, para. 8
32. Ibid, para. 10
33. Ibid, para. 13
34. http://www.freddiemac.com/finance/pdf/january_2015_public_
outlook.pdf, para. 4
Ibid.
10. http://www.housingpredictor.com/2013-florida-housing-market/
11. https://www.chase.com/content/dam/chasecom/en/commercial-bank/
documents/florida-economy.pdf, p. 20
12. Ibid.
13. Ibid, p. 22
14. Ibid.
15. http://www.td.com/document/PDF/economics/special/Snowbirds.pdf,
p. 4
16. Ibid, p. 4-5
35. http://freddiemac.mwnewsroom.com/press-releases/freddie-macnovember-u-s-economic-and-housing-mar-otcqb-fmcc-1159272
36. Ibid.
37. http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/
38. http://www.cbc.ca/news/business/bank-of-canada-will-cut-interestrate-again-td-bank-predicts-1.2931859
39. http://www.theglobeandmail.com/globe-investor/personal-finance/
mortgages/rbc-is-first-to-cut-mortgage-rates-as-bond-yields-plunge/
article22639128/
40. http://www.freddiemac.com/finance/pdf/january_2015_public_
outlook.pdf
17. Ibid. The 2014 Survey, entitled Profile of International Home Buyers
in Florida, surveyed Florida realtors on their experiences completing
real estate transactions for foreign buyers of Florida real estate from
the 12-month period beginning July 2013 and ending June 2014.
41. Ibid.
18. Ibid, p. 3
43. Ibid.
19. Ibid, p. 4
44. http://www.freddiemac.com/finance/pdf/january_2015_public_
outlook.pdf
42. http://freddiemac.mwnewsroom.com/press-releases/freddie-macnovember-u-s-economic-and-housing-mar-otcqb-fmcc-1159272
20. http://newsroom.bmo.com/press-releases/u-s-vacation-homes-expected-to-appreciate-for-can-tsx-bmo-201410140972465001
45. Ibid.
21. Ibid.
46. Ibid.
22. http://business.financialpost.com/2014/10/21/needs-illo-the-newquestion-for-canadian-snowbirds-heading-south-to-buy-or-rent/
47. http://www.realtor.com/news/5-housing-market-predictions-2015/
& http://investor.move.com/2014-12-04-Realtor-com-2015-HousingForecast-Stage-Set-for-the-Return-Of-First-Time-Home-Buyers
23. http://www.realtor.org/reports/profile-of-international-home-buyersin-florida,
p. 16
24. http://www.floridarealtors.org/ResearchAndStatistics/Florida-MarketReports/Index.cfm, p. 1 (December Single Family Homes)
48. Ibid.
49. http://www.freddiemac.com/finance/pdf/january_2015_public_
outlook.pdf
25. Ibid.
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Endnotes
50. http://www.realtor.com/news/5-housing-market-predictions-2015/
& http://investor.move.com/2014-12-04-Realtor-com-2015-HousingForecast-Stage-Set-for-the-Return-Of-First-Time-Home-Buyers
77. Ibid.
51. Ibid.
79. Ibid.
52. Ibid.
80. Ibid.
53. Ibid.
81. http://miamiagentmagazine.com/2015-predictions/4/
54. https://www.chase.com/content/dam/chasecom/en/commercial-bank/
documents/florida-economy.pdf
82. http://www.zillow.com/fort-lauderdale-fl/home-values/ [accessed Feb.
9, 2015]
55. Ibid, p. 2
83. Ibid.
56. Ibid, p. 8
84. http://www.sun-sentinel.com/business/realestate/fl-november-homeprices-20141222-story.html
57. Ibid, p. 7
58. http://media.floridarealtors.org/florida-realtors-summit-2015-flaeconomy-housing-market-strong/
59. Ibid.
60. Ibid.
61. https://www.chase.com/content/dam/chasecom/en/commercial-bank/
documents/florida-economy.pdf, p .21
62. Ibid, p. 22
78. Ibid.
85. Ibid.
86. Ibid.
87. http://realtime.blog.palmbeachpost.com/2015/01/26/million-dollarmansion-sales-reach-milestone-in-palm-beach-county/
88. http://www.zillow.com/palm-beach-county-fl/home-values/
[accessed Feb. 9, 2015]
89. Ibid.
63. http://media.floridarealtors.org/florida-realtors-summit-2015-flaeconomy-housing-market-strong/
64. http://newsroom.bmo.com/press-releases/u-s-vacation-homes-expected-to-appreciate-for-can-tsx-bmo-201410140972465001
65. Ibid.
66. Ibid.
67. http://www.nonage.org/client/rasm/wp-content/uploads/2015/01/
Dec2014Stats-RASMMagFeb2015.pdf
68. Ibid.
69. https://btward.wordpress.com, Nov. 2, 2014
70. http://www.nonage.org/client/rasm/wp-content/uploads/2015/01/
Dec2014Stats-RASMMagFeb2015.pdf
71. http://documents.naplesarea.com/NaplesArea/Press_Release_2015_
January_(report_)_Luxury_Market_Gains_Momentum_in_2014.pdf
72. Ibid.
73. Ibid.
74. Ibid.
75. Ibid.
76. http://sflcooperator.com/articles/676/1/Real-Estate-in-South-Florida/
Page1.html
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