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Florida Survey Finds Lower Confidence In Real Estate Market

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By SHANNON BEHNKEN | The Tampa Tribune

Published: January 21, 2009

TAMPA - It may come as no surprise, but Floridians have lost even more confidence in the real estate market.
Consumers aren't optimistic about any part of the market – housing, retail or office, according to a survey released today by the University of Florida.

Confidence levels have reached lows seldom seen in the Sunshine State, said Wayne Archer, executive director of the school's Bergstrom Center for Real Estate Studies.

"The big news is that the recession and the latest shocks in the financial markets and automobile industry have finally taken their toll," he said. "People not only foresee tough times in the short term, but they're also revising downward their longer-term future outlook."

The investment outlook for various types of properties has sunk to depths not seen for three decades, according to the survey.

Consumers are afraid to spend, Archer said, and that's contributing to the economic standstill.

As people spend less, businesses lay off more workers and those workers then spend less. More companies are putting off plans to expand, the survey said, which is hurting the office sector.

"You can't pick up the newspaper without seeing another story about layoffs, and I think that's getting to consumers," he said. "They're prudently pulling in their financial resources, and as a result, things are dropping off very quickly on the retail front."

The quarterly survey is based on 381 responses. In previous surveys, the investment outlook for various types of properties was steady.

Reporter Shannon Behnken can be reached at sbehnken@tampatrib.com or (813) 259-7804.

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