Palm Beach County has been hit hard by the housing market. Foreclosures were up by 68% in November. We have a four year supply of houses on the market and the Palm Beach Post reminds us almost daily how bad our market is. All the negative talk can stall our market even longer.
Well, I am here to send some positive news your way. The December issue of Fortune magazine highlights some of their best stock picks for 2008. St. Joe, a Florida based company, was listed as one of the top “Ten Strong Stocks for ’08.” St. Joe Co. is the biggest private landowner in Florida. The housing market brought the stock crashing down from $82 to $28.
What is interesting is why the stock is forecasted as a top pick. As stated in the article, “The Census Bureau is projecting 33% population increase for Florida – the equivalent of six million new residents – between now and 2020.” Reaffirming our philosophy of why we began investing in Florida. Florida is unique to most other states in the nation. Our population is projected to keep increasing not decreasing. Our state is a top destination to retire for baby boomers. Our industry is expanding with the increase of businesses moving into our area. Including in our immediate area where Governor Charlie Crist just approved $94 million in state funding for the Max Planck Society to bring their German based bio-imaging center here to Jupiter.
We may be going through some tough times right now, but we have some strong signs of a promising future. What we do know is that housing prices have been the lowest they have been in years. Whether they will keep dropping is questionable. What we do know is that we will recover and prices will go back up. Making now a great buying opportunity.Written by Joe Quirk (561) 427-9326