Will there be another housing crash similar to 2008 amid coronavirus pandemic?

| 3/23/2020

Will there be another housing crash similar to 2008 amid coronavirus pandemic?

As the country continues to feel the impact of the Coronavirus outbreak and volatility in the stock market, it’s caused many of my clients to contact me regarding Florida’s real estate market. The main question I am getting is, “Will there be another housing crash similar to 2008? In my professional opinion, the answer is NO... More from Space Coast Daily.

Construction sites still open - but coronavirus slowing some projects

Real estate projects currently under construction continue are moving forward. But progress is slowing as contractors juggle work needs with health concerns associated with coronavirus. Three local construction executives talked about how job sites have changed since the Centers for Disease Control and Prevention recommended canceling gatherings of more than 10 people. [Source: Miami Herald]

Coronavirus Florida: Sarasota-Manatee braces for slowing real estate market

After solid momentum to start the year, the Sarasota-Manatee real estate market is bracing for a coronavirus-induced slowdown. Buyers closed on 1,093 existing single-family homes in February throughout the two-county area, a 3.6% gain over 2019, according to data released Friday by the Florida Realtors trade group. [Source: Sarasota Herald-Tribune]

Amid disruption everywhere, real estate transactions still rolling through -- but for how long?

The coronavirus has shut down Palm Beach County malls, bars and hotels -- but real estate transactions are carrying on, at least for now. On Friday, as Gov. Ron DeSantis announced a shutdown of Palm Beach County beaches, gyms and movie theaters, more sales were recorded. A recession is on the horizon and a real estate slowdown seems inevitable, but the deals reflect business as usual, at least for the moment. [Source: Palm Beach Post]

The coronavirus shutdown: Real estate markets will 'slow down then bounce back'

Real estate developer and Chase Properties CEO Mike Balanky believes any slowdown in the residential and commercial real estate markets because of the new coronavirus will be temporary. “I think they’ll slow down then bounce back once we get a grip on the virus, much like the stock market,” he said. [Source: Jacksonville Daily Record ]

ALSO AROUND FLORIDA:

› Coronavirus hitting Florida development like 'an economic hurricane’ [Tampa Bay Times]
Q&A with Tampa real estate and development attorney Robert Stern: Supply shortages. Nervous buyers. Delayed deals. But maybe a moment for speculators.

› Concerned about the real estate market? Us too – part I [Yahoo! Finance]
All of the recent repositionings of the global markets and forward expectations got us thinking about “what happens after 8 to 12+ months?

› How is Miami’s real estate industry dealing with the coronavirus outbreak? [Miami Herald]
Restaurants. Retail. Entertainment. These are some of the industries that have been walloped by the spread of the coronavirus, leaving workers unemployed, bars and stores shuttered, and people isolating at home riffling through Netflix or YouTube to pass the time.

› Walt Disney World shuts down all construction due to coronavirus [Orlando Business Journal]
It wasn't immediately known if construction workers will be paid or when construction operations will resume, said Mark Wylie, president and CEO of the Central Florida chapter of Associated Builders & Contractors Inc.

Tags: Real Estate, Real Estate eNews

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