Land values remain very weak in Southwest Florida with most sales happening at 20% to 25% of peak values. Year-to-date the total number of sales is nearly equal to this time last year, however the value of the transactions has doubled from $178 million this time last year to $364 million in 2010 as investors acquire larger properties. We expect a significant increase in the total number of sales in 2011 as lenders become more aggressive in liquidating distressed assets. While the volume of sales is expected to increase we do not expect prices to change until new development becomes feasible. Most investors we speak with are pricing vacant land based on 20% to 25% of peak value and expect to hold the property for 5 to 10 years.
Current Market Statistics
2010 YTD Sales: $364± Million
2010 YTD Sales: 150
2009 YTD Sales: $178± Million
2009 YTD Sales: 170
