A look at lay of land in Tampa Bay, Fla.,
real estate market offers mixed view
Homes sales are hobbling. But block-and-stucco suburbs
and condo towers aren't the whole real estate story
in the Tampa Bay area.
If you've noticed full parking lots at Wal-Mart Supercenters
and Target stores, you can see retail development
is hopping. The office market isn't doing so shabby
either. Top-notch buildings are drawing rents of $30
per square foot.
Industrial real estate, which includes warehouses
and factories, has been fetching record prices. But
signs could point to a slowdown. Times staff writer
James Thorner asked a panel of prominent real estate
prognosticators for their opinions of the real estate
industry.
Joel Cantor, head of Gulf Atlantic Real Estate Cos.,
recently started building a waterfront condo tower
in St. Petersburg called Signature Place. Cantor admits
residential construction is in a leveling-off period,
but preached long-term soundness of the market. Historically
low interest rates mean the lending climate remains
ripe. He predicts housing will need about a year to
absorb record inventory.
For the industry's longer-term health, he urged builders
to avoid cookie-cutter construction and push innovation
that whets buyers' appetites. (Yes, Cantor included
his own condo project in the innovative category).
