St. Augustine Florida real estate market on rebound

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 29, 2009 --

Frank O'Rourke of Premier PRoperties Realty Group in St. Augustine FLorida has returned from an extended oversees trip and is getting back to business both literally and figuratively…. "I am very pleased with the current activity in the market as a whole and see some positive signs in pending sales as compared to this time last year. The market is not going to rebound overnight but it has clearly made a multiple month swing in increased sales over 2008. The $8000 first time home buyer tax credit which is currently set to expire in December added a lot of velocity to the sub $250,000 market. It looks as though the Fed’s may extend the tax credit until June of 2010 and includes any buyer of property not only “first timers”. This would be a tremendous asset to us on the marketing side.

Obviously the tax credit does not specifically help listings priced over $250,000 but any movement of inventory will have a positive effect by replacing other existing inventory – a “trickle up” effect. For the luxury home market the press has picked up on the fact that the extremely wealthy are now migrating to Florida to take advantage of the lack of a state income tax. Although this is nothing new it clearly demonstrates the willingness of the rich to be smarter with their money. As one billionaire remarked – “If I can save $13,000 a day by moving to Florida because of no state income tax – why wouldn’t I move there.”