Florida Boom And Bust Cycle Repeats Itself
The St. Petersburg Times writes a great article on how prone Florida is to the boom and bust cycle. Florida with it’s warm weather and beautiful beaches inspires the imagination and dreams of home buyers. But the unbridled optimism of the human spirit rises up every few years plays havoc with the 1920’s economy of our Sunshine State.
For several years the fevered land flipping, home building and road grading transformed the Tampa Bay area. Captivated by the rumors of riches, out-of-staters flocked to Florida for a piece of a sure thing. “Realtor” became a supreme career aspiration. The region’s population doubled.
But just as people were counting their profits toward early retirement, a hurricane pulled the plug on the hyperactivity. Buyers turned cautious. Property could be had for 50 cents on the dollar. Paper fortunes vanished, and banks shuttered. Disillusioned Floridians pined for the hills of North Carolina.
Sound familiar? It’s an outline of the 1920s Florida real estate boom and bust. But historical amnesiacs can be mistaken for assuming it describes the real estate roller coaster that’s recently rocked our region. via the St. Petersburg Times
Read the rest of the article, it is worth it for every real estate professional to see the cycle play out.
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