‘I think if you’re buying a home right now, I think it's dangerous to look at this report and think that is going to be happening in Port St Lucie.’ Holly Meyer Lucas says
PORT ST. LUCIE, Fla. — Florida's hot housing market seems to be trending in another direction in one city on the Treasure Coast if you read a new report from
CoreLogic.
The data suggest Port St Lucie could see home prices sharply decline over the next 12 months.
“Port St Lucie, the reason why it is showing up in this report I think is the mortgages that have been taken out and the assumption that there will be foreclosures based on mortgages,” Realtor Holly Meyer Lucas said.
She said several factors go into the report to form an algorithm — factors like the amount of mortgages, school ratings, interest rates and potential tax assessments. But there's one thing she said they're not factoring in.
“I think if you’re buying a home right now, I think it's dangerous to look at this report and think that is going to be happening in Port St Lucie. Home prices will stabilize but they're not going to drop so significantly, and the biggest reason is our population increase here,” Lucas said.
Lucas said the four Florida markets cited in the report at risk of home decline are all part of the mass migration of people to Florida. In fact, we spoke with one real estate brokerage firm in Port St. Lucie. They told us they can't build homes fast enough for the amount of people who want to live in them.
Lakeland-Winter Haven, Northport-Sarasota-Bradenton and Cape Coral-Fort Meyers are the Florida areas cited. Utah-Orem also was listed in the top five.
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News Station: WPTV
