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Jack McCabe of McCabe Research

'A thousand people a day moving to Florida is a myth.'

By Sule Aygoren Carranza | Updated on July 06, 2007

The run-up in Florida’s residential sector over the past several years has kept Jack McCabe quite busy. The chief executive officer of McCabe Research & Consulting LLC is considered one of the top experts in the state’s multifamily market. The Deerfield Beach-based firm provides data on both condominium and rental properties for everyone from institutional investors and developers to lenders, brokers and appraisers. Now that the for-sale market is cooling down and the focus is shifting to rental properties, McCabe continues to have his hands full. In an interview that originally appeared in Real Estate Florida , Real Estate Media’s newest regional publication, the executive discussed the changes that have taken place in the state’s multifamily sector, what’s occurring now and what to expect. ( Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum. )

REFla: The residential market has had quite a run over the past few years. What’s happening now?

McCabe: The speculative activity that drove the condo marketplace between 2001 and 2005 ended at the start of 2006. Since that time, we have seen a severe decline in sales volume and a growing inventory of condominium as well as single-family homes. We’re also starting to see mounting foreclosures. Florida has become a microcosm for what we’re going to see in many markets around the US because the boom really started here. And as such, the correction cycle is starting here too. Due to the high volume of speculative activity and the amount of artificial price appreciation, we could see recessionary pressures beginning in 2008.

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