Ocala Florida, which was established in 1846, is the seat of Marion County, in Florida. It is well known as the horse capital of the world. Although thoroughbred horse breeding and racing is one of the primary sources of revenue in the area, it is not surprising that when the economic downturn began, Ocala, would not escape the crunch the rest of the nation was feeling.
The current economic crisis actually began with the burst of the housing bubble in the United States. Housing values had risen so high so quickly throughout most of the country, that a decline in values was almost predictable. When the crash happened, it was much worse than had been anticipated by anyone.
As unemployment continues to rise nationwide, an industry centered around leisure and entertainment, such as horse breeding and racing, tends to feel the crunch perhaps more than industries that are more related to basic survival. In fact, in this recession, even food related industries are being impacted.
Ocala real estate is a mix of homes and farms. The population there has been growing steadily for the last twenty years. In fact, Ocala Florida is one of the fastest growing areas in the country, and has been for several years.
Ocala has been affected by the failing real estate market in Florida. The median sales price of homes in Ocala is $98,750, a 25.2 drop from 2008 values, and just about 50 of the $173,100 median price of homes across the country. There are more than 800 foreclosed properties on the market.
Ocala horse farms have not been hit quite as hard as homes in more urban areas. Horse farms range in price from around $300,000 for a small acreage parcels to multi millions of dollars for hundreds of acres and extensive outbuildings. Owning and raising horses is an expensive venture, and the industry has been impacted by the weak economy. Although the number of horse farms for sale has increased, the prices have not really gone down much.
The horse farm industry was hardly involved in the mortgage industry meltdown because mortgage lending rules have always been tighter for agricultural land. Buyers of this type of property have always had to come to the table with substantial down payments. However, because the trade in thoroughbred horses is a luxury type of transaction, the revenue from horse sales this year is expected to drop 25 , and this will very likely impact the number of horse farms for sale in the spring.
In the last few months, with a boost from historically low mortgage rates and the first time home buyer tax credit, the number of real estate sales has been on the rise. There has been a 63 increase this year as compared to this time last year, in existing home sales.
Also, because Ocala is prime real estate, with two major cities nearby, and at the crossroads of some major freeways, real estate investors have been swooping up properties at these much deflated values.
Author Resource:
http://www.joanpletcher.com The Ocala/Marion County area of central Florida offers friendly people and rolling acres of horse farms. Available properties include estates, training centers, ranches and major parcels of land. Powered by http://seo-search-engine-optimization.netbiz.com/
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