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Although thoroughbred horse breeding is one of the primary companies in the region, so it is not surprising that when the economic recession began, Ocala, wouldn't escape the crunch the remainder of the nation was feeling.
Housing values had gotten so overinflated throughout most of the nation, a decline in values was predictable. But the crash was much worse than was expected by anyone homes for sale in ocala fl 34471.
As unemployment continues to rise nationwide, an industry focused around leisure and entertainment, such as horse breeding and racing, will feel the crunch perhaps more than businesses that are more related to basic survival. In fact, in this recession, even food-related businesses are being impacted.
Ocala property is a mixture of houses and farms. The inhabitants there has been growing steadily for the past twenty decades. In fact, Ocala Florida is one of the fastest growing places in the nation, and has been for several decades.
Ocala has been influenced by the failing property market in Florida. The median sales price of houses in Ocala is $98,750, a 25.2% drop from 2008 worth, and only about 50 percent of the 173,100 median price of houses across the nation. There are over 800 foreclosed properties available on the market.
Ocala horse farms have yet to be hit quite as hard as houses in more urban locations. Horse farms range in price from around $300,000 to get the small acreage parcels into multi-millions of dollars to get hundreds of acres and extensive outbuildings. Owning and raising horses is a costly enterprise, and the industry was impacted by the weak market. Even though the amount of horse farms available has improved, the costs haven't really gone down much.
The horse farm industry was barely involved in the mortgage industry meltdown because mortgage lending rules have always been tighter for agricultural property. Buyers of this sort of property have always needed to come to the table with substantial down payments. However, since the transaction in thoroughbred horses is a luxury form of trade, the revenue from horse sales this season is anticipated to drop 25%, which will very likely impact the amount of horse farms for sale in the spring.
In the last few months, with a boost from low mortgage rates and the first time home buyer tax credit, the amount of property sales has been on the upswing. There's been a 63% increase this year as compared to this period last year, in existing home sales.
Also, because Ocala is prime property, with just two big cities nearby, and at the crossroads of several major freeways, property investors are swooping up possessions at these much deflated values.
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