While early reports of a spring thaw in real estate sales have been welcome news for real estate professionals, comments from a seasoned authority who has weathered several cycles of up and down turns in the markets created a collective sigh of relief. Alumni of the University of Florida School of Real Estate heard the positive analysis from Steve Bailey, Vice President of Premier Properties’ Sarasota operations. The 1st Annual UF Real Estate Spring Kickoff was held recently at the Polo Grill in Lakewood Ranch. The UF School of Real Estate is one of a few such schools in the nation.
“From 2003 to 2005, we had a market on steroids and to borrow a phrase from the past, many people were acting with ‘irrational exuberance,’” stated Bailey who manages Premier’s multi-million dollar book of upscale residential business in Sarasota. “I’m not surprised at the correction because, at some point, the law of gravity has to apply. The correction is healthy for the market, but the duration has lasted longer than normal. Typically, it takes markets about two years to stabilize after record appreciation.” Bailey went on to quote Warren Buffet, “(he) gave good advice when he said: ‘When everyone is greedy, be cautious. When everyone is scared, it’s time to be brave.’”
So what gives Bailey courage as the market slowly nudges it way out of the correction? “Demographically, there is incredibly good news for Florida and especially Southwest Florida. In the next ten years, almost 50 percent of the population growth in the U.S. will come from three states: California, Texas, and Florida,” he quoted. “Also, Florida is still tracking to surpass New York in the next few years and become the third most populous state in the nation with over 20 million people. And to state the obvious, interest rates are at historic lows.”
About Steve Bailey
Steve Bailey started his real estate career selling recreational land in the White Mountains of New Hampshire part-time while in college. After serving in the U.S. Army as a First Lieutenant in Viet Nam, he entered Tulane University School of Law, passing the bar in 1975.
In 1979 he joined the real estate profession full-time as a sales associate for Merrill Lynch Realty. Eight years later, he was president of the Commercial Investment Division of Merrill Lynch Realty/Connecticut, and executive vice president of its
residential operations in Connecticut and Long Island, directing the operations of 68 offices and more than 1,800 sales associates.
In 1988, Bailey was recruited to restructure the Connecticut real estate subsidiary of Dollar Dry Dock Bank. In 1992, Bailey purchased the company and grew the business to 16 offices and 345 sales associates. He sold the company in 1998 to become a principal in Parker Bailey Associates, LLC. The firm provided national real estate advisory services, offering businesses planning, human resources development and new product and service consultation. While with Parker Bailey Associates, he further refined his abilities in evaluating and developing new products and services for the residential real estate industry with an emphasis on e-commerce and the Internet. He joined Premier Properties in 2006.
In addition to Steve’s law degree, he has a B.A. in Political Science from East Carolina University in Greenville, North Carolina. Following his duty in 1968-1971 in Viet Nam, Steve was awarded a Combat Infantry Badge, the Vietnamese Cross of Gallantry, a Bronze Star and a Purple Heart.
About Premier Properties
With over 230 licensed sales professionals, Premier Properties represents buyers and sellers of luxury properties throughout Southwest Florida. Premier Properties is a division of The Lutgert Companies, a group of affiliated private companies involved in real estate development, real estate brokerage services, developer consultation services, personal and commercial insurance services. The Lutgert Companies presence in Southwest Florida dates to 1964.
Click here for more information on Premier Properties of Southwest Florida, Inc.
