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PRUDENTIAL FLORIDA REALTY GROWTH CONTINUES; UNIT SALES UP 27 PERCENT IN FIRST QUARTER

 PRUDENTIAL FLORIDA REALTY GROWTH CONTINUES;
 UNIT SALES UP 27 PERCENT IN FIRST QUARTER
 CLEARWATER, Fla., April 9 /PRNewswire/ -- Florida's residential re-sale market is gaining strength as witnessed by a 27 percent increase in the number of units sold by The Prudential Florida Realty during the first quarter of 1992.
 Florida's largest independent real estate company handled 5,356 units between Jan. 1 and March 31, 1992, compared to 4,223 for the same period of 1991.
 Gross sales volume for the 1992 first quarter was $805 million, compared to $660 million for the first quarter of 1991, an increase of 22 percent.
 "We believe that, for this company at least, we're seeing a return to the type of real estate market in which homes that are priced right are selling much more rapidly," said Richard W. Cope, chairman and chief executive officer of The Prudential Florida Realty. Average sales price during the 1992 first quarter was $137,000, compared to $142,000 for the same period of 1991.
 The pace of units sold, at a 27 percent annual increase, was much greater than the pace of new listings accepted by The Prudential Florida Realty. That indicates a net reduction in the number of homes the company is marketing in its listing inventory.
 New listings taken by Prudential Florida Realty sales associates during the first quarter of 1992 were 7,272, up 17 percent from the 6,201 new listings taken during 1991.
 "Whenever the number of units sold grows faster than the number of new listings taken, that's a very healthy sign for a return to a balanced market," Cope said.
 The company saw significant year-to-year increases in sales and gross volume in each of the eight geographic markets in which it operates.
 Cope attributes the company's heady growth to a number of factors, including but not limited to:
 -- Expansion of the company's corporate relocation services
 volume, a reflection of increased efforts to bring buyers to
 Florida properties;
 -- A mortgage origination joint venture that has assured steady,
 consistent access to mortgage financing for buyers in east
 Florida. The pilot program will be expanded statewide by the
 end of the second quarter of 1992;
 -- Intensified marketing efforts and sales associate training to
 attract international buyers to Florida properties and to make
 them feel comfortable with the transaction process; and
 -- Realistic pricing among buyers and sellers of Florida
 residential properties.
 The Prudential Florida Realty is on pace to break the $3 billion gross sales volume milestone for 1992.
 The Prudential Florida Realty is Florida's largest independent real estate brokerage, with 63 offices throughout the state. More than 2,600 licensed sales associates generated $2.90 billion in sales in 1991. The company has more than 300 employees.
 -0- 4/9/92
 /CONTACT: Linda Burger of The Prudential Florida Realty, 813-442-4111, or Robert Kneeley of Robert Kneeley & Co., 305-493-8220/ CO: The Prudential Florida Realty ST: Florida IN: SU: ERN


AW-SS-JB -- FL010 -- 6836 04/09/92 13:46 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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