Jacksonville appears to have suffered less real estate pricing volatility than most Florida markets. The pricing correction has appeared to slow down in its decline, and many submarkets have actually seen small month over month increases. (study by DataQuick 12/08)Would I say buy? Yes, But, Buy at a discount!
Reasons Jacksonville is different than other markets:
- Diverse Economy= Government, Military, Distribution, SeaPort, Financial, Manufacturing, Retail Headquarters, Medical and Telecom
- 7 of the Forbes 1000 are Headquartered in city of Jacksonville. 2nd most in Florida behind Miami
- 3rd most population growth in Florida from 2006-2007. Above Tampa, Orlando, and Fort Myers.
- #8 Best Place for Real Estate Bargains. Forbes Magazine 2008
- #3 Best City in US for Jobs. Forbes Magazine 2007
- 9.5% Population Growth 2000-2007
Here are some statistical demographics on the area:
- 12th Largest city in the US. 805,000. 1.5 million in the MSA
- Median Home Price $175,000
- Median Household Income $50,000
- JaxPort (international foreign trade zone) supports 43,000 jobs
- US Navy supports 35,000
- Home of Fidelity Nationa Financial Headquarters
- Home to PGA Tour Headquarters
- Home to NFL Franchise -- Jaguars
- Hosted 2005 NFL Superbowl
Many cities of similar size are not considered for an NFL Franchise, let alone considered sufficient to support a Superbowl.
Jacksonville has an economy strong enough to support and attract amenities that some major markets cannot.
Its location on the coast increases the quality of life component, with less fear of the hurricane factor. Jacksonville waters are a cooler temperature than the rest of Florida, and it is located North of the Gulf Stream. No hurricane has come close since approximately 1964, therefore the insurance rates are lower, making this a better cash flow investment than other cities in Fl.
Where to buy in Jacksonville:
- West of the city. East is pricier because it's coastal. The median income is a tad low for the median home prices. To buy conservative, you want to invest where it is most affordable for the majority of home buyers.
- Near the 295 Loop. Most of the jobs are downtown and at the Ports. JaxPort has 3 major locations and the Naval Bases have two. Commute to all 3 job sectors is best near this major arterial freeway.
Property Profile:
Remodeled Foreclosures, allow you to purchase at discount, without the headache of repairs, extra liens on title, and large capital investments. Companies, NorthPoint, can help find the safest investment, complete with improvements and with tenants already in place.
Be ahead of the curve.
Steve@NorthPointGroup.com
503-213-3550
rushsteve1 @ skype
http://www.linkedin.com/in/steveroesch
