Sean, Both Buyer and Seller in Florida

Is Jacksonville, Fl a good area to invest in multi-family (apartment complexes)?

Asked by Sean, Florida Mon Jun 30, 2008

Looking for the best areas to invest in multi-family.

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Answers

10
Sean, to be honest with you Jacksonville was great for this type investor until recently. There are still opportunities, but you have to be very selective. I am curious as to what size communities you would be interested in? If you would like up to the minute information let me knwo at 904.504.1215. Jack Vance
4 votes Thank Flag Link Mon Jun 30, 2008
Here is what the U of F Bergstrom Center for Real Estate Studies had to say on the issue of Rental apartments in Florida after the first Quarter of 08.

"After declining through 2007, the occupancy outlook for market rent apartments has turned upward very slightly, with a majority of respondents expecting positive change. While expected occupancy of apartments targeted for condo conversion is slightly negative, it also has reversed its late 2007 decline, showing a very small improvement. Expectations for rental rate growth in apartments, already below the rate of inflation, edged slightly more negative from the third and fourth quarters of 2007. The outlook for investment in market rent apartments remains positive and slightly improved from fourth quarter of 2007. The investment outlook for apartments targeted for condo conversion is more pessimistic, extending its downward drift into a third quarter. "

Those of us with rental housing units are finding it more difficult to find qualified tenants and are experiencing longer vacancy periods.

As several have mentioned, there are a lot of positive factors for Jacksonville in the upcoming months and years that should have a positive impact on the local Real Estate market

The navy is bringing 3 squadrons to Jacksonville.

Officials with Mitsui O.S.K. Lines, Ltd., (MOL) a Tokyo-based logistics and ocean transportation company, signed a 30-year lease agreement with JAXPORT.

The new agreement will create more than 1,800 new private sector port jobs in Jacksonville, while supporting operations in trucking, distribution and related services could generate a total of 5,600 direct and indirect local jobs and $870 million in economic impact beginning late Summer 2008

Oct. 18, 2007 -- JAXPORT and Mayor John Peyton announced the signing of an initial agreement with Hanjin Shipping Co., Ltd. to develop a $360 million container terminal in Jacksonville.

The Hanjin Shipping Container Terminal, Jacksonville is expected to generate at least $1 billion in economic activity in Northeast Florida and create thousands of new direct and indirect jobs for the region beginning 2011
Web Reference: http://www.cathysloan.com
3 votes Thank Flag Link Tue Jul 1, 2008
I agree with Phil and Linda. Jacksonville is a growing community and it's a great time to buy.
We have two new port terminals underway that could eventually make Jacksonville one of the top 10 container ports in the country. We also have 2,000 troops and their families that will be relocating to Jacksonville from Brunswick Maine.

Ranked as one of the top three “hottest cities” for corporate expansion and relocation by Expansion Management magazine in four of the past five years, Jacksonville attracts the attention of numerous companies who value its location, workforce, transportation opportunities and economic incentives. The city is home to three Fortune 500 Companies – Winn Dixie, CSX Corporation and Fidelity National Financial -- as well as a host of companies including Stein Mart, Sally Corporation, Acosta Foods, Armor Holdings and PSS World Medical.

Jacksonville is continually evolving, and many attribute that to a strong economic development partnership between city and county governments and a changing industry base.

“Jacksonville is a changed city – it’s a renaissance place for business,” said corporate relocation expert John M. Rhodes, president of Atlanta-based Moran, Stahl & Boyer. “It’s in a unique position of being highly attractive to corporate headquarters.”


Shonda Sauls, REALTOR®
Prudential Network Realty
(904)260-4300 #625
Shonda.Sauls@PrudentialNetworkRealty.com
3 votes Thank Flag Link Mon Jun 30, 2008
Yes! The need for rental property is increasing and Jacksonville's economy is growing thus bringing more people into the city for work. it's also a great time to buy real property as prices are stabilizing and interest rates are still low. Check out the links below and please let me know how I can help http://-www.prudentialnetworkrealty.com
Web Reference: http://www.coj.net;
3 votes Thank Flag Link Mon Jun 30, 2008
Absolutely not. As an owner of many multifamily communities in Jacksonville I can tell you that the apartment vacancy rate has skyrocketed from 4% a couple of years ago to nearly 15%. More and more apartments are being built and the population growth in this area has stalled. The vacancy rate is projected to keep increasing and many larger management companies want out of the market. You would think, great, here is a buying opportunity. But, many multifamily owners are not able to sell due to a multifamily run up in prices over the last five years. Long term owners are not buying or selling and are waiting out the bad market.
2 votes Thank Flag Link Tue Jul 1, 2008
Sean,

The Navy is closing a base in Maine and over 2000 personnel will be coming to Jacksonville.
This will increase the demand for rentals in our area. With it also being a buyers market, It's a great time to be investing in real estate.
Most people buy as the market tops out and then wait until its going south to try and sell!

phillip.moody@PrudentialNetworkRealty.com
904-982-3373
2 votes Thank Flag Link Mon Jun 30, 2008
Sean, There are several interesting opportunities out there right now. Depending on your budget, I can show you a number of current listings in a wide variety of price ranges. Give me a call to talk further, Jason Lindsay, REALTOR, 904-894-6587
1 vote Thank Flag Link Thu Aug 7, 2008
Hello Sean,

I am Jorge Nunez, Realtor with EXiT First Coast Realty here in Jacksonville, One must be very cautious when appling state or national statistical data to Jacksonville. Jacksonville has a very unique position on today's market. We do, still, have many old fashion operators that refuse to change their 1965 ways of doing business. I last had two fully employed teachers with a child that could not get a rental because they had being foreclosed in N.C... They are in a great three bedroom townhome now. By now you should understand that there are great opportunities here in Jacksonville. Again when ever you are in JAX give me a call, I will lead you to meet some awesome market cats.

Don’t woory about me, I’m always honest and contrary to our media doctrine...I will never call this a Bad Market. Just Let the Carpenter do Carpentry and the Realtor do Real Estate and you will be fine.

The time is now.

Jorge
904 945 2144
http://www.housesapartmentsandcondos.com/
1 vote Thank Flag Link Wed Jul 2, 2008
Hello Sean,

I am Jorge Nunez, Realtor with EXiT First Coast Realty here in Jacksonnville, FL... The answer to your question is yes, however, you must have your thoughts in order. The time is know.

When your here give me a call and join us for a cold Franziskaner.

Jorge

904 945 2144
1 vote Thank Flag Link Mon Jun 30, 2008
If you are purchasing properties you would be a idiot
if you don't use a professional especially
since it is completely FREE to you.
The seller is who pays the Realtor's commission.

Find an agent that specializes in that area and field.

If don't have one in mind; I can refer you to one even though I am in California.

Also, the agent can let you know about financing options which differs
from residential or primary residences.

Good Luck !
Web Reference: http://asknancyg.com/
1 vote Thank Flag Link Mon Jun 30, 2008
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