All Forum Posts by: Jack Bobeck

@Rudy Manna The Jacksonville market is operating at a 3.1% unemployment rate, well below the national average. Growth is all around the city with new projects announced daily. The prospects are great for those of us that own with pricing looking to rise between 8-10% in NE Florida in 2018. Some areas have 3 months of inventory and anything in St. Johns County is getting 96-97% of asking price. Its a HOT market in NE FLorida. 

@John Meirose What's a "decent" return? I bought homes in Jax in 2012 and they are worth 5x what I paid for them. Decent return like that or just 20-30 percent? 

@Michael Jones - Taxes are not high here in NE Florida our mil rate is very affordable in most of the county and understandably higher at the beaches. What is very high in Florida is car insurance, mostly because of our neighbors in South Florida, but hey, it is what it is. I can get property insured here in Jax/32205 for $0.60 per sq ft. So it pays to call around and ask for insurance. 

@Deepanshu Madan 32210 is fine, it features some of the wealthiest homes in Jacksonville, but it too is a big zip code. 

@Deepanshu Madan What is it rented for at the moment? As long as you can make it cash flow and you have reserves for what if, it does not matter the neighborhood. Jax is growing and a great city now for investments. 

When you say downtown, do you mean Springfield? Jessie Street? Paxon? Do you have examples?

Gregg Cohen respect you and Alex and what you guys have built at JWB. I am currently recommending investors look at your model, if they are looking to buy in Jax. JWB buys, fixes, finds tenants, and manages a solution for the investor. The investor gets a safe investment at a nice return. It’s a proven solution. What I am seeing is the properties on the courthouse steps are selling for more than the ARV. Investors are pushing the market and those of us that bought in 2012/2013 are seeing huge appreciation. I am not a buyer here, I am a seller. Economists are forecasting a recession next year or the following as wages rise and int rates rise to fight inflation. Real estate does go in cycles, it feels as if the market needs a breather or to take a break, the Ave price of a home fell for the first time in Jan 2018 in quite some time. Again, you guys are great for Jacksonville!

David Epstein I am waiting on the market cycle. The courthouse steps properties are selling for more than their ARV. That’s not a good sign. I’m holding out for better prices. I can wait a couple of years. I don’t see a lot of good value now in Jacksonville.

Tom - Sending you a Private Message with a link to all the Condos on the market in Jax, as well as the ones under contract, so you can see what they are going for now. 

@Stefan B. - I would recommend a few independent carriers, you can call mine I use All Lines Insurance Agency, here in Jax. Good people. 

This was posted today from the Jacksonville Business Journal, the post on a daily basis and if you really want to know what is going on in Jacksonville, you need to subscribe, its $84 a year. 

Investment in Jacksonville commercial real estate came in 29 percent higher in 2017 than in 2016 with $2.57 billion in transactions, according to Colliers International of Northeast Florida.

The year end investment report broke down the major sectors of commercial real estate by office, industrial, hotels, retail and multifamily.

In Northeast Florida, as in most major markets across the country, the lion's share — 61 percent — of investment has landed in multifamily properties, with $1.56 billion of real estate transactions recorded in 2017.

There was $315 million of warehouse/industrial properties change hands in Northeast Florida in 2017, representing 12 percent of the total. However, the Colliers report noted that 85 percent of the $315 million came in five portfolio deals involving institutional investors.