house appreciation by zipcode (Jacksonville: sales, real estate, apartments)

[brucelee]

can any one send me the house price appreciation in % for 2007 second quarter by zip code in florida or the web site to get this info ?

thanks

bruce

[David in JAX]

Those numbers have yet to be published and should be out in a few days. The existing home sales and appreciation will be located at the following link:

media.living.net/statistics/statisticsfull.htm

[Buffy123]

what appreciation. the housing market is shot in jax right now. i know a whole host of investors and finanacing people changing careers or just going belly up across the board. if anything my homes have depreciated in the past six months. and i own several in many different price ranges. newer and older. mortgage lenders are going bellyup as well. check out The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui for a sample of whats going on.

[David in JAX]

Originally Posted by Buffy123

what appreciation. the housing market is shot in jax right now. i know a whole host of investors and finanacing people changing careers or just going belly up across the board. if anything my homes have depreciated in the past six months. and i own several in many different price ranges. newer and older. mortgage lenders are going bellyup as well. check out The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui for a sample of whats going on.

You are exactly right and things are only getting started. Prices are falling fast and inventory is at record levels and still climbing. The big jump in foreclosures is expected to happen between October and February so look out below.

[searchingforsun]

I'm moving to Jacksonville next month. I've been looking at renting something once I get there. However, I noticed there are a lot of condos for lease by investors. I was told that they're renting them out until the market goes up in the next couple years so they can sell for a higher profit. Does anyone have a good take on that? Would it be a good time to buy in Jacksonville?

[JOHN MERRITT]

Originally Posted by searchingforsun

I'm moving to Jacksonville next month. I've been looking at renting something once I get there. However, I noticed there are a lot of condos for lease by investors. I was told that they're renting them out until the market goes up in the next couple years so they can sell for a higher profit. Does anyone have a good take on that? Would it be a good time to buy in Jacksonville?

Best thing to do in order to get accurate info is call a couple of real estate agencies and ask to speak with one of the senior agents and request a Comparative Market Analysis as well as market trends graphed for the past year in the area of interest.

Then ask for their favorite site for demographics regarding avg rental rates as well as avg sale price. Go to that site and look for a mass exodus or influx. Look at the data and write down any questions you might have. Review the CMA tehy send to you then call them and ask about any questions you may have.

Any of the agents you contact should be happy to provide you the information and insite.

You may also contact the local planning and zoning board and ask about the comprehensive development plan for the area for the next 5- 10 years and get a wealth of information about the anticipated developmental changes as well.

Good Luck
and have that fun in the sun but always keep it cool

[riveree]

Originally Posted by searchingforsun

I'm moving to Jacksonville next month. I've been looking at renting something once I get there. However, I noticed there are a lot of condos for lease by investors. I was told that they're renting them out until the market goes up in the next couple years so they can sell for a higher profit. Does anyone have a good take on that? Would it be a good time to buy in Jacksonville?

In general I think it's a good time to buy.

There are some areas I would not invest in right now (some localized markets are too volatile right now), and the condos don't seem to be appreciating at all anywhere in Jax/Jax area right now, so I'd be leery of a condo (I'd go with a small single family home instead).

Coming in new to the area, I would suggest renting first. Get a real feel for the market yourself. There isn't likely to be any major differences between 2007 & 2008, so you aren't going to lose out by waiting a year.

[David in JAX]

Originally Posted by searchingforsun

I'm moving to Jacksonville next month. I've been looking at renting something once I get there. However, I noticed there are a lot of condos for lease by investors. I was told that they're renting them out until the market goes up in the next couple years so they can sell for a higher profit. Does anyone have a good take on that? Would it be a good time to buy in Jacksonville?

I think I have an excellent take on this question since our company is a property management and development company. Our company develops new residential real estate communities (houses, condominiums, townhomes, etc.) and develops and manages apartment and condominium communities around Jacksonville. You have two questions. Is it a good time to buy and what is the condominium rental market looking like in Jacksonville. I can answer both.

Right now is the absolute worst time to buy a home in Jacksonville. Here is why. The mean appreciation of homes in Jacksonville has been right at the level of inflation over the last century. Every time home prices appreciated faster than the rate of inflation, they fell back to their mean level of appreciation. Every time home prices fell below the rate of inflation, they rose back up to their mean level of appreciation. This cycle has been moving back and forth over and over and riding the inflation trends since the late 1800’s. Between 2001 and mid 2006, the price of homes in Jacksonville rose at an astounding rate. In the last year, they have leveled off and started to decline. These prices will continue to decline until they move back to their mean rate of appreciation. So, we are one year into a 5-6 year price decline. Prices rose to about 30-40% above their mean level, then dropped back by about 10%. They still have a long way to go down before overcorrecting and then moving back to the mean. For this reason, if you buy a home in any area of Jacksonville today, it will more than likely drop 25-30% in value over the next five years. Look for the mean single family home price to drop from just over $200k to $120-130k before prices stabilize. History has proven this cycle time and time again, and this time will be no different.

As for the condominium rental market. There is a huge glut of rental apartments, houses, townhomes and condominiums in Jacksonville because of mass overbuilding due to speculation over the last two years. Many people are holding onto their condos and renting them out hoping to ride out the real estate recession. For this reason, condominiums can be rented for much less than the owner’s carrying cost of the unit. You can rent a brand new condo for about 75% of the cost of ownership and that number is moving lower. On a personal note, our company is having a very hard time finding qualified renters for condos and apartments in any price range. Lower rents and greater move in specials are not working because mom and pop owners are ready to under-cut any deal to get any rent in a hope not to lose their units. This scenario is also happening for single family homes across the city.

So, my advice is to rent for at least the first year when you get here. Not only will it give you a chance to find the exact area that you want to live, but it will give you a chance to see where prices are going.

[remember-voltaire]

David in JAX Quote:

You are exactly right and things are only getting started. Prices are falling fast and inventory is at record levels and still climbing. The big jump in foreclosures is expected to happen between October and February so look out below.


so the housing market is going belly up and what happens


supply and demand

so more housing associations get built, thus more houses need selling,thus undercutting people with houses in established areas, thus investors and associations being greedy, thus more supply than demand.


In the meantime the landscape is ruined, wildlife is ruined, trees chopped down at unprecedented levels, less trees the worse the air we breath, and not forgetting people who have seen their house dropped because of all this .

Totally nuts---- these associations need to stop.

[remember-voltaire]

having just talked to two real estate agents briefly and I was thinking the same.

Best bet is to go with buying a house in an established area, the houses tend not to have been over valued anywhere near as much plus the money you save with not paying fees etc could be extra money in your pocket or go to even getting a bigger house

Houses under the 200,000 mark or around that figure in established non housing associations seem to be still changing hands so to speak.

all the best in JAX pal