From the Department of "Signs of the Apocalypse"
This extremely insightful article provides a pretty sharp look at the pessimism that has seized real estate markets locally.
Karen Brune Mathis goes on to elaborate, the entire article is worth a read.
Interesting long term quote from Rummel right after the jump. Kinda Scary in its bland implications, actually.http://jaxdailyrecord.com/showstory.php?Story_id=534871
Jacksonville was just .02 points from escaping the red-shaded real estate investment ranks of “generally poor” to reach the yellow-tinged tones of “fair.”
“At 4.5, it would be a yellow,” said Dean Schwanke, executive director for the Urban Land Institute Center for Capital Markets and Real Estate and ULI senior vice president in Washington, D.C.
Jacksonville scored 4.48 on a scale of 1-9, low to high, for its attractiveness for real estate investors.
Among the 51 markets scored, Jacksonville ranked No. 40. Washington, D.C., was No. 1 and Detroit, Mich., was No. 51.
Among market areas with under 2 million in population, Jacksonville ranked No. 11. Austin, Texas, was No. 1 in the category for population and No. 2 overall. Las Vegas was last, at No. 18, in the category and No. 49 overall.
Still, Schwanke said Jacksonville’s investment prospects are showing some signs of improvement.
Schwanke was the guest speaker to almost 180 members and visitors at the ULI North Florida “Emerging Trends in Real Estate 2012” program Wednesday evening at the Hyatt Downtown.
The investment rankings were reported in the “Emerging Trends in Real Estate” report from ULI and PwC, the brand name of member firms of Pricewaterhouse Coopers.
The 2011 report was called “The Era of Less.” The 2012 edition is “Facing a Long Grind.”