Florida Real Estate Fever Continues in JacksonvilleJune 23, 2006 0 comments Print Article
Even with recently slowed real estate activity nationwide, Jacksonville is predicted to be one of the top markets in the nation over 2006. That's the word according to the most recent issue of Money Magazine.
Based upon their predictions, Jacksonville should expect an 8% return. This is the highest predicted return in the southeast U.S. Orlando follows very closely with a 7.6% predicted rate of return. In contrast, Miami and the southeast Florida areas should look for returns around 3%. Money explains the phenomenon as Florida fever moving north and west in the state. The highest returning market in the nation is predicted to be McAllen, Tx, on the Mexican border, at 11 percent.
A recently released report from First American Real Estate Solutions seems to support the notion that Jacksonville (and north Florida in general) is still a comparatively healthy real estate market. The research firm reports that "Prices in these northern Florida markets [Jacksonville, Pensacola, Gainesville and Tallahassee] have 'only' risen by 50 percent or 60 percent since 2001, in contrast with the doubling of prices in southern Florida." This report can be viewed in its entirety here: http://www.firstamres.com/pdf/May1806_Cagan_CYCLE_PAPER_FINAL.pdf.
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