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Institutional Investors Still Love Jacksonville

By
Real Estate Agent with Coldwell Banker Vanguard Realty - 904-673-2308

Institutional InvestorsInstitutional investors continue to buy houses in the Jacksonville area, making us one of the top cities in the country for frequent buyers. In October, 22 percent of all sales were to 'frequent buyers', third in the nation behind Memphis, Tenn. at 25 percent and Atlanta at 23 percent.

While the number of institutional buyers has dropped from 12.1 percent of sales in September to 6.8 percent in October nationally, they are still strong buyers here locally.

Local agents who work with them say these volume buyers are winding down. In October 2012, institutional investors buying houses was 9.7 percent nationally, down to 6.8 percent in October 2013. It doesn't look like that with the number of purchases at 22 percent.

If you see "Invitation Homes for Rent" signs in your neighborhood, that is an institutional investor. The good news about these buyers is they fix up the houses before they rent them and they won't put up with renters who won't pay.

 

 

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About the Author: Sharon Alters works with her husband, Frank. They are in the top 5% real estate agents for production in the Jacksonville Florida area, specializing in Military and Corporate Relocation in the Fleming Island, Orange Park, St. Johns, St. Augustine and Beaches areas. Their local knowledge can help Relocating Buyers find the perfect lifestyle, whether it is a Castle on the Ocean, or a Cottage in the Country. 

Call/text 904-673-2308 or sharon@teamalters.com

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Comments (8)

Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

I hear Florida is really coming back. Sharon I bet your are rockin and rolling. Here is to an even better 2014.

Dec 02, 2013 12:26 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

We saw alot of that in our area too, Sharon.  Like you, we're seeing it winding down a bit too - don't know if it's because of the low inventory or the expected tapering by the Feds.  Either way, it was a nice run for our sellers, for sure!

Dec 02, 2013 01:14 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Noah, Florida has been hot this year for sure!

Debe, it was a great run! The institutional guys were paying full value and more in multiple offer situations. Now we see them low balling our listings and not getting them at all much of the time.

Dec 02, 2013 01:33 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sharon just wanted to stop in and hope you had a fantastic Thanksgiving, on a side not yes Florida is still hot for buyers which is truly awesome since it was one of the three hardest hit when the Real Estate Market had its melt down, Endre

Dec 02, 2013 02:42 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Florida has certainly been one of those states that had a number of large institutional investors. They made a difference in the market place and helped stabilize prices.

Dec 02, 2013 05:30 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Endre, thanks, we did! Florida is still hot for buyers. We are so busy right now we can hardly stand it! Hope you and your family had a fabulous Thanksgiving as well :)

Joe, I have read that there are 9 cities they have targeted and we are one of them. We were one of the first cities where it was cheaper to buy than rent.

 

Dec 02, 2013 10:25 PM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Hi Sharon,

It will be interesting to see how many of these homes remain on the market if the sales prices keep climbing. 

Dec 03, 2013 02:55 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Adrian, they are buying them, fixing them up and renting them, not selling them yet. From what we understand, the plan is to sell them in 5-7 years when values have increased sufficiently.

Dec 03, 2013 10:16 AM