John, that was a great question in the comments but not a "softball"! Right now the rental market for residential is tightening up and we are not only seeing a drop for instance in vacancies in CLay county in particular but we are starting to see a rise in rent rates as well. There are still many financially distressed pieces coming to the market which will make a very reasonable return for the investor that has cash to put in the market. However on the commercial side, I still see a soft market and those properties that have at least a reasonable rent roll are holding fast and the only real deals are properties that are vacant or under leased and finding tenants is still not easy, commercially.
Closer to home, here are some numbers to ponder:
According to NEFAR MLS residential homes (not Condos) sales (closings) in Clay County 1/1/2010 through 9/1/2010 = 1649
For 2011 for this time frame = 1744 or 5.8% increase
For St Johns County 2010 = 1743 and for 2011 = 1927 or 9.5% increase
Tomorrow I will give you the Duval and Nassau county figures.
"There but for the grace of God, go I" John Bradford 1555
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