Florida ranks 12th for economic health, 13th for economic activity.

6 06 2017

Economic growth varies from state to state, according to WalletHub’s analysis of its latest study on economic health. Out of 51 rankings (including Washington, D.C.), however Florida ranks 12th for “economic activity.”

The personal-finance website WalletHub conducted an in-depth analysis of 2017’s Best & Worst State Economies. In order to determine America’s top economic performers, WalletHub says its analysts compared the 50 states and the District of Columbia across 27 key indicators of economic performance and strength.

Overall Florida rankings (1=best, 25=avg.)

  • Economic activity: 13
  • Economic health: 12
  • Innovation potential: 30

Florida’s total score was 54.48. Washington ranked at the top with 76.54 followed by California with 73.78. At the bottom of the list, West Virginia ranked 28.14, with Louisiana one slot higher at 33.22.

Economic performance of Florida (1=best, 25=avg.)

  • No. 5 – GDP (gross domestic product) growth
  • No. 37 – Exports per capita
  • No. 2 – Startup activity
  • No. 35 – Percent of jobs in high-tech industries
  • No. 39 – Annual median household income
  • No. 3 – Change in nonfarm payrolls (2016 vs. 2015)
  • No. 23 – Government surplus/deficit per capita
  • No. 31 – Unemployment rate

Source: Florida Realtors, https://wallethub.com/edu/states-with-the-best-economies/21697/





The Shipyards Project

23 02 2017

The Downtown Investment Authority (DIA) has expanded the scope of a proposal for redevelopment of the Shipyards project to also include Metropolitan Park. Previous discussion and negotiations with Shad Khan, who submitted a proposal in 2015 to redevelop the Shipyards, have been scraped and the process for redevelopment will start over. The DIA has officially begun soliciting proposals on Jan. 4, with a due date of March 20.

shipyards-activity-deck-750xx530-298-0-82The Shipyards has long been seen as a key property along the St. Johns River that would be a catalyst for more development.

There are federal strings attached to Metropolitan Park, which was developed with the help of a $1.8 million federal grant with the understanding the property would be used for public use.

DIA CEO Aundra Wallace said some portion of the about-70 acres that are being proposed for development will be public space, meeting the federal requirements with Metropolitan Park. The National Park Service would have to sign off on the plan.

The amount of time the DIA would take to select the most suitable bid was not discussed, but once that bid has been selected and approved by the City Council, an 18-month time frame was provided for negotiations.

Jaguars President Mark Lamping released the following statement following the DIA meeting.

“We support and welcome the DIA’s decision and look forward to the opportunity to take a new and broader look at a riverfront development that includes Met Park. Shad’s interest in developing the Met Park site and Downtown Jacksonville has been well documented and is consistent with the Jaguars’ overall commitment to the revitalization of our downtown core. The Daily’s Place project is an ongoing example of that commitment, and a potential riverfront development that included the Met Park property would represent a logical next phase.”

Source: Jacksonville Business Journal





U.S. Foreclosure Activity Drops to 10-Year Low in 2016

19 01 2017

U.S. foreclosure activity dropped 14 percent last year from 2015, according to Attom Data Solutions’ Year-End 2016 U.S. Foreclosure Market Report.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 933,045 U.S. properties in 2016, reaching the lowest level since 2006, when there were 717,522 U.S. properties with foreclosure filings.

Florida was ranked No. 4 in the nation due to having 1.18 percent of all the housing units in the state with foreclosure filings. The Sunshine State had 106, 901 total properties with foreclosure filings, down 33.09 percent from 2015, and down 77.97 percent from the peak in 2010.

In December, 85,919 U.S. properties had foreclosure filings, down 1 percent from the previous month and down 17 percent from a year ago — the 15th consecutive month with a year-over-year decrease in foreclosure activity.

“The national foreclosure rate stayed within an historically normal range for the third consecutive year in 2016, even as banks continued to clear out legacy foreclosures from the last housing bubble, particularly in the final quarter of the year,” said Daren Blomquist, senior vice president at Attom Data Solutions, the new parent company of RealtyTrac, in a prepared statement. “Foreclosures completed in the fourth quarter had been in the foreclosure process 803 days on average, a substantial jump from the third quarter and indicating that banks pushed through significant numbers of legacy foreclosures during the quarter. Despite that push, we still show that more than half of all active foreclosures nationwide are on loans originated between 2004 and 2008, with a much higher share of legacy foreclosures in some markets.”

When it comes to the number of legacy foreclosures, New Jersey led the way with 32,279, followed by New York (31,838), Florida (29,411), California (17,208), and Illinois (12,244).

In addition, the states with the highest foreclosure rates in 2016 were New Jersey (1.86 percent of housing units with a foreclosure filing); Delaware (1.51 percent); Maryland (1.37 percent); Florida (1.18 percent); and Illinois (1.10 percent).

Among 216 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rate in 2016 were Atlantic City, N.J., (3.39 percent of housing units with a foreclosure filing); Trenton, N.J., (2.16 percent); Rockford, Ill., (1.54 percent); Philadelphia (1.53 percent); and Lakeland-Winter Haven, (1.46 percent).

Other metro areas with foreclosure rates ranking among the top 10 highest nationwide in 2016 were Baltimore (1.45 percent of housing units with a foreclosure filing); Tampa-St. Petersburg (1.38 percent); Chicago (1.35 percent); Columbia, S.C., (1.32 percent); and Miami (1.30 percent).

There were eight states where the average time to foreclose in the fourth quarter was more than 1,000 days: Utah (1,403); New Jersey (1,383); New York (1,283); Hawaii (1,220); Florida (1,186); Indiana (1,033); Illinois (1,024); and Pennsylvania (1,010).

Attom’s year-end foreclosure report is a count of unique properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide, with address-level data on more than 23 million foreclosure filings historically also available for license or customized reporting.

Source: Florida Realtors®, Orlando Business Journal, RealtyTrac





Clint Eastwood is Moving to Jacksonville, Florida

7 03 2016

I saw this in the news yesterday. In a big surprise to everyone in Los Angeles, Hollywood actor Clint Eastwood reveals in a new interview that he is moving to the Jacksonville, Florida area. He tells the magazine that he is “tired of the California lifestyle” and is looking for a big change in life.

“I’m just tired of the California lifestyle and the fake people, honestly, and I feel like, at this point in my life, I’d rather just live in a place full of real, genuine people. I’ve been to Jacksonville a few times over the years and the people there are real… they’re genuine, and yeah every community has its problems but the people there are good, decent people and they care about their community. Those are the things I find most important in deciding where to live,” Eastwood told the magazine.

“I’m not retiring, I’m just looking for a change in life and I think I’ve found that in Jacksonville, Florida,” Eastwood reassured fans. Let us know what you think in the comments section below especially if you’re a resident of the Jacksonville, Florida area.





Watson Realty Corp. Announces Nocatee Office Groundbreaking

4 04 2015

St. Johns County, Fla. – Watson Realty Corp. is excited to announce the groundbreaking of its newest office in Nocatee, Florida. The ceremony will be held on April 7th at 2:30 p.m. at the site of the future building located at the corner of Nocatee Village Dr. and Marketside Ave. Light hors d’oeuvres and refreshments will be served.

The Nocatee office will provide real estate services including sales, leasing, property management, mortgage, and title services.

“I am really excited to open a new Watson office in Nocatee,” said Ed Forman, Watson Realty Corp. President. “This is a tremendous opportunity to have a location in one of the top selling communities in the country.”

Nocatee was the third best-selling master-planned community in the nation in 2013, according to real estate advisory firm RCLCO.

“It is a perfect time to add an office in Nocatee as Watson Realty Corp. celebrates its 50th anniversary,” noted William A. Watson, Jr. founder and Chairman of the Board, Watson Realty Corp.

Plans for the site include the construction of a state-of-the-art 6,000 square foot building with 4,200 square feet for the real estate office and 1,800 square feet for rental space. The anticipated completion date of the project is November 2015.





Florida Tops in the U.S. for Cash Sales of Homes in July

16 10 2014

Florida had the largest share of cash sales of any state in July, with 49.7 percent, a new report from CoreLogic shows.

For the United States as a whole, cash sales made up 32.9 percent of total home sales in July, the lowest share since August 2008 and down from 35.9 percent in July 2013.

Besides Florida, other states with the largest percentage of cash sales included Alabama (47.6 percent), New York (44.5 percent), West Virginia (42 percent) and Idaho (39.9 percent).

Of the largest 100 core based statistical areas measured by population, West Palm Beach-Boca Raton-Delray Beach had the highest share of cash sales at 57.9 percent, followed by Cape Coral-Fort Myers (57.3 percent), Miami-Miami Beach-Kendall (56.5 percent), North Port-Sarasota-Bradenton (55.8 percent) and Detroit-Dearborn-Livonia, Mich. (55.8 percent).

Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest cash sales share at 15.4 percent.

Source: Jacksonville Business Journal.





Cash, investors still driving Jacksonville home buys

20 12 2013

The majority of residential sales in Jacksonville are still all-cash deals and are being driven by institutional investors.

According to RealtyTrac’s November 2013 U.S. Residential & Foreclosure Sales Report, which covers single family homes, condominiums and townhomes, 20.3 percent of sales in November were to institutional investors and 56.8 percent were cash sales.

Institutional investor purchases are defined by RealtyTrac as residential property sales to non-lending entities that purchased at least 10 properties in the last 12 months.

Jacksonville is among the top five markets in investor purchases, joined by Columbus, Ohio, Phoenix, Atlanta and Cape Coral-Fort Myers, Fla.

Jacksonville was also among the highest markets for third party foreclosure auction sales (3.9 percent), trailing Miami (4 percent) and Atlanta (3.9 percent).

“The housing market recovery continued to be driven by investors and other cash purchasers in November,” said Daren Blomquist, vice president at RealtyTrac, in a news release. “Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction.

“But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes — namely California, Arizona and Nevada, with Georgia not far behind — overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market.”

Source: RealtyTrac and Jacksonville Business Journal








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