Latest Housing statistics show a steady rebound in the Nassau County residential real estate market.  The recently released statistics for 2011 show a year that started off slowly and then picked up momentum.  Forward leading indicators show a declining inventory of resales and a slight increase in pricing.  This reflects the cleanout by developers, lenders and stressed homeowners is coming to an end.  Don't sit around an wait too long or you may be saying "Why didn't someone tell me the bottom of the market was in 2011".  I just did tell you that.

See the full MLS statistics by clicking here...

October 30, 2011   

It seems like every day you read the paper, listen to the radio or watch TV you hear the negatives, such as unemployment, foreclosures and lack of new business.  My view is a little different in that the news being reported as bad is really a general cleaning up of the past and laying a foundation for the future.  Here's a few of the things that appear to be bad news but are not:

• "Omni Resort Buys Amelia Island Plantation at Bankruptcy Sale"  The fact is that the Plantation had long seen better days and was in need of a shakeup.  The last major development parcel on the Plantation itself was completed in 2006 and management realized that without future growth there was little chance to enhance revenues.  Ignoring all the signs of recession senior management stayed on a growth at any price mode, acquiring the Amelia River Golf course, pursued Crane Island development and other ventures on mainland Florida and even up in Georgia.  Bankruptcy led to new ownership, new management and a new focus on making Amelia Island Plantation a convention and exclusive high end destination resort.  This new focus will in my opinion, lead the local economy to new growth and prosperity.  Direct and indirect spin off will lead to employment and investment opportunities by others and be good for Nassau County.
• "Short Sales and Foreclosures dominate real estate sales"   The headline sounds bad but the reality is that every house, lot or development parcel that is sold is a key element of the cleanup process.  Sure it sells at a lower price but this means that the new buyer will have lower operating costs going forward, will be able to maintain the property and you know that the lender thoroughly vetted the buyer to make sure they can make the payments.  The reality is that the bad lending practices of the bubble era are being cleaned up every day.  Sales volume is up substantially in 2011 and will accelerate into 2012 setting the base for future pricing.  Each sale represents one less underwater property owner, one less delinquent loan and or one less vacant property.
• "Job Growth Slow"  Headlines show little job growth but behind the headlines is plenty of good news.  Private sector employment has been slowly growing while public sector is still being trimmed.  This will lead to lower taxes in the future.  Job growth will remain slow in Florida for the construction industry and related service companies like financial and real estate but other sectors are already showing improvement.  Jacksonville and Nassau County are poised for major growth in the next 3-5 years with expansion at the Port of Jacksonville, a nuclear carrier at Mayport, logistics firms and the return of baby boomer retirement from the Northeast.  Slow but steady job growth will lead to slow and steady recovery and an orderly growth rate, far better than the boom and bust we experienced over the past 6 years.

So forget about the bads news, welcome your new neighbor in the former empty house and watch for the signs of recovery in early 2012.  It's coming whether you see it or not, so why not enjoy the good news.