Nasreen Ali, Past President, Jacksonville Real Estate Investors Association
In an interview with Invest:, Nasreen Ali, president of the Jacksonville Real Estate Investors Association, said JaxREIA aims to continue empowering individuals to achieve their real estate investment goals, while also highlighting the factors that make the regional real estate market attractive for investors.
What have been the overall contributions of JaxREIA in the Jacksonville area over the past few years?
JaxREIA is deeply rooted in the community, with networking gatherings held across various neighborhoods, spanning from Mandarin to Arlington to Orange Park to Fleming Island. These events are open to all and serve as a focal point for investors to exchange valuable insights. While the atmosphere is typically relaxed, occasionally we feature keynote speakers to enrich the experience. Most events are conveniently scheduled in the evenings, accommodating those with daytime commitments.
In addition to networking, we prioritize education. Our flagship monthly meeting, drawing between 100 to 200 attendees, features expert speakers covering diverse real estate topics. Complementing this, our weekly Quick Start classes provide foundational knowledge that is essential for all real estate ventures, whether it’s flipping, wholesaling, or property management. Topics include contract negotiation, contractor management, and property sourcing, which are vital skills across the board.
We also offer a free five-hour Investor Orientation class once a month, delving deep into specific topics. Furthermore, our Open Mic Nights provide a platform for participants to pitch deals or seek assistance, fostering a collaborative environment where resources are readily shared.
Our community caters to individuals at every stage of their real estate journey, from novices to seasoned investors who have been part of our journey since our inception in 1985. As we approach our 40th anniversary next year, we continue to thrive as a diverse hub of knowledge and experience, united by a commitment to inclusivity and knowledge sharing.
How would you describe the real estate market in Jacksonville?
Jacksonville still maintains its allure, with prices that remain below the national average, drawing in a steady stream of newcomers. Within the city, the neighborhoods present a rich tapestry of options. You can find properties ranging from incredibly affordable, which often surprises those accustomed to higher costs elsewhere, to luxurious multimillion-dollar beachfront homes.
The diversity within Jacksonville is truly remarkable. Whether you are eyeing a lucrative Airbnb venture by the coast or exploring investment opportunities in areas catering to Section 9 (public housing) tenants, there is something for everyone. This dynamic range of possibilities makes investing in Jacksonville’s real estate market incredibly exciting. It is a landscape ripe with potential, offering a multitude of avenues for investors to explore and capitalize on.
In addition to an already thriving market, there is the proposed two-billion-dollar revitalization project for Downtown Jacksonville. The first phase of the development has already been approved by the Downtown Development Review Board. The long-term plan includes attracting diverse types of private development such as residential, retail, dining and entertainment. Specifically included in the urban living residential plan is a focus on affordable housing and neighborhood branding, making this an exciting time for the real estate market in Jacksonville.
What are some of the biggest challenges that real estate investors are facing in the region?
Real estate investors in Jacksonville, Florida, encounter several significant challenges. 1) Rising Insurance Costs and Storm Risks: The increasing frequency and severity of hurricanes have led to a surge in insurance premiums. This escalation in costs can erode investment returns and deter potential buyers. 2) Competition from Institutional Investors: Large investment companies are purchasing single-family homes to convert into rental properties. This trend contributes to rent hikes, reduces options for first-time homebuyers, and exacerbates affordable housing issues in Jacksonville. 3) Interest Rates: The Federal Reserve has been raising interest rates, which has made mortgages more expensive. This has slowed the demand for homes, particularly from buyers who are sensitive to rising borrowing costs. 4) Inflation: The overall economy is still experiencing inflationary pressures, affecting the cost of building materials, labor, and goods and services. This can impact both home prices and the affordability of buying a home. 5) Population Growth: Jacksonville’s population is continuing to grow, which puts upward pressure on housing demand. The influx of new residents keeps a certain level of competition in the market, especially in desirable areas. 6) Economic Conditions: The broader economy can impact the Jacksonville housing market. If the economy slows down, unemployment rises, or businesses start to cut back, it could lead to reduced demand for homes. 7) Inventory Levels: While the supply of homes for sale has increased slightly, it’s not a flood of inventory. That may change in the months ahead.
Can you share more about the downtown revitalization efforts in Jacksonville?
The downtown revitalization initiative is guided by a comprehensive master plan aimed at transforming it into a bustling business hub. The vision, as outlined by the city council, emphasizes creating a vibrant atmosphere and fostering a sense of community through shared spaces and cultural activities.
Central to this vision is the development of common areas for sports and entertainment, with the goal of making downtown Jacksonville a premier destination. The plan also seeks to attract more retail establishments and enhance the area’s appeal by creating pedestrian and bicycle-friendly environments.
The revitalization efforts are focused on approximately eight neighborhoods, each with its own distinct character and target audience. Some neighborhoods will prioritize arts and culture, while others will emphasize riverfront entertainment or cater to young urban professionals.
This ambitious undertaking promises to breathe new life into downtown Jacksonville, and we’re excited to showcase it at our upcoming annual trade show. While we’re still delving deeper into the details, the initial overview suggests a future filled with excitement and opportunity.
Why should people come to Jacksonville for real estate investment or business opportunities?
Jacksonville offers compelling reasons for real estate investors and business professionals to consider it as a prime location for investment and growth opportunities. It offers relatively affordable real estate compared to other major Florida cities, making it attractive for first-time investors and those looking to maximize ROI. With the city experiencing population growth, this creates a steady demand for rental properties and homeownership.
Opportunities exist across various property types in Jacksonville, from single-family homes to commercial spaces, catering to different investment strategies. Jacksonville’s economy is powered by finance, logistics, healthcare, military, and tourism. This diversification creates a stable foundation for business and real estate growth. Specifically, companies like Fidelity National Information Services (FIS) and CSX Corporation are headquartered in Jacksonville, drawing talent and supporting economic growth. Jacksonville’s tech sector is also growing, supported by its skilled workforce and startup ecosystem.
Additionally, as a major port city, Jacksonville benefits from trade and transportation industries, offering business opportunities in logistics and shipping. With extensive highways, a deepwater port, and a well-connected airport, Jacksonville is a vital logistics hub and its location provides easy access to Southeast U.S. markets, enhancing business prospects.
Florida’s lack of state income tax and Jacksonville’s pro-business policies attract entrepreneurs and investors. The city also provides resources and incentives for startups, including incubators and grants.
With miles of beaches, the St. Johns River, and numerous parks, Jacksonville offers a lifestyle that appeals to residents and investors. The cost of living in Jacksonville is lower than in many other Florida cities, adding to its attractiveness. The city’s arts, sports, and culinary offerings enhance its appeal to young professionals and families. The rise of remote work has also made Jacksonville a desirable location for professionals relocating from more expensive areas.
Investing in Jacksonville allows individuals to capitalize on its growth trajectory, affordable market, and economic potential while enjoying the benefits of a vibrant, business-friendly environment.
What are the main goals and top priorities for JaxREIA over the next two to five years?
Currently, our main goal remains the same: to serve our community. Many individuals are drawn to real estate investment as they envision a better way of life for themselves and their families. Whether it is breaking free from the 9-to-5 grind or seeking additional income streams for financial freedom, our overarching aim is to provide the necessary tools for our community members to achieve their dreams.
Central to our mission is the creation of a supportive community where everyone feels welcome to ask questions and embark on their learning journey. We understand the intimidation that comes with entering this field, which is why we strive to cultivate an environment where it’s okay to make mistakes and where continuous learning is encouraged.
Our main goal is to empower anyone in our community interested in using real estate as a pathway to financial freedom and a life of their choosing. This empowerment comes not only through the guidance of our board members and leaders but also through the inspirational speakers we bring in to share their experiences. It is all about providing the resources and support necessary for individuals to thrive in their real estate endeavors.
