Half of homes in select Jacksonville ZIP codes bought by investors, map shows – Action News Jax

JACKSONVILLE, Fla. — Investors bought nearly a third of all homes sold in Jacksonville last year, according to data from Redfin.

Action News Jax dug into what that looks like in specific city zip codes and found that investors have bought more than half of the homes in some areas.

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“Code 32209 was chosen over many. It seems like the perfect place for investors to come and do their thing,” Howard Biggins said.

He lives at 32209 and tells Action News Jax that it seems investors are all over the streets these days.

“You could go three blocks and you’ll see them working on a project around the corner. They buy these properties for little or nothing, do a little something to them, and they drive the price up,” he added.

Biggins fears investors will drive up the cost of homes in Jacksonville, and with demand already high, that’s a blow to some in historically low-income areas where affordable housing is hard to find.

“The rent is outrageous for people,” he said. “I personally would like to see them put some sort of cap.”

An interactive map on the Washington Post website shows the following Jacksonville ZIP codes — ranging from the Westside to the Northside — with the highest percentage of homes bought by investors last year:

1. 54% of households in 32209

2. 46% of households in 32208

3. 43% of households in 32254

Jacksonville real estate agent Mike Boyle works with investors around the world. He says it’s not necessarily those specific zip codes they’re looking for; this is where they can get the best deal.

“Last year, if you look at the stats, you’d see that zip code was huge. I think now, honestly, it’s spreading a bit. You see some of these big hedge funds buying all over town,” said said Boyle, referring to the 32209 zip code.

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As residents worry about home prices being pushed up by investors, Mark Rosener of the Northeast Florida Association of Realtors points to the silver lining: “It helps revitalize neighborhoods. Typically, these investors come in, they buy slightly distressed properties, they fix them up, they make them more livable and more modern, and then they rent them out.

Biggins agrees that properties bought by investors aren’t all bad. After all, repairing homes in the area helps increase property values ​​across the board.

“I wish it got better,” Biggins added.