Jun

30

Condo Sales is June

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Here are the recent condo sales in the Overlook, Stonebridge, Reserve at Point Meadows, Grand Reserve, Point Meadows, Il Villagio, Marsh Landing, Belleza, and The Palms. The square footage is as reported by the MLS. Contact me for more information on these sales.

The Palms At Marsh L- Sold Date: 6/1/2005 A 1 bedroom and 1 bath home, with 842 square feet. $139,900 The listing brokerage is The Beaches Realty Group and MLS#238339
Price: $139,900

Grand Reserve- Sold Date: 6/3/2005 A 2 bedroom and 2 bath home, with 1138 square feet. $159,500 The listing brokerage is Magnolia Properties and MLS#239060
Price: $168,000

Belleza At Ponte Ved- Sold Date: 6/5/2005 A 2 bedroom and 2 bath home, with 1600 square feet. $199,900 The listing brokerage is Non Mls and MLS#250674
Price: $199,900

Stonebridge- Sold Date: 6/7/2005 A 3 bedroom and 2 bath home, with 1206 square feet. $157,000 The listing brokerage is Watson Realty Corp and MLS#238270
Price: $155,000

Point Meadows Place- Sold Date: 6/7/2005 A 3 bedroom and 2 bath home, with 1447 square feet. $177,900 The listing brokerage is Distinguished Realty Company and MLS#238575
Price: $174,000

Il Villagio- Sold Date: 6/10/2005 A 3 bedroom and 3 bath home, with 2125 square feet. $344,900 The listing brokerage is Re/Max Specialists and MLS#237798
Price: $330,000

Il Villagio- Sold Date: 6/13/2005 A 2 bedroom and 3 bath home, with 1206 square feet. $194,500 The listing brokerage is Community Realty Associates and MLS#239722
Price: $197,500

Point Meadows Place- Sold Date: 6/14/2005 A 2 bedroom and 2 bath home, with 1112 square feet. $149,900 The listing brokerage is The Real Estate Store, Inc. and MLS#243208
Price: $149,900

Point Meadows Place- Sold Date: 6/15/2005 A 2 bedroom and 2 bath home, with 1112 square feet. $149,900 The listing brokerage is Coldwell Banker Walter Williams Realty and MLS#240534
Price: $150,000

Il Villagio- Sold Date: 6/17/2005 A 2 bedroom and 3 bath home, with 1301 square feet. $215,000 The listing brokerage is Re/Max Coastal Real Estate and MLS#244097
Price: $215,000

Grand Reserve- Sold Date: 6/21/2005 A 3 bedroom and 2 bath home, with 1428 square feet. $185,000 The listing brokerage is Assist2sell and MLS#243324
Price: $180,000

Stonebridge- Sold Date: 6/23/2005 A 3 bedroom and 2 bath home, with 1408 square feet. $169,900 The listing brokerage is Watson Realty Corp and MLS#243912
Price: $168,500

Grand Reserve- Sold Date: 6/27/2005 A 2 bedroom and 2 bath home, with 1212 square feet. $179,900 The listing brokerage is Watson Realty Corp and MLS#243071
Price: $179,900

The Palms At Marsh L- Sold Date: 6/27/2005 A 2 bedroom and 2 bath home, with 1156 square feet. $215,000 The listing brokerage is Prudential Network Realty and MLS#243233
Price: $207,500

Grand Reserve- Sold Date: 6/29/2005 A 2 bedroom and 2 bath home, with 1138 square feet. $169,900 The listing brokerage is Re/Max Specialists and MLS#239988
Price: $165,500

Jun

30

New Condo Listings in June

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Here are the recent condo listings in the Overlook, Stonebridge, Reserve at Point Meadows, Grand Reserve, Point Meadows, Il Villagio, Marsh Landing, Belleza, and The Palms. The square footage is as reported by the MLS. Contact me for more information on these listings.

Stonebridge- Listing Date: 6/1/2005 A 2 bedroom and 2 bath home, with 1050 square feet. $149,900 The listing brokerage is Re/Max Coastal Real Estate and MLS#245346
Price: $149,900

Belleza At Ponte Ved- Listing Date: 6/1/2005 A 2 bedroom and 2 bath home, with 1600 square feet. $199,900 The listing brokerage is Non Mls and MLS#250674
Price: $199,900

Point Meadows Place- Listing Date: 6/3/2005 A 3 bedroom and 2 bath home, with 1412 square feet. $174,900 The listing brokerage is Coldwell Banker Walter Williams Realty and MLS#245698
Price: $174,900

The Palms At Marsh L- Listing Date: 6/3/2005 A 1 bedroom and 1 bath home, with 842 square feet. $155,000 The listing brokerage is Prudential Network Realty and MLS#245725
Price: $155,000

Stonebridge- Listing Date: 6/4/2005 A 3 bedroom and 2 bath home, with 1408 square feet. $167,000 The listing brokerage is Assist2sell and MLS#245802
Price: $167,000

Point Meadows Place- Listing Date: 6/5/2005 A 3 bedroom and 2 bath home, with 1247 square feet. $166,900 The listing brokerage is Re/Max Coastal Real Estate and MLS#245852
Price: $166,900

Belleza At Ponte Ved- Listing Date: 6/7/2005 A 2 bedroom and 2 bath home, with 1012 square feet. $189,900 The listing brokerage is Oceanside Real Estate and MLS#246098
Price: $189,900

Grand Reserve- Listing Date: 6/8/2005 A 2 bedroom and 2 bath home, with 1212 square feet. $171,900 The listing brokerage is Prudential Network Realty and MLS#246626
Price: $171,900

Belleza At Ponte Ved- Listing Date: 6/10/2005 A 1 bedroom and 1 bath home, with 686 square feet. $155,900 The listing brokerage is Lifestyles Realtors, Inc-Riverside and MLS#248405
Price: $155,900

Grand Reserve- Listing Date: 6/10/2005 A 3 bedroom and 2 bath home, with 1732 square feet. $215,000 The listing brokerage is Premier Coast Realty, Inc and MLS#246902
Price: $215,000

Grand Reserve- Listing Date: 6/10/2005 A 3 bedroom and 2 bath home, with 1428 square feet. $203,900 The listing brokerage is Prudential Network Realty and MLS#247152
Price: $203,900

Point Meadows Place- Listing Date: 6/12/2005 A 3 bedroom and 2 bath home, with 1300 square feet. $179,900 The listing brokerage is First Florida Real Estate Corp. and MLS#247142
Price: $179,900

Grand Reserve- Listing Date: 6/12/2005 A 2 bedroom and 1 bath home, with 1078 square feet. $157,900 The listing brokerage is Coldwell Banker Walter Williams Realty and MLS#247173
Price: $157,900

Belleza At Ponte Ved- Listing Date: 6/14/2005 A 2 bedroom and 2 bath home, with 1012 square feet. $189,500 The listing brokerage is Oceanside Real Estate and MLS#247330
Price: $189,500

Stonebridge- Listing Date: 6/15/2005 A 3 bedroom and 3 bath home, with 1670 square feet. $194,900 The listing brokerage is Era Davis & Linn and MLS#247621
Price: $194,900

Stonebridge- Listing Date: 6/20/2005 A 3 bedroom and 2 bath home, with 1206 square feet. $159,900 The listing brokerage is Sam Folds, Inc., Realtors and MLS#248392
Price: $159,900

Grand Reserve- Listing Date: 6/20/2005 A 1 bedroom and 1 bath home, with 885 square feet. $129,900 The listing brokerage is Re/Max Coastal Real Estate and MLS#248280
Price: $129,900

Point Meadows Place- Listing Date: 6/21/2005 A 3 bedroom and 2 bath home, with 1458 square feet. $189,900 The listing brokerage is Watson Realty Corp and MLS#248372
Price: $189,900

Marsh Landing- Listing Date: 6/21/2005 A 2 bedroom and 2 bath home, with 1087 square feet. $194,900 The listing brokerage is Realty-Mart America and MLS#248265
Price: $194,900

The Palms At Marsh L- Listing Date: 6/21/2005 A 2 bedroom and 2 bath home, with 1156 square feet. $199,900 The listing brokerage is Re/Max Atlantic and MLS#248354
Price: $199,900

Grand Reserve- Listing Date: 6/21/2005 A 3 bedroom and 2 bath home, with 1732 square feet. $214,000 The listing brokerage is Coldwell Banker Walter Williams Realty and MLS#248543
Price: $214,000

Point Meadows Place- Listing Date: 6/22/2005 A 2 bedroom and 2 bath home, with 1112 square feet. $163,000 The listing brokerage is Prudential Network Realty and MLS#248633
Price: $163,000

Il Villagio- Listing Date: 6/24/2005 A 2 bedroom and 3 bath home, with 1300 square feet. $210,500 The listing brokerage is Realty-Mart America and MLS#248683
Price: $210,500

Grand Reserve- Listing Date: 6/25/2005 A 2 bedroom and 2 bath home, with 1212 square feet. $169,000 The listing brokerage is Young Brothers Real Estate, Inc. and MLS#248880
Price: $169,000

Point Meadows Place- Listing Date: 6/27/2005 A 3 bedroom and 2 bath home, with 1412 square feet. $182,000 The listing brokerage is Re/Max Coastal Real Estate and MLS#249218
Price: $182,000

The Palms At Marsh L- Listing Date: 6/28/2005 A 1 bedroom and 1 bath home, with 842 square feet. $152,000 The listing brokerage is Horizon Properties Incorporate and MLS#249376
Price: $152,000

The Palms At Marsh L- Listing Date: 6/29/2005 A 3 bedroom and 2 bath home, with 1413 square feet. $244,900 The listing brokerage is Watson Realty Corp and MLS#249754
Price: $244,900

The Palms At Marsh L- Listing Date: 6/29/2005 A 2 bedroom and 2 bath home, with 1156 square feet. $229,000 The listing brokerage is Prudential Network Realty and MLS#249646
Price: $229,000

Grand Reserve- Listing Date: 6/29/2005 A 2 bedroom and 2 bath home, with 1138 square feet. $169,900 The listing brokerage is Watson Realty Corp and MLS#249667
Price: $169,900

Jun

23

Florida’s Home Sales Up 7 Percent in May; Median Price Continues to Rise

Filed Under Jacksonville Beach Condos, Jacksonville Condos, Jacksonville Homes, Jacksonville Townhomes, Ponte Vedra Beach | Leave a Comment

ORLANDO, Fla., June 23, 2005 — A strong labor market, continued low mortgage rates and a growing economy set the stage for a 7 percent increase in existing single-family home sales in Florida in May, with a total of 24,069 homes sold statewide compared to last year’s level of 22,496 homes sold, according to the Florida Association of Realtors® (FAR).

“Sales of existing single-family homes across Florida are maintaining a healthy pace,” says David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida (UCF). “Such sales rates are sustainable in an expanding national economy and Florida posts some of the strongest business conditions indicators in the U.S. Florida’s labor market, for example, is one of the firmest in the country.”

The statewide median sales price climbed 27 percent to $230,800; a year ago, it was $181,900. In May 2000, the statewide median sales price was $115,100 — a dramatic increase of about 100 percent over the five-year period, according to FAR records. In comparison, in California, the statewide median resales price in April was $509,230; in Maryland, it was $275,846; in New York, it was $242,000.

Keeping in mind the history of interest rates and mortgage rates, Scott took a look at their impact on median sales prices in the state. “The acceleration in median sales prices (both for the May comparison and for the 2005 year) of approximately 27 percent is not sustainable,” he says. “Such price increases are being driven by a once-in-a-lifetime low interest rate environment and opportunity. Thus, this is more of an ‘interest rate bubble’ than a ‘housing bubble.’ Most investors and consumers do not have a long-term perspective on the behavior of interest rates.

“But for comparison purposes, back in October 1981, conventional mortgage rates hit 18.45 percent compared to the rates of today, which are in the vicinity of 5.63 percent. In addition, at that same time in 1981, inflation at the consumer level was in the vicinity of 10.3 percent compared to the most-recent observation of 2.8 percent. The key point is that observed inflation and expected inflation rates drive long-term interest rates. It is, therefore, interest rate changes in the final analysis that will help determine the robustness of the Florida and national housing markets,” he says.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 5.72 percent last month, up from 6.27 percent in May 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater metropolitan statistical area (MSA) had the largest number of resales last month with 5,482 homes changing hands, a 27 percent increase over the 4,330 homes sold in May 2004. The market’s median sales price rose 25 percent to $196,100; a year ago, it was $156,800.

“It’s a strong market, and the reason for it is that the Tampa area is a great place to live with a good job base, a convenient location and a world-class airport,” says George Bodmer, president of the Greater Tampa Association of Realtors and co-owner of Brandon-based Bayside Realty Group Inc.

Other larger Florida MSAs reporting higher home sales in May include: Jacksonville, where 1,671 homes sold for a 9 percent increase; and Orlando, where 3,657 homes changed hands for a 5 percent gain. The median sales price in those markets also rose last month: in Orlando, 35 percent to $218,600; and in Jacksonville, 12 percent to $181,700.

Among the smaller markets across the state, Tallahassee had a strong double-digit increase in the percentage of resales last month with 513 homes changing hands for a 34 percent jump over the 384 homes sold a year ago. The market’s median sales price increased 6 percent to $164,700; a year ago it was $155,800.

“Sales have been going strong — the still very low mortgage rates are encouraging people to buy now rather than wait,” says Kenny Ayers, president elect of the Tallahassee Board of Realtors and a new-home specialist with Heritage Homes Realty of Tallahassee. “The universities and community college are bringing new residents in for jobs and school, along with the hospitals. People are discovering that the Tallahassee area has a lot to offer in terms of lifestyle, cultural events and educational activities.”

Other smaller MSAs reporting strong sales in May include: Gainesville, where 461 homes sold for a 39 percent increase; and Naples, where 476 homes changed hands for a 14 percent rise. The median sales price also rose in those markets during the same period: in Naples, 34 percent to $488,900; and in Gainesville, 6 percent to $169,600.

A chart showing statistics for Florida and its 20 MSAs is available by clicking here. The chart compares the volume of existing, single-family home sales and median sales prices in May 2005 to May 2004, based on Realtor transactions.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its more than 125,000 members in 70 boards/associations.

© 2005 FLORIDA ASSOCIATION OF REALTORS

Jun

23

Mortgage Update

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Economic Update

U.S. Economy:

According to economists at the UCLA Anderson Forecast, the housing market will slow later this year, hurting U.S. economic growth, but not pushing the nation into recession, at least in the near term. In their quarterly forecast, UCLA economists anticipate slower economic growth through 2006, though they predict there is virtually zero chance of a recession before April 2006, the end of their forecast window. Forecast Director Edward Leamer noted that “later is not necessarily better” for a correction in the housing market, as each month of higher prices increases the size of the adjustment ahead. The UCLA analysis predicts housing starts, now running about 2 million units annually, are outpacing demand and will start to decline late this year, slowing to a 1.6 million rate by the middle of 2006. U.S. economic growth, 3.5% on an annual basis in the first quarter of 2005, is expected to fall to about the 1.5% range by mid-2006. If interest rates were to spike or home prices plunge, the slowdown could be greater, the report said. The record housing market has helped propel the economy since the 2001 recession, as consumers have bought houses in record number or borrowed against the increased value of their homes. But the UCLA economists don’t see home equity or income gains strong enough to provide a big boost to spending ahead. Higher business spending or stronger exports aren’t expected to take up the slack caused by a downturn in the housing market.

Real Estate Watch:

Housing starts held steady in May, the government reported last week, as the reading on the strength of the real estate market came in below Wall Street expectations. The Census Bureau reported that housing starts hit an annual pace of 2.01 million new homes in May, up 0.2 percent from the rate in April. Economists surveyed by Briefing.com had forecast starts at a 2.05 million pace in May. The number of building permits, a sign of builder’s confidence in the housing market, slowed in May. The government report showed an annual pace of 2.05 million permits in the period, compared with a revised 2.15 million rate in April. Economists had forecast a slower decline in the rate to 2.11 million in May. While there was little change in overall housing starts, single family home starts posted a nearly 5 percent gain to an annual pace of 1.7 million. But the pace of starts for apartment buildings or condos with five or more units fell 19 percent in the period to an annual rate of 266,000. Most of the slowing in building occurred in the South, the region responsible for roughly half the nation’s home building. Single family home building fell nearly 8 percent, and multi-family housing starts fell by almost a third. National Association of Home Builders Chief Economist David Seiders said that even though the numbers showing decline — multi-family building and home building in the South are coming off very high numbers in April — the May numbers still look solid, especially as mortgage rates stay low.

Sources: USA Today, CNN/Money
Compiled by Donald Ster, Homebanc,dster@homebanc.com