Jacksonville | St Johns Co. Real Estate Blog

Close your eyes for a moment and imagine a day of breathtaking sunrises and ocean views. An unattainable dream? Not necessarily if you happen to be living in Hammock Dunes, Jacksonville.

Residents can choose between Tuscany condos or Arezzo condos in the Hammock Dunes community. Described as a “daily beach club experience”, residents will have full use of an “oceanfront entertainment complex” including swimming pools, spas, bars and restaurants. But perhaps the properties’ biggest selling point is its emphasis on privacy - there’s only one residence per floor with a private garage for each home.

Residents will also have the privilege of using the Equity Club next door which features numerous golf courses including two world championship courses.

The promotional piece featured in a November edition of the Jacksonville Times-Union “Builders Showcase” doesn’t mention approximate prices but Hammock Dunes’ official website puts prices at approximately $500,000 per property.

With its many public amenities, Jacksonville Beach is considered to be the cream of the crop. Plus the pending construction projects waiting to go forward has the potential to make Jacksonville Beach even better. That’s according to builders, developers and architects in the know.

Most of the land that is set aside for developed has already been developed, except for a few small lots which are waiting to be snapped up. But 26 new development projects got the stamp of approval before the voters passed a law in 2004 which limited the height of new buildings in the area to a maximum of 35 feet. Most of those 26 projects are either in motion or waiting to proceed.

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Hudson Capital LLC and AMC Delancey Inc will team up to buy $31.5 million worth of property from Jacksonville University, a move designed to alleviate the university’s debt.

The land, covering 62 acres will be re-developed into condos, townhomes and retail space. Also expected to be added is a marina, golf & yacht club and a movie theater.

They haven’t yet disclosed what the going rate will be for buying a home there but past sales in the area indicate that a minimum of $200,000 would not be an unreasonable figure to expect.
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One of the area’s best known landmarks will soon be gone as it becomes the latest victim to fall to condo development projects.

The Lighthouse Grille on Beach Boulevard’s McCormick Bridge has been welcoming people coming over the Intracoastal Waterway with its lighthouse tower. Now all that is set to change with the advance of the condos.

The Grille, part of CentraArchy, a restaurant management business, are selling to Chase Properties and Toll Brothers. They in turn want to build condos. The project has already been green-lighted by the Jacksonville Beach Planning Commission.
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ORLANDO, Fla., Sept. 26, 2005 — Sales of single-family existing homes in Florida rose 4 percent in August, following a dip in statewide resales activity reported for each of the previous two months, according to the Florida Association of Realtors® (FAR). Statewide, a total of 21,318 homes changed hands in August 2005 compared to 20,491 homes a year ago.

The statewide median sales price rose 31 percent last month to $246,500; a year ago, it was $188,700. In 2000, the statewide median sales price for single-family existing homes was $117,100, which translates to an increase of about 97.8 percent over the five-year period, according to FAR records.

“A gentle slowing in growth rates associated with the Florida market for existing single-family homes is evident in the August 2005 data (latest available),” 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). “But consider that for the first eight months of 2005, unit sales have expanded by a respectable 2.48 percent over the comparable eight months of 2004, while for all of 2004 vs. 2003 the growth rate in sales hit double digits at 10.74 percent.”

He notes that just as double-digit rates of growth are impossible to sustain in the overall economy, such gains also are not sustainable in the home resale market. It appears that “a mild — and mild is emphasized — pullback in the overall robustness of the state existing real estate market is in place,” Scott says.

The national median sales price for existing single-family homes was $217,900 in July, up 14.6 percent from July 2004, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $540,900 in July; in Maryland, it was $308,888; in New York, the median price was $279,900; and in North Carolina, the average price was $212,600.

Interest rates remained at favorable low levels last month, with the 30-year fixed-rate mortgage averaging 5.82 percent; a year ago, it averaged 5.87 percent, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger metropolitan statistical areas (MSAs), Orlando reported strong sales last month, with a total of 3,418 homes changing hands compared to 3,141homes last year for a 9 percent gain. The market’s median sales price increased 43 percent to $248,600; a year ago, it was $174,000.

Continued low mortgage rates are encouraging people to buy homes, says Lydia Pisano, president of the Orlando Regional Realtor Association and team leader with Keller Williams of Orlando. “Inventory is rising and mortgage rates are stable and still low,” she says. “It’s still a really good time to buy, homeowners can be proud of their investment and yet it’s also a good time for sellers who are getting their asking prices. The market remains healthy.”

Other larger markets reporting higher sales last month compared to August 2004 include: Jacksonville, where 1,796 homes sold for a 15 percent increase; and West Palm Beach-Boca Raton, where 1,319 homes sold for a 5 percent gain. The median sales price also rose in both markets: in West Palm Beach-Boca Raton, 27 percent to $411,400; and in Jacksonville, 18 percent to $197,200.

Among the state’s smaller MSAs, the Gainesville market reported an 11 percent boost in home sales in August, with 352 homes changing hands compared to 316 homes a year ago. The area’s median sales price rose 10 percent to $190,000; a year ago, it was $173,100.

Bonnie Mott, president of the Gainesville-Alachua County Association of Realtors and broker/president of Prudential Preferred Properties of Gainesville, says that the area appeals to a wide range of buyers with its college-town atmosphere, cultural activities and educational opportunities. “Gainesville has excellent health care and a strong labor force and employment outlook,” she says. “Our businesses offer a lot of job opportunities and are even having a hard time finding workers.”

Other smaller MSAs reporting strong resales activity last month include: Fort Pierce-Port St. Lucie, where 741 homes sold for a 16 percent increase; and Tallahassee, where 570 homes sold for a 39 percent gain. The median sales price in those markets also rose: in Fort Pierce-Port St. Lucie, 33 percent to $267,600; and in Tallahassee, 4 percent to $163,800.

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 August 2005 to August 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 135,000 members in 68 boards/associations.

© 2005 FLORIDA ASSOCIATION OF REALTORS

ORLANDO, Fla., July 25, 2005 — A continuing tight supply of homes available for sale, low mortgage rates and high demand impacted Florida’s housing market in June, helping to push the statewide median price of existing single-family homes up 31 percent to $248,700; a year ago, it was $189,200, according to the Florida Association of Realtors® (FAR). In June 2000, Florida’s median sales price was $119,600, according to FAR records, resulting in an increase of nearly 108 percent over the five-year period.

Statewide, resales activity slowed slightly from the blistering pace of recent months, with a total of 25,455 homes sold compared to 26,112 homes a year ago, for a 3 percent drop.

“Some briskness left the pace of sales of existing single-family homes across Florida during June,” 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). “Actually, this is a step forward towards economic reality as double-digit gains are impossible to sustain in the real estate market just as they are impossible to sustain in the domestic economy. This single (monthly) outcome is not an alarm bell for a major contraction as the June unit sales are still a healthy number. The June results represented the first month over month decline in 2005.”

According to Freddie Mac, the 30-year fixed mortgage rate averaged 5.58 percent last month, compared to a rate of 6.29 percent in June 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

The national median sales price for existing single-family homes was $204,600 in May, up 12.2 percent from a year ago. In California, the statewide median resales price was $522,590 in May; in Maryland, it was $287,439; in New York, it was $245,000; and in North Carolina, the average resales price was $200,889.

The trend of rising real estate values in Florida’s existing-homes market suggests no imminent slowing, according to Scott. “Eventually, rising interest rates will curtail this situation, but long-term rates are still advancing at a slow pace,” he explains. “Substantiating the case for slowing rising long-term rates, including mortgage rates, is the fact that recent inflation rate data contained no negative surprises. As an example, the consumer price index for June stands 2.5 percent higher than a year ago. No thud has yet been heard related to the torrid pace of rising home prices.”

Among Florida’s larger markets, the Miami Metropolitan Statistical Area (MSA) reported a total of 1,317 homes sold last month compared to 1,293 homes sold a year ago for a 2 percent increase. The area’s median sales price rose 27 percent to $363,100; a year ago, it was $285,900.

“The story in Miami’s housing market is supply and demand: There’s no supply and demand is greater than ever,” says Jay Chernoff, chairman of the Realtor Association of Greater Miami and the Beaches and district sales manager with Keyes Company Realtors in Aventura. “Homes sell quickly and usually receive multiple offers. Globally, Miami continues to grow in popular appeal — South Beach is a strong draw, Miami Beach is a tremendous tourist hub and the area offers a strong international business climate.”

Other larger markets reporting higher home sales in June compared to a year ago include: Tampa-St. Petersburg-Clearwater, where 5,230 homes sold for a 2 percent increase; and Jacksonville, where 1,798 homes changed hands, also for a 2 percent gain. The median sales price in both markets rose by 23 percent last month: reaching $211,100 in Jacksonville and $208,700 in Tampa-St. Petersburg-Clearwater.

In the state’s smaller MSAs, Tallahassee had a 14 percent gain in the number of home sales last month, with a total of 552 homes changing hands compared to 486 homes sold a year ago. The market’s median sales price rose 11 percent to $169,800; a year ago, it was $152,400.

“The biggest issue driving our housing market is inventory; specifically, the lack of homes for sale. Developers also can’t build new construction fast enough to meet demand,” says Mike Ferrie, president of the Tallahassee Board of Realtors and sales associate with Blue Chip Realty Inc. in Tallahassee. “Mortgage rates are still low and that is helping to keep buyer demand high as well. Plus, since Tallahassee is the state’s capital, there are a lot of job opportunities here.”

Other smaller MSAs reporting gains in home sales last month include: Punta Gorda, where 490 homes sold for a 22 percent increase; and Gainesville, where 450 homes changed hands for a 15 percent gain. The median sales price in those markets also rose: in Punta Gorda, 16 percent to $216,500; and in Gainesville, 10 percent to $192,000.

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 June 2005 to June 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 130,000 members in 70 boards/associations.

© 2005 FLORIDA ASSOCIATION OF REALTORS

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

ORLANDO, Fla., May 24, 2005 — Different month, same story for sales of existing single-family homes in Florida in April: high demand, still-low mortgage rates and a short supply of homes available for sale, bringing the statewide median sales price to $218,600 — a 26 percent increase over the April 2004 figure, according to the Florida Association of Realtors® (FAR).

In 2000, the statewide median sales price was $115,900, which represents a dramatic 88.6 percent increase over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.

Last month, a total of 23,537 existing single-family homes changed hands statewide for a 3 percent increase over the 22,746 homes sold the previous April, according to FAR.

Nationally, the median sales price for existing single-family homes was $193,600 in March, up 11.3 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $495,400 in March; in New York, it was $278,050; in Maryland, it was $258,736; in North Carolina, the average resales price was $199,750; and in Illinois, the median price was $184,500.

The interest rate for a 30-year fixed-rate mortgage in April averaged 5.86 percent, only slightly higher than the 5.83 percent averaged during the same month a year ago. 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 Fort Myers-Cape Coral metropolitan statistical area (MSA) showed higher sales last month, with a total of 1,266 homes changing hands for a 19 percent gain over the 1,064 homes sold in April 2004. The market’s median home price rose 43 percent to $262,900; a year ago, it was $184,100.

Gary Atkinson, GRI, president of the Realtor Association of Greater Fort Myers & the Beach and a sales associate with RE/MAX Realty Group in Fort Myers, cites still-low mortgage rates as a factor in the market’s strong resales activity.

“We’re not strictly a retirement community anymore. Our sales are year-round,” he says. “We’ve got baby boomers still looking for retirement property. People are realizing that prices are heading up and they want to get into the market while they can. Inventory is becoming much more scarce. And if a home is priced where it should be, it’s gone in a week.”

Other larger Florida MSAs reporting strong resales activity last month compared to a year ago include: Tampa-Clearwater-St. Petersburg, where 5,105 homes sold for a 19 percent increase; and Jacksonville, where 1,553 homes changed hands for a 7 percent gain. The median sales price in those markets also rose over the same period: in Tampa-Clearwater-St. Petersburg, 23 percent to $183,000; and in Jacksonville, 13 percent to $174,100.

Of the state’s smaller markets, the Lakeland-Winter Haven MSA reported a 13 percent boost in home sales in April, with a total of 592 homes changing hands compared to 524 homes sold last year. The area’s median sales price rose 25 percent to $126,600; a year ago, it was $101,000.

Vera Tungate, president of the Lakeland Association of Realtors and a sales associate with Exit Realty of Lakeland, says the Lakeland area offers a range of housing options at attractive prices, which helps to drive demand. “We have multiple offers on the table,” she says. “We don’t have enough properties for the buyers we have, and it’s helping to create a sellers’ market. Our area is very attractive to a lot of buyers, they want to move into the Lakeland area, but we just don’t have the inventory.”

Other smaller MSAs reporting strong gains in home sales last month include: Gainesville where 386 homes sold for a 27 percent increase; and Ocala, where 594 homes sold, also for a 27 percent increase. The median sales price in those markets increased as well: in Ocala, 10 percent to $131,800; and in Gainesville, 5 percent to $168,100.

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 April 2005 to April 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