9 02 2004

Sales of existing condominiums and cooperatives surged to another annual record in 2003, while the pace of sales activity in the fourth quarter was the second highest on record, according to the National Association of Realtors.

There was a total of 898,000 existing condo and co-op sales last year, up 9.5 percent from the previous record of 820,000 units in 2002.

Aging baby boomers, young professionals and wealthy investors are fueling a trend of condominium construction near the oceanfront in Jacksonville Beach, supporting at least 23 condos that have been built or are under way since the boom began in 2002. Condo values at the Beaches have been appreciating at least 18 percent in the last two years. Generally, luxury oceanfront condos in Jacksonville Beach can range from about $500,000 to $2.8 million. Condo values are increasing faster than single-family home values, according to the National Association of Realtors.

Jacksonville’s Southside has seen a strong development of condominiums including Il Villagio, Point Meadows Place, Deerwood Place, Southern Grove, Grand Reserve, Landing at Belle Rive Condominiums and Boxwood at Baymeadows.

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