Home Sales Drop, Median Price Inches Up 2%

Jacksonville was the only market in Florida to see an increase in the median price of existing single-family homes in September, according to figures from the Florida Association of Realtors (FAR.)

The median price of $194,800 was up just 2 percent from September 2006, but it compared favorably with the statewide median, which dropped 9 percent to $221,200.

The median price fell in the other 19 markets tracked by the FAR, with six markets experiencing double-digit declines.

The number of home sales fell more sharply than the median price. In Jacksonville, sales were down 26 percent from a year ago, while the statewide drop was 38 percent. Sales were down at least 20 percent in 17 of the 20 markets.

Sales of existing condominiums fell 14 percent in Jacksonville in September, compared with 37 percent statewide. The median price of those condos locally was down 12 percent to $162,700, while the statewide median price of $194,200 was down 4 percent.

Condos were even more volatile than single-family homes, with nine markets having drops in the median price of at least 39 percent, the most drastic being drops of 70 percent and 71 percent in Lakeland and Punta Gorda, respectively.

Source: Florida Association of Realtors

Watersedge at Harbortown to be Auctioned Nov. 10

Julian LeCraw & Co. Inc. announced plan to sell at auction nine of the 20 townhomes in the Watersedge at Harbortown project on November 10, 2007.

J.P. King Auction Co. will handle the auction for the developer. It will include six three-bedroom units, three four-bedroom units and nine 50-foot deep-water boat slips sold separately.

Julian LeCraw partner Steve Broome said the company hopes to attract buyers outside the market with the auction of the homes, which front the Intracoastal Waterway.

“We’ve been able to reach the local market with our previous marketing efforts, but we really haven’t tapped the broader marketplace beyond that,” Broome said. “By setting a date for the sale, we can cast a wider net.”

The developer completed construction and began closing on units that include granite countertops, maple cabinetry, terraces, private courtyards, garden tubs, individual elevators and two-car garages in the first quarter 2007.

The auction will be held at the development on Riverview Drive beginning at 1 p.m.

Source: Jacksonville Business Journal

Home Sales Drop, Median Price Inches Up 2%

Jacksonville was the only market in Florida to see an increase in the median price of existing single-family homes in September, according to figures from the Florida Association of Realtors (FAR.)

The median price of $194,800 was up just 2 percent from September 2006, but it compared favorably with the statewide median, which dropped 9 percent to $221,200.

The median price fell in the other 19 markets tracked by the FAR, with six markets experiencing double-digit declines.

The number of home sales fell more sharply than the median price. In Jacksonville, sales were down 26 percent from a year ago, while the statewide drop was 38 percent. Sales were down at least 20 percent in 17 of the 20 markets.

Sales of existing condominiums fell 14 percent in Jacksonville in September, compared with 37 percent statewide. The median price of those condos locally was down 12 percent to $162,700, while the statewide median price of $194,200 was down 4 percent.

Condos were even more volatile than single-family homes, with nine markets having drops in the median price of at least 39 percent, the most drastic being drops of 70 percent and 71 percent in Lakeland and Punta Gorda, respectively.

Source: Florida Association of Realtors

Watersedge at Harbortown to be Auctioned Nov. 10

Julian LeCraw & Co. Inc. announced plan to sell at auction nine of the 20 townhomes in the Watersedge at Harbortown project on November 10, 2007.

J.P. King Auction Co. will handle the auction for the developer. It will include six three-bedroom units, three four-bedroom units and nine 50-foot deep-water boat slips sold separately.

Julian LeCraw partner Steve Broome said the company hopes to attract buyers outside the market with the auction of the homes, which front the Intracoastal Waterway.

“We’ve been able to reach the local market with our previous marketing efforts, but we really haven’t tapped the broader marketplace beyond that,” Broome said. “By setting a date for the sale, we can cast a wider net.”

The developer completed construction and began closing on units that include granite countertops, maple cabinetry, terraces, private courtyards, garden tubs, individual elevators and two-car garages in the first quarter 2007.

The auction will be held at the development on Riverview Drive beginning at 1 p.m.

Source: Jacksonville Business Journal

Jacksonville is a ‘Market to Watch’

Jacksonville is a “small market to watch,” according to a report on trends in urban real estate.

The report, Emerging Trends in Real Estate, is produced annually by the Urban Land Institute and PricewaterhouseCoopers and is based on surveys of 600 real estate experts across the country.

The surveyed experts indicated there will be a great deal of uncertainty in 2008 in the commercial real estate market, but the expected downturn in the market will be much less severe than the one in the residential market.

“Overall, a correction could be good for the industry, keeping supply and demand in balance, curbing overdevelopment and flushing out low-quality investors,” said Tim Conlon, partner and U.S. real estate practice leader, PricewaterhouseCoopers. “By the same token, there are still investment opportunities and there is still a good deal of demand from investors.

The top-rated commercial real estate markets were New York; Seattle; Washington, D.C.; Los Angeles; San Francisco; Boston; San Diego; and Denver.

The report notes the top markets are 24-hour cities with a path to international markets, and all have a major international airport and/or shipping port, an educated workforce and a vital Downtown.

Jacksonville, along with Tampa, Orlando and 11 other cities, were among the small markets to watch, despite the fact that “investors typically back away from smaller markets during a correction.”

Source: Jacksonville Business Journal

Selva Marina Unveils Redevelopment Plans

Selva Marina Country Club is planning a nearly $17 million project that includes a clubhouse and golf course restructuring in order to increase memberships and be a more competitive player in the marketplace.

The 49-year-old country club will build a new clubhouse, expand its golf course and build a residential community as soon as it can confirm a buyer for the 30 acres of residential-intended land. The country club has already hired architects to design all the properties, and renderings were released at the announcement Thursday. Selva Marina’s directors are hoping that the land sale will compensate for renovation expenses.

The City of Atlantic Beach has approved entitlement for the property designated for sale. A portion of that land is also waiting for approval by the City of Jacksonville. There has been a lot of interest in the land but the downturn in the real estate market is effecting potential buyers, said the country club’s board president, Alan Ennis, who is also senior vice president at Florida Capital Bank.

In the meantime, Ennis said the board will go through a nine-to 12-month process in getting the permitting and completing environmental studies for its developments. Once Selva Marina receives funding for the entire project — which could include a loan and an increase in membership initiation fees — construction could take 12 to 15 months to complete.

The residential segment will have about 100 homes with five different lot sizes. Price estimates range from $250,000 for a bungalow lot to $700,000 for an estate lot, Ennis said. The designer, Clifford Duch, is partner and director of architecture for Cronk Duch.

The 20,000-square-foot clubhouse will be demolished to build an 18,000-square-foot clubhouse with more amenities, including a child care center and fitness center. The existing clubhouse is not ADA-compliant, and it would have cost almost as much to renovate as to rebuild, Ennis said.

The golf course has been redesigned by golf architect Bobby Weed, founder of Weed Golf Course Design. The new course will be a par 71 and will include new and existing holes, and a new irrigation and fertilization system. Weed said the course will have a similar orientation as the existing one but will be more open, as some trees will be taken down.

The course is expected to close for eight months for renovations.

Ennis hopes the project will help Selva Marina become a more competitive player in the area and increase memberships. There are about 610 Selva Marina members. The board’s goal is to reach 875 members, he said.

Souce: Jacksonville Business Journal

Jacksonville is a ‘Market to Watch’

Jacksonville is a “small market to watch,” according to a report on trends in urban real estate.

The report, Emerging Trends in Real Estate, is produced annually by the Urban Land Institute and PricewaterhouseCoopers and is based on surveys of 600 real estate experts across the country.

The surveyed experts indicated there will be a great deal of uncertainty in 2008 in the commercial real estate market, but the expected downturn in the market will be much less severe than the one in the residential market.

“Overall, a correction could be good for the industry, keeping supply and demand in balance, curbing overdevelopment and flushing out low-quality investors,” said Tim Conlon, partner and U.S. real estate practice leader, PricewaterhouseCoopers. “By the same token, there are still investment opportunities and there is still a good deal of demand from investors.

The top-rated commercial real estate markets were New York; Seattle; Washington, D.C.; Los Angeles; San Francisco; Boston; San Diego; and Denver.

The report notes the top markets are 24-hour cities with a path to international markets, and all have a major international airport and/or shipping port, an educated workforce and a vital Downtown.

Jacksonville, along with Tampa, Orlando and 11 other cities, were among the small markets to watch, despite the fact that “investors typically back away from smaller markets during a correction.”

Source: Jacksonville Business Journal

Jacksonville Attracts Major Asian Shipping Line

Jacksonville Port Authority (JAXPORT) and Mayor John Peyton announced today the signing of an initial agreement with Hanjin Shipping Co., Ltd. to develop a $360 million container terminal in Jacksonville. The Memorandum of Understanding (MOU) allows JAXPORT and Hanjin to move forward on contract negotiations regarding construction, financing and operations of the facility. The MOU was signed by all three parties today in a ceremony at the Hanjin headquarters in Seoul, South Korea.

“Today’s agreement with Hanjin underscores Jacksonville’s new role in global trade,” said Rick Ferrin, executive director of JAXPORT. “With this historic signing, not one, but two major players in the international shipping arena have given notice in a big way that JAXPORT is the place to be.”

Mayor Peyton added, “Jacksonville is well on its way to becoming one of the largest and most successful port cities on the East Coast and the premier logistics and transportation hub in the Southeastern United States. The Board and staff at JAXPORT have done a tremendous job attracting shippers of this magnitude, which complements the city’s efforts to attract high-wage jobs for residents and increase economic opportunities. I warmly welcome Hanjin Shipping to our great city and am hopeful an agreement to move forward can be reached quickly.”

Hanjin is Korea’s largest, and one of the world’s biggest, container carriers moving more than 100 million tons of cargo annually while operating in more than 50 countries. In the United States, Hanjin’s subsidiary, Total Terminal International currently operates dedicated terminals in Long Beach and Oakland, Calif., and Seattle, Wash.

The MOU signed today calls for the 170-acre Hanjin Shipping Terminal, Jacksonville to begin operations in 2011 with capacity to handle one million twenty foot equivalent units (TEUs) annually. This measurement equates to more than seven and a half million tons of cargo.

Tony Nelson, chairman of the JAXPORT Board of Directors said, “Our board’s focus has always been on providing jobs and opportunity for the people of Jacksonville. This is a most satisfying move toward fulfilling that goal.”

The Hanjin Shipping Container Terminal, Jacksonville is expected to generate at least $1 billion in economic activity in Northeast Florida and create thousands of new direct and indirect jobs for the region. City and economic development officials estimate that this will generate about 6,000 jobs, in addition to about the same number of jobs that will come with the operation of Mitsui O.S.K. Lines Ltd. from its new terminal, which is under construction now.

The proposed Hanjin Shipping Container Terminal, Jacksonville will be JAXPORT’s fifth marine terminal and Hanjin’s first dedicated operation on the U.S. East Coast. This strategic move is meant to capitalize on the expansion of the Panama Canal and the anticipated increase of container traffic along the east coast.

The first terminal, which covers 158 acres and will be operated by TraPac, the U.S. operating subsidiary of Mitsui O.S.K. Lines Ltd., is on schedule to open for business in December of next year.

Undoubtedly, this announcement will be a harbinger of better news for home sales in the area near the Dames Point Bridge and Northside.

Source: City of Jacksonville

Selva Marina Unveils Redevelopment Plans

Selva Marina Country Club is planning a nearly $17 million project that includes a clubhouse and golf course restructuring in order to increase memberships and be a more competitive player in the marketplace.

The 49-year-old country club will build a new clubhouse, expand its golf course and build a residential community as soon as it can confirm a buyer for the 30 acres of residential-intended land. The country club has already hired architects to design all the properties, and renderings were released at the announcement Thursday. Selva Marina’s directors are hoping that the land sale will compensate for renovation expenses.

The City of Atlantic Beach has approved entitlement for the property designated for sale. A portion of that land is also waiting for approval by the City of Jacksonville. There has been a lot of interest in the land but the downturn in the real estate market is effecting potential buyers, said the country club’s board president, Alan Ennis, who is also senior vice president at Florida Capital Bank.

In the meantime, Ennis said the board will go through a nine-to 12-month process in getting the permitting and completing environmental studies for its developments. Once Selva Marina receives funding for the entire project — which could include a loan and an increase in membership initiation fees — construction could take 12 to 15 months to complete.

The residential segment will have about 100 homes with five different lot sizes. Price estimates range from $250,000 for a bungalow lot to $700,000 for an estate lot, Ennis said. The designer, Clifford Duch, is partner and director of architecture for Cronk Duch.

The 20,000-square-foot clubhouse will be demolished to build an 18,000-square-foot clubhouse with more amenities, including a child care center and fitness center. The existing clubhouse is not ADA-compliant, and it would have cost almost as much to renovate as to rebuild, Ennis said.

The golf course has been redesigned by golf architect Bobby Weed, founder of Weed Golf Course Design. The new course will be a par 71 and will include new and existing holes, and a new irrigation and fertilization system. Weed said the course will have a similar orientation as the existing one but will be more open, as some trees will be taken down.

The course is expected to close for eight months for renovations.

Ennis hopes the project will help Selva Marina become a more competitive player in the area and increase memberships. There are about 610 Selva Marina members. The board’s goal is to reach 875 members, he said.

Souce: Jacksonville Business Journal

Jacksonville Attracts Major Asian Shipping Line

Jacksonville Port Authority (JAXPORT) and Mayor John Peyton announced today the signing of an initial agreement with Hanjin Shipping Co., Ltd. to develop a $360 million container terminal in Jacksonville. The Memorandum of Understanding (MOU) allows JAXPORT and Hanjin to move forward on contract negotiations regarding construction, financing and operations of the facility. The MOU was signed by all three parties today in a ceremony at the Hanjin headquarters in Seoul, South Korea.

“Today’s agreement with Hanjin underscores Jacksonville’s new role in global trade,” said Rick Ferrin, executive director of JAXPORT. “With this historic signing, not one, but two major players in the international shipping arena have given notice in a big way that JAXPORT is the place to be.”

Mayor Peyton added, “Jacksonville is well on its way to becoming one of the largest and most successful port cities on the East Coast and the premier logistics and transportation hub in the Southeastern United States. The Board and staff at JAXPORT have done a tremendous job attracting shippers of this magnitude, which complements the city’s efforts to attract high-wage jobs for residents and increase economic opportunities. I warmly welcome Hanjin Shipping to our great city and am hopeful an agreement to move forward can be reached quickly.”

Hanjin is Korea’s largest, and one of the world’s biggest, container carriers moving more than 100 million tons of cargo annually while operating in more than 50 countries. In the United States, Hanjin’s subsidiary, Total Terminal International currently operates dedicated terminals in Long Beach and Oakland, Calif., and Seattle, Wash.

The MOU signed today calls for the 170-acre Hanjin Shipping Terminal, Jacksonville to begin operations in 2011 with capacity to handle one million twenty foot equivalent units (TEUs) annually. This measurement equates to more than seven and a half million tons of cargo.

Tony Nelson, chairman of the JAXPORT Board of Directors said, “Our board’s focus has always been on providing jobs and opportunity for the people of Jacksonville. This is a most satisfying move toward fulfilling that goal.”

The Hanjin Shipping Container Terminal, Jacksonville is expected to generate at least $1 billion in economic activity in Northeast Florida and create thousands of new direct and indirect jobs for the region. City and economic development officials estimate that this will generate about 6,000 jobs, in addition to about the same number of jobs that will come with the operation of Mitsui O.S.K. Lines Ltd. from its new terminal, which is under construction now.

The proposed Hanjin Shipping Container Terminal, Jacksonville will be JAXPORT’s fifth marine terminal and Hanjin’s first dedicated operation on the U.S. East Coast. This strategic move is meant to capitalize on the expansion of the Panama Canal and the anticipated increase of container traffic along the east coast.

The first terminal, which covers 158 acres and will be operated by TraPac, the U.S. operating subsidiary of Mitsui O.S.K. Lines Ltd., is on schedule to open for business in December of next year.

Undoubtedly, this announcement will be a harbinger of better news for home sales in the area near the Dames Point Bridge and Northside.

Source: City of Jacksonville

Home Sales Decline by Zip Codes in Jacksonville

Declining home sales in the Jacksonville metropolitan area intensified into the second quarter of this year.

This snapshot of Northeast Florida’s residential real estate cycle from April through June comes from DataQuick Information Systems, a San Diego-based company that sells its data to the real estate industry.

A Times-Union analysis of data for the Jacksonville area’s 53 ZIP codes found only five with a higher number of sales in the second quarter of this year compared to the same time last year. St. Johns and Clay counties saw fewer homes sold in all areas.

The most extreme situation in St. Johns was 32095, where sales plummeted by 66.9 percent – although median sales prices shot up 29.5 percent, to $508,900.

Although Clay’s sales were bleak, it did see modest home-price increases in Middleburg and Keystone Heights. Orange Park and Green Cove Springs dropped.

Nassau County saw mostly a decline, except for Hilliard, where sales increased by 20 percent. Its median home price was the only one to increase, by 37.5 percent to $165,000.

Though Clay and Nassau have many differences, they share a common characteristic that local real estate analyst Ray Rodriguez said explains the decline: With rising gasoline prices and little public transportation, some buyers are foregoing these rural “bedroom” communities and choosing Jacksonville’s consolidated city and county when purchasing a home.

Clay’s job base isn’t large enough to fuel a demand for the luxury homes developers are building. Nassau is in a similar economic position.

Now, Rodriguez said, the city is becoming a better choice to workers unwilling to continue spending more time and gas for jobs.

And the city seems to be keeping pace. Sales prices in Riverside’s 32204 ZIP code increased 145 percent, to $312,450. Its home sales jumped 113 percent.

An emerging downtown, commercial growth along Riverside Avenue and continued redevelopment in the Five Points and Murray Hill areas have attracted a mix of young professionals, families and retirees.

As for the overall sales decline, Realtors and others in the industry say the market is correcting itself after runaway prices coupled with tightening mortgage standards.

The National Association of Realtors expects home sales across the country to rise in the latter two quarters of the year, with prices eventually following.

MEDIAN SALES PRICE AND SALES VOLUME: 2ND QUARTER 2007

DUVAL COUNTY
Zip Code Median Price % Change Homes Sold % Change
32233 $182,000 -1.60 95 -33.60
32202 $76,150 -1.10 21 5.00
32204 $312,450 145.30 64 113.30
32205 $143,000 2.10 168 -37.80
32206 $65,000 -8.50 99 -28.30
32207 $170,000 8.30 154 -15.40
32208 $88,000 0.00 202 -31.80
32209 $62,000 -12.60 140 -31.40
32210 $144,000 4.30 279 -41.30
32211 $144,000 2.50 114 -40.90
32216 $170,450 0.30 191 4.90
32217 $174,900 -10.30 85 -21.30
32218 $198,500 -3.20 280 -39.90
32219 $204,000 -9.20 44 -47.00
32220 $179,300 -14.90 44 -47.60
32221 $186,000 -8.80 113 -31.10
32222 $214,400 2.60 54 -1.80
32223 $197,500 -12.20 136 -29.50
32224 $240,000 4.10 161 -51.70
32225 $215,000 -4.40 340 -16.50
32226 $244,000 -12.40 74 -49.70
32234 $111,700 -37.10 13 -23.50
32244 $165,000 -4.60 287 -40.70
32246 $192,450 5.80 241 -37.10
32254 $69,000 -4.20 103 -22.60
32256 $178,500 -5.50 265 -14.20
32257 $190,000 -5.00 165 -24.00
32258 $217,450 -20.90 273 4.20
32277 $178,600 21.40 106 -56.90
32250 $395,000 5.30 134 -17.30
32266 $363,200 11.30 23 -28.10
Average $177,000 -1.70 5056 -34.70

CLAY COUNTY
Zip Code Median Price % Change Homes Sold % Change
32043 $219,000 -2.20 132 -40.80
32656 $162,950 7.90 22 -40.50
32068 $197,500 6.80 220 -39.40
32003 $297,600 -2.70 193 -23.70
32065 $198,500 -19.00 172 -57.90
32073 $185,500 -0.70 158 -43.00
Average $177,000 -5.60 5056 -34.70

ST. JOHNS COUNTY
Zip Code Median Price % Change Homes Sold % Change
32033 $255,000 -7.90 27 -3.60
32145 $130,000 120.70 7 -36.40
32259 $350,000 11.10 183 -33.50
32082 $421,500 -1.00 197 -31.80
32080 $372,750 2.10 151 -15.20
32084 $186,500 -5.80 151 -31.10
32086 $222,000 -9.90 121 -35.30
32092 $299,900 -3.30 242 -31.80
32095 $589,000 29.50 40 -66.90
Average $287,000 -7.70 1319 -34.10

BAKER COUNTY
Zip Code Median Price % Change Homes Sold % Change
32040 $199,000 -4.80 9 -10.00
32063 $198,000 26.50 49 -7.50
Average $194,450 23.10 66 -8.30

Source: Florida-Times Union

Home Sales Decline by Zip Codes in Jacksonville

Declining home sales in the Jacksonville metropolitan area intensified into the second quarter of this year.

This snapshot of Northeast Florida’s residential real estate cycle from April through June comes from DataQuick Information Systems, a San Diego-based company that sells its data to the real estate industry.

A Times-Union analysis of data for the Jacksonville area’s 53 ZIP codes found only five with a higher number of sales in the second quarter of this year compared to the same time last year. St. Johns and Clay counties saw fewer homes sold in all areas.

The most extreme situation in St. Johns was 32095, where sales plummeted by 66.9 percent – although median sales prices shot up 29.5 percent, to $508,900.

Although Clay’s sales were bleak, it did see modest home-price increases in Middleburg and Keystone Heights. Orange Park and Green Cove Springs dropped.

Nassau County saw mostly a decline, except for Hilliard, where sales increased by 20 percent. Its median home price was the only one to increase, by 37.5 percent to $165,000.

Though Clay and Nassau have many differences, they share a common characteristic that local real estate analyst Ray Rodriguez said explains the decline: With rising gasoline prices and little public transportation, some buyers are foregoing these rural “bedroom” communities and choosing Jacksonville’s consolidated city and county when purchasing a home.

Clay’s job base isn’t large enough to fuel a demand for the luxury homes developers are building. Nassau is in a similar economic position.

Now, Rodriguez said, the city is becoming a better choice to workers unwilling to continue spending more time and gas for jobs.

And the city seems to be keeping pace. Sales prices in Riverside’s 32204 ZIP code increased 145 percent, to $312,450. Its home sales jumped 113 percent.

An emerging downtown, commercial growth along Riverside Avenue and continued redevelopment in the Five Points and Murray Hill areas have attracted a mix of young professionals, families and retirees.

As for the overall sales decline, Realtors and others in the industry say the market is correcting itself after runaway prices coupled with tightening mortgage standards.

The National Association of Realtors expects home sales across the country to rise in the latter two quarters of the year, with prices eventually following.

MEDIAN SALES PRICE AND SALES VOLUME: 2ND QUARTER 2007

DUVAL COUNTY
Zip Code Median Price % Change Homes Sold % Change
32233 $182,000 -1.60 95 -33.60
32202 $76,150 -1.10 21 5.00
32204 $312,450 145.30 64 113.30
32205 $143,000 2.10 168 -37.80
32206 $65,000 -8.50 99 -28.30
32207 $170,000 8.30 154 -15.40
32208 $88,000 0.00 202 -31.80
32209 $62,000 -12.60 140 -31.40
32210 $144,000 4.30 279 -41.30
32211 $144,000 2.50 114 -40.90
32216 $170,450 0.30 191 4.90
32217 $174,900 -10.30 85 -21.30
32218 $198,500 -3.20 280 -39.90
32219 $204,000 -9.20 44 -47.00
32220 $179,300 -14.90 44 -47.60
32221 $186,000 -8.80 113 -31.10
32222 $214,400 2.60 54 -1.80
32223 $197,500 -12.20 136 -29.50
32224 $240,000 4.10 161 -51.70
32225 $215,000 -4.40 340 -16.50
32226 $244,000 -12.40 74 -49.70
32234 $111,700 -37.10 13 -23.50
32244 $165,000 -4.60 287 -40.70
32246 $192,450 5.80 241 -37.10
32254 $69,000 -4.20 103 -22.60
32256 $178,500 -5.50 265 -14.20
32257 $190,000 -5.00 165 -24.00
32258 $217,450 -20.90 273 4.20
32277 $178,600 21.40 106 -56.90
32250 $395,000 5.30 134 -17.30
32266 $363,200 11.30 23 -28.10
Average $177,000 -1.70 5056 -34.70

CLAY COUNTY
Zip Code Median Price % Change Homes Sold % Change
32043 $219,000 -2.20 132 -40.80
32656 $162,950 7.90 22 -40.50
32068 $197,500 6.80 220 -39.40
32003 $297,600 -2.70 193 -23.70
32065 $198,500 -19.00 172 -57.90
32073 $185,500 -0.70 158 -43.00
Average $177,000 -5.60 5056 -34.70

ST. JOHNS COUNTY
Zip Code Median Price % Change Homes Sold % Change
32033 $255,000 -7.90 27 -3.60
32145 $130,000 120.70 7 -36.40
32259 $350,000 11.10 183 -33.50
32082 $421,500 -1.00 197 -31.80
32080 $372,750 2.10 151 -15.20
32084 $186,500 -5.80 151 -31.10
32086 $222,000 -9.90 121 -35.30
32092 $299,900 -3.30 242 -31.80
32095 $589,000 29.50 40 -66.90
Average $287,000 -7.70 1319 -34.10

BAKER COUNTY
Zip Code Median Price % Change Homes Sold % Change
32040 $199,000 -4.80 9 -10.00
32063 $198,000 26.50 49 -7.50
Average $194,450 23.10 66 -8.30

Source: Florida-Times Union

Florida Home Sales Subject to New Laws

Buying a home in Florida comes with new rules beginning Oct. 1 that are expected to create more transparency in the lending process while they require out-of-state title agencies to follow the same rules as agencies in the state.

Under Senate Bill 1824, powers have expanded for law enforcement to combat mortgage fraud, officials with the Florida Association of Realtors said. That includes any errors made in the lending process that could be tied to an intent to defraud.

Also, lenders are now required to disclose to borrowers in writing how much they are paying mortgage brokers. At the same time, borrowers now will receive documents called “good faith estimates” that would disclose all possible fees involved in a mortgage, including those charged by the lender, mortgage broker, title company and any other third party.

And if a loan changes for any reason, the borrower must be notified no later than three business days before the actual closing. The broker is required to prove that the notice was provided and that the borrower accepted the new terms.

House Bill 111 prevents title agents from charging a separate fee for title examination, and they are no longer required to charge a minimum for actual title search and closing costs, FAR officials said. Also, any out-of-state title agent who wishes to practice in Florida must now have the same licensure and continuing education requirements as any Florida-based title agent.

Source: Jacksonville Business Journal

Florida Home Sales Subject to New Laws

Buying a home in Florida comes with new rules beginning Oct. 1 that are expected to create more transparency in the lending process while they require out-of-state title agencies to follow the same rules as agencies in the state.

Under Senate Bill 1824, powers have expanded for law enforcement to combat mortgage fraud, officials with the Florida Association of Realtors said. That includes any errors made in the lending process that could be tied to an intent to defraud.

Also, lenders are now required to disclose to borrowers in writing how much they are paying mortgage brokers. At the same time, borrowers now will receive documents called “good faith estimates” that would disclose all possible fees involved in a mortgage, including those charged by the lender, mortgage broker, title company and any other third party.

And if a loan changes for any reason, the borrower must be notified no later than three business days before the actual closing. The broker is required to prove that the notice was provided and that the borrower accepted the new terms.

House Bill 111 prevents title agents from charging a separate fee for title examination, and they are no longer required to charge a minimum for actual title search and closing costs, FAR officials said. Also, any out-of-state title agent who wishes to practice in Florida must now have the same licensure and continuing education requirements as any Florida-based title agent.

Source: Jacksonville Business Journal