Jacksonville is listed among 5 biggest U.S. “Boomtowns”, according to LendingTree

Jacksonville is listed among 5 biggest “U.S. Boomtowns during pandemic,” according to LendingTree which ranked and scored the 100 largest metros in three main categories: people and housing, work and earnings and business and economy.

Southern metros dominated the list of the biggest boomtowns, with Florida, North Carolina, Texas and Virginia occupying eight of the Top 10 ranks.

Key findings

• Southern metros dominate the list of the biggest boomtowns. Metros in Texas, Florida, North Carolina and Virginia occupy eight of the top 10 spots in the LendingTree boomtown rankings.
• Among the 100 largest metros, Austin, Texas, has boomed the most during the pandemic. The number of housing units here jumped 12.9% between 2019 and 2021 — the second-highest among the 100 metros — and the population jumped by 5.6% in the same period — the third-highest — giving the central Texas metro the highest people and housing score.
• We head west for the second-biggest boomtown: Provo, Utah. The north-central Utah metro outpaced Austin in our work and earnings category, led by its No. 1 growth in workforce size (8.4%). In other categories, Provo had the greatest population growth between 2019 and 2021 (7.2%) and the second-biggest jump in gross domestic product (13.2%) in the same period.
• We head back South for our next-biggest boomtown: Lakeland, Fla. Lakeland had top-five finishes in individual metrics in all three categories: housing growth (7.7%), median earnings (16.3%) and new employer identification numbers (118.4%).
• The most sluggish metro — despite being known for its wonderful beaches — is Honolulu. The Hawaii metro finished last in our work and earnings and business and economy categories with the biggest jump in the unemployment rate (119%), the third-smallest jump in median earnings (1.7%) and the third-biggest decrease in annual GDP (5.3%) between 2019 and 2021. Joining Honolulu at the bottom are Hartford, Conn., and Los Angeles.

Many of the biggest boomtowns are in the South

For the biggest boomtowns in the U.S., look to the South. Of the top 10, eight are in Texas, Florida, North Carolina and Virginia.

Top 10 biggest boomtowns

Rank	Metro
1	Austin, TX
2	Provo, UT
3	Lakeland, FL
4	Boise, ID
5	Jacksonville, FL
6	North Port, FL
7	Durham, NC
8	Raleigh, NC
9	Charlotte, NC
10	Virginia Beach, VA

Source: LendingTree analysis of various sources.

“People — especially work-from-home employees — are leaving for warm weather and lower taxes,” LendingTree chief credit analyst Matt Schulz says. “Especially for Florida and Texas, those two factors have been instrumental in driving a lot of the growth.”

If you have real estate questions or interested in buying or selling a home in Northeast Florida, please contact me at (904) 307-8998 or email williamvasana@kw.com. As a local area expert in Jacksonville Florida, I offer the highest level of professional services, luxury condo savvy, extensive residential experience, and intensive knowledge about Jacksonville neighborhoods and the overall market in the pre-construction and luxury development. I specialize in residential homes, condominiums, waterfront properties and new construction homes in Duval, St. Johns and Clay counties.

Northeast Florida Home Affordability Index falls nearly 35% in 2022

The Home Affordability Index for single-family homes in Northeast Florida fell steadily in 2022 from 104.5 in January to 69 in December. The index had dropped 34.9% in 12 months. The closer the index is to 100 or higher, the better.

The major factor in the lowering of the index throughout 2022 has been the dramatic increase in mortgage interest rates from around 3% to over 7% at the peak.

Throughout the year, prospective buyers were priced out of the market.

The first half of the year showed increasing costs, low inventory and listings lasting little more than a week. 

The second half found median prices stabilizing, increased inventory and a greater number of choices for buyers.

The median price of a single-family home fell 1.7% in December to $370,000 from $376,385 in November.

The December 2022 median price was 5.7% higher than in December 2021.

Single-family home sales usually fall in December because of the holidays.

December 2022, however, was different from December 2021.

There were 1,583 closings, down 38.4% from 2,570 in December 2021.

Pending sales also showed a decline, with a 31.9% drop to 1,324 in December 2022 compared with 1,944 in December 2021.

The closed and pending unit sales in the combined single-family, condo and townhouse market in Northeast Florida has been relatively stable for the past 3-4 months with just slight movement month over month as we would expect in line with the seasonality of a ‘normal’ real estate market.

Days on market is now a median of 50 days, which is more typical for a balanced market while only a 3.2-month supply is still considered a ‘sellers’ market.

The number of new listings coming on the market is following the historic seasonality with fewer new listings during the holidays and an anticipation of an uptick in mid to late spring.

When condos and town home sales are added, the median price for the three home types combined was $345,00 in December, similar to the March 2022 median price of $350,000.

It peaked in July 2022 at a median of $375,000.

Bottom line: The housing market is normalizing and this is a good sign.

Source: Jacksonville Daily Record and Northeast Florida Association of Realtors

If you have real estate questions or interested in buying or selling a home in Northeast Florida, please contact me at (904) 307-8998 or email williamvasana@kw.com. As a local area expert in Jacksonville Florida, I offer the highest level of professional services, luxury condo savvy, extensive residential experience, and intensive knowledge about Jacksonville neighborhoods and the overall market in the pre-construction and luxury development. I specialize in residential homes, condominiums, waterfront properties and new construction homes in Duval, St. Johns and Clay counties.

Jacksonville ranked 2nd for Best Places to Live in Florida

In a recent article, Forbes ranked Jacksonville number 2 on the Best Places to Live in Florida beating out Miami, Orlando, Tallahassee, and others! Tampa took to the top spot. Jacksonville is known for its thriving economy, lower cost of living, picturesque beaches, and so much more. You can read the full article here.

It’s easy living here in the Bold City. With great beaches, waterways and a melting pot of culture, it’s no secret that our city is truly one-of-a-kind.

How did Forbes come up with their rankings? They compared Florida metropolitan areas using data from several platforms to measure variable criteria for home affordability, healthy employment and population growth.

“While Jacksonville holds the honor of being Florida’s largest city by population, its combined metro area population is smaller than Miami and Tampa,” writes Josh Patoka. “You can enjoy big city conveniences and live on the Atlantic Ocean—yet the living costs are relatively affordable.”

Forbes says banking, healthcare and transportation are the seven-county metro area’s biggest employment opportunities. 

“The city is also home to one of the nation’s three Mayo Clinics and offers access to many of Florida’s best banks,” says Patoka. 

If you’re looking for a livable city that’s accessible to beaches, waterways, outdoor activities and a melting pot of culture, then Jacksonville might be the city for you.

If you have real estate questions or interested in buying or selling a home in Northeast Florida, please contact me at (904) 307-8998 or email williamvasana@kw.com. As a local area expert in Jacksonville Florida, I offer the highest level of professional services, luxury condo savvy, extensive residential experience, and intensive knowledge about Jacksonville neighborhoods and the overall market in the pre-construction and luxury development. I specialize in residential homes, condominiums, waterfront properties and new construction homes in Duval, St. Johns and Clay counties.

Single Women Own More Homes Than Single Men Do

Single women own more than 1.5 million more homes than single men in America’s 50 largest metro areas, according to a new study conducted by LendingTree, an online lending marketplace.

All the single ladies are outpacing men in homeownership

Even though women earned just 79 cents for every dollar men made in 2019 – regardless of job type or seniority – single women in the U.S. currently own about 5.1 million homes, while single men own 3.5 million homes.

It is a continuation of a trend that the National Association of Realtors reported in late 2018, when single female buyers made up 18 percent of overall homebuyer demographics, second to married couples. While single male buyers came in third, they tended to purchase more expensive homes (at a median price of $215,000) than single female buyers (median price of $189,000).

Why single women are outpacing single men when it comes to homeownership is a bit of a mystery, although the desire to nest could be a factor. “We do know single females tend to really value homeownership, not just as a financial investment but also as a place where they can live,” NAR Director of Demographics and Behavioral Insights Jessica Lautz said in a statement about the report. “They really desire a place they can own.”

Caregiving responsibilities could be another reason. According to the Pew Research Center, 21 percent of children live with single mothers, while only 4 percent live with single fathers. “Even if she doesn’t have young children, she is likely a caregiver in another way,” Lautz said of the typical single female buyer. “Maybe she has children over 18 who live with her, or maybe she’s caring for an older parent.”

In all of the 50 largest metropolitan area surveyed by Lending Tree, single women owned more homes than single men do.

Jacksonville had the 12^th largest gender gap of single homeowners in the study. Single women in Jacksonville own and occupy 49,328 households, while single men own and occupy 33,035 households, a gap of 4.60 percent.

Source: LendingTree

Housing sales, inventory trending up in Florida

Florida’s housing market reported more closed sales, rising median prices and more new listings in October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.

October marked 82 consecutive months (more than six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year.

Rising interest rates are having a ripple effect across the housing market as the Federal Reserve increases borrowing costs. Analysts expect the Fed to raise rates again a few times in 2019. Areas with strong job or population growth, like Florida, may be able to weather higher mortgage rates, analysts say.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.83 percent in October 2018, up from the 3.90 percent averaged during the same month a year earlier.

$250K Home Giveaway Sweepstakes for U.S. Military or Veterans

Realtor.com® and Veterans United Home Loans, a U.S. Department of Veterans Affairs (VA) purchase lender, have teamed up to launch a $250,000 Veterans Day Home Giveaway Sweepstakes.

The contest will award up to $250,000 toward a home purchase to a U.S. military service member or veteran.

Veterans and current members of the military can enter the sweepstakes until Oct. 29 at realtor.com/homegiveaway.

The winner will be announced on Veterans Day, Nov. 11.

The winner will receive $250,000 (less tax withholding) at the closing of a home purchase transaction.

For more details, go to https://www.realtor.com/homegiveaway/rules.

Source: Realtor.com®

Pending Home Sales Hit a 10-Year High in April

Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors^® (NAR).

All major regions saw gains in contract activity last month except for the Midwest, which saw a meager decline.

The Pending Home Sales Index – a forward-looking indicator based on contract signings for homes that have not yet sold – hiked 5.1 percent higher to 116.3 in April from an upwardly revised 110.7 in March. Year-to-year, it’s 4.6 percent above April 2015 (111.2).

After last month’s gain, the index has now increased year-over-year for 20 consecutive months. Vast gains in the South and West propelled April’s pending sales in April to its highest level since February 2006 (117.4), says Lawrence Yun, NAR chief economist.

“The ability to sign a contract on a home is slightly exceeding expectations this spring, even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” Yun says. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”

Mortgage rates have remained below 4 percent in 16 of the past 17 months, but Yun says it remains to be seen how long they will stay this low. Along with rent growth, rising gas prices – and the fading effects of last year’s cheap oil on consumer prices – could edge up inflation and push rates higher. For now, Yun foresees mortgage rates continuing to hover around 4 percent in coming months, but inflation could potentially surprise the market and cause rates to increase suddenly.

“Even if rates rise soon, sales have legs for further expansion this summer if housing supply increases enough to give buyers an adequate number of affordable choices during their search,” adds. Yun.

Following the housing market’s best first quarter of existing-sales since 2007 (5.66 million) and a decent increase (1.7 percent) in April, Yun expects sales this year to climb above earlier estimates and be around 5.41 million – a 3.0 percent boost from 2015. After accelerating to 6.8 percent a year ago, national median existing-home price growth is forecast to slightly moderate to between 4 and 5 percent.

Pending sales in the Northeast climbed 1.2 percent to 98.2 in April, and are now 10.1 percent above a year ago. In the Midwest, the index declined slightly (0.6 percent) to 112.9 in April, but it’s still 2.0 percent above April 2015.

Pending home sales in the South jumped 6.8 percent to an index of 133.9 in April – 5.1 percent higher than last April. The index in the West soared 11.4 percent in April to 106.2, and it’s now 2.8 percent above a year ago.

Source: National Association of Realtors

June Home Starts Surge – Highest Pace in 28 Years

The U.S. Commerce Department announced that housing starts in June climbed 9.8 percent to a seasonally adjusted annual rate of 1.17 million homes. All of that growth came from a 28.6 percent surge in multi-family housing that put apartment construction at its highest rate since November 1987. Starts for single-family houses slipped 0.9 percent last month.

U.S. builders broke ground on apartment complexes in June at the fastest pace in nearly 28 years, as developers anticipate that recent job gains will launch a wave of renters.

The gains show that what had been a sluggish construction sector is now running on economic adrenaline. Strong job growth and a rebounding economy have increased the numbers of buyers and renters searching for homes, while gradually rising mortgage rates have spurred homeowners to finalize deals.

Housing starts jumped 35.3 percent in the Northeast because of apartments, while climbing 13.5 percent in the South. Home construction slumped in the Midwest and West in June.

Nationwide, housing starts have risen 10.9 percent year-to-date.

Over the past 12 months, employers have added 2.9 million jobs, meaning there are more people with paychecks to spend across the broader economy. The impact of those job gains and the unemployment rate drop to 5.3 percent has surfaced in housing, where demand is outpacing the supply of homes and creating more pressure to build houses and apartments.

The market for new homes for sale had just 4.5 months of supply in May, compared to 6 months in a healthy market.

Approved building permits increased 7.4 percent to an annual rate of 1.34 million in June, the highest level since July 2007. The bulk of that increase came for apartment complexes, while permits for houses last month rose just 0.9 percent.

There are other signs that builders are increasingly optimistic.

The National Association of Home Builders/Wells Fargo builder sentiment index released Thursday climbed to 60 this month, a level last reached in November 2005 – shortly before the housing boom gave way to the mortgage crisis that triggered the Great Recession. Readings above 50 indicate more builders view sales conditions as good rather than poor.

Mortgage rates have started to rise, although they remain low by historic standards.

Source: The Associated Press

U.S. New-Home Sales in May Climb to Best Levels Since 2008

Purchases of new U.S. homes surged in the Northeast and West in May, as steady job growth over the past year has lifted the real estate sector.

The Commerce Department said that new-home sales rose 2.2 percent in May 2015 to a seasonally adjusted annual rate of 546,000, the strongest pace in more than seven years.

Sales of new homes have soared 24 percent year-to-date, helped by the additional incomes from the employers hiring 3.1 million workers in the past 12 months and relatively low mortgage rates. The sharp increase in purchases could help drive more employment in the construction sector and broader economic growth, potentially offsetting the setbacks to growth in the manufacturing sector caused by cheaper oil prices and a stronger dollar that has hurt exports.

Last month’s sales gains were concentrated in the Northeast, where sales jumped 87.5 percent. New-home sales increased 13.1 percent in the West, but slipped in the Midwest and South.

The median sales price has fallen slightly, dipping 1 percent over the past 12 months to $282,800.

The increases have caused the supply of new homes to dwindle to 4.5 months, compared to the six months’ supply generally associated with a healthy market.

Still, homebuilders are preparing to meet this demand, having broken ground on more houses this year and plan to continue construction. Approved building permits rose increased 11.8 percent to an annual rate of 1.28 million, the highest level since August 2007, the Commerce Department reported last week.

Existing homes are also seeing strong sales as the economy continues to muscle up.

Sales of existing homes climbed 5.1 percent in May to a seasonally adjusted annual rate of 5.35 million, the National Association of Realtors said Monday. Tight supplies have lifted prices, which have climbed 7.9 percent over the past 12 months to an average of $228,700, about $1,700 below the July 2006 peak.

Much of the increased buying activity flows from a stronger job market and relatively affordable mortgage rates.

Borrowing costs are low by historical standards, but they have been rising in recent weeks at a speed that might prompt more people to buy homes.

Average 30-year fixed rates were 4 percent last week, according to the mortgage giant Freddie Mac. That average has increased from a 52-week low of 3.59 percent.

Soure: Associated Press

U.S. existing home sales rise in December but down for 2014

U.S. home resales rose slightly in December but fell overall for the year, the first annual drop since 2010 and another sign that the housing market recovery remains uneven amid expectations of a pick-up in 2015.

The National Association of Realtors said existing home sales increased 2.4 percent to an annual rate of 5.04 million units last month. That was slightly below economists’ expectations for a 5.06-million-unit pace.

“The still-tight mortgage credit conditions and more challenging first-time homebuyer affordability that were revealed by the failure of home sales to continue recovering last year remain serious concerns as we head into 2015,” said Ted Wieseman, an economist at JPMorgan in New York.

First-time buyers made up 29 percent of transactions in December as well as for the year as a whole, well below the level needed to boost growth in the housing market.

For all of 2014, existing home sales fell 3.1 percent, the first annual drop in four years. The housing market has struggled to maintain momentum since stagnating in the second half of 2013 following a run-up in mortgage rates.

At December’s sales pace it would take 4.4 months to clear all available houses from the market, down from 5.1 months in November and the lowest since January 2013.

However, a decline in mortgage rates, an easing of lending standards and the resurgent health of the U.S. economy over the last few months has spurred optimism that sales could strengthen this year.

And the outlook for the economy remains upbeat. In a separate report the Conference Board said its Leading Economic Index rose 0.5 percent last month after a 0.4 percent increase in November.

December’s jump was driven by gains in most of the index’s components, suggesting the short-term outlook is getting brighter and the economy continues to build momentum, the Conference Board said.

Source: Reuter

Delinquent Homeowners Two Years Behind on Mortgage Payment Can Now Qualify For Loan Modification

Florida borrowers two or more years late on their mortgage payments could get another chance to save their homes following a change in loan modification rules by the Federal Housing Finance Agency.

Federal mortgage backers Fannie Mae and Freddie Mac announced the elimination of an eligibility cap that forbid loan modifications to people with delinquencies of 720 days or more.

The change was made to the “streamlined modification” program, which was created in 2013 and billed as a more automatic route to lower mortgage payments because no application or exchange of paperwork is required.

It’s estimated that nearly half of borrowers nationwide who are ineligible because of the 720-day cap, would otherwise be able to get a loan modification through the program, according to the Federal Housing Finance Agency.

Lenders must comply with the cap elimination by April 1, 2015, but are being encouraged to make the change immediately. Borrowers who were previously denied a streamlined modification because they were more than two years late on payments must be reevaluated, according to letters sent to lenders and mortgage servicers Oct. 1.

“We’ve had multiple clients receive approvals under this program,” said Paul Baltrun, director of corporate development for the Law Office of Paul A. Krasker in West Palm Beach. “It’s very little paperwork, mostly just phone conversations with the lender, and the turn time is quicker.”

The streamlined modification program was developed because of consistent complaints from borrowers that banks repeatedly lose loan modification paperwork in a bureaucratic process that can take years to complete. Banks have also said obtaining the correct employment and payment documents from borrowers can be a hurdle in completing a modification.

Under the program, lenders send contracts to borrowers with new payment amounts. The modification could include a fixed interest rate, an extension of the loan to 40 years, and possibly deferring a portion of the debt owed to the end of the loan so it’s not included in current payment calculations.

Also, borrowers are encouraged to apply for other loan modification plans, such as the Home Affordable Modification Program, which could offer a better deal.

If the borrower agrees and makes three on-time payments, the modification becomes permanent.

Baltrun said it’s hard to gauge how many people the change will affect. Although the worst of the foreclosure crisis is over, he said a significant number of homeowners are still looking for modifications because they have lost jobs, or have used up their savings trying to stay in their home.

“I think it will help a small number of people in specific circumstances,” said Baltrun, who believes removing the cap is a good change. “Why would someone who is 721 days late be declined when someone who is 719 days late is approved?

Other eligibility requirements for the streamlined modification include homeowners must be at least 90 days late on their mortgage and can’t have more than 20 percent equity in their home.

About 3 percent of Florida homeowners with mortgages were 90 days late or more on payments during the second quarter of this year, according to the Mortgage Bankers Association. Nearly 10 percent were either 90 days delinquent, or in foreclosure.

While that’s still the second highest foreclosure and serious delinquency rate in the nation behind New Jersey, it’s an improvement from where Florida was at the end of 2011 when 18 percent of mortgages were in the same position.

Streamlining modifications is increasingly important in Florida where foreclosure courts are moving cases more quickly through the system. That means less time for negotiating with the bank before a final foreclosure judgment is issued.

“You can’t even keep people in their homes very long anymore,” said Deerfield Beach-based attorney Bonnie Lynn Canty, who defends foreclosures. “Used to be four years out before you were looking at a (foreclosure) sale date. Now, it’s at the most two years.”

Source: Palm Beach Post, Bloomberg BusinessWeek

Florida Tops in the U.S. for Cash Sales of Homes in July

Florida had the largest share of cash sales of any state in July, with 49.7 percent, a new report from CoreLogic shows.

For the United States as a whole, cash sales made up 32.9 percent of total home sales in July, the lowest share since August 2008 and down from 35.9 percent in July 2013.

Besides Florida, other states with the largest percentage of cash sales included Alabama (47.6 percent), New York (44.5 percent), West Virginia (42 percent) and Idaho (39.9 percent).

Of the largest 100 core based statistical areas measured by population, West Palm Beach-Boca Raton-Delray Beach had the highest share of cash sales at 57.9 percent, followed by Cape Coral-Fort Myers (57.3 percent), Miami-Miami Beach-Kendall (56.5 percent), North Port-Sarasota-Bradenton (55.8 percent) and Detroit-Dearborn-Livonia, Mich. (55.8 percent).

Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest cash sales share at 15.4 percent.

Source: Jacksonville Business Journal.

Ponte Vedra Dominates Priciest Home Sales in Second Quarter

The second quarter of 2014 saw a number of multi-million dollar home sales in the Jacksonville area, with the majority of them in Ponte Vedra Beach.

The top sale of the quarter was a 4,200-square-foot home in the 800 block of Ponte Vedra Beach Boulevard, and nine more of the top 20 sales were nearby

Together, the 20 homes sold for just over $49 million, with the average price of the list around $2.5 million.

As well as Ponte Vedra Beach, the other waterfront areas of the region — not surprisingly — helped fill out the list, with Jacksonville Beach, Atlantic Beach and Fernandina Beach all snagging spots. Jacksonville proper had three homes on the list.

Source: Jacksonville Business Journal

Augst Home Prices Up 6.4 Percent Over Last Year

Home prices continued the annual gains in August but have appreciated at a slower pace since hitting a peak a year ago.

CoreLogic, which tracks data on the housing market, reported that prices rose 6.4 percent in August compared with the same month a year ago, representing 30 months of year-over-year increases.

“The pace of year-over-year appreciation continues to slow down as real estate markets find more balance,” said Mark Fleming, chief economist at CoreLogic.

Home prices hit a high of 12 percent year-over-year in October 2013 and has been dropping since then.

“Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential home buyers in the near future,” Fleming said.

Prices were up 0.3 percent in August over July.

At the state level, including distressed sales, all states showed year-over-year home price appreciation in August.

Prices reached new highs in nine states — Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, Texas and Wyoming — plus the District of Columbia.

Excluding distressed sales, home prices nationally increased 5.9 percent in August compared with the same month a year ago and 0.3 percent on a monthly basis.

Also, taking out distressed sales, 49 states and the District of Columbia showed year-over-year home price appreciation in August, with Mississippi being the only state to experience a decline (-1.7 percent).

CoreLogic’s forecast shows that home prices, including distressed sales, will increase 0.2 percent from August to September and by 5.2 percent from August to August 2015.

“Home prices continue to rise, albeit more slowly, across most of the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic.

“Major metropolitan areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.”

Source: CoreLogic

 

Twenty Mile at Nocatee

Inspired by history, Twenty Mile will be Nocatee’s newest and most distinctive community featuring large oak trees, split-rail fencing and a rustic, old-Florida style. Set on the largest lots in the community — all with views of the nature preserve or the lake — homes in Twenty Mile will be up to 6,000 square feet with prices starting at $400,000.

The name of the community refers to its location, the halfway point in the 40 miles between St. Augustine and Fort Caroline. Spanish Admiral Pedro Menendez de Aviles first blazed a path in the area in 1565, as he and his men marched 40 miles from St. Augustine to claim Fort Caroline from the French. In the 1700s, a military outpost known as Twenty Mile House was established, serving as a “half way” station for soldiers and travelers.

The price point is a change when compared to the last several announcements. Although Nocatee has offered homes priced from $200,000 to more than $1 million in the past, many recent Nocatee additions have been lower: Willow Cove, a Nocatee community announced in 2012, started at $170,000 for a 2,100 square-foot townhome and more recently, Addison Park prices for 1,600- to 2,900-square-foot single-family homes started in the low $200,000s.

Part of PARC Group CEO Rick Ray’s approach to Nocatee, he said, has always been to monitor demand is and then fill the areas slated to become neighborhoods with where the demand is in real time.

Ray said Twenty Mile will be one of Nocatee’s most distinctive communities, featuring large oak trees, split-rail fencing and a rustic, old-Florida style.

The two new neighborhoods are the latest in a series of additions to Nocatee, including new neighborhoods — Greenleaf Lakes, Siena and Cypress Trails — and a kayak launch site.

Source: Jacksonville Business Journal

The Energy Hua Hin oceanfront condo in Thailand

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Every building at The Energy Hua Hin has been meticulously designed to blend Colonial architecture with modern functionality. The project offers a new way of living by catering to urban dwellers in an ambience that charmingly evokes another era gone by.

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Hua Hin is among Bangkok residents’ favorite destinations for a relaxing weekend, being just a two-hour drive from the capital city. The small town, with its distinct style that combines classical and contemporary architectural designs, exudes a timeless charm and an aura of happiness that repeatedly draws visitor back.

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New Home Sales Increased 6.4% in April

Sales of new homes increased by 6.4 percent in April to a seasonally adjusted rate of 433,000, according to the U.S. Census Bureau.

Sales of existing homes also increased last month, but only by 1.3 percent, according to the National Association of Realtors.

Put the two reports together, and it’s an encouraging sign that housing has shaken off its winter-induced doldrums. But sales of both new homes and existing homes were below what they were in April 2013.

Lawrence Young, chief economist for the National Association of Realtors, expects total home sales for 2014 as a whole will be below what they were in 2013, primarily because of the “sluggish first quarter.”

The average price for a new house sold last month was $275,800, according to Census Bureau.

The median price for an existing home in April was $201,700, according to NAR.

Mortgage rates are trending down, but they’re still higher than were a year ago. The average 30-year fixed-rate mortgage was 4.14 percent with an average 0.6 point this week, according to Freddie Mac. A year ago, the rate averaged 3.59 percent.

Source: Jacksonville Business Journal

Residential Real Estate Price Growth is Strongest Since 2005

Home prices — both nationwide and in Jacksonville — are on the rise, according to a report from CoreLogic.

Across the United States, home prices have increased 11 percent from December 2012 to December 2013, including distressed sales.

The CoreLogic Home Price Index report on Tuesday reported the 22nd consecutive monthly year-over-year increase in US home prices based on Multiple Listing Service data.

In Jacksonville, home prices increased 9 percent including distressed sales and 11.5 percent when distressed sales are excluded, on a year-over-year basis.

Sales jumped 1.5 percent from November to December.

The CoreLogic report follows a report from RealtyShack showing an increase in home flipping.

See the full CoreLogic report here.

Source: CoreLogic and Jacksonville Business Journal

Northeast Florida Homebuilding Continues to Rise

Homebuilding in Northeast Florida continued its upward trend in 2013, with builders in Duval, Clay, St. Johns and Nassau counties pulling nearly 6,000.

Builders in the four counties pulled a combined 5,971 permits, just shy of 2007’s 6,830 permits. The market peaked in 2005, when builders pulled 17,753 permits.

In addition to creating construction jobs, homebuilding is a bellwether for the region’s economy. The upswing — 1,700 more permits than 2012, and practically double permits pulled in 2009, 2010 and 2011 — means that more people are able to afford a home and mortgage, and that they are confident in the economy and real estate market.

As has been the case since 2011, St. Johns County led the region, with builders in that count pulling a total of 2,721 permits.

Builders in Duval pulled 1,907; and there were 900 pulled in Clay, and 443 in Nassau.

Source: Jacksonville Business Journal

Cash, investors still driving Jacksonville home buys

The majority of residential sales in Jacksonville are still all-cash deals and are being driven by institutional investors.

According to RealtyTrac’s November 2013 U.S. Residential & Foreclosure Sales Report, which covers single family homes, condominiums and townhomes, 20.3 percent of sales in November were to institutional investors and 56.8 percent were cash sales.

Institutional investor purchases are defined by RealtyTrac as residential property sales to non-lending entities that purchased at least 10 properties in the last 12 months.

Jacksonville is among the top five markets in investor purchases, joined by Columbus, Ohio, Phoenix, Atlanta and Cape Coral-Fort Myers, Fla.

Jacksonville was also among the highest markets for third party foreclosure auction sales (3.9 percent), trailing Miami (4 percent) and Atlanta (3.9 percent).

“The housing market recovery continued to be driven by investors and other cash purchasers in November,” said Daren Blomquist, vice president at RealtyTrac, in a news release. “Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction.

“But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes — namely California, Arizona and Nevada, with Georgia not far behind — overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market.”

Source: RealtyTrac and Jacksonville Business Journal