The Shipyards Project

23 02 2017

The Downtown Investment Authority (DIA) has expanded the scope of a proposal for redevelopment of the Shipyards project to also include Metropolitan Park. Previous discussion and negotiations with Shad Khan, who submitted a proposal in 2015 to redevelop the Shipyards, have been scraped and the process for redevelopment will start over. The DIA has officially begun soliciting proposals on Jan. 4, with a due date of March 20.

shipyards-activity-deck-750xx530-298-0-82The Shipyards has long been seen as a key property along the St. Johns River that would be a catalyst for more development.

There are federal strings attached to Metropolitan Park, which was developed with the help of a $1.8 million federal grant with the understanding the property would be used for public use.

DIA CEO Aundra Wallace said some portion of the about-70 acres that are being proposed for development will be public space, meeting the federal requirements with Metropolitan Park. The National Park Service would have to sign off on the plan.

The amount of time the DIA would take to select the most suitable bid was not discussed, but once that bid has been selected and approved by the City Council, an 18-month time frame was provided for negotiations.

Jaguars President Mark Lamping released the following statement following the DIA meeting.

“We support and welcome the DIA’s decision and look forward to the opportunity to take a new and broader look at a riverfront development that includes Met Park. Shad’s interest in developing the Met Park site and Downtown Jacksonville has been well documented and is consistent with the Jaguars’ overall commitment to the revitalization of our downtown core. The Daily’s Place project is an ongoing example of that commitment, and a potential riverfront development that included the Met Park property would represent a logical next phase.”

Source: Jacksonville Business Journal





U.S. Foreclosure Activity Drops to 10-Year Low in 2016

19 01 2017

U.S. foreclosure activity dropped 14 percent last year from 2015, according to Attom Data Solutions’ Year-End 2016 U.S. Foreclosure Market Report.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 933,045 U.S. properties in 2016, reaching the lowest level since 2006, when there were 717,522 U.S. properties with foreclosure filings.

Florida was ranked No. 4 in the nation due to having 1.18 percent of all the housing units in the state with foreclosure filings. The Sunshine State had 106, 901 total properties with foreclosure filings, down 33.09 percent from 2015, and down 77.97 percent from the peak in 2010.

In December, 85,919 U.S. properties had foreclosure filings, down 1 percent from the previous month and down 17 percent from a year ago — the 15th consecutive month with a year-over-year decrease in foreclosure activity.

“The national foreclosure rate stayed within an historically normal range for the third consecutive year in 2016, even as banks continued to clear out legacy foreclosures from the last housing bubble, particularly in the final quarter of the year,” said Daren Blomquist, senior vice president at Attom Data Solutions, the new parent company of RealtyTrac, in a prepared statement. “Foreclosures completed in the fourth quarter had been in the foreclosure process 803 days on average, a substantial jump from the third quarter and indicating that banks pushed through significant numbers of legacy foreclosures during the quarter. Despite that push, we still show that more than half of all active foreclosures nationwide are on loans originated between 2004 and 2008, with a much higher share of legacy foreclosures in some markets.”

When it comes to the number of legacy foreclosures, New Jersey led the way with 32,279, followed by New York (31,838), Florida (29,411), California (17,208), and Illinois (12,244).

In addition, the states with the highest foreclosure rates in 2016 were New Jersey (1.86 percent of housing units with a foreclosure filing); Delaware (1.51 percent); Maryland (1.37 percent); Florida (1.18 percent); and Illinois (1.10 percent).

Among 216 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rate in 2016 were Atlantic City, N.J., (3.39 percent of housing units with a foreclosure filing); Trenton, N.J., (2.16 percent); Rockford, Ill., (1.54 percent); Philadelphia (1.53 percent); and Lakeland-Winter Haven, (1.46 percent).

Other metro areas with foreclosure rates ranking among the top 10 highest nationwide in 2016 were Baltimore (1.45 percent of housing units with a foreclosure filing); Tampa-St. Petersburg (1.38 percent); Chicago (1.35 percent); Columbia, S.C., (1.32 percent); and Miami (1.30 percent).

There were eight states where the average time to foreclose in the fourth quarter was more than 1,000 days: Utah (1,403); New Jersey (1,383); New York (1,283); Hawaii (1,220); Florida (1,186); Indiana (1,033); Illinois (1,024); and Pennsylvania (1,010).

Attom’s year-end foreclosure report is a count of unique properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide, with address-level data on more than 23 million foreclosure filings historically also available for license or customized reporting.

Source: Florida Realtors®, Orlando Business Journal, RealtyTrac





Mayo Clinic Scheduled for $100M Expansion

15 09 2016

A rendering of the new destination medical building at Mayo Clinic.

A rendering of the new destination medical building at Mayo Clinic.

Mayo Clinic is beginning construction on the first building within its $100 million three-building expansion project in October 2016 – and it’s setting its sights on more expansion in the future.

The CEO of Mayo Clinic’s Jacksonville campus, Dr. Gianrico Farrugia, said work on the 150,000-square-foot destination medical center will have just under a two-year timeline, with the projected completion being summer 2018.

The building has a number of unique features, including specialized care for patients with neurological problems, as well as patients who require neurosurgery, hematology and oncology. It will also have a chemotherapy section, which Farrugia says will be private and include an outdoor patio.

Farrugia said one of the most interesting features of the destination medical center will be its ability to extend up to 15 floors eventually, making more room for expansion down the road.

The second building in the expansion – a 6,400-square-foot building that will house a cyclotron, a machine that speeds up protons to create atoms with short-lived isotopes that can be used in molecular imaging for cancers that are hard to detect otherwise – will begin by the end of this year.

The technology in that building will be used for detecting the recurrence of patients who suffer from cancers like prostate cancer, which can’t be easily detected otherwise. It is also the first facility in the southeast to use Carbon-11 Choline, which can be injected into patients and used to break down the imaging at a cellular level.

“The side benefit is that you can get an answer much sooner if you do find cancer,” Farrugia said. “Therefore, you’re going to get a better outcome.”

The third building, the “net zero” lung restoration and transplantation center, will begin construction in either the first or second quarter of 2017, and is scheduled to be completed in quarter two of 2019 as long as everything goes according to plan.

That center will be primarily focused on lung restoration and will include a 25,000-square-foot incubator. Researchers will be working with lungs that would have usually been discarded in order to advance transplantation medicine.

Farrugia said the expansion is meant to build up Mayo Clinic’s medical tourism and attract a regional, national and international reach. He said there are plans to move on additional buildings, which may be announced by the end of the year.

“Certainly our plans are to continue to invest. We’ve been able to do some fairly significant recruitment, such as Dr. Alfredo Quinones-Hinojosa [former neurosurgeon with Johns Hopkins Hospital], and some remarkable robotic technology. As part of that, we know we need to continue beyond the three buildings and continue to invest locally. We want to grow as a destination medical center, and we’re setting our sights on future buildings,” Farrugia said.

Farrugia said the potential for growing Mayo’s medical tourism footprint is huge, and that there are about 37 million people that live within an hour’s flight of Jacksonville who can not just visit Mayo, but other hospitals in Jacksonville. He said the aim is to make Jacksonville a “southeastern hub” for medical treatment.

“We’re already seeing, even in 2016, the number of international patients who come to see us continue to increase,” Farrugia said.

That’s also benefiting the local economy, with Mayo already having hired 500 employees locally and looking to hire 500 by the time the expansion is completed.

Farrugia said the other goal is to make sure Mayo is addressing needs that are there. Lung transplantation is a good example of that.

“The first patient we ever did a transplantation for came to see us a week ago to celebrate his 15th anniversary. He’s seen his children grow into adults, he’s enjoyed time with grandkids. What we want to do is be inspired by the human example. We know our mortality rate is half the expected rate. We know our survivor rate exceeds the expected rate,” Farrugia said. “We want to make sure we’re doing it not just because we can do it, but because we can change people’s lives.”

Source: Jacksonvillle Business Journal





Clint Eastwood is Moving to Jacksonville, Florida

7 03 2016

I saw this in the news yesterday. In a big surprise to everyone in Los Angeles, Hollywood actor Clint Eastwood reveals in a new interview that he is moving to the Jacksonville, Florida area. He tells the magazine that he is “tired of the California lifestyle” and is looking for a big change in life.

“I’m just tired of the California lifestyle and the fake people, honestly, and I feel like, at this point in my life, I’d rather just live in a place full of real, genuine people. I’ve been to Jacksonville a few times over the years and the people there are real… they’re genuine, and yeah every community has its problems but the people there are good, decent people and they care about their community. Those are the things I find most important in deciding where to live,” Eastwood told the magazine.

“I’m not retiring, I’m just looking for a change in life and I think I’ve found that in Jacksonville, Florida,” Eastwood reassured fans. Let us know what you think in the comments section below especially if you’re a resident of the Jacksonville, Florida area.





2014 Northeast Florida Housing Market Report

23 01 2015

The 2014 Annual Report on the Northeast Florida Housing Market is out.  The sales price and inventory showed improvement but the market recovery was not as strong as in 2013.  We saw moderate inventory gains.

Overall, pending sales increased 10.3 percent. That’s the 5th consecutive year of sales gains. Median Sales Price of single-family homes were up 3.0 percent while condos and townhouses increased 4.8 percent.

In almost every community, foreclosure and short sale activity is declining and is near multi-year lows.

In 2015, watch for stronger seller activity to increase inventory levels.

The report is available for download at http://www.nefar.com/filebin/2014MktStatsAnnlRpt.pdf





Jacksonville Home Sales and Prices Decline, But Pending Sales at Nine-Year High

15 09 2014

Fewer homes were sold in Northeast Florida in August than in the month before. And they sold for less money, too. Median sales prices dropped in August 2014, both from July and from August 2013, according to the Northeast Florida Association of Realtors.

There were only a few pieces of good news in the report. Even though sales were down, there more pending sales (contracts signed, but not closed) than any month since mid-2005.

The number of lender-mediated homes (foreclosures, short sales or lender-owned) continues to drop. At one point a few years ago, close to 60 percent of all listings were lender-mediated. That dropped to 34.9 percent in August 2013 to 23.5 percent last month.

The key numbers:

■ Median sales price – $158,500, down from $165,250 in July and $169,900 in August 2013.

■ Average sales price – $199,930, down from $216,305 in July, up from $198,360 in August 2013.

■ Pending sales – 2,305, up from 2,266 in July and 1,901 in August 2013.

■ Closed sales – 1,996, down from 2,196 in July and 2,045 in August 2013.

■ Average days on the market until sale – 82, down from 83 in July, up from 79 in August 2013.

■ Number of houses for sale – 9,758, down from 10,448 in July and 10,576 in August 2013.

Here’s the number of homes sold and media price sold in area of Northeast Florida. The first two figures are for August, the second two are for August 2013:

Area Sold Median price


 

NE St. Johns County – 19, $433,693; 12, $283,500

Neptune Beach – 9, $348,000; 10, $367,700

Ponte Vedra/Vilano/Palm Valley/Nocatee – 104, $340,051; 115, $328,750

Jacksonville Beach – 42, $295,000; 56, $275,500

NW St. Johns County – 205, $260,000; 222, $256,500

St. Augustine east of U.S. – 11, $239,500; 10, $154,500

Fleming Island – 58, $238,000; 56, $230,000

Atlantic Beach – 41, $211,000; 27, $310,000

Riverside/Ortega/Avondale – 25, $207,500; 51, $192,500

Ponte Vedra Beach North – 8, $184,500; 19, $230,000

Nassau County – 60, $183,510; 52, $177,000

Southside/Mandarin – 198, $182,500; 233, $180,000

SE St. Johns County – 77, $175,000; 65, $216,000

Jacksonville North – 90, $169,750; 92, !59,990

Middleburg – 60, $149,950; 42, $134,700

Green Cove Springs – 12, $149,500; 15, $116,500

Orange Park – 132, $142,000; 128, $136,900

Southside – 278, $136,775; 263, $168,000

Baker County – 24, $121,000; 16, $143,500

Marietta/Whitehouse/Baldwin/Dinsmore – 28, $119,750; 19, $78,000

Arlington/Fort Caroline – 149, $113,000; 160, $131,400

West Jacksonville- 94, $111,500; 119, $100,000

SW St. Johns County – 8, $102,000; 7, $192,481

Keystone Heights – 11, $87,000; 14, $79,500

Hyde Grove/Murray Hill/ Lakeshore/Wesconnett – 81, $60,000; 78, $47,500

West Putnam County – 18, $51,750; 13, $45,000

South Putnam County – 15, $44,000; 14, $41,250

NE Putnam County – 28, $39,950; 34, $68,100

Springfield/Downtown/Paxon /Trout River – 73, $21,000; 69, $23,150

 

Source: Florida Times Union and Northeast Florida Association of Realtors.





Jacksonville Housing Market Report – August 2014

12 09 2014

The Northeast Florida Association of Realtors published the 2014 August real estate report with in-depth summary of  Jacksonville housing real estate market including 29 submarket areas.

In retrospect, pent-up demand continues to push Jacksonville home prices up. Low housing inventory, sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale in Northeast Florida helped boost the home sales and median prices in the second quarter.

New Listings in the Northeast Florida region decreased 6.9 percent to 2,759. Pending Sales were up 21.3 percent to 2,305. Inventory levels fell 7.7 percent to 9,758 units. The Median Sales Price decreased 6.7 percent to $158,500. Days on Market was up 5.1 percent to 83 days. Sellers were encouraged as Months Supply of Inventory was down 16.9 percent to 4.9 months. This indicates the seller’s market.

See full report here.

2014 August Jacksonville Housing Market Report

2014 August Jacksonville Housing Market Report








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