 The Jacksonville area ranks No. 14 on a new list by Forbes of America's 40 "recession-proof" retirement cities. Forbes said it considered such factors as average income for seniors, current and expected home prices, job-growth predictions through 2014, the also ranked 13th for number of sunny days, eighth for income of residents 65 and older, 14th for median home price, 32nd for home price change predicted for 2009-2014, 13th for cost of living and 15th for median housing cost. |
Jacksonville is still one of the more expensive places to buy a four-bedroom, two-and-a-half-bathroom home in the U.S. and in Florida, according to the 2009 Coldwell Banker Home Price Comparison Index. The annual index ranks the average home values for 2,200-square-foot single-family homes in 310 U.S. markets. With an average price of $299,021, Jacksonville ranked 186th in the U.S. But of the 17 Florida cities that were evaluated, Jacksonville ranked third lowest in affordability behind Boca Raton, which had an average home price of $414,650, Miami with an average price of $510,000 and Key West with an average price of $815,750. Boca ranked 234th in the U.S., Miami ranked 251st and Key West came in at 293 "The four-bedroom, two-and-a-half bath home is one we deem 'aspirational' and usually purchased by move-up buyers experiencing lifestyle changes," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.
|
|
|
Sales Going Up, Up, Up
 The Northeast Florida Association of Realtors (NEFAR) has announced that pending sales were through the roof at a nearly 61 percent increase (1,628 versus 1,015) over September 2008. The huge spike is attributed to first-time homebuyers rushing to take advantage of the $8,000 tax credit, in combination with low interest rates and excellent affordability. September's pending sales even topped the August increase of 47.8; remarkable considering that September typically means a drop-off in sales as the school year begins.
|
|
Sellers are Taking Less
Jacksonville homeowners lowered their asking price 2.25 times on average in September and sold their homes for a median price of $20,000 less than what they originally asked for, according to data from ZipRealty Inc. With 50.2 percent of the 11,061 single family homes on the market in Jacksonville with a lowered price, the River City had the second highest percentage of reduced properties in the study, according to the data released Oct. 9. The median sales price in Jacksonville in September was $174,900, according to ZipRealty, which was the lowest of all 26 markets in the study. Tampa tied with Las Vegas for the second lowest median price at $175,000.
|
|
Mortgage Rates Remain Low
 Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.00 percent with an average 0.7 point for the week ending October 22. That's up from last week when it averaged 4.92 percent. Last year at this time, the 30-year FRM averaged 6.04 percent. The 15-year FRM this week averaged 4.43 percent with an average 0.6 point, up from last week when it averaged 4.37 percent. A year ago at this time, the 15-year FRM averaged 5.72 percent.
|
|
Remodeling on the Rebound for 2010
The declines in owner spending on home improvements will moderate through the end of 2009 and first half of 2010 according to the Leading Indicator of Remodeling Activity (LIRA), released last week by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The indicator suggests the remodeling industry is turning a corner. Annual remodeling spending levels should start to rise in the beginning of next year causing year over year declines to shrink to 8.9 percent by the second quarter of 2010.
|
|
Plus - Green Specialization Paying Off for Remodelers
The report released by the Remodeling Futures Program at Harvard University's Joint Center for Housing Studies also finds that in today's uncertain economic environment, home owners are likely to focus remodeling spending on projects that improve the energy efficiency of homes, generate cost savings, and maintain structural integrity. The Remodeling Market in Transition, the latest report in the Improving America's Housing series, indicates that Green remodeling specialists (those in which half or more of their projects make a home more energy efficient or environmentally friendly) are faring much better than traditional remodelers or pros who take on just a few green projects.
|
|
The Economy is Stirring - Finally
Regional economies in most parts of the country are on the mend, largely because home sales are rebounding and factories and manufacturers are stirring back to life, the Federal Reserve said in its recent "beige book" report. Conditions described in the beige book, which tallies activity in a dozen regional Fed districts, have brightened gradually in the last six months. "Reports of gains in economic activity generally outnumber declines, but virtually every reference to improvement was qualified as either small or scattered," the Fed said in the report. |
|
Housing-Start Comeback Predicted
 Housing market research firm Metrostudy predicts a 37.9 percent decline in 2009 housing starts, to a total of 562,000, but a steady increase in starts during 2010. "Homebuilders are still challenged by economic conditions, and also by the lack of credit from banks, but there are some positive trends," said Brad Hunter, Metrostudy's chief economist and national director of consulting.
|
|
The Recession is Over
It may not feel like it yet, but the longest recession since the Great Depression has officially ended. The third-quarter GDP showed 3.5% growth, according to federal officials, the strongest in two years. More details as they become available. |
|
Going to Work in Green Buildings
A University of San Diego study released in September found that employees working in green buildings are more productive than their counterparts in non-green facilities."The researchers identified a green building as one that is LEED-certified or Energy Star-labeled," says a university rep. For the study, researchers looked at two key measurements: number of sick days reported; and self-reported productivity percentage changes. Among the findings: 45 percent of respondents reported an average of 2.9 fewer sick days in the new green location. |
|
FEATURED COMMUNITY
Covenant Cove
Mattamy Homes
 Live the beach lifestyle without the beach price at Covenant Cove! Covenant Cove is the closest, new, single-family home community to Jacksonville Beach. Not only is it just minutes from Jacksonville's treasured beach life, but it is also just a short drive to Mayport, The St. Johns Town Center, The University of North Florida, The Mayo Clinic Hospital and much more!
|
|
COMING IN THE NEXT ISSUE
- What's New on the First Coast: Models, Communities, Pricing
- Five Star Real Estate Agents
- Remodel Spotlight: From whole-house to hot kitchens
Contact Penelope Geismar, publisher, to reserve your space, penelopeg@florida-homebuyer.com.
|
|
| |
|
|
