Market Report – November 19th 2012

In keeping with yesterday’s blog post about condo rules and regulations, I’ve decided to make the topic of today’s market report oceanfront condo sales. Below is a breakdown of all sold oceanfront condos in Jacksonville Beach, Atlantic Beach and Neptune Beach starting on January 1st up to today.

Since January 1st of this year we’ve sold 64 oceanfront condos in Jacksonville Beach, Atlantic Beach and Neptune Beach for an average price of $503,198. Our most expensive condo sold was a 5,315 square foot unit in Marbella that sold for $2,100,000, almost double the price of the next highest unit.

*Provided by NEFAR MLS

If you’ve kept up with my market reports you’ll notice the sold price relative to the list price is pretty consistent. In this report, oceanfront condos have sold for 93% of their list price, the exact same as Marsh Landing. In general, that’s the going rate in our market. Ponte Vedra Beach as a whole is averaging 94%. However, there is factor that does skew this data. They use the current list price when the home goes under contract, not the original list price. Many homes in our market have numerous price reductions before they go under contract. Tomorrows blog will be about price reductions so be sure to tune in tomorrow.

As the new year approaches here’s where are oceanfront condo market is currently:

Provided by NEFAR MLS

The unit for $664.67 a square foot is a new construction building yet to be built called The Ocean House. I can’t wait until it’s built, I’m curious to see what $664.67 a square foot buys you. It better be spectacular or we’ll see that number drop quickly.

As always, I hope you found this informative and helpful. I love talking about real estate and the market so if you have any questions please give me a call.