Horner

Conversion of apartment communities to condominiums has become a hot trend in Jacksonville, Florida, according to Brad Horner, vice president – director of sales with Coldwell Banker The Condo Store (CBTCS). People are purchasing condos not only for quality of design and construction, but also for the lifestyle. Retirees, young professionals and singles who do not want the hassle of yard work or any type of exterior maintenance are creating demand for this type of product.

The majority of development is taking place downtown, the southside area and the beaches, says Horner. “As Jacksonville prepares for the 2005 Super Bowl, the downtown area will become much more attractive,” he adds.

The strong relocation market and low interest rates will continue to fuel condo sales. New projects include Villas at Marsh Landing, Grand Reserve and Landings at Belle Reve. These affordable developments converted many renters into first-time homeowners.

Oceania and The Landmark represent the first two oceanfront properties to come fully to market in Jacksonville Beach, according to CBTCS’ First Quarter 2003 Jacksonville Condominium Market Survey. The survey adds that more than 110 additional oceanfront units have been announced, and most oceanfront property is at an average of more than $300 per square foot.

According to CBTCS’ survey, well-designed, -located and -priced new construction and conversion projects will do well in the near term. “With the diversity in the Jacksonville market, any new product should seek to match a specific market demand niche,” the survey says. “In consideration of existing and announced higher-end and entry-level products, the mid-range ‘move-up’ product is currently the most underserved niche.”


©2003 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.