With the continued downturn in U.S. real
estate markets, as well as the construction boom and conversion craze all but over, it may seem unlikely that the glimmer
of a silver lining would shine bright in Northeast Florida. For the savvy homebuyer, however, it surely does. Price declines
and still-attractive interest rates are resulting in some of the best real estate buys in four years, particularly for condominiums.
According to CNNMoney.com,
a service of CNN, Money and Fortune, one of the biggest gains in
affordability over the past year occurred in Florida. The state, as well as two others, registered 43 of the 50 biggest price
declines. This, coupled with abundant and diverse inventory, exciting homebuyer incentives and inherent carefree living, ensures
condominiums a top position as hot-ticket real estate investments.
"Now is the time to buy a condo in the Jacksonville market,” said Realtor Phil Pierce
of Keller Williams Realty. “Developers have halted the start of any new projects and consumers will not be seeing any
new projects for the foreseeable future. Selection has never been better. Interest rates are near historic lows and money
will become more expensive as the Fed attempts to make the dollar stronger overseas. So, anything you would gain in the possibility
of a lower price would be offset by rising financing costs. Few consumers have the discipline to purchase housing or stocks
when prices fall. Those who do typically excel in the long run. With chaos comes opportunity."
For those looking to find their dream home, market conditions could not be better. Whether you are looking for a
first or second residence, or to enjoy a wonderfully low-maintenance lifestyle, condominium inventory levels are at an all-time
high. Now definitely is a great time to buy, as economists predict an inventory decrease during 2008.
“Florida is a terrific place to own a
condo. It will always be a sought-after destination,” said Realtor Michelle Mousin of Prudential Network Realty. “After
the real estate market turned, condos were targeted as being way over-built, however, the current supply of single-family
homes in many areas is just as great. The conversion business quickly turned out an extraordinary amount of product, and did
skew the market. Northeast Florida is in good shape with about two years of inventory to absorb.”
According to Mousin, the exclusive Marina San
Pablo community is a perfect example of a remarkable condominium offering for those in the know. Located at 14402 Marina San
Pablo, just west of the Intracoastal Waterway (alongside J. Turner Butler Boulevard), is the majestic waterfront high-rise
boasting seven casually elegant floorplans.
Within the luxury residential tower, condominium #804 showcases a stunning view, three bedrooms,
three and one-half baths and approximately 2,420 square feet of living space. The highly appointed home includes a wealth
of interior amenities, such as: a welcoming foyer; spacious great room; gourmet kitchen with modern appliance package; breakfast
bar; living and dining room combination perfect for entertaining; library/office; generous ceiling; carpet and tile; indulgent
owner’s suite; plenty of closet and storage space; washer and dryer connections; ample parking and much more.
Residents of this privately
gated condominium community enjoy beautiful exterior amenities, including: distinct architecture highlighted by a Spanish-inspired,
terra cotta roof; durable concrete and stucco construction; resident clubhouse, sparkling pool, dock/pier, jogging path, heated
in-ground pool; and lush landscaping. Priced at $849,000, this gorgeous waterfront home is a must-have for anyone wanting
a daily, resort-style vacation.
“Interest rates are very good at this point in time, and someone with cash certainly can negotiate a good deal,”
said Mousin. “Condominiums that offer a lifestyle, or are part of a mixed-use development, are the rage now.”
Lifestyle options, resident amenities
and close proximity to a multitude of business, social and recreational opportunities often are the deciding factors in a
new home purchase. As such, even a wonderfully picturesque view can transform a condominium into a personal sanctuary, and
serve as the foundation for carefree, low-maintenance living.
Realtor Suzie Mons Connolly of Ponte Vedra Club Realty can attest to the power of a great view.
Having recently sold a beautiful condominium home located within Sawgrass Country Club, its combination lake-golf course view
was a huge selling point.
“The
lifestyle that a condo provides is very desirable to many purchasers, especially first-time buyers, baby boomers and empty
nesters. These segments of buyers continue to increase,” said Connolly. “
Many condo communities are like resorts. Since homeowners spend the
better part of their day working or racing around, going home and enjoying the amenities, as well as the freedom of not doing
any home maintenance, is appealing. This area also attracts the second-home buyer. The turn key lifestyle allows them to truly
enjoy their vacation time.”
Many condo communities are like resorts. Since homeowners spend the
better part of their day working or racing around, going home and enjoying the amenities, as well as the freedom of not doing
any home maintenance, is appealing. This area also attracts the second-home buyer. The turn key lifestyle allows them to truly
enjoy their vacation time.”
Many condo communities are like resorts. Since homeowners spend the better part of their day working or
racing around, going home and enjoying the amenities, as well as the freedom of not doing any home maintenance, is appealing.
This area also attracts the second-home buyer. The turn key lifestyle allows them to truly enjoy their vacation time.”
For
information on listings presented by Ponte Vedra Club Realty, contact Realtor Suzie Mons Connolly at (904) 234-8812, mobile;
or (904) 339-9072, fax.
For
more information on condominium #804 located at 14402 Marina San Pablo, or additional listings with Prudential Network Realty
Corp., contact Realtor Michelle Mousin at (904) 296-6400.
Keller Williams Realty, Atlantic Partners,
is located at 4116 3rd Street in Jacksonville Beach. For information on the condominium offerings listed with the company,
contact Realtor Phil Pierce at (904) 247-0059, office; (904) 412-3007, mobile; or via email at PBP72@aol.com.
All information deemed reliable but not guaranteed. 
