Home Sales Drop, Median Price Inches Up 2%

Jacksonville was the only market in Florida to see an increase in the median price of existing single-family homes in September, according to figures from the Florida Association of Realtors (FAR.)

The median price of $194,800 was up just 2 percent from September 2006, but it compared favorably with the statewide median, which dropped 9 percent to $221,200.

The median price fell in the other 19 markets tracked by the FAR, with six markets experiencing double-digit declines.

The number of home sales fell more sharply than the median price. In Jacksonville, sales were down 26 percent from a year ago, while the statewide drop was 38 percent. Sales were down at least 20 percent in 17 of the 20 markets.

Sales of existing condominiums fell 14 percent in Jacksonville in September, compared with 37 percent statewide. The median price of those condos locally was down 12 percent to $162,700, while the statewide median price of $194,200 was down 4 percent.

Condos were even more volatile than single-family homes, with nine markets having drops in the median price of at least 39 percent, the most drastic being drops of 70 percent and 71 percent in Lakeland and Punta Gorda, respectively.

Source: Florida Association of Realtors

Watersedge at Harbortown to be Auctioned Nov. 10

Julian LeCraw & Co. Inc. announced plan to sell at auction nine of the 20 townhomes in the Watersedge at Harbortown project on November 10, 2007.

J.P. King Auction Co. will handle the auction for the developer. It will include six three-bedroom units, three four-bedroom units and nine 50-foot deep-water boat slips sold separately.

Julian LeCraw partner Steve Broome said the company hopes to attract buyers outside the market with the auction of the homes, which front the Intracoastal Waterway.

"We've been able to reach the local market with our previous marketing efforts, but we really haven't tapped the broader marketplace beyond that," Broome said. "By setting a date for the sale, we can cast a wider net."

The developer completed construction and began closing on units that include granite countertops, maple cabinetry, terraces, private courtyards, garden tubs, individual elevators and two-car garages in the first quarter 2007.

The auction will be held at the development on Riverview Drive beginning at 1 p.m.

Source: Jacksonville Business Journal