Davidson Realty, Inc.

Official Groundbreaking of WGV Office Park Begins Countdown for Much-Needed Office Space in St. Johns County

March 7, 2022

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Posted by in Events, News

Thursday, February 17 was an exciting day not only for the Davidson Companies but for the entire St. Johns County community as the ground was officially broken on the new WGV Office Park development!  Located at the entrance of the King & Bear, this five-building office park will total more than 44,000 square feet of much-needed office space in the area.

 

St. Johns County Commissioner, Jeremiah Blocker joined Davidson Realty and community supporters to celebrate the groundbreaking ceremony. During his remarks, Blocker shared his enthusiasm for the project, “This is what makes St. Johns County great. It’s businesses like this. So many people are going to have their dreams realized through this effort. I’m honored to have the Davidson family as friends. Thank you to them for everything they do for the community.” 

 

The anticipation for this groundbreaking has been building ever since the development was conceived. “We are incredibly excited to kick off this amazing project. We believe this will be another great addition to the World Golf Village. This project will bring much-needed services to our community” shares Sam Davidson, Realtor® at Davidson Realty and Vice President of Special Operations for Davidson Development. The addition of the WGV Office Park will provide the residents of World Golf Village a greater opportunity to work close to home and serve their friends, family, and neighbors. 

 

Occupants of the office park will have a space built to last as the buildings will have concrete block walls and Hollow Core System roofs. They will also be just across the street from Publix-anchored Shoppes at Murabella and a surrounding community that is growing fast both residentially and commercially. This project has been designed with spaces starting at 1,120 square feet and going up to 12,000 square feet, which allows for the ability to accommodate companies of all sizes.

 

If you are interested in owning an office condo in the new WGV Office Park, contact Sam Davidson at (904) 502-2397 or jsdavidson@davidsonrealtyinc.com or Tim Nemethy at (904) 553-6194 or tnemethy@davidsonrealtyinc.com

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Upcoming World Golf Village Office Park is a Welcomed Solution for Much-Needed Office Space in St. Johns County

August 31, 2021

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Posted by in News

Northeast Florida is a vivacious area with new developments popping up all over town. A new office park development, WGV Office Park, has sparked excitement in St. Johns County. Located at the entrance of the King & Bear, this five-building office park will total more than 44,000 square feet of much-needed office space in the area.

 

“The owners purchased the land at the beginning of July 2021 from Fletcher Davis. At that time they partnered with Matt Harkins of DL Harkins Construction out of Orlando on the project. Matt has a great deal of experience with developing office condos and has been involved in many successful projects,” shares Sam Davidson, Realtor® at Davidson Realty and Vice President of Special Operations for Davidson Development. “Right now, the project is in final review from the county and is expected to break ground in November 2021. Work on the first two buildings will begin approximately thirty days later with delivery scheduled for Spring of 2022.”

 

Occupants of the office park will have a space built to last as the buildings will have concrete block walls and Hollow Core System roofs. They will also be just across the street from Publix-anchored Shoppes at Murabella and a surrounding community that is growing fast both residentially and commercially.

 

“It should be a huge benefit to both World Golf Village and the surrounding area. There is a real lack of office space in St. Johns County as a whole and especially in the World Golf Village area. This will allow local residents to work closer to home and serve their friends, family, and neighbors,” shares Davidson. “It will also help bring much-needed support services such as attorneys, doctors, and insurance agents to the community. This project has been designed with spaces starting at 1,120 square feet and going up to 12,000 square feet, which allows for the ability to accommodate companies of all sizes.”

 

If you are interested in owning an office condo in the new WGV Office Park, contact Sam Davidson at (904) 502-2397 or jsdavidson@davidsonrealtyinc.com or Tim Nemethy at (904) 553-6194 or tnemethy@davidsonrealtyinc.com

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Northeast Florida Real Estate Market Update

June 18, 2021

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Posted by in News, Northeast Florida Market Trends

“Dad: A son’s first hero, a daughter’s first love.” —Unknown

 

I want to wish a Happy Father’s Day to every Dad because you are incredibly special.

 

The Northeast Florida Association of Realtors market stats show that new listings of 3,785 are up 12.7% over last May and we are up 1.9% year-to-date. The Northeast Florida Builders Association shows building permits through April of 5,170 permits which is a 45% increase over the same period last year.

 

While new listings and new construction is great news, the inventory of available homes continues to fall. There were 3,847 homes available for sale in May compared to 9,147 last May for a 57.9% reduction. There is 1.1 months supply of inventory available. A balanced market is 5 to 6 months of inventory.

 

The reason inventory continues to fall is the increased demand. There were 3,672 pending sales in May which is up 18.5% over last May. Pending sales are up 25.5% over the same period year-to-date. The 3,276 closed sales are up 37.2% over last May and 25.0% over same period year-to-date.

 

The median sales price of $290,000 is up 16.9% over last May and the average sales price of $363,044 is up 26.1% over last May. A staggering 41% of homes closed in May sold over their list price.

 

The median sales price in May by county:

Baker $264,900

Clay $277,500

Duval $260,000

Nassau $344,893

Putnam $156,000

St. Johns $415,000

 

Many of the builders are limiting their sales currently due to supply and labor issues. While we keep hearing about lumber shortages, the National Association of Home Builders reports that appliances are the biggest issue with lumber a very close second. A key reason for the appliance shortage is the computer chips, which most now require.

 

The market still favors sellers; however, with some persistence, many buyers are successfully getting the home they want under contract. If we can help you with a purchase or a sale of your home, please let us know.

 

Please save the date for our Davidson Cares Clay Day 2021. Our event is October 21, 2021 at Jacksonville Clay Target Sports.

 

Happy Father’s Day!

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Real Estate Market Update

May 20, 2021

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Posted by in News, Northeast Florida Market Trends

“You just can’t beat the person who never gives up.” Babe Ruth

 

If you want to buy a home in today’s market, you should listen to Babe Ruth. Most buyers are having to be persistent and make offers on several homes before they get a home under contract.

 

The Northeast Florida Association of Realtors market stats for April continue to show high demand for homes and limited supply which is causing price increases.

 

There were 3,615 pending sales in April which is up 52% over last April; however last April COVID was a factor in less contracts being written. The year-to-date numbers for pending sales are up 27% so you can see there is increased demand in the four-month period.

 

There were 3,177 closed sales in April which is a 27% increase month-over-month and 20% year-to-date.

 

The median sales price is $284,941 which is up 14% over last month and 12.5% year-to-date. The average sales price is $357,438 which is up 20.5% over last month and 18% year-to-date.

 

The most staggering statistic to me was the percent of properties sold over list price. For the properties that closed in April, 36.9% sold over list price. That is a 142.8% increase over April 2020. The average for the previous 12 months was 13.3% selling over list price.

 

On the supply side, there were 3,991 available homes for sale at the end of April which is down 58% from last April and there are 1.2 months supply of homes for sale. A balanced market is 5 to 6 months.

 

There may be better news coming to help with supply. A survey by Realtor.com indicated more sellers plan to put their homes on the market. Another survey by NerdWallet of 2,127 homeowners shows 1 in 6 (17%) plans on selling their home in the next 18 months. In fact, 45% of those planning to sell say higher asking prices and lower inventory have caused them to sell earlier than initially planned.

 

NAR Chief Economist Lawrence Yun predicts an increase in the 30-year fixed mortgage interest rate to an average of 3.2% in 2021. “As mortgage rates increase, the frenzied multiple-offer situation will become less prevalent by year’s end, as affordability challenges squeeze out some buyers and more inventory reaches the market,” Yun predicts.

 

“With more inventory and some easing in demand, home prices are expected to shift to mid-single-digit appreciation by the fourth quarter and in 2022,” Yun says. He predicts that:

· Median existing-home sales price will increase 7% in 2021

· Existing-home sales will grow by 10% as more homes reach the market

· New home sales will increase by 20%

 

These predictions are great news. In the meantime, if you are interested in buying or selling, please contact a Realtor with knowledge of the market. We would love to help you navigate these interesting times.

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REAL ESTATE MARKET UPDATE

April 23, 2021

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Posted by in News, Northeast Florida Market Trends

“God could not be everywhere, and therefore he made mothers.” Rudyard Kipling

 

I wish every mother a Happy Mother’s Day!

 

The Northeast Florida Association of Realtors market stats for March shows 3,782 homes available for sale compared to 9,484 last March, a 60% reduction. It appears the low supply of homes for sale, high buyer demand and rising prices will be with us for several years.

 

The single-family home for sale inventory peaked in 2007 with about 3.7 million homes available nationally and has been dropping since then to 1.07 million homes currently.

 

A great article from The Mecklenburg Times cites the reason for continued buyer demand as low household formation rates following the Great Recession. If the historical household formation rate had continued after the recession, there would have been 5.7 million more households formed.

 

“The mid-2000s financial collapse began a domino effect. Roughly $6 trillion in real estate equity vanished during the housing crash, impacting the ability of many families to pass down wealth to their children. Young people who finished school around the late 2000s faced a soft job market, which can have long-lasting effects on a person’s finances and their ability to start a new household. Previous Zillow research has shown it takes about six years for homeownership rates of those who graduated college during a recession to catch up with those who graduated during better economic times.”

 

The last two years had shown that when the economy is good and most Americans have access to decent jobs, more of them are able to find a home of their own. More Millennials are turning 33 which has been the age most are marrying and starting families. This trend should continue rising for the next three to four years. Add to this the retiring Baby Boomers who are downsizing and the COVID-related moves where people can work from anywhere. The demand should continue for several more years at least.

 

The supply is tight and the demand is strong, so prices are rising. The median sales price is $274,900 up 12.7% over last March. The average sales price is $344,643, up 20.4%. Many buyers are offering to pay more than list price to get the offer accepted among multiple offers. The percent of properties sold over list price spiked 102.1%. In March 2020 14.2% of properties sold over list price and in March 2021 28.7% paid over list price.

 

It is a seller’s market, so if you are considering selling, we are happy to assist you. If you are interested in buying, we are finding ways to get offers accepted. Thank you for your continued trust and please let us know if we can help in any way. Happy Mother’s Day!

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