by Michele Newbern Gillis
Staff Writer
About 30 real estate professionals boarded the latest Northeast Florida Builder’s Association’s SAM Tram to visit the local condominium market. The tour stretched all the way from the Beaches area to the Riverside area.
The tour encompassed condominium communities already built to those not even out of the ground yet. Prices ranged from the $120,000s to over $1 million.
“The condominium market is booming in Jacksonville. It is unbelievable,” said Anita Kelly of North Florida Builders, the chair of the SAM Tram committee. “We organized the tour because of all of the up and coming condominiums.
“It was just an awesome opportunity to go visit everything that is coming in the area. Also, we went all over from the Beaches to Riverside. I think the condominium market is what people are going to. They are either downsizing or they just want the amenities of the ocean or a marina right there.”
Southern Grove
The tour started with Southern Grove Condominiums developed by Finlay Properties, which has a total of 240 units on Beach Boulevard. Southern Grove has about 98 two and three bedroom units left to sell and six buildings under construction. Prices range in Phase II range from $126,275 to $135,975 for three-bedroom, two-bath units. There are no two bedroom units left in Phase II, but Phase III will be released soon with two and three bedroom units available. Prices are not available for Phase III yet.
‘We should build out the entire project by the end of the year,” said Chris Finlay, president of Finlay Properties.
Marbella
The tour then traveled to Marbella, a 12-story tower developed by the Sofran Group on the ocean in South Jacksonville Beach.
Marbella, located at 923 S. First St., will feature 22 units, two per floor. Currently, there are only six units left. Construction started in early April and completion is slated for Fall 2004. The price range on the remaining units is $1.9 to $3 million.
“So far all of our buyers have been local,” said Pamela Tibbs, site agent at Marbella. “We have people looking to downsize as far as maintenance, but not in square footage or luxury.” Tibbs anticipates being sold out by mid summer.
Watermark
The Watermark, at South First Street at Third Avenue South, is an 11-story oceanfront condominium with 25 units developed by LandMar Group, LLC. Prices range from the high $500,000s to over $1 million.
They have sold 12 units so far and the price range is from $580,000 to $1.3 million.
Construction should start within a few months when presale requirements are met and it should take at 18 months to complete.
“We’ve had a lot of local people looking for a primary residence,” said Eric Miller, an agent with Realty Management Group, which is marketing The WaterMark. “We have a few investors and a few looking for a second home, but the majority are looking for a primary residence.”
The WaterMark condominium preview center is located at 1082 North Third St.
The next stop was Marina San Pablo located on the Intracoastal off of San Pablo Road.
Marina San Pablo
Marina San Pablo, developed by Vestcor Companies, has not even broken ground yet. They intend to start construction in June and should complete the project by 2005. Marina San Pablo will feature 113 units in three nine story buildings with prices ranging from $770,000 to $3 million. The development will have 90 boat slips that have to be purchased since there are not enough for each unit. Currently, buyers can reserve a unit for $5,000 and a boat slip for an additional $1,000. The sales center will be open in early May.
Point Meadows Place
The next stop was Point Meadows Place which is being developed by Pulte Homes and is located just before the 9A overpass off Gate Parkway.
There will be 320 units with prices ranging from $119,200 to $152,200.
They opened the first building up for sale in February and have sold 29 units. Construction started in March and the first building should be complete in October or November 2003. The entire project should be complete by end of 2004.
“Most of our buyers have wanted the unit for a primary residence,” said Judy Jackson, site agent for Point Meadows Place. “Single family homes are going for over $200,000. It’s hard to get in this area for under $200,000, so it is a very good value.”
Deerwood Place
The next stop was Deerwood Place Condominiums, which will be developed by Beazer Homes on Southside Boulevard.
Deerwood Place Condominiums will feature 210 units in six buildings. Prices will range from the low $200,000s to $300,000. They have 110 reservations already and will be begin selling at the end of May. They will begin land development in June, with construction on the first building in August. They expect 10 months of construction to complete.
“We think the buyers will be empty nesters moving from Deerwood and surrounding areas to simplify their lifestyle,” said Mike Kruszynski, marketing director for Beazer Homes. “Based on buyer profiles, we feel we will probably also get young professionals, especially those employed with local employers in the area.”
One Shipyard Place
The tour then headed downtown to stop at One Shipyard Place, a 100-condominium unit development. Prices are ranging from the high $400,000s to $1.3 million. So far about 60 have been sold. They broke ground in January and should be done in late Spring or early Fall 2004.
“We have a wide variety of buyer from all aspects of life,” said Nancy Veale, a site agent Prudential Network Realty who is marketing One Shipyard Place. “Our buyers have been typically someone looking to live in more of a maintenance free lifestyle, but be near the downtown entertainment venues and in the heart of the revitalization that is taking place downtown.”
11 East Forsyth
The tour then drove by 11 East Forsyth, developed by Vestcor Companies. It’s a 127-unit apartment building in downtown. They were included in the tour because they may be sold as condominiums in about five years.
Ortega River Club
Next, the tour visited the site for the Ortega River Club Condominiums, developed by Heyward Cantrell, in Ortega.
The development has not broken ground yet, but will feature 35 units. So far, 10 have been sold. Prices for the units range from $485,000 to $1.5 million.
“We plan to break ground this August and construction should be complete with 18-24 months after we start,” said Barbara Cummings, site agent with Prudential Network Realty who is marketing the condominiums. “So far, all of our buyers have wanted this to be their primary residence and want the luxury of living on the water in Ortega.”
VillaRiva
The final stop was at Villa-Riva, a condominium community which is being developed by Flagship Communities next to St. Vincent’s Medical Center in Riverside.
VillaRiva will feature 66 units in a 12-story tower, plus six townhomes.
They have sold 12 sold so far with prices ranging from $550,000 to $1.7 million. Construction will start in June or July and it will be complete about 18-24 months from when construction starts.
“Our buyers have been a lot of people locally who are just ready for an easier lifestyle,” said Lynette Tyson, a site agent with Flagship Communities. “Many already live in the area, but want to move out of their homes into an easier lifestyle. There are some out-of-town buyers who want to be closer to their children or grandchildren. It is already an established and historical neighborhood and in many cases it is in the same neighborhood they already live in. It is a beautiful area with and the condominiums are situated on a very nice part of the St. Johns River.”