Linda Sherrer is the CEO of Prudential Network Realty. Recently, she talked about the local real estate market and the direction it is heading.
Question: How has Jacksonville’s real estate market changed over the past five years?
Answer: There has been a dramatic jump in the median price of homes. Five years ago, the median sale price was in the $120’s and about 13,000 listings were sold totaling approximately $2.1 billion in Northeast Florida. Today, the median sales price is in the mid-$180’s and over 22,000 listings have sold to-date totaling more than $5 billion.
Question: What is the biggest/most significant change you have noticed in Northeast Florida’s real estate market?
Answer: The exposure Jacksonville received from hosting the Super Bowl last year was phenomenal. People have taken notice of our city and are realizing all that Jacksonville has to offer. We have the Mayo Clinic, an NFL team, we host a major PGA Tour tournament every year, we have the ATP Tour tennis headquarters, and Jacksonville offers a wonderful quality of life. People are now recognizing Jacksonville as a vibrant city instead of just a place they used to drive through on their way to Atlanta or Miami.
Question: What are some of the emerging real estate trends?
Answer: There has been a surge in second and third homebuyers relocating to Jacksonville from more expensive areas like Texas, Miami and Atlanta who are seeking a quality lifestyle at a reasonable price.
Question: What are the hot areas of town?
Answer: Properties that are contiguous to water are always hot. But new emerging areas include: the Northside, Mayport, downtown, St. Johns, Baker and Putnam counties.
Question: What do you think of the condo conversion craze?
Answer: This is an exciting new phenomenon that allows buyers to purchase at a lower price point in areas like Ponte Vedra that haven’t seen prices in this range for many years. Condo conversions also provide new opportunities for first-time buyers as well as investors.
Question: Prudential Network Realty recently celebrated a milestone achievement — $1 billion in closings in 2005. To what do you credit this accomplishment?
Answer: We have an extremely dedicated group of professionals who are some of the most savvy and hard-working individuals in the business. With 320 agents who represent some of the most sought-after properties in the area, we continue to recruit the very best of the best because of our reputation for supporting our employees and our agents’ stellar reputation for professionalism and integrity. We are also fortunate to work in a healthy, robust market that is only going to continue to grow and prosper.
Question: Where do you see Prudential Network Realty in the future?
Answer: We will continue to flourish as a company. We have plans to open offices in St. Augustine and Fernandina Beach as well as a new commercial division.
Question: What is your most special memory or achievement as it relates to your professional career?
Answer: Daring to live the dream of opening Prudential Network Realty, but I couldn’t have done it without a strong team behind me.