News Summary
Recent real estate transactions in Jacksonville reveal a notable increase in activity across several sectors including multifamily housing, healthcare, commercial spaces, and timberland. Key transactions include the sale of a multifamily site and significant acquisitions in healthcare and commercial real estate, indicating a growing interest in the area. The market demonstrates signs of stabilization despite a broader cooling trend, with rising home prices and reduced vacancy rates for rentals. These factors collectively highlight Jacksonville’s emergence as a vibrant hub for real estate investments.
Jacksonville – Recent real estate transactions in Jacksonville indicate a significant rise in activity across various sectors, including multifamily housing, healthcare, commercial spaces, and timberland. This growing interest underlines the city’s emerging status as a key player in the Florida real estate market.
In Duval County, notable transactions include the purchase of a planned multifamily site on Bartram Commons Drive, which MRP North Carolina LLC acquired from Chadbourne VII LLC for an undisclosed amount. The parcel encompasses approximately 12.65 acres and is part of a trend of increased multifamily developments in the area.
Another substantial deal involved the acquisition of the Harts Harbor Health Care Center at 11565 Harts Road. This 52,671 square-foot facility was purchased by 11565 Harts RD Propco LLC from Jacksonville Nursing Home Ltd. for an undisclosed amount. This property emphasizes the expanding healthcare sector within Jacksonville.
Additionally, Ring Power Corp. bought land in Imeson Park South from JI IPS Land LLC, although specific parcel and building sizes were not disclosed. Meanwhile, 18 townhomes in the Old St. Augustine Townhomes were sold to MCP Old St Augustine LP, highlighting a rising interest in both residential and investment properties.
A commercial parcel located at 13679 and 13711 Atlantic Blvd. was acquired by Shands Jacksonville Foundation Inc. from three different entities, showcasing continued investment in commercial ventures. Furthermore, a significant warehouse was sold at 11801 Central Parkway. CPD HSF Trust Capital LLC and associated partners purchased this 11.2-acre site, boasting a building size of 176,744 square feet, from Central Parkway Development LLC for an undisclosed price. The property had a previous sale record of $7.3 million in 2007.
Outside of Duval County, a substantial timberland transaction occurred in Nassau County, where THC RE Ventures 2 LLC purchased 731.05 acres along Goodwin and Brusso Franklin roads from multiple trusts, signaling a focus on natural resource investments.
Moving to St. Johns County, Beaver Motors SA LLC recently secured a parcel of land for the Beaver Toyota St. Augustine dealership. This site measures 9.73 acres and has a building size of 54,380 square feet, continuing the trend of investment in automotive sales within the growing region.
The commercial and residential real estate landscape in Jacksonville has shown signs of stabilization amid a broader cooling trend in housing sales. The average time on the market for homes rose from 19 days in November 2023 to 64 days in November 2024. The median home price now stands at $383,000, reflecting a slight annual increase of 1.3%. Coupled with a decrease in the vacancy rate for rental properties—from 12.5% to 8.8%—these factors indicate a shifting demand toward rental options, potentially fueled by student enrollment at the University of North Florida.
Economic indicators for the region are also positive, with an unemployment rate of 3.5%, lower than the national average of 4.1%. Approximately 820,000 individuals are employed in the greater Jacksonville area. Mortgage delinquencies, while slightly higher than the national average, remain relatively low overall, pointing toward economic resilience.
Looking ahead, forecasts for 2025 predict that home sale prices in Jacksonville could increase by approximately 9.8%. An anticipated rise in inventory levels will likely lead to a more balanced housing market, supporting continued growth in the real estate landscape.
As demand persists across various sectors, Jacksonville’s real estate market stands poised for further development and investment opportunities, marking it as a vibrant locale for both residents and businesses.
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Additional Resources
- Realtor.com: Jacksonville Market Report
- Jacksonville.com: Home Sale Price Forecast
- US News: Jacksonville Housing Market Forecast
- Globe Newswire: CIP Real Estate Expansion in Jacksonville
- Street Insider: Jacksonville Real Estate Market Analysis
- Wikipedia: Jacksonville, Florida
- Google Search: Jacksonville Real Estate Market
- Google Scholar: Jacksonville Housing Market
- Encyclopedia Britannica: Jacksonville
- Google News: Jacksonville Real Estate
