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Exceptional Sales Pace Continues at Ocean’s Edge

April 16th, 2013 · Leave a Comment

The sales success continues at the condominium community of Ocean’s Edge in South Jacksonville Beach.

For the period ending March 31, the community reported 11 sales and more than $2.2 million in sales volume during the first quarter of 2013. Of all the condominiums that sold and closed in the first quarter of 2013, Ocean’s Edge garnered a 45 percent market share for condominiums priced from $160,000 to $270,000 in the beaches real estate market of Atlantic Beach, Neptune Beach, Jacksonville Beach and Ponte Vedra Beach, according to Northeast Florida Multiple Listing Services (MLS) data.

“The beaches condominium market has changed considerably in recent months. Sales have been increasingly strong while available inventory is shrinking to next to nothing,” said Victoria (Vikki) Robbins of Victoria Robbins Realty, Inc., the real estate company responsible for sales at Ocean’s Edge. “There is a high demand for condos and virtually no supply, and those condominiums that are available are not staying on the market for very long.”

Based on current MLS data, the condominium inventory for all price ranges at the beach has dropped to less than a three-month supply. Additionally, the available inventory is not staying on the market for as long, according to Robbins. As a result of dwindling inventory and a lack of new condominium projects planned for future development, prices are on the rise.

Ocean’s Edge is among less than 75 condominium properties in Florida and the only condominium east of A1A in Jacksonville Beach with Federal Housing Administration (FHA) project approval and Fannie Mae project approval, making it possible for qualified buyers to obtain low down payment, fixed-rate mortgages at competitive rates.

Currently, the developer of Ocean’s Edge has only 11 condominium residences remaining for sale, including the models, and the community is on track to sell out this year, most likely in the next few months.

Ocean’s Edge is located at 107 25th Ave. South in Jacksonville Beach. More information is available at www.oceansedgeliving.com.

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