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What’s News – JAX Residential Real Estate: Zillow ranks Jacksonville No. 7 “Hottest” Market

December 11th, 2013 · Leave a Comment

Online housing marketplace Zillow ranked the Jacksonville area as the No. 7 hottest housing market in the U.S. based on several factors, including relatively low unemployment rates and rising home values, the Jacksonville Business Journal reported Dec. 9.

Jacksonville home values are predicted to rise by 3.1 percent next year, according to Zillow – which ranked the nation’s 50 largest metro areas.

Also in Zillow’s top 10 hottest housing markets were (in order): Salt Lake City, which ranked No.1; Seattle; Austin, Tex.; San Jose, Calif; Miami; Raleigh, N.C.; San Diego; Portland, Ore.; and Boston.

Figures compiled by the Northeast Florida Builders Association show building permits for single-family homes in the Jacksonville area are being issued at the fastest pace since 2006 – before the housing market collapsed.

The Florida Times-Union reported Dec. 9 that buildings permits for four Northeast Florida counties totaled 472 in November – a 20 percent increase over the 394 single-family permits issued in November 2012.

The Times-Union also had a story on Dec. 8 about progress on 220 Riverside – a $40 million retail and residential development on Riverside Avenue that appears to be on track for its fall 2014 completion.

The development by Hallmark Partners includes a seven-story, 294-unit apartment building and a public park project dubbed Unity Plaza.

In other development news, The PARC Group is reportedly developing a 158-home community east of the Florida 9B and the Interstate 295 East Beltway, according to the Financial News & Daily Record.

The area near newly opened Florida 9B has been attracting projects, including the 60-bed Clarity Pointe memory care center.

What’s News – JAX Residential RE, a roundup of area housing news, is posted on Wednesdays. To contribute, contact info@whatsupjacksonville.com.

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