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What’s News – JAX Residential Real Estate: Developers Announce Tamaya – a 780-acre Community Between the Beaches and Downtown Jacksonville

December 18th, 2013 · Leave a Comment

The Florida Times-Union, Jacksonville Business Journal, Financial News & Daily Record and other media outlets reported this week on ICI Homes of Tamaya’s plans for a 2,400-home community at Kernan and Beaches boulevards in Jacksonville.

Led by Tamaya principal Mori Hosseini, Chairman/CEO of ICI Homes, construction has already begun on the all-encompassing, 780-acre community on one of Duval County’s largest undeveloped tracts. A vision center will open and sales will begin next year.

The Mediterranean-style community will feature mostly single-family homes and include apartments and townhomes as well as 500,000 square feet of commercial/retail space on Beach Boulevard across both sides of Kernan Boulevard.

Home prices in the Jacksonville area rose nearly 20 percent in November compared to the previous year, a further sign the market is continuing to improve, according to a report Dec. 13 in the Jacksonville Business Journal.

The median sales price for homes rose to $154,000 last month, an increase of 18.9 percent over November 2012’s media price, the newspaper reported based on figures from the Northeast Florida Association of Realtors.

View the full report from NEFAR here.

A day later, the Jacksonville Business Journal posted a story that fewer Jacksonville area homeowners had negative equity on their mortgages, according to statistics released by mortgage technology company CoreLogic. A homeowner owing more on their mortgage than their home is worth is also referred to as being “underwater.”

Approximately 81,406 homeowners in the area, or 25.9 percent, were underwater on their mortgages in the third quarter of 2013. That is a slight improvement from the 28.9 percent in the second quarter.

The Financial News & Daily Record reported on Dec. 17 that the city issued a permit to restart construction of The Palazzo on St. Johns – formerly The Cove at St. Johns – a condominium project on Baymeadows Road at San Jose Boulevard.

The 86-unit project begun in 2005 by Bradenton Cove Construction LLC stalled when the market fell, but has been resurrected by Prospect Property Group – which reportedly paid $2.5 million for the 2.8-acre property.

The newspaper reported the gated community will feature units from 2,000 to 3,400 square feet in size. A sales center opened this month, and homes should be ready for move-in in March. Prices start at $400,000.

What’s News – JAX Residential RE is a roundup of area housing news that is posted on Wednesdays. To contribute, contact [email protected].

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