OCTOBER 27 TO NOVEMBER 2, 2022 | JAXDAILYRECORD.COM
BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
RESIDENTIAL REAL ESTATE ISSUE
TOWN HOMES FILL BUDGET NICHE Town home permits issued by year
1,684
Town home permits issued in Jacksonville have surged in the past four years, peaking in 2021. Years are October through September.
INSIDE
Photo by Monty Zickuhr
The Annie’s Walk town homes under construction at 13116 Annie’s Walk Drive in North Jacksonville. Taylor Morrison is selling the homes with prices shown on the development website of $223,900 to $301,460.
Amelia Island home sells for record $13.35 million. Page 3
STAFF WRITER
T
he dream of purchasing a first home conjures thoughts of a detached home with a fenced yard, two-car garage and maybe a covered patio. Prospective homebuyers today are waking up to the reality of inflation and rising interest rates. Those previously qualified may have to navigate the qualifying process again because they can no longer afford the cost of a starter home on their budget. Here’s how it would work out in Northeast Florida to buy a single-family dwelling at $300,000: A 30-year fixed loan with 20% down at a rate of 7% would
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1,020
Median price of singlefamily homes slides in Northeast Florida. Page 4
Town home living may resemble apartment dwelling, but it offers the advantages of a fixed monthly budget. BY DAN MACDONALD
1,314
New owner for Exit Real Estate Gallery. Page 5 Top 10 home sales of the third quarter. Page 7
mean a monthly mortgage payment of about $1,600, and that doesn’t include insurance, taxes or any homeowner association fees. That’s an affordable payment if a buyer has the $60,000 cash down payment. Without it, that monthly payment is closer to $2,000. And good luck finding a house at that price. The area median price is $380,000. An option that is becoming more popular is purchasing a town home as a starter home. Over the past decade, Jacksonville, town home permits floated between 145 and 275 annually for seven years before just about doubling in 2019 and then top-
612
Three experts on the impact of soaring mortgage rates. Page 8
275 212 163
145
158
187
199
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: City of Jacksonville Building Inspection Division
SEE TOWN HOMES, PAGE 6
THE BASCH REPORT
LAW & THE COURTS
Fidelity executive is set to join exclusive club
Tool can keep scammers at bay
When Stephanie Ferris becomes chief executive officer of Fidelity National Information Services Inc., she will be one of few women in any city to run a Fortune 500 company. PAGE 10
Six court clerks in Northeast Florida join forces to urge property owners to use free tool to detect fraud. PAGE 16
VOLUME 109, NO. 75 | TWO SECTIONS | PUBLISHED SINCE 1912