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JACKSONVILLE

Record & Observer $135M plan for site of Berkman II

RESIDENTIAL REAL ESTATE ISSUE JACKSONVILLE

Record & Observer BIG DEMAND, LOW INVENTORY

Residences and retail are planned for the site.

LUXURY MOVING FAST

BY MIKE MENDENHALL

JACKSONVILLE According to NEFAR, 78.8% more homes, condos

Record & Observer STAFF WRITER

and town houses priced at $1 million or higher sold in March compared with the same period in 2020. “We’ve seen a huge influx in the amount of buyers,” says RealtorJennifer Martin Faulkner.

PAGE 3

JACKSONVILLE

A day after Jacksonville Riverfront Revitalization LLC started demolition work at the vacant 18-story Berkman Plaza II, the developer released a $135 million plan for the Downtown site. During an April 28 news conference at the 500 E. Bay St. property, City Council member Reggie Gaffney, development group co-manager Park Beeler and city officials presented a 320,000-square-foot mixed-use residential project to replace what speakers called a riverfront eyesore. The building has sat unfinished since 2007. KBJ Architects renderings show a 26-story tower and midrise component totaling 293 residential units and a 537-space parking garage. The project will have 249 apartments with 40 town houses and four penthouses. Beeler said 50,000 square feet of ground-floor retail will have a 20,000-square-foot grocery store and pharmacy. He said Jacksonville Riverfront Revitalization has a $5.6 million purchase of the property in escrow. Perry-McCall Construction Vice President Brad Glass said the company is in early discussions to build the project. Demolition contractor Pece of Mind Environmental Inc. expects demolition to take four months.

Record & Observer NEFAR’S NEW PRESIDENT

Missi Howell didn’t see herself becoming an agent during her real estate banking career.

TOP 10 HOME SALES OF Q1 The top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties, in the first quarter of 2021.

PAGE 3

PAGE 4

Lumber prices, labor shortages taking toll on homebuilders The cost has increased more than 200% since April 2020. BY KATIE GARWOOD STAFF WRITER

Despite strong demand for housing, Northeast Florida homebuilders are becoming increasingly cautious when putting speculative homes on the market as lumber prices continue to rise. MasterCraft Builder Group founder and

CEO Chris Shee said he first noticed an increase in 4-by-8-foot oriented strand board, an engineered wood panel, in September. In August, he paid just more than $10 a Shee sheet. Now, it is around $55, he said. The National Association of Home Builders estimates prices have increased 200%

Soaring costs

$24,000 How much soaring lumber prices have contributed to the average price of a single-family home, according to the National Association of Home Builders.

MMENDENHALL@ JAXDAILYRECORD.COM (904) 356-2466

MORE ONLINE See renderings of the project at JaxDailyRecord.com

SEE LUMBER, PAGE 4

REVIEW & COMMENT

Beware of inflation: The insidious tax on us all Plus: Update on insurance bill. PAGE 6 VOLUME 3, NO. 48 • ONE SECTION

WHAT’S TRENDING

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER 2 JaxDailyRecord.com

29, 2021 DAILY RECORD / JACKSONVILLE RECORD & OBSERVER THURSDAY, APRIL JACKSONVILLE

Big news doesn’t break just on Thursday. Here’s a look at some of the top stories published over the past week online at JaxDailyRecord.com and in the Jacksonville Daily Record that you may have missed.

Daily Record JACKSONVILLE

JaxDailyRecord.com THURSDAY, SEPTEMBER 19, 2020 1

Daily Record JACKSONVILLE

HOW TO REACH US

HOW TO REACH US JACKSONVILLE

Daily Record

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Daily Record Daily Record JACKSONVILLE ABOUT US

ABOUT US Jacksonville Daily Record and Jacksonville Record & Observer are a division of Observer Media Group Inc. Special to the Daily Record The Bread & Burger is planned for the breezeway between the VyStar Credit Union Established in 1912,properties the Financial News & Daily Record, now the Jacksonville Daily headquarters Downtown. Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit Court and publisher of public notices in Duval County.

Jacksonville Daily Record and Jacksonville Record & Observer are a division of Observer Media Group Inc.

Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a location near you, visit jaxdailyrecord.com/rack-locations.

ers, turkey burgers, crispy chicken The Bread & Board announced April Editorial focuses news&and trends, with a concentration development, breast sandwiches, on spiced lentil patty 27 itcontent would open Theon Bread Burger, real estate, construction, companies, and kosher industrycorn trends and how local burgers, dogs and several another aspect of itslaw, project at the economic and state government varieties of french fries. Downtown VyStaraffects Creditbusiness. Union head-

Editorial content focuses on news and trends, with a concentration on development, real estate, construction, law, companies, economic and industry trends and how local and state government affects business.

RESTAURANTS

The Bread & Burger at VyStar campus

The Bread & Burger is expected to quarters. The restaurant will be in the breezeSTAFFopen this spring. The Bread & Board also is buildingway that runs from the 100 W. Bay Publisher / Matt Walsh Director of Advertising / Jay Lesowitz out a restaurant and marketplace St. building to Independent Drive, the mwalsh@jaxdailyrecord.com jlesowitz@jaxdailyrecord.com on the ground floor of the West Bay news release said. Publisher Emeritus / James F. Bailey Jr. Advertising Coordinator Codi Gildberg Street building, along/ with a rooftop It will focus on specialty burgers, jbailey@jaxdailyrecord.com adassist@jaxdailyrecord.com fries and milkshakes. The news release Mexican restaurant, Estrella Cocina. Editorsaid / Karen Brune Mathis Advertising / Janet Mohr rooftopManager space, which will serve an alcohol menu would be added LegalThe kmathis@jaxdailyrecord.com legal@jaxdailyrecord.com Baja-inspired Mexican cuisine and for happy hours this summer. Managing Editor / Montyinclude Zickuhrbeef burgLegal Advertising / Rhonda Fisher tequilas, is setAssociate to open May 1. Menu offerings mzickuhr@jaxdailyrecord.com

Associate Editor Legal Affairs / Max Marbut mmarbut@jaxdailyrecord.com

rfisher@jaxdailyrecord.com

STAFF Publisher / Matt Walsh mwalsh@jaxdailyrecord.com

Director of Advertising / Jay Lesowitz jlesowitz@jaxdailyrecord.com

Publisher Emeritus / James F. Bailey Jr. jbailey@jaxdailyrecord.com

Advertising Coordinator / Codi Gildberg adassist@jaxdailyrecord.com

Editor / Karen Brune Mathis kmathis@jaxdailyrecord.com

Legal Advertising Manager / Janet Mohr legal@jaxdailyrecord.com

Managing Editor / Monty Zickuhr mzickuhr@jaxdailyrecord.com

Legal Advertising Associate / Rhonda Fisher rfisher@jaxdailyrecord.com

Associate Editor Legal Affairs / Max Marbut mmarbut@jaxdailyrecord.com

Network Administrator / Erik Wagner

Vegan Cafe Jax opens on Atlantic Boulevard webadmin@jaxdailyrecord.com

Staff Writer / Katie Garwood Typeset /familiar Paula Steiner ethnic dishes Vegan Cafe Jax opened at the eMed Court“Serving kgarwood@jaxdailyrecord.com admin@jaxdailyrecord.com and using traditional culinary arts Multispecialty Group plaza at 2624 Staff Writer / Mike Mendenhall Director of Circulation Anne Shumate & sciences, the cafe/ aims to create Atlantic Blvd, Suite 3. mmendenhall@jaxdailyrecord.com subscriptions@jaxdailyrecord.com outstanding wholesome meals reimagThe restaurant is a partnership of Dr. Business Manager / Angie Campbell Distribution Tim Reagansaid in a news ined,” the/restaurant Rene Pulido and Chef Mat Bardroff. acampbell@jaxdailyrecord.com distribution@jaxdailyrecord.com release. Bardroff’s sister, Jenna Bardroff,

also is a chef at the “plant-powered” restaurant.

Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily JACKSONVILLE Court Newspaper of the Circuit Record, is published Monday-Friday and is the Official Court and publisher of public notices in Duval County.

It said the menu selections are 100% vegan.

PRESS RELEASE/INQUIRY/REPRINTS

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PRESS RELEASE/INQUIRY/REPRINTS

Submit a press release or editorial inquiry online jaxdailyrecord.com/submit-news-release email editorial@jaxdailyrecord.com. COMMERCIAL REALorESTATE Article reprints are available at jaxdailyrecord.com

Submit a press release or editorial inquiry online jaxdailyrecord.com/submit-news-release or email editorial@jaxdailyrecord.com. Article reprints are available at jaxdailyrecord.com

Turner buys former Knights of Columbus hall HOW TO SUBSCRIBE

Duval County property records show The founder of Hollingsworth ShowSubscribe at jaxdailyrecord.com/subscribe or contact our subscription built in 1963. room online extended the Turner family’s San it was department by phone at (877) 231-8834 or email subscriptions@jaxdailyrecord.com Matthew Clark, senior director with Marco presence by purchasing the former Knights of Columbus building PRICES Colliers International, represented WBT and the seller, Columbus Social for $875,000. Thursday only perclosed year April 2 years“It’s ................................... $154 Club Inc. He..........$66 said the sale because our family has been Single copy ......................35 cents 1 yeardoing ........................................$89 business in this area since 1942,” 23. 6 months .................................$55 Turner said he would prefer a single said Worth Turner on April 26. tenant but will consider options, inHe said he has his eyes on the marcluding retail or restaurant use. ket for “any iconic building thatTO comes HOW ADVERTISE “I am trying to find the perfect tenup for sale.” DisplayTurner & Digital Call Jay Lesowitz atI(904) or email ant. would356-2466 love if it were a local busisaidAdvertising: he plans to redevelop advertise@jaxdailyrecord.com ness,” he said. the 9,000-square-foot building. “I think whatever suits the neighborIn a news release, Turner said he Legalbought Advertising: Submit notices via email legal@jaxdailyrecord.com hoodtobest, I would be open to.” the property atpublic 1509 Hendricks Ave. through WBT Property LLC.

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Jacksonville Daily Record (USPS 190-620) is published daily except Saturday, Sunday & legal holidays (New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas) by Daily Record & Observer LLC, 121 W. Forsyth St., Suite 150, Jacksonville, FL 32202. Periodicals postage paid at Jacksonville, Florida and at additional mailing offices. Under no circumstances will any news or records of Duval County be suppressed for anyone. Information in this newspaper is for our subscribers only and must not be used by anyone for publication purposes.

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JaxDailyRecord.com

THURSDAY, APRIL 29, 2021

A ‘huge influx’ of luxury home sales BY KATIE GARWOOD STAFF WRITER

While homes of all price ranges are selling quickly, luxury properties are moving faster than ever. According to the Northeast Florida Association of Realtors, 78.8% more homes, condos and town houses priced at $1 million or higher sold in March compared with the same period in 2020. Kim Martin-Fisher and Jennifer Martin Faulkner, the mother and daughter team with the Douglas Elliman Ponte Vedra office, focus on luxury properties. Last year, they tallied a combined $128.5 million in sales and represented three of the top 10 home sales of 2020 in Northeast Florida. So far in 2021, they’ve sold about $40 million and say they are on track to sell more than they did in 2020. “We’ve seen a huge influx in the amount of buyers and we’ve seen a change in the demands of the buyers as far as what they’re looking for,” Martin Faulkner said. Martin-Fisher said they have seen

Special to the Daily Record

Jennifer Martin Faulkner and Kim Martin-Fisher with Douglas Elliman in Ponte Vedra focus on luxury properties. They say they’ve sold about $40 million in properties so far this year.

clients coming to Florida to escape high income tax states and areas that have stricter pandemic restrictions. “With the northern and western states being locked down, buyers are telling us their quality of life is not what it was and not what they want it to be,” Martin Faulkner said. “We’ve seen a real influx from the tri-state (New York, New Jersey and Connecticut) and western state areas, meaning California, Oregon, Washington and Arizona.”

At the same time, securing listings is a challenge. There were 3,782 properties available in March, according to NEFAR. That is a 60.1% drop in inventory compared with March 2020. “If you are not in the know and a buyer is not working with an agent that knows the area and is well tuned in to the area, then they’re not going to be successful,” Martin Faulkner said. “The properties that are on the market

are only a fraction of what we’re showing. You’ve got to be in the know and understand what’s on market and what’s off market. It’s not as easy as pulling from MLS anymore.” MLS is the multiple listing service. NEFAR reports properties sold in an average of 49 days in March. This time last year, properties were selling in 70 days, on average. Homes east of Florida A1A, especially oceanfront properties, are selling fast. Martin Faulkner said gated communities east of A1A, old Ponte Vedra and South Jacksonville Beach and properties along Ponte Vedra Boulevard are popular for luxury buyers. “If the home is updated and it is nice and it’s in a desired location, then it goes very fast,” Martin-Fisher said. “There have been properties in the past that sat for years, and all of a sudden they’re in very high demand,” Martin Faulkner said. The two do not see the high-demand, low-inventory market changing soon. “I feel like we have two more years of this,” Martin-Fisher said. “They’re still coming and we’re still receiving calls daily. The calls have not stopped.” Martin Faulkner said in the real estate market, “things don’t stop instantly.”

RESIDENTIAL REAL ESTATE

Realtors Kim Martin-Fisher and Jennifer Martin Faulkner say they don’t see demand letting up soon.

KGARWOOD@JAXDAILYRECORD.COM

NEFAR president embraces challenges of real estate sales Missi Howell didn’t see herself becoming an agent during her real estate banking career.

difference for our members,” Howell said. As president, Howell said she wants to provide more professionalism classes for members and increase the organization’s involvement in the community. “There are a lot of things a 10,000-member organization can do to support community efforts,” she said. NEFAR comprises 10,000 Realtors and business partners in Duval, St. Johns, Clay and Putnam counties. Starting her career in real estate sales at the onset of the Great Recession was not easy, but she was able to be successful, she said. “It is a challenging business. I didn’t realize how challenging it was until I actually started doing it,” she said. “Public perception is that all Realtors do is put a sign in the yard and a lockbox in the house and then they make millions. That is not the case at all. If you don’t close on a house, you don’t get paid.” In today’s low-inventory market, real estate agents are again finding challenging conditions in the industry. Howell said getting listings is tough with so few properties on the market. “If you go into a grocery store and there are no groceries on the shelf, that grocer isn’t going to make any money,” she said.

BY KATIE GARWOOD STAFF WRITER

In her 30-year real estate banking career, Northeast Florida Association of Realtors President Missi Howell said she didn’t see herself becoming an agent. But when she retired from banking, she “wasn’t really ready” to stop working entirely. “I wasn’t going to throw away 30 years of accumulated real estate knowledge,” Howell said. She retired as a vice president in consumer real estate at Bank of America. In 2007, she received her real estate license and has been active since. NEFAR was responsible for much of her training as an agent, and from there she became more involved with the organization. She joined the NEFAR board of directors in 2017 and this year, she became president. “I don’t think you wake up one day and say I’m going to be the president of

Special to the Daily Record

Northeast Florida Association of Realtors President Missi Howell.

NEFAR,” she said. When her children were grown and Howell was not volunteering with their schools or sports teams, she sought another outlet, which was NEFAR. “The more I was involved, the more I wanted to be involved and the more I started seeing that I wanted to make a

“They’re not going to stay in business very long. This is the big challenge for agents is to secure those listings to have an inventory to sell.” Sifting through multiple offers on homes for their clients is requiring more time and analytical skills. “This is the reality of being in real estate today,” Howell said. “A good agent is going to put all the parameters of those offers into a spreadsheet and present those offers in person with the seller. Having a Realtor there to consult with and make sense of these offers for the seller is paramount in trying to figure out which deal is best.” Despite challenging conditions in the industry, Howell said she still is passionate about her work. Helping her youngest son purchase a home was the proudest moment of her career, she said. Her other career highlights focus on the people she’s helped find a home, whether it was their first or their last. “It’s always about the people,” she said. “The house is important, it’s shelter, but it’s about the lives that go into those homes. That’s what’s special.” KGARWOOD@JAXDAILYRECORD.COM (904) 356-2466

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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

THURSDAY, APRIL 29, 2021

JaxDailyRecord.com

1st quarter top 10 home sales FROM STAFF

Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties. The sales were recorded Jan. 1-March 31.

DUVAL

ST. JOHNS

$3,900,000

$3,595,000

4470 Worth Drive W., Jacksonville

2385 S. Ponte Vedra Blvd., Ponte Vedra Beach

Type: Single-family Lot size: 2.91 acres House size: 11,625 square feet Buyer: Steven T. and Katherine G. Gold Seller: Jay and Deanie C. Stein

Type: Single-family Lot size: 0.46 acres House size: 4,483 square feet Buyer: The Edward M. Durham V Revocable Trust Seller: Rick and Jennifer Johnson ST. JOHNS

ST. JOHNS

$3,800,000

ST. JOHNS

141 S. Roscoe Blvd., Ponte Vedra Beach

$9,800,000 1329 Ponte Vedra Blvd., Ponte Vedra Beach About the property: Oceanfront twostory contemporary home. Features five bedrooms, five full baths and one half-bath, a wine cellar, yoga room, massage room, terraces, summer kitchen and pool.

$3,675,000

$3,300,000

973 Ponte Vedra Blvd., Ponte Vedra Beach

5 S. Roscoe Blvd., Ponte Vedra Beach

805 S. Griffin Shores Drive, St. Augustine

Type: Single-family lot Lot size: 1.8 acres Buyer: The Southside Revocable Trust Seller: SNF Ponte Vedra LLC About the property: Vacant beachfront residential lot.

Type: Single-family Lot size: 1.15 acres House size: 6,715 square feet Buyer: Thomas D. Ulman Jr. Seller: Jason A. and Elizabeth Felts Previous sale: $3,035,000 in 2016

Type: Single-family Lot size: 0.97 acres House size: 8,180 square feet Buyer: Nicholas J. and Natalie L. Reuther Seller: Steven D. and Pamela A. Champney

ST. JOHNS

$5,500,000

$4,000,000

$3,950,000

3929 Duval Drive, Jacksonville Beach

2093 Beach Ave., Atlantic Beach

Type: Single-family Lot size: 0.25 acres House size: 5,296 square feet Buyer: Celia H. and Steven C. Voorhees Seller: Tracy and Scott Hulihan Previous sale: $2,600,000 in 2017

Type: Single-family Lot size: 0.26 acres House size: 5,327 square feet Buyer: Michael D. and Dorothy B. Turner Seller: G. Allan and Linda S. Bryant Previous sale: $3,550,000 in 2015

CONTINUED FROM PAGE 1

since April 2020, causing the average price of a new, singlefamily home to increase by $24,000. “We should all be doing backflips because the market is finally super strong as far as how many people want to purchase homes,” Shee said. “Builders are all scared to contract a home right now because we don’t know what the cost is going to look like.” Shee said typically when he sells a home before it is completed he knows how much it will cost and how much he can sell it for. Lumber usually is

Type: Single-family Lot size: 2.11 acres House size: 6,858 square feet Buyer: Sheila L. and Jonathan Davies Seller: Robert C. de Balmaseda Champion, George Champion and the Teresa de Balmaseda Milam Second Revocable Trust

ST. JOHNS

DUVAL

bought three months after the house is put under contract. Since lumber prices are constantly fluctuating, Shee isn’t putting homes on the market until they have cabinets and countertops installed because at that point he will know how much they cost. “We will build homes this year at breakeven or at a loss in some cases,” Shee said. The price increase is a simple supply and demand issue, he said. Many lumber factories closed during the pandemic and have struggled to keep up with high demand for building products and housing. MasterCraft is working on homes in several St. Johns County communities, including Silverleaf, Shearwater,

1033 Ponte Vedra Blvd., Ponte Vedra Beach

ST. JOHNS

DUVAL

Lumber

Type: Single-family Lot size: 1.04 acres House size: Not available Buyer: Howard and Kimberly Buff Seller: John T. Hilbert and Buﬃe M.R. Hilbert

$3,450,000

Rivertown, Trailmark and Madeira. Shee said between late February and mid-April, his company’s home prices have increased about $18,000, on average. Breeze Homes Director of O p e ra t i o n s Michael O’Neal said the company “ has been impacted in a pretty major way,” especially since O’Neal it focuses on building affordable homes. “We are very much hoping that lumber prices stabilize soon as we try to keep prices as affordable and attainable as possible,” O’Neal said.

“We take great pride in keeping our average home sale price under $200,000.” Shee said in addition to lumber prices, finding employees also has been a challenge. While MasterCraft is wellstaffed, Shee said the contractors they work with are struggling with labor, which is slowing the building process. “Why would you build 20 houses when you can only build six per month or 10 per month,” he said. “You’re just making yourself more vulnerable. So that’s why builders are just selling at a pace they know they can build, and we’re mitigating our risk by limiting the number of sales per month.” In his 20 years in the business,

Shee said he can remember when building materials were scarce, but the labor shortage is a newer challenge. Shee said he expects lumber prices to begin to stabilize this year, and hopes costs don’t rise in the meantime. “Our jaws were dropping and dragging when (oriented strand board) was about to go to 40 bucks and now we’re looking at 60 bucks for one sheet of plywood,” he said. “It would take a kid working all summer to build a skateboard ramp right now, it’s just so expensive.” KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466

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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

THURSDAY, APRIL 29, 2021

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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

THURSDAY, APRIL 29, 2021

JaxDailyRecord.com

SIGN OF A COMING CALAMITY?

This is the increase in the nation’s M2 money supply — inflation — since 1970. From the start of Donald Trump’s presidency to the Joe Biden stimulus package, the money supply has increased 47%. From 2010 to 2021, it has increased 132%.

MATT WALSH PUBLISHER

Food prices are rising 8% to 10% a month for restaurants. Don’t blame the suppliers. Blame the Washington looters for printing too much money. Take a good look at the charts at right from the Federal Reserve Bank. Sadly, they are prima facie evidence of the untold story of Washington politicians killing the wealth of the middle class and savers and setting the stage for another national economic calamity. The weapon is inflation — simply, the printing of more money. Printing more dollars to feed the stupefyingly reckless spending of our Washington politicians — presidents and congressional members of both parties alike. Consider this: From the start of Donald Trump’s presidency to the Joe Biden presidency, the M2 money supply — the standard measurement of money and deposits in circulation — has increased 47%, from $13.36 trillion to $19.67 trillion. Since 2010, the increase has been 132%. It’s seemingly incomprehensible just to think of the stacks of trillions of dollars that were printed to keep up with the spending: ■ $839 billion in the 2009 Obama stimulus. ■ $900 billion in the first COVID relief package in 2020. ■ $1.9 trillion in the Biden COVID package this month. ■ Not to mention, the $6 trillion in federal deficits the past five years. To be sure, it is difficult to grasp how all those billions and trillions trickle down to you and affect your day-to-day life. But here, perhaps, is an explicit way to frame the printing of all this money: Surely, you have noticed how that $100 in the grocery store checkout line is purchasing less and less. And that is it. That is the hidden, insidious tax of inflation. It strikes in small amounts, like a constant drip, gradually reducing everyone’s purchasing power, with consumers rarely grasping the seriousness of the tragedy. This is the vicious work of Washington politicians. As the late Austrian economist Lud-

WHY THE FED PRINTS MORE MONEY This chart shows the growth in the national public debt — all of it authorized and spent by Congress. In the past five fiscal years, Congress has added $6.1 trillion to the national debt by running budget deficits totaling $3.1 trillion in 2020; $984 billion in 2019; $779 billion in 2018; $665 billion in 2017; and $585 billion in 2016. For 2021, the Congressional Budget Oﬃce projects only a $2.3 trillion deficit. In contrast, Florida’s budget for fiscal 2020 is $92.2 billion.

WHO'S TO BLAME? The inflation is not the higher prices; the inflation is the new money pumped into the market. It is this new money that then inflates the prices. “And the government asks: ‘What happened? … The governments try to find somebody who is responsible — but not the government. They consider the man who asks for higher prices responsible. Von Mises But he must ask for higher prices because there are now more people wanting to buy his produce. Now people are coming — not with 500 but 600 pieces of money in their pockets. And the buyers must, therefore, in order to prevent other men from getting the things they want, pay higher prices. Now we have inflation.” MASSES HURT FIRST “People still believe that destroying the value of the monetary unit is something that does not hurt the masses. But it does hurt the masses. It hurts them first. “There is no better way to bring about a tremendous revolution than to destroy the savings of the masses.” IT’S LIKE DRUG USE “One could compare this printing of paper money with what has happened in the field of the use of various drugs. Just as when you start to use certain drugs you don’t know when to stop or how to stop, it is the same with the printing of paper money. Governments don’t know when nor how to stop.”

wig von Mises explained inflation in the 1960s in a series of lectures: “The first rule, or the only rule which we have to teach everybody in explaining the problems of money is that an increase in the quantity of money brings about for the group, for the people, for the society, for the king, for the emperor who does it, a temporary improvement of the situation. [Think of this in terms of the COVID stimulus checks — the

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“temporary improvement.”] “But if so, why do it today only and not repeat it tomorrow? This is the problem of inflation. “The problem is not to increase the quantity of money. The problem is to increase the quantity of those things which can be bought with money. And if you are increasing the quantity of money, and you are not increasing the quantity of things which can be bought

IT’S LIKE COMMUNISM “If the government can inflate whenever it wants to spend, it can take away from the people without their agreement everything — their purchasing power, their savings and so on. “From this point of view there disappears even the fundamental principle which everybody sees as the difference between a Communist government and a government based on the idea of individual freedom, the preservation of free markets and the ability of the people to control the government.”

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REVIEW & COMMENT

Inflation: The insidious tax on us all

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

with money, you are only increasing the prices which can be paid for them.” That is happening now. A longtime restaurant owner in Sarasota and Manatee told us last week food prices for his restaurants have increased 8% to 10% in just the past 30 days. Lobster prices have tripled. A Siesta Key restaurant owner echoed the increase in food prices, noting also they’re increasing because their suppliers can’t find enough truck drivers to deliver the food. Such shortages are likely to get worse. Think of what will happen nationally when the lockdown states re-open. More restaurants will compete to buy a limited supply of food — driving up prices further still. Meanwhile, the National Association of Home Builders reports lumber prices have increased more than 200% since April 2020, boosting the price of an average new single-family home to increase by more than $24,000. A Longboat Key homebuilder tells us his business is strong, but two problems are stressing him out — the backlog in materials, which is delaying completion dates, and an inability to find reliable people to work. Ditto for the restaurant owners: One has more than 100 openings he hasn’t been able to fill. The lack of labor is acute. You know it yourself. Wait staffs are slower, and you see the “now hiring” signs on the doors of every retail business. Employers are desperate to find reliable help. The labor shortage also is one of the unintended consequences of Congress printing too much money and handing out COVID relief checks. The incentive to work has diminished. In March 2020, just before all the pandemic shutdowns began, Florida’s labor participation rate reached 60%, its highest level since 2013. But now, it’s hovering around 57%. Why work when Washington keeps sending you checks? Likewise, why raise Florida’s weekly unemployment compensation rates as the Florida Senate voted unanimously to do

THURSDAY, APRIL 29, 2021

Update: Insurance bill a test of political power This is it. This week is the moment we find out whether Florida lawmakers have the courage to take on Florida’s trial Bar and save Florida homeowners from unabated skyrocketing property insurance rates. As this was going to press, Senate and House members in Tallahassee were negotiating the final terms of a bill intended to keep property insurance rates from killing homeownership for the middle class; save Florida’s property insurance industry from collapse; and save the state’s economy from a contraction that would put thousands of Floridians out of work. We discussed the Senate’s version of the legislation — Senate Bill 76, authored by Sen. Jim Boyd, R-Bradenton — in a March 25 column entitled, “The bill that can save Florida’s economy.” We quoted lawmakers involved in the issue for years; a former judge who ruled on thousands of insurance lawsuits in 26 years on the bench; the CEO of Citizens Property Insurance Corp.; and an analyst who studied Florida’s property insurance industry for six months, and all of them agreed. If the reforms in Senate Bill 76 are not signed into law, “It’s going to be a nightmare,” said Gregory Holder, former 13th Circuit Court judge. “It is a financial crisis for the citizens of this great state. Everyone is affected by this.” The crux of the issue is how to change

when employers are desperate for help? It’s politically popular, for sure, but goes against economic logic. It’s hard to imagine how today’s circumstances can end well. Particularly when the likes of AOC, Sanders, Pelosi, Schumer and their puppet, Biden, are demanding even more spending and printing for the Green New Deal. When Congress was on the verge of approving the most recent $2

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the statutes to remove the incentives for plaintiffs’ lawyers to file damageclaim lawsuits on behalf of homeowners against insurance companies. In particular, lawsuits over roof damage. According to the Florida Oﬃce of Insurance Regulation, Florida accounted for only 8% of all property insurance claims nationwide in 2019, but more than 75% of all lawsuits. In 2020, Florida lawyers filed 85,000 damage-claim lawsuits, compared with 42,000 in 2016. What’s more, data show that of the $15 billion insurance companies paid out in damage claims and legal fees since 2013, 71% went to plaintiff attorney fees, 21% for insurers’ legal fees and only 8% to Florida homeowners. Of the two bills, Boyd’s Senate bill is regarded as stronger and more aggressive than House Bill 305 with respect to roof replacement claims and attorney fees — the two areas most responsible for driving up insurance rates statewide. So the question heading into the last week of the session was: Whose terms would prevail? Or, put another way, would Gov. Ron DeSantis, who supports the Senate bill, and Senate President Wilton Simpson be able to exert enough pressure and influence over House Speaker Chris Sprowls to persuade Republican House members to agree to major reforms? Or will House members succumb to behind-the-scenes pressure

trillion plan, AOC said that wasn’t enough; it should be $10 trillion. All of this is a national tragedy and a colossal economic calamity bound to happen. Equally tragic is how Americans are seemingly so oblivious to what the looters in Washington, D.C., are doing to them. As von Mises said more than 50 years ago: “Everything that is done by a govern-

from trial lawyers to weaken the bill for only minor, around-the-edges reforms? “My fear is we do a little and end up in worse shape,” Boyd told us. “If we can’t get meaningful reform, we’re better off doing nothing.” The politics of the measure are on the side of SB 76. Last year, Florida-based insurers reported their fifth consecutive year of underwriting losses — $1.58 billion. Despite the growing losses, the previous Senate president, Bill Galvano, R-Bradenton, and House Speaker Jose Oliva — both lawyers — declined to take on the trial Bar. This year, Senate President Simpson is a business owner and wants Boyd’s bill passed. Speaker Sprowls is a lawyer and has greater political aspirations. He’ll be weighing his future: homeowners’ votes or trial Bar campaign funds. Meanwhile, we’re told, Gov. DeSantis, also a lawyer, understands the crisis and what it could mean to his own re-election in 2022. While there may be thousands of Floridians in dispute with their insurers and want to paint the insurers as the bad guys, there are 6 million property owners in Florida getting hit with 25% to 40% annual increases in their insurance rates. It doesn’t take a political genius to do the math. Prediction: Boyd’s version will prevail. At least it should. MATT WALSH

ment against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy. The tragedy is that all these people are supporting a policy that makes all their savings valueless.” MWALSH@JAXDAILYRECORD.COM

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THURSDAY, APRIL 29, 2021

JaxDailyRecord.com

RESIDENTIAL REAL ESTATE

DUVAL

Top 10 home sales of week FROM STAFF

Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties. The sales were recorded April 19-25.

$2,360,000 880 Beach Ave., Atlantic Beach Type: Single-family Lot size: 0.2 acres House size: 2,910 square feet Buyer: William and Claudia Adams Seller: Robert D. Hines and the Robert D. Hines Living Trust Previous sale: $145,000 in 1988

DUVAL

$2,150,000 12450 Royal Troon Lane, Jacksonville Type: Single-family Lot size: 0.72 acres House size: 5,785 square feet Buyer: The Shelley J. Meyer Revocable Trust Seller: Satyaprakash and Jennifer Krishnarao Previous sale: $1,846,900 in 2011

ST. JOHNS ST. JOHNS

$2,350,000

ST. JOHNS

694 Ponte Vedra Blvd., Ponte Vedra Beach

$6,750,000 1063 Ponte Vedra Blvd. Type: Single-family Lot size: 1.49 acres House size: 11,128 square feet Buyer: Celso and Stephani Azevedo Seller: Peter D. Sleiman and Jennifer A. Ward Previous sale: $7,600,000 in 2005

About the property: Neoclassical style oceanfront home features five bedrooms, five full baths and two half-baths, flex rooms, covered lanai, an outdoor entertainment area and an infinity pool.

Type: Single-family Lot size: 0.57 acres House size: 5,213 square feet Buyer: ZMWWB Investments LLC Seller: Cochran Scott Previous sale: $1,125,000 in 2016

$2,000,000 75 San Juan Drive, Ponte Vedra Beach Type: Single-family Lot size: 0.43 acres House size: 4,015 square feet Buyer: 75 San Juan LLC Seller: Timothy M. Robinson and Ailish O’Connor Previous sale: $675,000 in 2003

DUVAL

ST. JOHNS

$3,500,000

$2,800,000

$2,750,000

$2,235,916

$1,997,000

30 Hopson Road, Jacksonville Beach

13426 Mandarin Road, Jacksonville

917 S. First St., No. 201, Jacksonville Beach

192 Grand Palm Court, Ponte Vedra Beach

112 Strong Branch Drive, Ponte Vedra Beach

Type: Single-family Lot size: 1.13 acres House size: 5,875 square feet Buyer: Amanda and Ronald R. Holmes Seller: Kathleen S. Cole

Type: Single-family Lot size: 7.63 acres House size: 11,337 square feet Buyer: Joseph V. and Karen M. Camerlengo Seller: Robert J. and Kari A. Blandford Previous sale: $1,800,000 in 2020

Type: Marbella Condominium Condominium size: 5,315 square feet Buyer: Sanjeet S. and Angela N. Grewal Seller: James R. Hertwig and the James R. Hertwig Revocable Trust Previous sale: $2,265,600 in 2006

Type: Single-family Lot size: 0.6 acres House size: 4,389 square feet Buyer: Nicholas D. and Megan M. Poulos Seller: Matthew P. and Lauren N. Devereaux Previous sale: $1,628,900 in 2019

Type: Single-family Lot size: 1.6 acres House size: 4,299 square feet Buyer: George M. and Judith G. Temple Seller: Jeffrey R. and Christina G. Tidwell Previous sale: $620,000 in 2012

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