Miller Report April 2019

THE

MILLER REPORT APRIL 2019

The

Your

Miller Group

Real Estate

Keller Williams

Experts

Market

In this April 2019 issue of the Miller Report, we analyze the Plantation and Nassau County real estate market as well as discuss how to update a home to increase its value over time.

Upcoming event: Design Tips By Julie, April 25th, 2pm-4pm

Thank You For Your Support!

In March, we hosted two creative open house events. One was a Yappy Hour open house for our lot listing at 34 Salt Marsh Drive. We enjoyed meeting the neighborhood pups! We would like to thank everyone who came to the event as well as London's Pub & Pups for providing the refreshments!

We also celebrated our listing at 35 Marsh Hawk Rd by throwing a Pop The Bubbly Open House featuring a champagne and wine tasting provided by the Decantery! We had a delicious time! A big thank you to all who celebrated with us!

Congratulations to the buyers and sellers of 3049 Sea Marsh Road! A 3 bedroom Club Villa we sold for $440,000. The Miller Group always loves helping our fellow neighbors find the perfect property to call home!

Just Sold!

3049 Sea Marsh Rd $440,000

NASSAU COUNTY SALES Homes

Condos

The single family home market in Nassau County appears to be shifting from a seller's market back to a more balanced one. While February 2019 saw an increase in sales, it also saw a decrease in new pending sales and an increase in new listings.

Months of supply increased to 4.3 in February 2019 as compared to 4.0 in February last year and 3.9 in January 2019. If this trend continues, we should see price increases begin to slow along with decreasing sale to list price ratios and increasing days on market.

The Nassau County condo market was a different story. February 2019 saw an increase in sales while active inventory was down 9.3%. New listings were down 31.7% and the months of supply decreased to 3.7 from 4.5 the previous year. If this trend continues, condos will remain in a seller's market which is good indication that condo values will increase. It will be interesting to see if the single-family home and condo markets will continue to diverge or begin to reflect similar trends.

PLANTATION SALES ALL PROPERTIES

HOMES

The Plantation saw 2 fewer sales in February 2019 as compared to the previous year, with a 22% increase in average sale price. A big part of this price increase was a change in the mix of properties sold. Single-family homes, which typically have higher average sale prices than villas or home sites were 31% of total sales in February 2019 compared to 17% in February 2018. The average and median price of single-family homes dropped between the two periods but this was because many of the homes which sold in February 2019 needed updating. In fact, homes which did not need updating faired well in February 2019. One home, which sold for $1M after sitting on the market for over 900 days in 2017, sold for almost $400k more and in less than 30 days in February 2019.

Although single-family home inventory increased in February 2019 as a result of seasonal trends, it remains low compared to previous years.

PLANTATION SALES VILLAS

HOME SITES

Plantation villa sales saw two fewer closings in February 2019 as compared to February 2018. However, inventory was down 32% this February compared to the previous year.

Overall villa pricing changes are a result of changes in the mix of villas sold. The highest villa sale price in February 2019 was $750k compared to $1.32m in February 2018, which dropped the average sale price between the two periods. Villa inventory overall remains low as new villa listings were down 42% in February 2019. At the moment of this writing, there are no Ocean Club Villas, Dunes Club Villas, Piper Dunes Villas, or Linkside Villas on the market which should positively impact the values of these properties.

To Update Or Not To Update: That Is the Question One of the concerns considered by the AIPCA strategic planning committee during the creation of their 5 year strategic plan was aging infrastructure. Of course, the AIPCA is directly responsible for common property infrastructure and plays a role in guiding infrastructure concerns of residential properties via the ARB. However, it is mostly up to individual property owners to address the “aging infrastructure” concerns of our properties.

I was speaking once with a local realtor who expressed their opinion that the overall age of the Plantation development would hinder future property values, particularly as new developments continue to grow west in Yulee and even on the island.

While the average age of properties in the AIP could present challenges, AIP land value is significantly greater than the average in the county. Ensuring this continues will be up to maintaining AIP's natural beauty, the amenities offered to residents, and the financial health of community organizations: AIPCA, Club, Omni, & sub-associations.

Because our land values are so high, owners stand to benefit by keeping their homes in good shape and up to date with modern trends. Cost/value relationships aren’t always easy to determine. However generally, updating does increase the value of your home, if done properly. For example, a home on Sea Marsh sold for $475k with 2375 square feet or $200 per square foot. Another home on Moss Oaks sold for $750k with 2446 square feet or $307 per square foot. Their lot values are similar. The Moss Oaks home was built in 1999 while the Sea Marsh home was built in 1985 so there is a difference in value there. Yet with updating, the Sea Marsh property could have sold at a similar square footage to the Moss Oaks property.

To Update Or Not To Update: That Is the Question However, our recommendation isn't for owners to make $250k worth of renovations just before listing their property for sale. Instead, we believe the best way to protect property values is to update continuously throughout homeownership. The main reason is owners should live in and enjoy their updated home. Yet, what if it is time to sell and a home needs updating? In this situation, an update does not have to be a major home overhaul.

Sometimes, doing a few small touches like changing the window treatments or recovering a sofa can completely change a home's look and feel.

We always recommend hiring a professional to assist your redesign. Julia Hall Interiors has helped us with our own homes as well as many of our clients. In fact, we are sponsoring an event on April 25th featuring Julie and Benjie, where they will present their thoughts and ideas on how to update a home in ways that will enhance property values. This isn't just for owners who are thinking of selling. This is for anyone who would like to learn how they can make updates to transform the look and feel of their property. Call James at 904-557-5720 or email him at jdmiller8@outlook.com if you would like to attend. Space will be limited to 20 people.

Enhancing Your Home's Value Through Interior Design The Miller Group is excited to present "Enhancing Your Home's Value Through Interior Design", a presentation by Julia Hall Interiors. Julie and Benjie will be discussing how you can update your home to keep in line with modern trends and enhance its value.

April 25th, 2pm to 4pm 68 Marsh Creek Road

Seating is limited to the first 20 people who RSVP. RSVP to James Miller at 904-557-5720 or jdmiller8@outlook.com

If you know anyone who is looking to buy or sell, we'd love to help them! Just give us a call with their name and number and we'll follow up and take great care of them for you!

The Miller Group James Miller: 904-557-5720 | jdmiller8@outlook.com Dave Miller: 904-206-0525 | dfmillerjr54@gmail.com