Miller Report July 2019

THE

MILLER REPORT July 2019

Included In This Issue: The

Miller Group

Realtors You Can Trust

Amelia Island Plantation Statistics For May Thoughts On The Club's Settlement With Omni And The Future Role of AIP Fitness The Exciting Future Of Nassau County - A Podcast With Laura DiBella Happy Fourth of July & Why We Celebrate

IT'S MILLER TIME! JUST SOLD! 8144 Residence Ct, 104 $1,000,000

JUST LISTED! 95324 Captains Way, Fernandina Beach, FL 32034 $895,000 (Photography Coming Soon!)

THANK YOU FOR READING!

PLANTATION SALES ALL PROPERTIES

HOMES

The trend of fewer sales from April continued into May 2019 for single-family homes. This is somewhat expected as overall home inventory is down 8.16%, however home sales dropped 55.56% during the same period. As with April, the mix of inventory is top-heavy. Homes priced under $1 million represent 53.33% of total home inventory in May 2019 as compared to 67.34% in May 2018. This drop is significant considering this category represented 80.6% of 2018 sales. In fact, the decrease in the number of sales between May 2018 and May 2019 can all be attributed to the under-$1 million category. The number of sales of homes priced over $1 million was the same between the two periods. This trend is also reflected in the year to date numbers as the decrease of sales can all be attributed to the under-$1 million category. It is unclear as to whether this is only a result of lower inventory or if it is also a indication of weakening demand in the under-$1 million category. We should know more over the coming months, however the increase in new pending sales from May to May is an encouraging sign.

PLANTATION SALES VILLAS

HOME SITES

Villa sales increased by 7.14% in May 2019 over the same period last year. The sales increases occurred with 22.39% less inventory. The sale increases came from both ends of the market in terms of price point. From May to May, sales in the under-$500k category increased by 42.86% despite having an inventory decrease of 41.18%. The over-$2 million category had one sale in May 2019 compared to zero in May 2018. Sales were softer in the middle price ranges. Sales in the $500k to $1 million category decreased by 3 while sales in the $1 million to $2 million category remained flat between the two periods. It is interesting to note that the sales increases (number of sales) are occurring in the categories with the largest decreases in inventory. Prices are increasing in these categories as well. The sale of a Dunes Club Villa for $2,775,000 is an example. This indicates that demand for Plantation villas remains strong. New listings increased by 5 in May 2019 as compared to May 2018, however this increase was mostly in the middle of the market where sales are softer.

IT'S A GOOD FIRST STEP Having read Howard Pines' insightful column “It’s A Good First Step” in the June 26, 2019 Fernandina Beach News-Leader made us reflect on how important the Amelia Island Club has been to enhancing lifestyle and property values at the Amelia Island Plantation.

The Club’s membership vote to overwhelmingly approve the proposed settlement terms with Omni will strengthen the Club and enhance property values for all Plantation residents. By requiring all former Ocean Links golf holes, except hole #6 in front of the Omni, be deed restricted to green space or golf, the Club’s negotiation effort has protected property owners from the uncertain risk of redevelopment.

This was not the first time the Club stepped in to support Plantation property values. In the early 1990s, the Plantation could not compete effectively with communities like Sawgrass that had their own dedicated Club amenities for community members. Real estate sales were struggling and the Amelia Island Company realized they needed resident-dedicated amenities in order to compete. A large majority of Plantation residents contributed about $5,000 each to form the beginning of the Club. The original Ocean Clubhouse was built in 1995 to provide expanded beach access and the Long Point golf course was dedicated to member use. As a result, Plantation property sales and values took off.

Today, our community is investing heavily in amenities like the Ocean Clubhouse and the Community Center to enhance property values. In the word's of Howard Pine, "this is a good first step".

TAKING THE NEXT STEP However, we have fallen behind our competitors regarding the lack of a high-quality, integrated fitness facility and wellness program. Wellness is so much more than a facility as it requires coordinated programming too. These type of offerings are in highdemand by prospective buyers and this trend will continue to grow.

In order to enhance Plantation property values over the coming years, our community will need to improve its fitness/wellness offerings.

The Miller Group's vision is a well-designed fitness facility and sports complex, integrated with a comprehensive wellness program. The fitness facility and sports complex would include a state-of-the-art gym, lap pool, exercise class studios, an appropriate number of tennis courts, properly designed pickle ball courts, and even bocce ball and croquet. The wellness program would include fitness classes, personal training, and nutrition education coordinated with menus at community restaurants. A substantial part of the funding for this concept could come from the Club opting out of the fitness and tennis agreement with Omni (a Club option provided for in the Omni settlement agreement). The Club is the logical avenue for these amenity offerings to be provided and they would substantially enhance membership value and Plantation competitiveness with other communities.

Club membership will ultimately decide on what fitness/wellness options are the best and perhaps there is an opportunity to coordinate with our AIP partners. But if we are truly going to be "the premier coastal community", we must provide the best fitness/wellness offerings to match our unrivaled natural beauty.

(These are personal opinions of James & Dave Miller and do not necessarily represent the views of the Club board or other AIP Partners.)

THE EXCITING FUTURE OF NASSAU COUNTY On our most recent episode of the Miller Group Real Estate Show, we interviewed Laura DiBella about the exciting future of Nassau County. To listen to this episode go to our website and click on the podcast link in the top menu or type in this URL: https://www.millergroupofamelia.com/podcast/ You can also find our episodes on iTunes by searching for The Miller Group Real Estate Show.

In this episode we discuss the following information: Where does Nassau County stand today and where are we headed in terms of estimated population, housing, and industry growth?

What makes Wildlight different from other planned communities and how will it impact our county?

How does local industry make our county unique from other coastal areas?

What is the Crawford Diamond Industrial Park and how will it impact Nassau County?

How has the Port Of Fernandina Beach evolved over the years and what economic impact does it have on our county?

What role does our A-rated school system play in terms of attracting buyers?

Will local neighborhoods which have traditionally been second-home markets or retirement communities begin attracting younger families?

What impact does the Florida State Community College of Jacksonville have on local development?

Development and growth can present challenges for our natural environment.

How do we address these challenges?

As Nassau County grows, the living costs are likely to grow as well, causing housing affordability challenges for our workforce. How do we address this concern?

THE MILLER GROUP REAL ESTATE SHOW

Stay Tuned For These Upcoming Episodes!

1ST HALF 2019 REAL ESTATE MARKET REVIEW James and Dave review the Plantation and Nassau County real estate markets for the first half of 2019.

SHORT COURSES: THE NEWEST CRAZE IN GOLF An interview with Plantation property owner and Club member, John Lyberger, about how the short course trend is impacting the golf industry and how the new Omni course might impact local property values. John is the Director of Golf at Desert Mountain Club in Scottsdale, AZ.

Recent Episodes THE NEW COMMUNITY CENTER: AN INTERVIEW WITH RON NELSON AND BOB STICHWEH THE NEW OCEAN CLUBHOUSE WILL BE A GAME CHANGER: AN INTERVIEW WITH DONNA BILGER

www.millergroupofamelia.com/podcast/

HAPPY FOURTH OF JULY! The Fourth of July is a popular time of year for Amelia Island.

It’s an occasion for families to gather, relaxing on beautiful beaches, grilling delicious hot dogs, and watching grand firework displays...maybe even launching a few mischievous fireworks themselves. While we should enjoy the festivities surrounding this holiday, we must not forget what it is we are actually celebrating - one of the most momentous days in the history of our country and the history of the world.

Independence Day signified much more than one country announcing its independence from another on July 4th, 1776. It represented a new form of government - freer and more accountable to its own people than the governments that had ruled the world for centuries. This concept of selfgovernance did not stay only in America. It spread around the globe. This is why the opening salvo of the American Revolution was called “the shot heard around the world.”

Autocratic rulers and their subjects heard that shot - and things that had not been questioned in millennia were now open to challenge. As the generations went by, more and more autocratic governments around the world proved unable to meet that challenge and the world became a freer place.

HAPPY FOURTH OF JULY! Today we accept democracy and freedom as the norm because it is all most of us have known in our lifetimes. But democracy is not necessarily natural and definitely not selfsustaining. Self-governance on such a large scale is a truly unique experiment which must be diligently protected. Our founders knew this and recognized the inherent dangers.

Thomas Jefferson warned that “eternal vigilance” was the price of liberty. Even generations later, Abraham Lincoln expressed his fervent hope that “government of the people, by the people, and for the people shall not perish from the earth.” The survival of freedom was not something he took for granted. This is why we celebrate the Fourth of July - to honor our revolutionary experiment with freedom and remember our duty to preserve this freedom for our progeny.

On this Fourth of July, you should relax on the beach, grill a delicious hotdog, and watch the dazzling firework displays.

Enjoy every moment with your friends and family. And while you revel in the festivities, remember what a blessing it is to be a part of this great American experiment with freedom.

Happy Fourth Of July!

Who do you know that needs help buying or selling real estate? We would love to help them!

The Miller Group

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