Common Sense Online

As far as real estate goes, the news in southern Florida these days revolves around Palm Beach, Miami, and Jacksonville. But little sub-suburbs if you will are sneaking under the radar. Take Boca Raton, Jupiter, and Ponte Vedra, FL. Real estate prices in these affluent communities have stayed about flat or even risen while the bigger centers which they surround have seen fast downward spirals in prices. Be it beachfront property, a condo, apartment, single-family home or small business, the best real estate agents will get you more in places like Ponte Vedra or Atlantic Beach than they’ll be able to fetch in, say, Palm Beach.

While half-built condos in Palm Beach, Del Ray, Boca, and Miami have seen drops in asking price of over 30% in many cases, one area where condo prices have held up nicely is Jacksonville. Florida Real Estate is not necessarily all connected, one broker explained to me. The biggest factors in determining prices on new condos are supply and demand, sure, but one the big driver is not the supply built by new builders but the demand shifts caused by demographic changes. In Jacksonville, the economy has grown tremendously as a function of college graduates not wanting to move from this relative young person’s paradise. That translates into a cheap work force, which brings in more employers, which creates a greater demand for decent condo-style housing. This, and not a lack of supply, has been the driver of prices in Jacksonville, and that is why condo prices there will continue to increase.