According to the WSJ – Elevated mortgage rates have priced out many buyers in the non-luxury housing market, leading to a sharp decline in sales, while sales of luxury homes continue to surge, especially around Jacksonville, Florida. In the Jacksonville metro area, nonluxury home sales dropped 12.6% in the second quarter, while luxury home sales rose 20.9%, highlighting a stark market divide. Wealthy buyers are attracted to the area’s coastal communities like Ponte Vedra Beach and Amelia Island, driving record-breaking transactions, while non-luxury buyers struggle with high financing and insurance costs.
Jim Weinberg recently completed a contemporary turnkey private home in Amelia Island. The owner was an executive that enjoyed Jim’s contemporary vision. The stunning beachside and golf course views are amazing.
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