The Jacksonville-area luxury market continues to surge — while some homes under a million dollars are struggling to find buyers, according to a report.
Citing Redfin data, the Wall Street Journal said second quarter year-over-year sales in the non-luxury sector were down 12.6%.
By contrast, luxury properties — defined as the top 5% of the market by price point — spiked by 20.6% over that same period.
Redfin said that is the largest gap in the entire nation.
The article highlighted several high dollar Ponte Vedra Beach sales, including former T-Mobile CEO John Legere’s record-setting purchase of a Ponte Vedra Boulevard mansion for $22 million.
That broke the prior St. Johns County record of $19 million for another property on the same gilded stretch in September 2023.
As first reported by The Citizen, another Ponte Vedra Boulevard home sold for $17.85 million just this past month.
The article asserted that high end buyers are less skittish about elevated interest rates, while those in the market for cheaper homes are more sensitive to their monthly payments.
While luxury homes are eventually moving, The Citizen has reported that several blue chip Ponte Vedra Beach qualities have slashed their prices in recent months.
Sunrise Villa, featuring 10 bedrooms and 13.5 bath, initially went up for $16,960,000 before a series of reductions, according to records.
The price was cut to $15 million this past March, before another $2.1 million decrease earlier this month. That home remains on the market at $12.9 million.
The home at 421 Ponte Vedra Boulevard sold late last month for $9 million after a $2 million price decrease, records show.
Still, more upper crust buyers are turning to North Florida in greater nummbers with prices in Miami and Palm Beach rocketing out of reach.
“People are starting to realize that a beachfront property in Miami Beach is going to be $60 million, whereas here you can get the best of the best for $20 million,” Core Realty agent Nick Petrillo told The Journal.
