Morning Briefs

(Mar 14, 05:24 PM)

PRICES UP, HOME RESALES DOWN LOCALLY IN JANUARY

The slowing real estate market hit Jacksonville last month. According to the Florida Association of Realtors, two percent fewer homes were resold in January 2006 as a year earlier.

Median home prices rose to $197,900, up 17 percent from January 2005.

Statewide, existing home sales plunged 19 percent, driven by slowing markets in Sarasota, Palm Bay, and Boca Raton. Florida's median sales price was $205,100, about 21 percent higher than last year.

Gainesville was the state's metropolitan area with the most marked gain in home prices. The median rose 59 percent to $223,100.

Joe Light/The Times-UnionJACKSONVILLE UNIVERSITY SELLS RIVERFRONT PROPERTY

Jacksonville University closed on the $31.5 million sale of 62 acres of riverfront property to Miami-based developer Hudson Capital on Tuesday. Hudson plans to partner with Philadephia-based AMC Delancey Group to construct a $400 million community called Dolphin Reef, which will include 980 condominiums, 10 townhomes, and 40,000 square feet of retail space.

University officials had selected Hudson for the sale in June in a move that they said would double the school's endowment. Hudson officials plan to begin construction on Dolphin Reef by the end of this year.

Joe Light/The Times-UnionOMNI JACKSONVILLE WINS FOUR DIAMOND AWARD

The Omni Jacksonville Hotel, was selected as a recipient of the Four-Diamond Award from AAA Auto Club. One of six area hotels to receive this designation in 2006, it is the only downtown hotel to have done so.

Each year, more than 55,000 properties are evaluated by AAA's 65- full-time tourism editors. The Four Diamond winners are a select group; for 2006, only 3.3 percent of the 32,000 AAA-rated lodgings achieve this designation. Editors conduct unannounced evaluations of lodgings and restaurants, scrutinizing such areas as cleanliness, ambiance, amenities and service.

The Omni Jacksonville hotel recently underwent a $5 million renovation to guest rooms and public areas.

Urvaksh Karkaria/The Times-UnionECONOMIC REPORTS POINT TO FIRST QUARTER REBOUND

After digesting the latest batch of economic reports, released Tuesday, analysts predicted that economic activity is rebounding nicely in the January-to-March quarter and will grow by at least a 4.5 percent rate.

The economy ended 2005 on wobbly footing, expanding at an annual rate of just 1.6 percent in the October-to-December quarter, the worst showing in three years, the Commerce Department said. The slowdown was blamed on fallout from the Gulf Coast hurricanes and high energy prices.

Another report showed that sales of previously owned homes dropped 2.8 percent in January to a rate of 6.56 million units, the slowest pace in two years, according to the National Association of Realtors.

A third report showed consumers' confidence in the economy dipped in February to 101.7, from 106.8 in January, the Conference Board said.

Associated Press

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Tuesday, 14 March 2006 20:16


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