Mandarin has always been a desirable address.
Pricing between Mandarin and the newer homes in Fruit Cove were not always as close in price. Mandarin once offered prices more affordable for homes that were closer to the corporate areas of Southpoint , Deerwood and easier access to the interstate for downtown.
Some factors contibuting to Mandain homes maintaining value with less price adjustment this year are as follows:
Many of the Mandarin Area Schools compare favorably with the St. Johns County Schools.
There is less land available to be developed in Mandarin, pushing the cost of land for developers higher, helping to maintain value for exisiting homes.
There are very few communities in Mandarin with CDD fees.
There is public Transportaion
Easier commute to corporate areas
As Holly has stated, Fruit Cove/Northwest St. Johns County is still in growth Mode with lots of land available for developers. Builder's are still competing. Builders have dropped prices drastically on new homes, many Builders have reduced prices between $50,000 and $100,000 forcing the resale homes to compete.
Many tree lovers like the feel of Mandarin with it's century old oaks and hardwood trees. The older areas of homes in Fruit Cove have the same characteristics as Mandarin. Many of the Newer communities in Fruit Cove were originally pine forests that were cleared for development with lots of newer trees added giving the area a newer, fresher, brighter feel.
Who knows what the effect of gas prices soaring will have, in the future, on homes that are closer to the coroprate areas.
Prudential Network Realty