The real estate numbers in Ocala are looking great, with plenty of action and a steady, balanced market.
Let's check in with Fore Ranch, a master-planned community in Ocala just off of State Road 200, conveniently located near I-75 and West Marion Hospital. While divided into multiple subdivisions, the community includes a clubhouse with a pool and splash pad for the kids, as well as a fitness center and a conference room. The neighborhood also features a soccer field, sidewalk-lined streets for beautiful walks, and much, much more. The neighborhood is also conveniently located near plenty of great shopping and fantastic dining.
The State Road 200 Corridor, which runs 8.8 miles from Interstate 75 to County Road 484, was once home to one of the fastest growing regions of Marion County between the years 2002 and 2008. This stretch of land is approximately the size of Rhode Island, just to give you some indication of its size. While Marion County is known for its retirement communities and newer single-family home developments, this Corridor saw the development of seven large shopping centers, several drug stores including many CVS and Walgreens stores, dozens of national chain retailers, two hospitals and many restaurants.
Many Marion County residents move to the northwest quadrant of Ocala to escape the urban sprawl and to be among large fields, green grass, and horses running freely.
However, one property owner along Highway 40 is wanting to sell her 400 acres of land to housing developers. The proposal would create more than 1,000 new homes on the property. With such a drastic increase in residential property, more businesses will also be attracted to the area.
The regionally accredited private Rasmussen College School of Nursing has opened in Ocala. Students began using the new facility this past Tuesday, as construction was completed in June.
The Ocala School of Nursing campus features a multimillion dollar, 21,000 square-foot facility that provides an exceptional learning experience with generously-sized classrooms, labs and high-tech simulation equipment. The new larger campus, located at 1227 Southwest 17th Avenue, will help to train quality nurses in order to meet the demand for more nurses and nursing positions across the region. The campus will also offer meeting and event space, a training facility and lecture hall for community organizations and other businesses.
The revitalization that has taken place in downtown Ocala is quite evident. The square is bustling, there are lots of new restaurants and shops, and plenty is going on downtown on any given weekend or holiday. However, Midtown has not experienced the same redevelopment and revitalization, and it is this area of town that is next on the list for a makeover.
There is so much happening around town leading up to July 4 that shouldn't be missed!
Starting on July 1, "Jaws" is back to celebrate Shark Week. Chad Taylor directs a shadow cast that will perform in front of a screening of Stephen Spielberg's classic "Jaws" at 7:30 PM at the Reilly Center in Tuscawilla Park at 500 Northeast 9th Street in Ocala. Tickets are $15 and you can find more information at Reillyartscenter.com.
A major renovation project is set to take place downtown that will add some much needed residential space to the downtown scene. The renovation of the three-story building at 18 Southeast Magnolia Ave., which is one of the tallest buildings on the Square, began a while ago but was then put on hold. However, as the real estate market improved, the project was brought back to life.
We're almost halfway through the year, so let's take a look at the state of the real estate market in Ocala / Marion County.
The award winning Burger 21, a Tampa-based fast casual franchise, opened its newest and most anticipated location yet in Ocala, and will be featuring specialty cocktails and Shaketales, as well as many other desirable new and improved features. It is the first freestanding restaurant with a full service bar and outdoor patio for the company.
Access to neighborhood grocery stores in West Ocala has been fairly nonexistent, but that is about to change. The new Paradise Park shopping plaza and grocery store is proposed for 2400 West Silver Springs Boulevard near Northwest 27th Avenue and will bring easy access to groceries and more where there was previously none.
Home sales are on the rise and selling at a rapid pace, not just in Ocala but across the entire U.S. A recent report by the Commerce Department reveals that new home sales jumped 16.6 percent last month to a seasonally adjusted rate of 619,000, up from a revised total of 531,000 in March.
The jump in home sales can be attributed to steady job gains and historically low mortgage rates, making it easier for Americans to break (back) in to the housing market, even with the steady climb of home prices.
Even though downtown Ocala will be losing one of its major tenants with Bank of America, the new expected tenant will hopefully and more than likely be another bank.
The current location is a prime spot, situated just off of the square at Southeast First Avenue and Broadway Street. A bank has been occupying that corner since 1887, so it only seems appropriate that another bank will be moving in.
Areas all over Ocala have undergone redevelopment plans that have successfully revitalized or are in the process of revitalizing parts of town that had previously been neglected.
East Ocala is next on the list for a revamp, right behind downtown, west Ocala and North Magnolia Avenue, all of which have seen drastic change over the last several years. The Ocala City Council will be voting later this month to determine whether or not they will be earmarking property taxes collected from the east Ocala area to be spent only in East Ocala with the goal of improving a dilapidated area.
The winner of the 142nd Kentucky Derby, which took place yesterday, has connections to Marion County. Nyquist was broken and trained in Ocala by Nial Brennan, certainly a proud moment for the city. The three-year-old colt won the $2 million purse race by 1 1/4 lengths in 2:01:31 minutes.
Get ready! Savvy & Company has just added some exciting new technology to their website to make your home and property search even better. Savvy has partnered with HowLoud Inc., a company based out of California that uses their patent-pending SoundscoreTM technology to give a noise rating to a given property.
The long-awaited plans for a new linear park along Osceola Avenue are changing, as mutual agreements could not be met with regards to cost and design. And while the new plan is not what the city originally pictured, the city of Ocala is doing an amazing job given the limitations of Osceola and the train rail that runs along it.
Winding Oaks Farm has over a thousand acres of sprawling land, and plans are about to be made to convert 70 percent of the property to residential, commercial and transportation uses. The remaining 300 acres would continue to be used as a horse training facility.
Ocala’s real estate market is almost perfectly balanced as far as inventory is concerned, with 6.9 months of inventory. However, SummerGlen’s market tells an entirely different story. With home sales averaging only one sold per month and with 73 homes currently on the market, SummerGlen has a whopping 73 months of inventory, making it a definitive buyer’s market.
There is a huge plot of land at the edge of Ocala’s city limits up for grabs, 465 acres to be exact, but whether or not it will be used for land conservation or commercial and residential development is still yet to be determined.
Phoenix Heights is one of Ocala’s newest development projects aimed at redeveloping and renewing the rundown Busbee Quarters, a two-block section of town in West Ocala surrounded by other residential communities. The Phoenix Heights project will assist in the neighborhood’s redevelopment through acquisition, demolition and infrastructure improvements in Busbee Quarters. It will disconnect the current negative image of the neighborhood, and aims to reconnect a sense of place to the surrounding communities.
