Awesome Raffle to Support Community Gardens

The Springfield Community Garden and the Eastside Community Gardens are raffling off a great goodie bag - entry is just $1!

Some of the goodies in the bag are:

Gift card to Three Layers, A Coffee House
Gift card to Harpoon Louie's in Avondale (GREAT burgers)
Growler and gift card to Bold City
12 bars of handmade soap
Gift card to 23eleven, handmade jewelry (great for holiday gifts)

The entry fee is $1 and you can enter as many times as you want. If you are interested in an entry form, shoot me an email and I will email it to you.

In addition, ONH Development will have a booth at the Riverside Arts Market this weekend, you can also pick up an entry form there.

Deadline for entry is November 15th at 6pm

LEED Certified House to be Built in Springfield

This is exciting news for Jacksonville. If you don't know what LEED means or want to follow the construction process click here

Save A Stud!

Normally I reserve my blog for real estate and neighborhood related information. But I have recently been selected as a finalist in a national contest by Termidor to have my house treated for termites - we need it BADDD!!!!

All it takes is one click, no personal info asked for. Please visit this website and vote for Mark and I

www.saveastud.com/content/Vote-Most-Endangered-Studs.asp


Thank You!!!!

RAM This Weekend

If you haven't visited RAM (Riverside Arts Market) as of yet, this is a great weekend to do so! Michelle and I will be out again, click here for a free coupon if you stop by our booth!

The market is under the bridge by the river so it is always cool and shaded and there are new artists every week - so it is never the same market!

July 2009 Intown Market Update

Springfield

Springfield had 8 closings in July. Six were renovations whose median sold price/sq ft was $54/sq ft. One was a new construction (private developer, not SRG nor ONH) that sold for $124/sq ft. The last house was a home needing renovation that sold for $10/sq ft. Although the price per sq ft of renovations has gone down, the number of homes selling has risen dramatically - indicating that there are buyers out there. It is only a matter of time before demand pushes prices back up. It is the foreclosures and short sales driving prices down. As these ease up and the number of buyers continues to increase, prices will go up again - hang in there Springfielders! These prices are probably the best deals Intown and buying in the coming months is a good idea.

17 new listings came on the market, 7 of which are in need of rehab. There is a total of 66 properties for sale now. This is a decrease from what you were seeing in the Spring - a good sign. If demand will continue to go down and buyers will continue to buy, again, it is only a matter of time before demand pushes prices back of up. Of the 66, 25% are distressed, a slight increase from the Spring. 17 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K

Riverside

Riverside had 9 closings, 4 of which wree condominiums. 3 of the residential units were in need of rehab and sold for a median price/sq ft of $17. The other 2 residential units sold for $110/sq ft. This is pretty much the same that Riverside has been seeing since the Spring indicating, again, that this market has stablized and is waiting on demand to increase for its prices to increase. I think that will happen sometime toward the end of this year or next year. If you are thinking about purchasing in Riverside, the next few months are probably the lowest pricing you will see.


14 new properties went on the market, making a total of 97 properties on the market. Riverside has been pretty consistent in the amount of inventory it has carried in 2009. 28% of the inventory are distressed properties, an increase from the Spring. If this continues, then prices will drop a little more over the next few months. 8 properties are pending in Riverside now, the most expensive of which is a home listed for $199,000

Avondale

There were 12 closings in Avondale in July, about the same number from the Spring. The median sold price per sq ft is $165. 27 new properties came on the market, for a total of 147 properties for sale, this is a slight decrease in inventory from Spring. If this slight drop in inventory increase through the end of the year, this could help stablize pricing in this market and begin the road to Avondale's recovery, the last of the Intown Neighborhoods to begin recovery.

In addition, 14% of the inventory for sale is distressed, a 4% increase from Spring 2009, also an indication that prices are going to be pushed further down in this market before they bottom out. There are 12 properties in pending, the most expensive of which is listed at $479,900.

San Marco

San Marco had 5 closings in July. Prices range from $67,500 - $595,000 with the median sold price per sq ft at $153. 17 new properties went on the market, making a total of 119 properties for sale. This is a dramtic decrease in inventory, a good indication that San Marco is recovering. Like Riverside, this market is probably bottomed out in pricing and if you were thinking of buying in San Marco, now is the time.

Only 9% of its present inventory are distressed properties. 10 properties are pending, the most expensive of which is listed at $262,900.

Downtown
1 condominium sold in July for $158K or $143/sf. 3 new properties went on the market making the total 61. This is not good if Downtown doesn't begin to see an increase in sales. 79 properties are pending, most at the Berkman II.

Murray Hill

11 properties closed in July. The prices ranged from $29,900-$190,000 or $29/sf-$134. This is a slight increase in price from the Spring. IF this increase continues, that would indeicate a recovery in this market. But only time will tell.

26 new properties came on the market, for a total of 123 properties for sale, this is an dramatic decrease in invenotry from Spring. 46 of them are distressed properties. 16 are in pending, the most expensive of which is listed at $160,000.

Revised Truth in Lending (TILA) Disclosure Requirements Effective July 30, 2009

Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009. The new rules are complex and compliance will be a challenge for lenders. Realtors should understand the basics so that they can advise clients of potential delays and the new procedures. Here are key highlights of the changes:

The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt.

Lenders must give good faith estimates of mortgage loan costs within three business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.

The closing may not take place until expiration of a seven day waiting period after the consumer receives the early disclosure.

If the annual percentage rate (APR) increases by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional three business days before closing the loan.

The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure.

The consumer may modify or waive both waiting periods for a documented personal financial emergency, but must receive the disclosures no later than the time of the modification or waiver.
More information is available via the following links:

Federal Reserve Board Final Rule and Staff Commentary (Federal Register, May 19, 2009)
Wells Fargo Website with Its Advice on the New TILA Requirements

Great Home Open Thursday Evening!

Thursday, July 16, Operation New Hope will be holding an open house for the first of four new homes they are building Historic Springfield, 1423 Ionia Street. The house looks great from the exterior and has gotten lots of positive feedback from the neighbors and the best part is, these homes target First Time Home Buyers! They are priced to sell at $149,000. The house has lots of great features including:

3 Bedrooms/2.5 baths
wood floors
complimentary historic trim and tile
open floor plan
hardie lap siding
formal dining and eat-in kitchen space
great front porch
3rd party energy star approved

There are 4 lots in Historic Springfield to choose from. The second house, being built on Market Street is almost complete and not sold yet. So that will leave two more.

The house will be open July 16, 2009 from 4pm-6pm. Hors d'ouvres and wine will be served. Come out and take a look, even if you aren't in the market, you may know someone who is!

Florida Homebuyer Opportunity Program Fund Allocations Announced

The Florida Housing Finance Corporation (FHFC) has announced the amount allocated to local housing authorities for the 2009 - 2010 fiscal year under the Florida Homebuyer Opportunity Program (FLHOP). FLHOP will provide first-time homebuyers with funds for a down-payment using the current $8,000 federal tax credit. The FHFC will hold a rule development workshop in July to implement the FLHOP, meaning that the funds may not be distributed until sometime after July 1. Local county allocations are: (Clay) $350,000; (Duval) $806,179; (Putnam) $350,000; (St. Johns) $350,000.

The Wine Cellar in Springfield & Handmade Jewelry Show

The Wine Cellar in Springfield will be open this Sunday, May 17th from 12pm-9pm-ish. So come check it out. There will be 3 Bold City beers on tap and a limited wine selection (the official opening will be in June). Springfield gets better all the time!

In addition, to celebrate the Wine Cellar, Michelle Gilliam and I will be up there from 5-7pm with some of our summer handmade jewelry on display and for sale. Prices range from $6-$35.

www.jasmineandmagnolia.etsy.com






23eleven.etsy.com



thanks to Renee Parenteau for the wonderful photos!

The Wine Cellar in Springfield

Springfield is getting a wine bar! It is called the Wine Cellar and it is located at 6th and Walnut. They will be opening soon. But I got a sneak peak last night and it is wonderful! Very hip and relaxing atmosphere and the wine I had was great. They also had 3 Bold City beers on draft. There is also a beautiful garden area in the back for more seating. Fresh jasmine and mints will wake all of your senses.

They will be open this weekend for DJ Catharsis, selling the 3 Bold City draft beers and 2 wine selections, so check it out and hear some great tunes too!

Stay tuned - the official opening will be in a few weeks.

$8000 Tax Credit To First Time Home Buyers

So, I have blogged about it before, but I keep showing homes to folks who don't know about this great incentive for First Timers out there right now. If you are a First Time Home Buyer AND you purchase your first home in 2009, you will get an $8000 tax credit. This isn't $8000 off your income. This is a credit. So if come next April you owe $10,000, you will get a credit of $8000 and only owe $2000.

This is out of Obama's Package, and you can find more information at

http://www.federalhousingtaxcredit.com/

This is a GREAT incentive! Take advantage of it!

FHA Loans - the Bright Option in Today's Tough Lending Market

Low home prices. Historic interest rates. Tax credits. Stimulus packages. Bailouts. There's a lot of chatter about how these factors affect the real estate market, but not enough talk about a no-brainer financing option, FHA.

FHA financing seems to be a neglected talking point on the national media stage.

The loans, which require only a 3.5 percent downpayment and a decent (but not necessarily excellent) credit score, are ideal for qualified, first-time homebuyers who have low or manageable debt-to-income ratios but may not have tons of cash for a conventional-loan down payment. They aren't just for first-timers, however.

All you hear in the news are naysayers telling consumers they won't be approved for a mortgage unless they put 20 percent down and have perfect credit. But that's simply not true. Unfortunately, the popular perception is that money isn't available and you can't get it right now if you don't meet these astronomical requirements. That's why so many people aren't buying right now.

Interested?

1. First, you need a lender who has a delegated FHA underwriter (not a mortgage broker; a full-service lender). Send me an email at avsearle@gmail.com and I can get you in touch with one.

2. The borrower must meet standard FHA credit qualifications (there's no set credit score barometer, but a borrower's debt-to-income ratio is heavily considered).

3. The borrower is able to finance the upfront mortgage insurance premium into the loan. The borrower will be responsible for paying an annual premium.

4. The FHA mortgage requires a low 3.5-percent down payment, and that money can come from a variety of sources, including parent gifts and HUD downpayment assistance grants.

5. Closing costs are also low - typically 3 percent of the total purchase price - and are usually covered by the seller in today's market. They can also be incorporated into monthly payments.

6. Eligible properties are one-to-four unit structures, and each state has a purchase price limit (as high as $400,000) for FHA loans.

7. If a buyer finds a fixer-upper, the FHA 203(k) program can help the person purchase or refinance the property, with the cost of repairs and improvements included in the loan.

8. FHA home mortgages aren't just for first-time homebuyers. FHA refinance loans can help people get out of toxic debt situations caused by subprime mortgages with high interest rates.

Rescued Kitten for Adoption & Dog Park News

Springfield is a great community in general. There are so many great people living there, and so many great organizations working for the betterment of the neighborhood. One of these groups is SACARC (Springfield Animal Care and Rescue Club). This group is dedicated to finding homes to many of the homeless animals located in the Historic District.

I am fostering one of these sweet animals now, a little kitten named Franny that wandered onto my porch with a severe limp. SACARC, through donations, paid for her shoulder to be repaired. They have also kept her up on her shots and and recently, had her fixed. If you are interested in adopting her, please send me an email. She is a wonderful kitten - very playful, gets along with my other 3 cats, bull mastiff and stray dog.



In addition, SACARC has made it possible for Springfield to have a wonderful new dog park. The construction is coming along beautifully. There is a small dog area, trees, benches, watering holes, lots of new grass, and of course, waste disposal stations. It is one of the nicest dog parks I have seen and its right here Intown. The park is almost complete and will be open to the public, not just Springfield residents.

Springfield Home & Garden Tour This Weekend

The Springfield Home and Garden Tour is this weekend, May 8th & 9th 5-8PM and May 10th 1-4PM. Tour beautiful homes and gardens and other places of interest in beautiful Historic Springfield! The Tea Room in the SPAR Building will be open an hour before the tour (4 – 8 PM on the 8th & 9th; 12-4PM on the 10th), serving fancy treats and tea. "Love Midgie" book signing. Mother’s Day and commemorative photos by photographer Renee Parenteau. Also, Pastor Clinton Bush, owner of City Kidz Ice Cream Café, will be selling ice-cream treats at discount prices for tour ticket holders. His mobile ice cream truck will be parked in front of the SPARBuilding during the tour.

Ticket Information: Tickets are $12.50 in advance and $15.00 on tour days. Tickets may be purchased at the following locations: Three Layers A Coffee House, Southern Crossing, SPAR Council, Avonlea and Fans & Stoves.

April 2009 Intown Market Update

Springfield

Springfield had 2 closings in April. One was a renovation that sold for $74/sq ft and the other house is a beautiful new construciton that sold for $97/sq ft. Although this is a decrease in sales from March, it's good that things are selling that aren't in need of renovation. 15 new listings came on the market, most are homes in need of rehab. There is a total of 84 properties for sale now. This is a pretty much the same as last month - a good sign. Of the 84, 22% are distressed, a slight decrease from last month - also a good sign. 17 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.

Riverside

Riverside had 8 properties close in April. They ranged in price from $19,900 - $740,000 or $13/sf -$271/sf, with the average at $116/sf. Zero closed in January, 4 closed in February and 3 closed in March - to give a comparison. 16 new properties went on the market, making a total of 88 properties on the market. Riverside has been pretty consistent in the amount of inventory and now that sales are picking up this market will start to feel a recovery in 2009. 17% of the inventory are distressed properties, a 4% increase from March. 3 properties are pending in Riverside now, the most expensive of which is a home listed for $95,000

Avondale

Avondale had 13 properties sell in April, a 54% increase from March. The prices range from $94,500-$592,250 or $101/sf-$266/sf, with the average at $142/sf. 32 new properties came on the market, for a total of 167 properties for sale, this is a slight increase in inventory from March. The increase in sales will help Avondale if Avondale can decrease its inventory - that is the biggest hurdle Avondale has in recovery. In addition, 10% of the inventory for sale is distressed, a 9% decline from March 2009. There are 12 properties in pending, the most expensive of which is listed at $269,900.

San Marco

San Marco had 5 closings in April. Prices range from $84,900 - $475,000 or $51/sf-$218/sf with the average being $117/sf. 25 new properties went on the market, making a total of 195 properties for sale. This is a decrease in new properties, a good indication that inventory is going to level in San Marco. So keep an eye on that in the coming months. Only 6% of its present inventory are distressed properties. That is the same as March. 8 properties are pending, the most expensive of which is listed at $939,900.

Downtown

1 condominium sold in April for $118K or $153/sf It was a bank owned property. 20 new properties went on the market making the total 55. This is not good if Downtown doesn't begin to see an increase in sales. 79 properties are pending, most at the Berkman II.

Murray Hill/Lakeshore

15 properties closed in April. The prices ranged from $19,000-$128,000 or $17/sf-$125/sf, with the average being $55/sf. 48 new properties came on the market, for a total of 207 properties for sale, this is an 8% decrease in invenotry from March. 56 of them are distressed properties. 29 are in pending, the most expensive of which is listed at $229,900.

1st Quarter 2009 Murray Hill/Lakeshore

1st Quarter 2008
Resale: 39 sales
Average Price/Sq Ft: $85/sq ft
Average Days on Market: 88 days (Duval County averaged 109)
Median Sold Price: $104,000 (Duval County averaged $178,000)
Average Sold Price: $101,313 (Duval County averaged $219,000)

1st Quarter 2009
Resale: 40 sales
Average Price/Sq Ft: $54/sq ft
Average Days on Market: 85 days (Duval County averaged 113)
Median Sold Price: $44,000 (Duval County averaged $156,300)
Average Sold Price: $68,494 (Duval County averaged $187,609)

Overview
The Murray Hill/Lakeshore area is always a surprise. This market was hot through the boom time and as sales in the rest of the city have slowed, this market lowered its prices and kept number of sales high. Although price has gone down, I anticipate it will level off this year and may even begin its increase toward the end of the year because there are so many bargains to be found over here - it will create buyer competition soon.

1st Quarter 2009 Downtown

1st Quarter 2008
Condo/Loft: 9 Sales
Average Price/Sq Ft: $158/sq ft
Average Days on Market: 114 days
Median Sold Price: $69,000
Average Sold Price: $100,811

1st Quarter 2009
Condo/Loft: 4 Sales
Average Price/Sq Ft: $138/sq ft
Average Days on Market: 28 days
Median Sold Price: $168,500
Average Sold Price: $164,250

Overview
Of all the Intown Markets, the downtown condo market has definatley been hit the hardest. Although the price per square foot has dropped, the average sold price has gone up - indicating that this market may be levelling out soon. The biggest problem here is that there is alot of inventory pushing prices down. If you are in the market for a condo or loft - it is reallly a great time to buy one. The Churchwell Lofts in particular are a great buy right now - they have come down tremendously in price and have all the great "loft" materials one might expect, including exposed brick and ductwork and elegant kitchens with marble islands. The entry price point is in the low 200's.

First Time Home Buyer Tax Credit

Want more information on the Tax Credit available from Obama's new plan for First Time Home Buyers? Check it out here (have to purchase in 2009 - so get off the fence!)

http://www.federalhousingtaxcredit.com/

1st Quarter 2009 San Marco

1st Quarter 2008
Resale Historic: 14 sales (average $177/sq ft)
Non Historic: 7 sales (average $132/sq ft)
Condo/Loft: 2 Sales (average $256/s q ft)
Average Price/Sq Ft: $170/sq ft
Average Days on Market: 172 days (Duval County averaged 109)
Median Sold Price: $285,000 (Duval County averaged $178,000)
Average Sold Price: $335,930 (Duval County averaged $219,000)

1st Quarter 2009
Resale Historic: 10 sales($129/sq ft)
Non Historic: 5 Sales ($141 sq ft)
Condo/Loft: 3 Sales (average $217/sq ft)
Average Price/Sq Ft: $147/sq ft
Average Days on Market: 110 days (Duval County averaged 113)
Median Sold Price: $221,500 (Duval County averaged $156,300)
Average Sold Price: $243,083 (Duval County averaged $187,609)

Overview
Of all the Intown Markets, San Marco has weathered the housing market pretty well. Price has, of course gone down, but days on market is faster than the Duval County average this past quarter. This means that the price is at a point where buyers are shopping. I anticipate seeing a levelling of prices in San Marco through 2009 and into 2010.

1st Quarter 2009 Avondale

1st Quarter 2008
Resale: 20 sales (average $162/sq ft)
New Construction: 0 sales
Condo/Loft: 4 Sales (average $158/s q ft)
Average Price/Sq Ft: $161/sq ft
Average Days on Market: 136 days (Duval County averaged 109)
Median Sold Price: $287,000 (Duval County averaged $178,000)
Average Sold Price: $254,548 (Duval County averaged $219,000)

1st Quarter 2009
Resale: 20 sales($129/sq ft)
New Construction: 0 Sales
Condo/Loft: 1 Sale (average $98/sq ft)
Average Price/Sq Ft: $127/sq ft
Average Days on Market: 139 days (Duval County averaged 113)
Median Sold Price: $165,000 (Duval County averaged $156,300)
Average Sold Price: $181,245 (Duval County averaged $187,609)

Overview
Avondale has struggled the most of the Intown neighborhoods to get through this housing market. This is because prices were so high and inventory was so high. As you can see Avondale price per square foot and average price have dropped dramatically. If Avondale can decrease its inventory, then the price point it is at now should see more sales in the 2nd quarter.

1st Quarter 2009 Riverside

1st Quarter 2008
Unrenovated: 0 Sales
Renovated: 4 Sales (average $121/sq ft)
New Construction: 0 Sales
Condo/Loft: 3 Sales
Average Price/Sq Ft: $175/sq ft
Average Days on Market: 148 days (Duval County averaged 109)
Median Sold Price: $265,000 (Duval County averaged $178,000)
Average Sold Price: $238,816 (Duval County averaged $219,000)

1st Quarter 2009
Unrenovated: 5 Sales (average $53/sq ft)
Renovated: 2 Sales ($169/sq ft)
New Construction: 0 Sales
Condo/Loft: 1 Sale (average $284/sq ft)
Average Price/Sq Ft: $105/sq ft
Average Days on Market: 98 days (Duval County averaged 113)
Median Sold Price: $153,000 (Duval County averaged $156,300)
Average Sold Price: $203,439 (Duval County averaged $187,609)

Overview
Like most neighborhoods, Riverside has seen a decrease in price, however it is still above the average sales price in Duval County. Similar to Springfield in the 1st quarter of 2009, Riverside has seen an increase in sales of homes needing renovation work. This is a good sign that investors are back in the market and an indication that they are smelling a bottom. Unlike Springfield, low inventory has helped this market keep from dropping further and I strongly beleive it will be the first Intown Neighborhood to make a strong comeback this year.

1st Quarter 2009 Springfield

1st Quarter 2008
Unrenovated: 3 Sales (average $30/sq ft)
Renovated: 2 Sales (average $98/sq ft)
New Construction: 2 Sales (average $126/sq ft)
Condo/Loft: 0 Sales
Average Price/Sq Ft: $77/sq ft
Average Days on Market: 166 days (Duval County averaged 109)
Median Sold Price: $210,000 (Duval County averaged $178,000)
Average Sold Price: $191,171 (Duval County averaged $219,000)

1st Quarter 2009
Unrenovated: 5 Sales (average $14/sq ft)
Renovated: 1 Sales ($89/sq ft, short sale)
New Construction: 1 Sales ($144/sq ft)
Condo/Loft: 3 Sales (average $130/sq ft)
Average Price/Sq Ft: $69/sq ft (the increase in unrenovated sales, pushed it down)
Average Days on Market: 126 days (Duval County averaged 113) (again, the increase in unrenovated sales pushed it down)
Median Sold Price: $107,500 (Duval County averaged $156, 300) (again, the increase in unrenovated sales pushed it down)
Average Sold Price: $108,858 (Duval County averaged $187,609)

Overview
Overall, Springfield is stabilizing. The number of unrenovated sales has picked up and that is pushing average price down and price/sq ft down. However, the fact that these homes are being picked up is a good sign that investors are out there again - many stayed away and were waiting for signs that the bottom hit. Although average price is down and sales are down, it is not by much. A good sign - new costruction price per square foot increased. This market is stablizing and as buyer traffic increases, so will prices again.

Urban Garden Renewal

One of the great things about living in an urban setting is the community. And there are many things that brings the community together. Springfield has its own community garden (open to those outside Springfield)that is actually expanding. This great article in the TU summarizes alot of the great pluses about community gardening and the many benefits. Way to go TU!

March 2009 Intown Real Estate Market Update

(I will put out a 1st Quarter comparison to last year, later this week.)

Springfield

Springfield had 8 closings in January. 7 of the properties needed complete renovation and sold for between $15,000 ($5/sf) and $62,475 ($15/sf). The other property that sold was a loft at 1951 Market; it sold for $120,000. Although this is a 62% increase in sales from February, it is hard to compare the two months since everything that sold needed renovation, with the loft as the exception. 16 new listings came on the market, with a total of 82 active listings now. This is a 19% decline in inventory since last month - a good sign. Of the 82, 25% are distressed, this is the same percent as February - also a good sign. 20 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.

Riverside

Riverside had 3 properties close in March. They ranged in price from $65,000 - $500,000. Zero closed in January and 4 closed in February, to give a comparison. The prices were $117,000 and $500,000. 18 new properties went on the market, making a total of 89 properties on the market, a 1% increase in inventory. 13% of the inventory are distressed properties, a 35% decline from February. 7 properteis are pending in Riverside now, the most expensive of which is a condo at Villa Riva listed at $820,000.

Avondale

Avondale had 6 properties sell in March, a 33% increase from February. The prices range from $190,000-$300,000. 37 new properties came on the market, for a total of 165 properties for sale, this is a slight increase in inventory from February. In addition, 19% of the inventory for sale is distressed, a 1% decline from February 2009. There are 15 properties in pending, the most expensive of which is $235,000 or $126/sf.

San Marco

March saw 6 closings, a 30% increase in sales from February. Prices range from $240,000 - $349,000. 32 new properties went on the market, making a total of 189 properties for sale. Only 6% of its present inventory are distressed properties. That is a 4% drop from February. 7 properties went under contract, the most expensive of which is listed at $329,900 or $196/sf.

Downtown

Nothing sold downtown in March. 6 new properties went on the market. One property is pending. There are 48 total properties for sale, a slight decrease in inventory.

Murray Hill/Lakeshore

17 properties closed in March. The prices ranged from $11,900-$179,000. 51 new properties came on the market, for a total of 227 properties for sale. 56 of them are distressed properties. 32 pended in March.

Open House Weekend

This weekend, I will be hosting several open houses in San Marco and Springfield.

If you are in the market, stop by. A list of homes and times they are open can be found here

Twilight Open House TONIGHT!

1934 Silver Street. 3 Bedroom/2.5 Bath with a garage and bonus room above. This house has been renovated with the best attention to detail. House also features mud room, butler's pantry, large mastersuite with seperate shower and jetted tub and his/hers sinks and private balcony. $275,000

Twilight Open House from 5pm-7pm tonight, light hors d'ouvres served


Possible Monthly Payment Scenarios (based on 5% 30 year fixed, principle & interest)
FHA 3.5% down: $1424/month
Conventional 10% down: $1328/month
Conventional 20% down: $1181/month

A National Bottom?

US Housing starts rebounded 22% in Feb. Could this be the beginning of the bottom nationally? Many analysts are thinking so, only time will tell. The starts are mostly for multi-family, as the rental market is surging. But building permits also rose and so did single family permits. Locally, we have been seeing a flatlining of price drops, the national number reflecting this is a good indicator that the country may be seeing this bottom.

more articles:
CNBC
Market Watch

Avondale Real Estate Stats: February 2009

Avondale continues to be the Intown Market struggling the most to get over the market hump.

Total Units Sold: 5
Detached: 4
Condo/Lofts:1
17% decline from last month
40% increase from February last year

Days on Market: 156
Detached: 157
Condo/Loft: 153
50% increase from last month
67% increase from February last year

Average Sales Price: $182,950
Detached: $198,188
Condo/Loft: $122,000
19% increase from last month
17% decline from February last year

Median Sales Price: $122,000
Detached: $120,000
Condo Loft: $122,000
10% decline from last month
43% decline from February last year

Average Sale Price/List Price: 90%
Detached: 89%
Condo/Loft: 95%
Same as last month
5% decline from February last year

2 of the 5 sales were REO.

In February, there were 144 homes for sale. This represents an inventory of 48 months for detached homes based on the current rate of sales over the last 6 months. This absorption rate continues to be Avondale's biggest challenge in overcoming the market hurdles. Inventory needs to drop or sales need to increase. You can see the market beginning to correct itself when you compare median sales price in February to last month and last year. To move some of the inventory, Avondale will have to continue to lower prices, this will also lower days on market and of course, increase the units sold.

In February, 22 new homes came on the market. Again, Avondale's inventory needs to decrease, not increase. During this time, 11 went into pending compared to 9 going pending in January. (Remember, just because a home goes pending does not mean it will close).

I am hopeful the second quarter Avondale will continue to lower prices and move some of the inventory. This is the only way prices will stablize and then begin increasing.

This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.

Springfield Real Estate Stats: February 2009

I know that my business in Springfield really picked up in February. The 2 condos that sold were my buyers. I have 5 properties in Springfield pending now, this is all very encouraging news and looking at the stats, it appears that the market here is leveling out.


Total Units Sold: 3
Detached: 1
Condo/Lofts: 2

Days on Market: 184
Detached: 404
Condo/Loft: 74

Average Sales Price: $88,000
Detached: $44,000
Condo/Loft: $110,000

Median Sales Price: $95,000
Detached: n/a
Condo Loft: $110,000

Average Sale Price/List Price: 93%
Detached: 68%%
Condo/Loft: 97%

Sales remained the same from January to February - 3. This is also the same number of sales in February 2008 too. 33% of the sales in February 2009 were REO. This is a decline from January.

In February, there were 63 homes for sale. This is a 22% decline over the previous month, encouraging. This represents an inventory of 18 months for detached homes and condos based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.

In February 24 new homes and conods came on the market. During this time, 7 went into pending, compared to 11 going pending in January. (Remember, just because a home goes pending does not mean it will close).

This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.

Twilight Open House TONIGHT!

This evening's Twilight Open House is at 325 Cottage in Historic Springfield from 5pm-7pm. The house is a renovated 4 Bedroom/3 Bath with a wrap around porch. The list price is $252,700.

Some Monthly Payment Scenarios (based on 5% 30 year fixed)
$1309: FHA loan with 3.5% down, principle and interest
$1220: Conventional loan with 10% down, principle and interest
$1085: Conventional loan with 20% down, principle and interest

(wine and light hors d'ouvres served)

Welcome the Ratliff's to Murray Hill!

Jeremy and Elisa are the newest residents of Murray Hill. First Time Homebuyers and a joy to work wtih! CONGRATULATIONS!

Springfield Community Garden

The Springfield Community Garden is moving to a new spot that is larger and has better access to water - very necessary! The new spot is located at 1425 Laura Street. If you are interested in participating, please contact me at here

The garden is welcome to those who live outside the Springfield area

Homeowner Affordability & Stability Plan

President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with loan modifications.

What to do:
If you are currently delinquent or struggling to keep current, you may be eligible for a modification on your current loan. Contact your mortgage holder and seek insturction from them. Prior to your call, you should gather the information that you will need to provide to them. This includes:

Information about the monthly gross income of your household, including recent pay stubs or documentation of income you receive from other sources
Your most recent income tax return
Information about any second mortgage on your home
Payments on each of your credit cards, if you are carrying balances from month to month
Payments on any other loans, such as student loans and car loans

Spring 2009 Open Houses

March kicks off open house season. I am going to try several new approaches to the "open house" concept this year. In addition to my traditional open house that I am going to hold open for a cute historic condo on the river I have listed in San Marco ($170K), I am going to hold a Progressive Open House and several Twilight Open Houses in Springfield.

The Progressive Open House works like this: several houses in the same neighborhood and in the same price range are open for 20 minutes each with 10 minutes in between for getting to and from the houses. This way, a buyer can see 3 houses open instead of the typical 1 that a Realtor would hold open.

The Twilight Open Houses will be held Thursdays in March from 5pm-7pm. Wine and hors d'ouvres will be served and you can stop by after work. That way if you have plans for the weekend and can't make a traditional open house, you can take a few minutes during the week to see a home that may interest you.

For the March schedule, click here

February 2009 Intown Market Update

Springfield

Springfield had 3 closings in January. One of the properties needed complete renovation and sold for $44,000. The other two properties that sold were lofts, with the average square price at $120/sf. This is a 40% decline from January 2009 sales. 17 new listings came on the market, with a total of 102 active listings now. Of the 102, 25% are distressed. 22 properties are pending in Springifeld and 7 of those went under contract in February. The most expensive property in pending is a new construction home listed at $289K.

Riverside

Riverside had 4 properties close in February a definate improvement over January which saw no closings. 8 properties have pending contracts. 15 new properties went on the market, making a total of 82 properties on the market, a 41% increase in inventory. 20% of the inventory are distressed properties, a 3% decline from January.

Avondale

Avondale had 4 properties sell in February, same as January. 23 new properties came on the market, for a total of 160 properties for sale, this is a slight increase in inventory from January 2009. In addition, 11% of the inventory for sale is distressed, a 2% decline from January 2009.

San Marco

February saw 4 closings, a 50% decrease in sales from January. 3 properties went under contract. 32 new properties went on the market, making a total of 177 properties for sale. Only 10% of its present inventory are distressed properties.

Downtown

2 properties sold downtown. One at the Churchwell Lofts sold for $210,000 and was about 1200 sf. The other at Parks at the Cathedral sold for $180,000 and was around 1800 sf. Two other properties are pending. There are 51 total properties for sale.

Crist's Proposal at the Local Level

Gov. Crist's goals for the spring lawmaking session include four separate tax proposals that would go before voters on the 2010 ballot, when he himself would be seeking voters' favor as a candidate for re-election.

His proposal to increase the homestead exemption for First Time Home Owners to 50 percent of the market value of the home is running into alot of opposition state-wide. And for good reason. Locally, the only market that is strong is the First Time Home Buyer market. This is because prices have dropped significantly and home ownership has become more affordable. Since the real estate decline, 90% of my business is coming from first timers.

Locally, we need a stimulus for those who are already homeowners and whose homes have lost value or who need to move but can't sell their home. An additional tax break for first timers will just create even more demand in the lower price ranges driving prices even lower (most first timers have a single income and are at an earlier point in their careers so their entry level price is usually below $200K). One of the main driving factors in price reductions I have seen in the past 2 years is an attempt by sellers to get their property into the range of first timers since that is such a strong market.

Crist should focus on the market that is suffering from the real estate decline and leave the market that is working alone.

Getting Through the Home Inspection on a Historic Home

The home inspection either makes or breaks the buyer - either you are an old house person or you find out you aren't. I can generally get a feel while I am working with someone if they are or aren't and counsel them one one or the other. Sometimes, however, buyers love the romance of owning a historic home and they want to go in that direction no matter what I say.

If you are thinking you want to buy a historic property, keep in mind - it is an old house. Yes, it may have been updated or renovated - but it is STILL an older house. Most contracts negotiate a cap on repair money. This is all the seller has to do - they aren't contractually obligated to put more money into repairing the house than what is negotiated up front. That being said, they also aren't obligated to fix "cosmetic" items or bring the house up to code. All they are required to do is to make sure the systems (electric, plumbing, etc) are functioning.

The biggest mistake I see buyers of historic homes make is that they go into the home inspection thinking the house is going to "pass" or "fail." That isn't what the home inspection is intended to do and you will be sorely disappointed as all homes will most certaily "fail."

Purchasing a house isn't like purchasing a car - houses, even new ones, aren't perfect. There are always going to be items that the owner can upgrade or fix or make work better. The purpose of the home inspection is to let the buyer know what they are getting into. Many items can be fixed down the road. And, because houses are like living organisms, always changing, many more items will come up as the buyer lives in the house.

If you want to purchase a historic house, look to the home inspection to make sure the systems are properly functioning - everything else is just part of the expense and upkeep of homeownership.

Gap Between Pending Contracts and Sales

Due to declining confidence and volatile underwriting, many areas of Jacksonville are seeing a widening gap in the number of contracts that pend every month compared to the number that actually close. It is known as the 11th hour back out. In fact, nationally, this gap is widening. It is evidenced by comparing pending home sales and existing home sales throughout 2008. The Pending Home Sales Index is based on signed real estate contracts while existing home sales are based on closed transactions.

Jacksonville's Intown Neighborhoods aren't seeing this trend as much as some other areas. While there is a gap, it does not appear to be widening, indicating buyers are more qualified and feeling more confident. This could be because although value has declined, buyers still see the long term investment potential of buying closer intown. A narrowing of this gap would indicate a trend toward economic improvement.

Sorry the image is so small, if you click on it, it will enlarge it nicely.

Churchwell Lofts

When I say "Churchwell Lofts," it seems people either have no idea what I am talking about or they wonder "what happened to that project?" The project has been moving forward, however the marketing has missed its mark. Of course, it didn't help that the exterior of the building was a construction zone for what seemed to be forever. If you visted the Partisan the Sea poster show, then you saw the commercial space below that is still being worked on Recently, prices have dropped making these one of the best buys intown, which is why I decided to make a post about it. No one knows about this COOL, AFFORDABLE building!

Located just off the river on Bay Street in downtown, this fabulous 21-unit historic building has everything any urbanite would love. Historic architrectural character and modern amenities include: 15' ceilings, original hardwood floors, exposed beams, tin ceilings, brick walls, and state-of-the-art kitchens and baths. There is also a rooftop terrace with a summer kitchen and grill.

There aren't many true loft spaces in Jacksonville - yet. And it seems that affordability is what is driving the lofts projects that are selling. With the price drops that Churchwell is now offering, I anticipate seeing these properties selling much quicker. Prices now range from $150,000-$498,000.

Springfield Chili Cookoff

If you haven't already heard, the Chili Cookoff is this weekend - lots o fun! It is this Saturday, Feb. 28 from 1-4, sponsored by the Springfield Wine Society. The winner will be announced toward the end. It is at the Women's Center, 210 W 7th Street.

If you haven't been before, check it out

Moratorium on Foreclosures

Several of the big banks announced a moratorium on foreclosures into March. J.P. Morgan Chase, Wells Fargo, Bank of America, SunTrust and Citigroup Inc. have agreed to halt home foreclosures while the federal government works out a plan to stabilize the nation’s banking industry.

This is great news and once again illustrates that banks do NOT want to own property. There has been alot of controversy over Obama's Homeowner Stability Initiative. I know that there are alot of homeowners who pay their mortgage on time and who are concerned that this plan means that they are bailing out their neighbors. However, the cost to those same homeowners will be even greater if they let their neighbors fall into foreclosure. If the number of foreclosures on the market does not go down, home values will continue to slide down - and that affects every homeowner.

In the past several months, I have met with alot of people who are struggling with their mortgages. People fall behind on mortgage payments for a variety of reasons. Illness, divorce, job situation, death of a loved one...all human tragedies that could affect anyone at any time. My heart goes out to these people and it becomes more and more difficult to counsel them and not be emotionally effected.

Around Christmas time, I found my neighbor passed away in his yard. His wife now struggles to carry that morgage by herself - she cannot sell the house in this market without short selling it. She may go into foreclosure. I don't know if they had life insurance or how much it may have been for, but I know she is struggling.

As nieve as it sounds, living by the golden rule can only beget good kharma to those who choose to live that way. Helping those around us who may be financially struggling can only help to stabliize our own property values. That is why it is refreshing to see big banks behave in such a manner. The moratorium's length of time is not very long, but it is a breath of fresh air to see corporate America attempting to divert further tragedy to us ALL.

Home Values 4th Quarter 2007 vs 2008

So this morning I got this report from zillow.com stating that Jacksonville has seen an 11% drop in home value from the 4th quarter of 2007 compared to the 4th quarter of 2008. I did some quick calculations and overall, the Intown Neighborhoods have seen the same drop when taken collectively as a whole.

Individually, Springfield is the bright spot with a 16.5% increase in value.

Zillow.com also reported the average value at $148,000. The Intown Neighborhoods are all much better than this:
Springfield is at $198,420
Riverside/Avondale is at $202,311
San Marco is at $345,525

Like other urban neighborhoods around the United States, Jacksonville's urban neighborhoods, while seeing a decrese in value due to general market conditions, are still overall retaining more value than other neighborhoods. This is due to a general trend back into urban centers that will continue into the next few decades as Americans become more conscious of the benefits of urban living such as: walking distance to restaurants and shops, front porch neighbors, conservation of energy, etc.

Economic Stimulus Package as it Pertains to Housing

The following lengthy summary was sent to me by my broker. Again, its long, but it goes over everything in the package as it relates to housing. I'll use the next few posts to go over how this may impact our local Intown Markets.

There are several provisions in the overall stimulus package that will be beneficial and help stimulate demand for housing.
Chief among these is an $8,000 home buyer tax credit for new home buyers. While we are disappointed and would have preferred a more enhanced tax credit like the Senate version, the conferees did retain some key elements from the Senate and made other modifications that are beneficial to home buyers and home builders. For qualified home purchases in 2009, the legislation:

· Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer;

· Keeps the tax credit refundable, or claimable regardless of tax liability;

· Extends the sunset date from July 1, 2009 until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall buying months;

· Allows tax credit home buyers to participate in the mortgage revenue bond program; and

· Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.

While much of the industry's focus was on the home buyer tax credit, there are several other important components in the legislation that will help small businesses and bolster the housing market. H.R. 1, the American Recovery and Reinvestment Act of 2009, will:

· Help home borrowers in high-cost markets by extending the 2008 FHA, Fannie Mae and Freddie Mac loan limits of $729,750 through the end of this year;

· Temporarily allow exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects;

· Provide up to a 10-year deferral of tax due to business debt restructuring;

· Expand the net operating loss carry back period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the prior 3 years) for losses arising in tax year 2008;

· Extend the 25C existing home remodeler credit through the end of 2010, increase the credit rate from 10 percent to 30 percent, raise the lifetime cap from $500 to $1,500, and expand the set of qualifying property;

· Provide an Alternative Minimum Tax patch for tax year 2009;

· Increase bonus depreciation and Section 179 small business expensing for business investment in 2009;

· Increase New Markets Tax Credit allocating authority for 2008 and 2009; and

· Delay for one year the start of the 3 percent government contractor withholding requirement (from 2011 to 2012).

Once the bill is signed into law, NAHB will be reaching out to Realtors to provide information and marketing tools to make home buyers aware of the tax credit and to help builders utilize other aspects of the legislation in order to maintain and/or grow their businesses.

Keep in mind this stimulus legislation is just a first step and we know it is far from perfect. Rest assured, NAHB will leave no stone unturned until the housing market gets back on track. In the days, weeks and months ahead, NAHB plans to work closely with the Congress and the Administration on a host of issues to achieve these aims. Our primary focus will be on efforts to:

· End the credit crunch, particularly as it relates to acquisition, land development and home construction lending;

· Mitigate foreclosures; and

· Further reduce mortgage interest rates to stimulate home buying.

Key Provisions of the American Recovery and Reinvestment Act

Tax Provisions
. $8,000 first-time home buyer, true tax credit (no repayment) for the purchase of a principle residence between January 1 and December 1, 2009. Recaptured if home is sold within three years. Removes the restriction on the use of tax credit proceeds with Housing Finance Agency-issued tax exempt mortgage revenue bonds.
. Short-term gap financing for Low Income Housing Tax Credit (LIHTC) projects:
1. Provision allowing states to turn in portion of 2009 LIHTC allocations for cash.
2. Special appropriation of $2 billion in HOME funds.
. Up to a ten-year deferral of tax from business debt cancelled as part of a repurchase or restructuring.
. 5-year carryback of 2008 net operating losses for businesses with gross receipts of less than $15 million (three year average).
. Extension of enhanced bonus depreciation.
. Extension of increased small business expensing.
. Enhancements to the section 25C program for energy efficiency remodeling improvements to existing homes.
. One-year patch of the Alternative Minimum Tax.
. Increase New Markets Tax Credit allocating authority for 2008 and 2009.
. Delays for one year the start of 3% government contractor withholding requirement.

Appropriations Provisions
. $2 billion for full year payments to owners of Section 8 project based rental assistance properties.
. $2.25 billion through HOME program and Low Income Housing Tax Credit program to fill financing gaps.
. $1 billion for CDBG.
. $2 billion for Neighborhood stabilization program.
. $1.5 billion for homelessness prevention activities (help with rents, etc).
. $250 million for energy retrofitting and green investments in HUD assisted projects.
. $1 billion for Section 502 direct loans under the Rural Housing Service.
. $10.4 billion for Section 502 guaranteed loans under the Rural Housing Service.
. $27.5 billion for highway spending.

Other Key Provision
. Increases in FHA, Fannie Mae and Freddie Mac loan limits to 2008 levels.

San Marco Real Estate Stats: January 2009

Total Units Sold: 9
Detached: 8
Condo/Lofts: 1

Days on Market: 70
Detached: 77
Condo/Loft: 11

Average Sales Price: $286,000
Detached: $269,250
Condo/Loft: $420,000

Median Sales Price: $225,000
Detached: $250,000
Condo Loft: 420,000

Average Sale Price/List Price: 93%
Detached: 91%
Condo/Loft: 100%

Sales increase 22% in January from December of 2008. None of the sales in January were REO, however 20% were short sales.

In January, there were 133 properties for sale. This represents an inventory of 18 months based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.


In January 18 new homes came on the market and 6 new condos. During this time, 6 homes went into pending (0 condos) compared to 7 going pending in December (only 5 have closed.)

This overview of the San Marco real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific neighborhood of San Marco.

Springfield Community Garden

One of the great things about living intown is access to parks and open spaces. These things are bikable and walkable because everything is so close together. A lot borrowed from The Pearl has been converted into the Springfield Community Garden by my friend Jennifer. Jennifer has recently moved out to work on a local organic farm, but the garden is doing really well. I have my own plot and often grow my own vegetables from seed

Here are some recent pickings:




Not only does the garden serve to beautify a vacant lot, but it acts as a place for the community to come together,and it is also a great way to learn new gardening techniques from each other.

Community gardens are another great way to eat locally and try new heirloom varieties or specimens that you might not get in the store.

If you are interested in the Springfield Community Garden and want info on participation then email me here

Avondale Real Estate Stats: January 2009

Total Units Sold: 6
Detached: 6
Condo/Lofts:n/a

Days on Market: 77
Detached: 77
Condo/Loft: n/a

Average Sales Price: $147,833
Detached: $147,833
Condo/Loft: n/a

Median Sales Price: $136,000
Detached: $136,000
Condo Loft: n/a

Average Sale Price/List Price: 90%
Detached: 90%
Condo/Loft: n/a

Sales decreased 53% in January from December of 2008. None of the sales in January were REO, however 16% were short sales.

In January, there were 129 homes for sale. This represents an inventory of 14 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.


In January 39 new homes came on the market. During this time, 9 went into pending compared to 11 going pending in December. (Remember, just because a home goes pending does not mean it will close).

This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.

Africa's Daughters Documentary

cool documentary showing at FCCJ DOWNTOWN tonight - FREE

http://www.experiencejax.com/event_dates/410806?month=2&year=2009

Springfield Real Estate Stats: January 2009

Total Units Sold: 3
Detached: 3
Condo/Lofts:n/a

Days on Market: 110
Detached: 110
Condo/Loft: n/a

Average Sales Price: $149,667
Detached: $149,667
Condo/Loft: n/a

Median Sales Price: $36,000
Detached: $36,000
Condo Loft: n/a

Average Sale Price/List Price: 89%
Detached: 89%
Condo/Loft: n/a

Sales decreased 50% in January from December of 2008. 66% of the sales in January were REO.

In January, there were 81 homes for sale. This represents an inventory of 18 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.


In January 16 new homes came on the market. During this time, 11 went into pending (one of which fell through and is active again), compared to 20 going pending in December. (Remember, just because a home goes pending does not mean it will close).

This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.

Intown Real Estate: January 2008 vs January 2009

Below are some stats comparing January 2008 and January 2009

Springfield:
Active Listings increased 7%
Days on Market decreased 43%
Average Sales Price increased 23%
List Price vs. Sold Price increased 30%

Riverside:
Active Listings decreased 3%
Days on Market decreased 38%
January 2009 saw no closings in Riverside, so Average Sales Price and List Price vs. Sold Price unavailable

Avondale:
Active Listings decreased 10%
Days on Market decreased 31%
Average Sales Price decreased 31%
List Price vs. Sales Price decreased 1%

San Marco:
Active Listings decreased 14%
Days on Market decreased 34%
Average Sales Price increased 71%
List Price vs. Sales Price decreased 2%

Rebuilding America: Infrastructure

On February 4, 2009, the American Planning Association conducted a Regional Field Hearing in Tallahassee to identify major issues of regional concerns related to infrastructure policy and investment. 6-10 meetings will be held across the nation.

"APA's National Infrastructure Investment Task Force has been created to evaluate current conditions and challenges affecting the nation's vital infrastructure, develop a new vision for that infrastructure, and identify recommendations for changes in public policy and planning practice.

The task force steering committee will include the chairs of six sub-committees, focused on the topics of transportation, water, energy, technology and telecommunications, public facilities and green infrastructure."

Upon completion of the Regional Field Hearings, APA will issue a Town Hall Toolkit and Policy Recommendations to assist local chapters.

Hard Times and Preservation Go Hand in Hand

So this weekend I had to make a trip out to the Town Center (my I-Pod I had for 9 weeks quit working, so I had to go to Apple). I RARELY venture out there. I get mad everytime I do. I just don't understand why development incentives aren't given for downtown commercial development. Why direct development southward when you have ready-made infrastructure ready to go!? (and don't feed me lines about parking - plenty of cities across the US develop and encourage development of their urban cores with all their "limited" parking). But that is another post.

This article in the NY Times can easily be directed at some of the tear-down mentality that has been seen locally. As this country tries to shift into a more green economy, so must development. And it is going to happen whether developers want it to or not - it is what saavy buyers want. In the real estate industry, there is a huge trend back in-town for empty-nesters and the "creative class" - people who work in the economy of information and knowledge rather than manufacturing. This trend is continuing, even in this slow market. Buyers are continuing to buy in Jacksonville's urban core - they love the historic homes and the established communities - now if only the city would GET ON BOARD and encourage development and redeveopment in its urban core, you know, simple things, incentives to encourage business, public transportation, tighten the urban growth boundary (up instead of out), and preserve and re-use what is ALREADY here! And guess what? In the long term - smart growth saves MONEY too!

Housing Stimulus...

So if you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. If so, this could mean a real turn around in the real estate market.

Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

In addition, today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on the real estate market. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.

These provisions will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.

Please contact our US Senators, Bill Nelson, and Mell Martinez and our representatives, Corrine Brown, to let them know that you believe these provisions are essential components of any stimulus bill.

The outcome of this legislation will have a lasting impact on us all, even if you aren't currently a homeowner, but may be in the future.

5 Seller Myths I Have Lately Encountered

Myth 1: Now is the worst time to sell
This is where understanding your specific micro-market is so important. Even beyond Jacksonville's market - what is happening in your neighborhood? Also, if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.

Myth 2: Don't respond to low-ball offers
Understand that buyers today feel obligated to start the converstation this way. It doesn't mean they won't negotiate. If you respond with a reasonable counteroffer, then the buyer will usually come back up to a reasonable dialogue.

Myth 3: There will be a better offer, I will wait.
More often than not, the first offer is the best you will see. Try to come to terms with that buyer.

Myth 4: I will reduce the price later, let's test the market with this higher price.
I see this one all the time. Alot of sellers want to price the home high in the first few weeks to see what happens. But buyers shop by price bracket and if you are priced in the wrong bracket, you will make everyone else's proeprty look like a good deal and everybody else's property will sell instead of yours. Reducing your home in small increments puts you in a position of chasing the market instead of jumping in front and selling for the highest amount in the quickest time period.

Myth 5: I don't need to do anything to sell my house but get it listed with a Realtor.
Oh yes you do. With so many homes on the market for sale, your house needs to present as good an image as possible. Put up the clutter, personal items, and most importantly CLEAN the house. Your house needs to look like a model home to sell for the most amount of money in this market.

5 Buyer Myths I Have Lately Encountered

With so much negative press out there about the national real estate market, I see alot of fear in my buyer's eyes lately. Here are 5 Real Estate Myths that I am noticing my buyers lately have:

Myth 1: The longer the house is on the market, the more the seller will negotiate. Most of the time, the seller is stubborly holding on to a price that the market isn't responding to. Ask your agent to look at the listings history, seller's mortgage information in the public records, and to ask the seller's agent why the seller is selling. Then try to determine how motivated the seller is.

Myth 2: Sellers today are desperate.
To find out how "desperate" a seller really is, it comes down to their motivation. A seller who has 3 months to move maybe more motivated than a seller who wants to move to a larger house. Again, have your agent do some digging.

Myth 3: You need 20% down to purchase a home.
If you are a first time homebuyer, there are many programs offered for down payment and closing cost assistance. You would be surpirsed at the income requirements. Also, FHA requires only 3.5% down and you can ask the seller to pay closing costs.

Myth 4: You need to have good credit to get a loan
Check on FHA loans. Also, if your credit is too bad for an FHA loan, start working with a lender to work on your credit and get it where it needs to be. They can be a great resource for guidance so that even if you can't buy now, maybe in 6 months you will be able to

Myth 5: You shouldn't buy before the bottom has hit.
No one can predict when the bottom has hit until it is gone and on the upswing. Only after it is in the rearview mirror can analysts see it and say "oh, there it was." If you are ready to buy now, then make the move. Prices and rates are at historic lows. If you keep waiting for the bottom, I guarantee you will miss out.

The last thing I can suggest if you are thinking about buying is to keep up with your local market. The Intown Neighborhoods in Jacksonville are their own markets and many are in the recovery phases. Don't let national news dictate your decision, get to know your local market.

Home Buying Seminar

Thinking of buying? February 7, 2009 Home Buying Seminar 10am

Learn a simple 10 step home buying process
First Time Home Buyer? You may be able to get in for $500 down
Learn about closing cost and down payment assistance programs
Learn about THIS economic market and how to navigate it
Learn about the Intown Markets
Learn about the loan process

Send me an email to register

January 2009 Intown Market Update

Springfield

Springfield had 5 closings in January. Four of the properties needed renovation and one new construction, so average sold price is tweaked. This is a 9% decline from December 2008 sales. 14 new listings came on the market, with a total of 85 active listings now. Of the 85, 20% are distressed. 15 properties are pending in Springifeld and 8 of those went under contract in January.

Riverside

Riverside didn't have any closings in January, however, of the 5 properties in pending, 4 went under contract in January. Nine new properties went on the market, making a total of 48 properties on the market, 23% of which are distressed properties.

Avondale

Avondale had 4 properties sell in January with an average sales price of $143,750. That is a 34% decrease in number of sales from December 2008. 33 new properties came on the market, for a total of 140 properties for sale. Of all the Intown neighborhoods, Avondale seems to be the one struggling the most with high inventory and it is because of this that I anticipate this neighborhood will continue to see a price decline in 2009. In addition, 13% of the inventory for sale is distressed.

San Marco

San Marco is seems to be pulling out of the down market the quickest of the Intown Neighborhoods. January saw 8 closings, a 6% increase in sales from December. The average sales price was $269, 250. Only 9% of its present inventory are distressed properties.

Navigating Short Sales, REO's, Pre-foreclosures

Ok, so we all know there are alot of short sales, pre-foreclosures, and foreclosures on the market. And purchasing one of these properties is a different process than a non-distressed property.

And there are so many on the market, if you are buying, you can't ignore them. For instance, in Riverside/Avondale 15% of active listings are distressed. In Springfield, 20% are and in San Marco 9% are. So lately, many of my buyers have been asking me how to navigate these. So here is the skinny:

What is the difference?
A short sale occurs when the seller owes more on the home than the home is worth in the current market. Any offer for purchase must be approved of by the bank and the seller's agent must make the case of the money owned being less than market value. Most banks will accept a short sale - it saves them time and money in the foreclosure process, which is generally where the seller is headed.

A pre-foreclosure is a property where the mortgage has become delinquent and is heading down the path to be foreclosed on by the mortgage holder. Anytime a homeowner becomes delinquent on their mortgage, and the delinquency hits the 90 day mark, that is when the mortgage holder can legally begin the foreclosure process. The entire time between the 90 day mark and the say the property goes to the foreclosure auction at the county courthouse steps is considered the pre-foreclosure stage.

A foreclosure is a property that is now bank owned.

Can Anyone Buy These Properties?
Yes. However, sometimes they are more difficult to finance because of the condition. Homeowners not able to make mortgage payments are generally not able to keep up with repairs on the home either. Most buyer's lenders and insurance companies will require the home to be in a certain condition. The seller or bank-owner in one of these scenarios is also generally not in a position to make repairs prior to close. Therefore, the purchaser of one of these properties should look into loan products that accomodate these types of scenarios. Wells Fargo is offering a great product right now, the Remodel Express, that can get one of these homes closed. Contact Wells Fargo loan officer, Mark Hendryx, for more information.

Also, first time home buyers getting any type of closing cost or down payment assistance money should steer away from these types of properties as they will not work in conjunction with the programs.

What Are the Positives and Negatives Associted with Purchasing One?
Time is a big factor. Generally because a bank or bank approval is involved, these properties can take several weeks to get a response back on an offer. In additon, once under contract, they can take 60-90 days to close, again because of the bank bureaucracy.

In addition, as mentioned above, the condition of the property can often be an issue with the buyer's lender and insurance company.

On the positive side, with patience and persistence, the purchaser can get a great deal.

Home Sales Rise in December As Buyers Grab At Bargain Prices

So I was inspired by this bit o national news to look at our little mirco-markets and see if this is true locally too. I know that personally, I had more closings in December over November, but how did the local markets overall do?

They performed in the same way. In fact, Springfield and Riverside both saw a 66% increase in sales, Avondale saw a 70% increase and San Marco saw a 53% increase.

This goes along with the 2008 Market Analysis (email me for a copy). To summarzie the Analysis, it appears that at the close of 2008, these markets are starting to see price and inventory stablization. So an increase in sales would be expected as well.

I continue to have optimism for 2009, as long as we don't get hit with a plethora of foreclosures to raise inventory again and drive prices back down, I think that intown Jacksonville is on the way to recovery. 2009 will probably see a continued stabilization of prices and I am hopeful for some vlaue increases toward the end of 2009 beginning of 2010.

Take A Good Look Jax

So one of the best things about being a Realtor in Jacksonville is all the cool architecture that I get to see. I grew up in Tampa, daughter of an architect/urban planner, and while we've got lots o cool architecture down south, who knew Jacksonville had it up here? In fact, Jacksonville's architecture is one of it's best kept secrets in my humble opinion. Here is one of my favorite details, a curved eave, don't see that often:





Now the really sad thing is that I think the investors who own this house are going to start renovating soon. I have seen the work they do and this sweet little detail will probably not survive. So take a good look Jax, another one bites the dust.

Thinking About Greening Your Home?

Interest in environmentally sustainable housing is increasing nation-wide. If you are thinking about some home improvement projects that will make your home more sustainable but aren't sure what to do that will be good for the re-sale side, here are some of the top "greening" trends:

Copper Roofs: Copper and copper alloys, such as brass and bronze, are showing up on roofs, entryways, facades, gutters, and downspouts. Despite being quite pricey to purchase and install, they’re seen as a good long-term investment because they tolerate inclement weather. They can last up to 100 years and copper elements can be completely recycled.

Low-emittance (Low-E) windows, doors, and skylights offer natural light while blocking the sun’s UV rays that heat up the inside of a home, sometimes necessitating air conditioning. When shopping, look for low-e products that block 70-90%. Remember, if you choose to replace your historic windows: DON'T THROW THEM OUT! Give some to an artist to turn into a wall piece or turn one into a tabletop or donate them to a salvage shop - they aren't trash!

Rainwater Holding Tanks: Capturing rainwater and storm runoff helps reduce the burden on local sewer systems and captures water that can be used in other ways, such as for watering the yard or flushing toilets. A rainwater cictern and detention tank can recycle, reuse, and absorb 95% of stormwater on a site.

Chemical Free Lighting: LED lighting (LED stands for light emitting diodes) is a semiconductor that emits light when an electric current is applied. One big advantage: It contains no hazardous chemicals like other lighting does. In addition, an LED fixture uses 80 percent less energy than a traditional incandescent light bulb and has the ability to last up to 20 years,

Green Toilets: New green toilets conserve water in different ways: low-flow toilets use about 20-percent less water per flush, dual-flush toilets with two buttons give home owners the option of flushing with a half or full tank, and pressure-assist toilets reduce water usage by half and yield a powerful whooshing sound.

Induction Cooktops: Unlike traditional cooktops that heat up the cooking surface, the coils of an induction cooktop release their energy directly to the pot or pan and its contents. That means less energy is diffused in the cooking processes. It also means that the cooktop surface remains cool to the touch, making it less likely that cooks or kids will burn themselves.

Attic Heat Blocker: TechShield roofing panels, produced by LP Building Products in Nashville, stop the domino effect of inefficient roofing material. Poorly insulated roofing lets radiant heat into the attic, which then spreads throughout a home and requires the owners to turn on the air conditioner. By contrast, TechShield blocks up to 97 percent of the radiant heat, reduces the attic temperature 30 degrees, and cuts energy consumption and carbon gases as a result

Reclaimed Wood Countertops: Fast-growing plants like bamboo, and already-cut woods that aren’t being used, find new life as gorgeous countertops

Nontoxic Paint: To keep indoor air clean and cut down on landfill pollutants, many consumers are using paints that don’t contain toxic Volatile Organic Components, or VOCs. These paints come in a variety of colors and finishes, and are offered by mainstream paint companies, from Sherwin Williams to Benjamin Moore. But for a more unique look, check out Italian-made Oikos paints, which come in 26 unusual finishes such as Venetian Stucco, Velvet, and Pearl

Insulation: Get an energy audit. A JEA representative will inspect your home and then offer cost-effective ideas designed to help lower energy costs. We also offer free water management evaluations. Services are available during business hours and early evenings by calling (904) 665-6000 or (800) 683-5542. Simple weather-stripping and blown-in cellulose insulation in the walls and attic can often address this problem.

Walk Score

Getting Started

Welcome to Jacksonville's most comprehensive blog focusing on real estate in the urban core - historic and new, condo, loft, you name it. Downtown, Riverside, Avondale, Springfield, San Marco, Murray Hill, Northshore/Panama Park. I'll keep it updated not only with neighborhood specific info, but general real estate questions that come up (email me any you may have too), community news I hear about that affects these communities, good real estate deals, real estate sales data, micro-market info, first time home buyer info, and much more.

Coming up February 7th: Home Buying Seminar at 10am (send me an email for registration info) followed by 20+ Homes Open For Sale in Springfield 11am-1pm.

Some great new stuff to check out if you live intown are Steamworks over on Lomax, next to Saki House. They've got the best wings, I swear. This is a welcome addition to Five Points. Also, exciting over in Riverside is the RAMarket, which will start this Spring, an artists market in Riverside - is Jacksonville really becoming so progressive?