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.
Friday, January 30, 2009
Thursday, January 29, 2009
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.
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.
Wednesday, January 28, 2009
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.
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.
Tuesday, January 27, 2009
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.
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.
Monday, January 26, 2009
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.
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.
Sunday, January 25, 2009
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?
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?
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