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.