IntownJacksonville

National Real Estate Trends and How They will Affect Our Local Markets

2011-12-31T07:22:00.004-05:00

2012 seems to be bringing a much more stable real estate market. Prices are low and will continue to be low, and demand is there. This all leads to market trends emerging and those trends seem to pointing in the direction that markets will develop for many years to come.

The financial markets have made it more difficult to obtain financing, which means more money down, making homeownership more difficult for working families, singles, and first time home buyers. The new generation of home buyers is lookig at small-scale, affordable, walkable, urban communities. This is at the same time that baby-boomers are looking to down-size and also move to smaller scale, and more walkable communities. Both groups of buyers want smaller, higher quality, lower-maintenance homes in settings in which they easily know their neighbors.

This trend is evident in the direction that many developers and architects are taking as they design new developments. The communities are higher-quality and walkable with housing that requires less maintenace and is more energy efficient.

The dialoge of smart growth and issues around food supply and organic gardening are collectivley pushing toward these unique projects that orient toward collective parkspace or a shared garden with walkablity and community as key elements.

How will these trends affect Jacksonville's local markets? Outside of the urban core, new developments will be smaller and designed to mimic properties of urban core development: walkablity, park and shared garden space, small-scale. Many of Jacksonville's intown communities were developed prior to the automobile and are already walkable with parkland woven in. Community gardens have been popping up and will continue. There is also a srong push for urban ag policies, which many cities have already adopted. Buyer demand will remain strong here as long as affordablity remains low. The interest in energy-efficiency will continue to grow and could give certain properties an edge, as long as costs remain reasonable too (building green and building smart are often the same thing and can save a lot of money).

Looking to the future, our intown neighborhoods can only grow stronger if we push our communities to develop more progressive policies toward sustainable development, supporting local food movements, and to remain affordable with mixed use. This is what the next several years of buyers want and we can provide that.

First House in Jax to Receive Mothballing COA OPEN HOUSE

2011-12-29T08:49:00.002-05:00

The legislation that created a Mothballing COA is a huge win for Jacksonville's historic districts. The COA allows owners a way to properly board and secure vacant homes that they cannot afford to renovate at this time. If properly boarded and secured, these homes can last many years until the market comes back.

Previously code enforcement was declaring these structures unsafe and having them torn down - yes, in National Historic Districts. Many of these homes were not structurally unsound as code enforcement claimed and many engineers were brought in to counter code enforcements claims (code enforcement officers are not engineers).

The house on Walnut was structurally sound. In fact the owner was meticulously restoring it. He salvaged all the doors and had taken the house down to the studs and removed ALL the nails - NOT an easy task as wood that old tends to begin petirfying. He had taken all the trim off and marked each one so that he could put it back in the right spot. This attention to detail isn't something that can de done overnight and code had given him half a mil. in fines. Restoring the house no longer made economic sense and code was going to force him to have the house torn down - even though it was in a National Historic District and structually sound.

So, he donated the house. The new owners applied for the first mothballing COA under the new legislation. They are going to hold an open house on January 8, from 3-4:40. Please stop by, the house in on Walnut Court. Just off of Walnut Street between 7th and 8th. There will be wine and cheese and you can take a look at what one of these old beauties looks like inside when it is well cared for and before it has been renovated.

Exploring the Historic Districts During the Hoidays

2011-12-01T08:44:00.002-05:00

This weekend kicks off the Holiday Home Tours season in Jacksonville's historic districts. This Saturday and Sunday will be the 21st Holiday Tour of Homes in San Marco. With up to 9 stops and a luminaria, it is always a lot of fun. If you go on Sunday, I will be at one of the houses on River Road. More information can be found here

The Springfield Christmas Home Tour is the next weekend, December 9th and 10th. On the 10th, there will also be a neighborhood Springfield luminaria. You can find more information here

If you are a runner, a fun 5K is the Holiday Magic and Festival of Lights Run on December 10th. It is an evening run and the route is lit up by luminarias - a different and fun way to do a 5K.

This year marks the 28th anniversary of Riverside Avondale’s beloved Luminaria celebration. The traditional lighting of the lanterns at sundown will occur Sunday, December 18th. The ever-popular Luminaria Bike Ride will leave from City Cycle on Park Street at 6 pm near European Street. More information can be found here

Whatever your fancy, there's lots to do to kick off the holidays

Thank God for the Fall Real Estate Season

2011-11-30T08:19:00.002-05:00

I always come out of the summer real estate season worried and anxious. Summer is the slow season for real estate intown. I have seen sales drop consistently the 8 years I have been in real estate during the summer months. But then there is always Fall. Things pick up again and are pretty steady into Spring.

Going into this Fall I was concerned about general market conditions and would it pick up like it always does? It did. In a crazy way. This November has been my most productive month ever. Ever. I have been analyzing the stats all month trying to figure it out. I think it is an indication that the intown real estate markets maybe hitting bottom? Dare I say it? I certainly hope so.

If buyer demand continues and we don't get a new surplus of supply (i.e foreclousres) then supply and demand may actually meet each other.

Of course, only time will tell, but I am certainly hoping so.

Welcome back from a Thanksgiving weekend. Here are the latest real estate headlines to start your week!

2011-11-28T09:18:00.000-05:00

Welcome back from your Thanksgiving/Black Friday/Football Overload weekend. It’s Cyber Monday and the start of the last week in November. The holidays are almost upon us and to add to your festive spirits, here are some real estate headlines for this week:
•KCM Blog shares some research on the age old question Rent or Buy?
•The Wall Street Journal reports on the strong conditions for luring home buyers, but warns of some obstacles.
•Realty Times takes a stab at answering the timely question, should I take my home off the market for the holidays? •And finally, Curbed.com has one of the most unique properties I’ve seen in a while. It’s a home located at the top of a volcano and inspired by a nuclear power plant.

The Top 10 + 1 Questions Sellers Should Ask an Agent

2011-11-15T08:01:00.002-05:00

WHAT are the characteristics of the real estate sales agent most suitable for the job of marketing your property? A large portion of this decision is based on your own personality. Do you want an agent who does high volume but who will have a staff of assistants handle most aspects of your sale? Or would you prefer an agent who is more devoted to meeting your personal needs? Does the agent have a specific plan for marketing your property? Does the agent have a proven track record? Does the agent's company have a plan for helping you to avoid litigation? Does the agent take extra care in preparing disclosure documents since inadequate disclosure is the source of 95% of real estate litigation? The guidelines below are designed to assist you in making a decision based upon your individual needs.

1. Do you want an agent who does a very high volume of transactions?

ANSWER: Agents who do high volume have lots of signs in the community and usually generate a large number of calls from those signs. Typically they are busy and well organized. Agents who do high volume will encourage you to price your house at or slightly below the market. Although at first glance this may appear to make their job easier, it is actually the best strategy for achieving not only a quick sale, but the best price for you was well. High volume agents will be present at your listing presentation and when there is an offer presentation. The balance of the time you will be dealing with an assistant who may or may not be licensed. Typically, high volume agents do not sit their own open houses or broker's caravan because they cannot adequately cover A large inventory alone. Consequently, they must rely on their assistants, loan agents, and title representatives to cover their opens, if they hold them at all.

2. Do you prefer an agent who will give your personal attention or who approaches the real estate business as a numbers game?

ANSWER: If you are the type of person who prefers a "more personal touch," you will not want a "numbers game" agent. An agent who is focused on personal service does fewer transactions, but is personally available to handle problems as they occur. They will also be more likely to be present at open houses and broker caravans. Agents who provide their clients with personal attention do not list and sell as much property as those individuals who are "doing the numbers." Be especially aware of agents who are doing only a few transactions a year. These individuals are not actively negotiating on a regular basis and may not be able to represent you as well as someone who is actively involved with clients.

3. What kind of support do you provide that will help me sell my home faster?

Answer: The best agents will have a ninety-day marketing plan that will include dates for broker caravan, "circle" prospecting time, open houses etc. They will also have a specific plan on how to reach the top brokers in your service area. All agents will run your property in the Multiple Listing Service and advertise in the newspaper. Do not be taken in, however, by the notion that print advertising works. Only 8% of the Buyers come from print advertising. 15% come from the sign in your yard and a whopping 64% come from other agents. Rather than relying on print advertising and the Multiple Listing Service, the best agents spend two to three hours per day door knocking and/or telephone calling to locate buyers for your property.

4. Do you have a written commitment of the services you will provide for me during the marketing and during the escrow on my property?

Answer: Ask them for their "Marketing Pledge" which will include the services they will provide including reports on showing activity, reports on the changes in the market place, progress during negotiations, regular updates throughout the course of escrow, as well as coordination of events at closing. If they are unwilling to commit in writing to what they will do, look for an agent who will give you a written commitment and then follow it.

5. Would you mind giving me the names, addresses, and telephone numbers of the last three (five) Sellers you have represented?
Answer: Call and ask the past clients the following questions: (a) Was the agent accessible to you when you felt you needed their attention? (b) Was the final selling price of your home close to the original price the agent suggested that you list at (this question probes whether the agent was realistic in presenting the facts about the market). (c) Did the agent live up to their marketing pledge and did they follow their ninety-day marketing plan? (d) Did you feel that this agent was a strong negotiator? (e) Did your agent listen to your concerns and do their best to address them? (f) Would you recommend this person to your friends?

6. How can I know for sure that the price the agent gives me is correct?

Answer: To have an accurate answer, well prepared agents will provide you with what is known as a "Square Footage Competitive Market Analysis." From this, the agent will be able to tell you how much your house should bring based upon the other square footage sales data available from the Multiple Listing Service. Also ask for exact information as to whether or not homes in your area are decreasing, staying static, or increasing in price. Ask for the supporting data in writing. Furthermore, ask exactly how much it will cost you to hold your present property considering the present market conditions. Finally, ask them to describe the present "rate of absorption." This figure describes the probability of selling in any given month based upon current market conditions.

Regardless of who you select to represent you on the sale of your property, pricing it correctly is critical. If you are serious about selling your home, carefully evaluate the comparable sales information. Since the showing activity on your home is the greatest between the second and eighth week of the listing, you are most likely to achieve your best price within the first few weeks of the listing period. "Testing" the market by overpricing will only cause you to lose money.

7. I understand that commissions are negotiable. Why shouldn't I list my property at 5%?

Answer: Ask each agent you interview this question since it will give you an idea about their negotiation style. Does the agent provide you with hard data as to why this is a bad idea? Does the agent give in without an argument? If so, how strong will they be at the negotiation table on your behalf? Does the agent refuse to discuss it and threaten to walk out? If so, they may not be able to successfully persuade a buyer because they lack negotiation skills. Listing your property at 6% or more is critical in this marketplace. Properties listed at less that 6% are not shown as frequently, take longer to sell, and consequently, may actually sell for less due to less market exposure. Evaluate your agent's answer to this question to determine how effective they will be in negotiation on your behalf.

8. What kind of support does your company provide that will help me sell my home faster?

Answer: As a Seller, you deserve the best brokerage service available. Full service brokerage should include the following:

a. Dominant market share. Companies that do high volume achieve that volume by providing high levels of service that results in repeat business.

b. Innovative marketing techniques: Does the company provide a "Buyer's Line," a service that allows clients to call and obtain information on a listing from the sign in front of your property? Does the company have programs that identify well-priced properties and provide special marketing for those properties?

c. A national referral network that serves virtually every city in the United States and provides relocation services for companies throughout the country.

d. A world-wide international affiliates network that services Buyers from around the world.

e. Superior financial, title, and escrow services.

f. An REO, foreclosure, or institutional services division that provides special guidance for those Sellers experiencing difficult financial situations.

9. Is having a large market share important?

ANSWER: YES! Selecting a company with a large market share in your area is important. First, these companies have large numbers of agents who are actively moving property all the time. Second, brokers will usually show listings within their own office due to familiarity as well as ease of scheduling. Third, a company with large market share typically has more programs and better sales support for their clients. If you select an agent who does lots of business individually, but whose company does not have substantial market share, you are severely limiting your exposure by relying on a single individual to sell your home rather than utilizing the power that comes from marketing through a large number of successful agents.

10. Does your company have a plan for helping me to avoid litigation?

Answer: You should only consider listing with companies who have a specific risk management program. Have each agent describe their company's program. In addition, since 95% of the litigation is over disclosure, ask each agent about the specific disclosure requirements in your state. If the agent is required to make a written disclosure, ask to see a copy of the last disclosure they completed. A disclosure statement that is extremely detailed shows that the agent is focused on providing you with the highest level of protection possible. A short statement demonstrates that the agent is either careless or inadequately trained.

11. Should I sell my property "AS IS"?

Answer: This depends on the condition of your property as well as the practices in your area. Ask your agent if it is an advantage or disadvantage to sell your property "AS-IS". Be especially careful about personally warranting (or providing a "seller warranty" on the property). Look for the agent who encourages you to disclose everything you know about the property to the buyer. Any attempt to cover up can result in serious financial loss to you. To make sure that you have the maximum protection, require your Buyer to conduct adequate inspections of all aspects of your property. Also, to provide an additional degree of protection, purchase a home warranty policy for the new buyer.

5 Ways to Course-Correct When Your House Hunt Takes Too Long

2011-11-11T08:25:00.001-05:00

Some people have home-finding stories that are the real estate equivalent of the skywritten marriage proposal tales. They drove by their dream home, knocked on the front door and the elderly owner offered it to them for a song. However, most recent home buyers have tales on the other end of the charming-and-easy spectrum; tales of year-long house hunts and fruitless offer after fruitless offer, followed by a nerve-wracking, hair-pulling, interminable negotiation with the bank are much more typical.

If you've been in the market for a home for what seems like a very long time to no avail, here are five strategies for getting things back on track.

1. Know how long is (truly) too long. If you've been saving up, primping your credit and fantasizing about your dream home for 5 years, then waiting for exact right moment in your life and the market to pull the trigger for 4, viewing 15 houses over 3 weeks might seem like an interminable amount of time.

And if you make an offer that is rejected? The agony of that defeat is outweighed only by the pain of your dream (home) being deferred.

Be aware that today's market is a very slow-moving one. It's completely normal in some areas for buyers to view dozens of homes over as many months, and have several offers rejected before getting into contract. Talk with your agent about how long local buyers normally have to prowl today's market before getting some home buying satisfaction.

2. Identify where your process is breaking down. In order to course-correct your wayward house hunt, you first have to figure out what the problem actually is. If you're looking at lots of homes, but not finding anything that suits you, you might have an expectation issue. These range from having champagne tastes on a beer budget to being part of a pair of buyers with conflicting expectations that no home will ever be able to satisfy (e.g., husband wants a fixer, wife wants move-in ready).

If you're finding places you like, but your offers are consistently being shot down, you might need to work on bringing your home picks into alignment with your budget by increasing your price range, decreasing your wish list, or looking at a lower price range and making higher, more competitive offers.

Fact: an experienced buyer's agent is an expert diagnostician of house hunt ailments. If your agent told you 7 months, 43 prospective homes and 9 offers ago that your expectations are out of whack or that you need to consider some compromises, you might circle back to that advice - and consider taking it.

3. Remember how many houses are in the world, but don't try to see them all. It's easy - but unproductive - to get upset about "the one that got away;" counter that frustration by reminding yourself that you are house hunting in a market relatively flooded with housing inventory. On the other end of the getting-out-of-your-own-way spectrum, if you do find a home that really works for you in your price range, get over the idea that you have to see everything in town before you make an offer.

One more mindset reset along these lines: understand that the *perfect* house does not exist - at any price range. Petra Ecclestone just dropped $80 million in cash to buy Candy Spelling's Hollywood home and reportedly had the whole place gutted because the decor was not to her taste. In the same way people with curly hair wish they had straight and vice versa, people who have hilltop vistas wish they lived nearer to the grocery store and people who can walk to the store wish they had better views. No single home will ever satisfy every single one of your preferences, so don't hold out waiting for one that will.

4. Rethink your deal-breakers. The greater the number of absolute deal-breakers you've communicated to your agent, the fewer prospective homes you'll see. And the more flexible you can be about which listings you'll look at, the higher the chances you'll find something you like. I recently read an article in an architectural magazine about a woman who house hunted ad nauseum in a very small neighborhood she needed to be in, only finding success when her agent showed her a fourplex she could convert into the single family home she was looking for.

If you think your agent simply doesn't understand what you want, ask them to remove all pricing filters and send you homes that reflect what they think your dream house really is. Alternatively, drive around and find homes for sale or visit Open Houses that you think are closer to what you want - then investigate their list prices, or send the addresses of "suitable" homes that aren't for sale to your agent to find out what that house would go for today.

These exercises will get you and your agent communicating on the same page; will help you understand tradeoffs, wants and needs more concretely; and will very likely flick some of your mental switches around what you can expect from a property at various price ranges. This strategy is especially useful for reality-checking the expectation of home buyers relocating to a town with a higher cost of living than their current hometown.

5. Ignore the peanut gallery. People who have not bought a home in your town, your desired neighborhood and your price range at the same moment in time you find yourself house hunting are not authorities on any of the following:
(a) how dirt cheap 'those foreclosures' are,
(b) how much of a discount you should be able to negotiate,
(c) how much is too much for you to pay, or
(d) how desperate the banks or sellers are to sell.

That lack of authority, though, will not stop your family members, friends and neighbors from chiming in and offering their own critiques, exasperation, suggestions, or "what I would do if I were you is. . ."-style analyses of your own home buying strategies. Many a would-be homeowner has remained just that - a would-be homeowner - by following the advice or suggestions of someone who read a headline but has no idea of the real market dynamics you face.

Depending on where you're buying, those dynamics might include:
•banks that refuse to do repairs and may take 6 months to green-light a short sale,
•sellers who are so upside down they can barely afford to sell for the list price -- and certainly can't afford to sell for less, and
•areas in which the norm is for foreclosed homes to sell above asking after receiving multiple offers.
So, check your own references - double and triple check where you are getting your information about what homes should cost and what you should offer, and make sure that the sources are expert and up-to-date, like the experienced local agents who answer questions on Trulia Voices. Don't let your home buying efforts be foiled by relying on the inaccurate advice of well-meaning loved ones.

Source: Trulia

Real Estate Return on Investment

2011-11-04T11:52:00.001-04:00

Springfield Value: New vs. Old

2011-10-31T08:30:00.005-04:00

Because of the deterioration of the Springfield neighborhood over many decades there have been many historic homes torn down for various reasons. This means that there have been/are numerous vacant lots in Springfield. Several builders have developed those lots over the past 10-15 years into infill, new construction housing complementing the historic styles. This has made new construction homes in the historic district a very real option for home buyers. As such, Springfield has seen basically two types of homebuyers over the past decade: those who want a historic home and those who move to Springfield for its urban vibe but prefer newer construction.

Recently, people have been asking me which I think will hold value in the future. While it is difficult to predict the future, looking back this is what I am seeing.

With the housing bubble, Springfield, like most neighborhoods in the US has seen a decline in value. Although all homes in Springfield have been impacted, over the past several years it seems that the new construction has taken the biggest decline, and I am seeing this in new buyer offers that are pushing value of new construction even further down.

Comparing value over the past decade in Springfield indicates that new construction value has declined about 42% whereas the renovated historic homes have declined about 20%. Why is this? Value always goes back to buyer demand. This indicates that buyers really will pay more for the craftmanship and detail work that simply cannot be replicated today at comparable prices.

So, if you are thinking of buying in Springfield and are comparing the newer construction with a historic property and are wondering which will hold its value over time, the past is a good indicator that the better investment is the historic home. You may have to make compromises, such as 2 full baths but no master bath, but you can't repicate the detail work that will help your home hold its value over time.

Housing Price Projections for 2012

2011-10-11T08:38:00.002-04:00

Although home prices in the 3rd Quarter are up (email me for the 3rd quarter market update), industry analysts are predicting declines in 2012. If you have been considering putting your house on the market now maybe the best time to do it. Analysts at JP Morgan Chase are anticipating more foreclosures will hit the market in 2012 and that will drive prices down another 6%-7%, making 2012 the rock bottom year in housing prices.

In addition, the state of Florida is considering expediting the foreclosure process. Legislators are considering proposals that would divert noncontested foreclosures from the courts, allowing banks to handle them in much the same way they repossess cars. If such a measure became law, it would likely affect houses entering foreclosure after June 2012. This means falling prices could continue into 2013.

Does Moving Up Make Sense?

2011-09-29T12:30:00.002-04:00

With prices and interest rates at the lowest we are likely to ever see, many of my past customers are asking me if now is a good time to sell and move into a larger home. It really depends on your personal situation.

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Is it Cheaper to Rent than to Buy in Jacksonville's Intown Neighborhoods?

2011-09-27T08:26:00.001-04:00

In many cities in the US the answer to that question is "no." Jacksonville's Intown Neighborhoods are definately still buyer's markets so I decided to check our housing stock prices against the rental sales to see if a nice decent home can be purchased for what the median rental rate was in each of the neighborhoods.

In Springfield, Riverside, Avondale, St. Nicholas, and Murray Hill the median rental price is between $800-$1000. This would be the equivalent of about a $100,000 home purchase (depending on down payment, interest rate, etc). In San Marco the median rental rate is around $1200, the equivalent of around a $120,000 home purchase. I have to admit I was skpetical on what each neighborhood has to offer under $100,000 and $120,000, but I was very pleasantly surprised. There are many great homes on the market that do not appear to need a lot of fixing up, which can be overwhelming for a first time home buyer. Many of these homes, in fact, have already been renovated and updated and would be great starter homes.

This is just one of about a million indicators suggesting that you should be buying a home if you have the credit score necessary to get a mortgage. Other indicators include: interest rates for home loans are down across the board, and adjustable-rate mortgages in particular are looking very attractive to homeowners who might not be in the house for the long haul. And while there are some justified fears that low consumer confidence could drive prices even lower, there’s also evidence that the market is starting to stabilize, especially on the local level.

Over the long haul real estate is an investment. Buying now, when so many indicators favor buyers, can save a potential homeowner lots of money that may otherwise be thrown away on a rental that they could be owning and building equity in over the years - maybe even turning their first home into a rental property when they are ready to move up into a larger home.

I will be putting out the 3rd quarter market update at the end of September in my newsletter. Comparing the Intown markets this year to last year is a good indication of which markets are stablizing. If you do not receive the newsletter, email me

3 Reasons Not to Overprice Your Home

2011-09-19T11:57:00.002-04:00

A new study by property website Zillow.com shows that many home sellers are unrealistically optimistic, asking considerably more than they're likely to get. As a result, they risk long delays in finding buyers, which means a lot of lost revenue while the house sits idle on the market.

What's more, homeowners who bought after the housing bubble peaked in 2007 were even more unrealistic than those who bought before or during the bubble, perhaps because post-bubble buyers thought they got better bargains than they actually did.

Market value is a tricky number. This is because comparable-sales data do not always provide a good guide to a home's value. Nearby homes that have sold in the past six months or so may be quite different from yours in appearance or condition, and there may be too few recent sales to get a proper valuation. That being said, you won't have much chance of getting a premium price on a your property if similar homes have sold for less.

As a seller, you have a right to ask for whatever price you want, which you can drop if no one bites. You may get lucky, but asking too much involves a number of risks, even if you're just "testing the market" for a few weeks or months.

On the pro side, you might get your high asking price. Selling a house is not like a dealer selling cars or McDonald's selling Big Macs, because the home seller needs only one buyer. It's possible that someone will find your home so perfect that it justifies a premium price. For example, a home with a garage converted into a shop may be a turnoff to most buyers because most of them have cars, but a nondriving tinkerer may love the extra work space.

More often, though, pricing your home too high works against you in some important ways. Here are three of them:

1. Agents react. Real-estate agents — yours and the buyers' — may not want to waste time with a home that's unlikely to sell. Though a higher price means a bigger commission, agents might figure they can move two or three homes in the time it would take to sell yours, earning more even if each offers a smaller commission than your property does.

2. Buyers react. Buyers who like your house but pass on your property because of the price may find something else and close a deal before you drop your asking price to a level they'd accept.

3. You need that money. Even if you get your full asking price, the time it takes to get it may cause you to miss out on the house you want to buy. You may have to settle for something that's not as suitable. Even worse, you may end up spending more than you had planned, offsetting the premium you got on your sale.

Setting a proper sale price is both an art and a science. A key step is to shop carefully for an agent who can help you, looking for one who is very familiar with your community and comes with good references. Steer clear of dabblers who sell only a few homes a year. You want a pro who is on top of the market and will value a good reference from you.

Drive around to look at the "comparable" homes used to set your asking price, and look for others if necessary. If you're on a park, don't use a comparison from a home down on busy street. Make sure the house's curb appeal matches yours. Keep in mind that a computer that spits out comparable sales isn't likely to know that your home has a new kitchen and the others don't.

Finally, keep an eye on the "traffic" - the number of potential buyers who come through your property. A good agent will have a sense of how many buyers are looking. If you are not getting your share, it's a sign you are reaching on price. If dropping your price is inevitable, it's better to do it sooner than later.

What to do if your house still hasn't sold by Labor Day

2011-09-12T11:03:00.003-04:00

The house-hunting season in NE Florida is a little different than in other parts of the country. In most areas of the country, Spring and Summer are the busy seasons whereas in NE Florida our Summer's tend to be so hot that house-hunting actually slows down. As we begin to enter the cooler seasons here, house-hunting tends to pick up September through mid-November, slowing a little for the holidays, then picking back up again after the holidays through the Spring.

We are noticing this year that there is a lower inventory of competitive properties on the market. People are only selling their homes if they really have to and buyers have also become much pickier since the housing crisis turned it into a buyer’s market. There’s not a good selection of homes out there right now, so keeping your house listed as we head into the higher selling season is a good idea.

There will be a new crop of buyers out there now, including anyone who couldn’t find the right home during the height of house-hunting season last Spring and took a break from looking to go on vacation in the heat of the Summer. They will be looking to close by Thanksgiving.

If you are going to keep your house on the market as we head into the higher selling season here are some tips to remember:

Reconsider the Price
If your house has been on the market since last Spring, you need to look at what other properties sold over the summer in your area and what they sold for. If your asking price is much higher, you may need to lower it.

We all love our homes, but pricing is based on supply and demand.

Review your Marketing Strategy
Since you’re dealing with a small window of time in which buyers will still be actively looking before the holiday slow down, you’ll need to also review your advertising or marketing strategy.

Talk to your real estate agent and find out where their leads have been coming from. Push to have the marketing freshened up in these areas, including new photos and new language.

Give Your Home a Face Lift
Curb appeal is immensely important. Buyers watch HGTV and they go out and look for homes that look the ones on their TV shows.

As such, homeowners should spend some time improving their house’s exterior. For instance, a fresh coat of paint on the front, new shutters or a glossy finish on the doors. Also consider changing your landscaping to reflect the fall foliage. Replace the flowers with fall plants.

What other tactics can homeowners use to increase the likelihood their house will finally sell? I put together an "owner’s guide to selling" that also provides additional staging tips. If you aren't already working with a Realtor, email me for a copy.

Founder of ForSaleByOwner.com Gets Broker Help

2011-09-06T16:21:00.002-04:00

I can’t resist commenting on the story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father and lifelong evangelist of the concept of selling your home without a real estate agent was forced to hire a broker to sell his home after failing at what he preaches others should do.

After failing to sell his NYC apartment on his own as a For Sale By Owner (FSBO), Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing for over a decade. Let's look at two of those myths:

Myth #1 – You Will Pocket More Money Selling on Your Own

Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?

From the WSJ article:

“The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.

By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”

Myth #2 – The Internet Alone Can Sell Your Home

Many have said that, with the introduction of home search on the internet, hiring an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet?

From the WSJ article:

“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”

Real estate brokers utilize many ways to market properties, not just the internet.

Bottom Line

There is a reason the real estate industry has been around for centuries: it performs a valuable service.

5 Great Reasons to Sell Your House Today

2011-09-06T16:12:00.002-04:00

Determining when the right time to sell your house can be a difficult decision. It really depends on what your familiy's needs and goals are. If you don’t need or want to move for a few years it might make sense to wait for the housing industry to recover and prices to appreciate. However, if you wish to move within the next six to eighteen months, it is probably better to sell sooner rather than later. Here are five reasons why:

Your House Will Get More Exposure in the Fall than in the Winter

Spring housing sales usually level off in the summer and then regain momentum in September/October. With the spring buyers’ market having passed, don’t miss the early fall market. It consistently outperforms the winter season.

Distressed Properties Will Impact Prices

All of the real estate information available is indicating that distressed properties (foreclosures and short sales) on the market will increase this fall and winter. This will put tremendous downward pressure on prices for at least the next 12-18 months. Get your home sold before they become your competition.

Mortgages Will Become More Difficult to Attain

Lending standards are continuing to tighten. There is legislation currently being considered that will make it even harder for buyers to qualify. Less demand will equate to lower prices.

Now is the Perfect Time to Move-Up

With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home. If you move into a more desirable home now, you will be in position to gain larger equity as prices eventually appreciate.

Most Importantly, You Get to Move On with Your Life

Probably the most important reason to sell is so you can get on with your life. You are considering selling for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you are thinking about moving. Are these reasons really important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

The KCM Blog

Dog Park Proposed for Riverside

2011-09-06T07:30:00.001-04:00

From Un-used Storage Lot to Community Resource

The Riverside Dog Park is a two-acre, off-leash dog park currently being planned for the northwest corner of Riverside Park, adjacent to College Street. Approximately one-third of the property, under the Interstate 95 overpass, would be re-purposed from a Florida Department of Transportation (FDOT) storage lot and added to the existing lands of Riverside Park. Through an in-kind donation from the Haskell Company, and with RAP’s support, a committee has met regularly with a landscape architect to develop a draft plan for the park

Key Features of the Riverside Dog Park:
One-and-a-quarter acre large/active-breed area. The active area will feature decomposed granite ground cover, an eighth of a mile walking path and a shade pavilion.

Quarter-acre small/passive-breed area featuring significant old-growth tree coverage and bench seating.

Ample on-street parallel parking will be created along with one dedicated handicapped-accessible parking space, adjacent to the existing JEA substation.
Double-gated entries for both pet areas accessible by keyfobs.
A new sidewalk that will connect Park and College Streets – serving as a neighborhood connector.
Dog Park will extend north to Annie Lyttle School property line, hopefully renewing interest in the rehabilitation of this historic building.

A Demonstration of Low Impact Development (LID)
The park will serve as a demonstration of low-impact development that protects the St Johns River, located a quarter-mile to the east. As the park is constructed, an active effort will be made to recycle removed materials, particularly concrete, and to use recycled materials wherever possible. The active area of the park will house a bio-retention pond, featuring natural grasses and plant life that filters any park runoff before it reaches the river. Existing foliage will be preserved to the extent possible, and new plants and grasses native to the Northeast Florida region will be incorporated. Educational signage will be posted to help inform the public about this aspect of the project.

A Self-Sustaining Community Resource
As planned, residents will access the park via a key fob access system through the main entrance off the east side of College Street. Residents will be able to purchase a key fob at various local retailers for a nominal fee (e.g. $25/year), and funds raised through the sale of the fobs will be dedicated to park repair, maintenance, and neighborhood preservation.

Project Campaign and Timeline for Completion
RAP and other community supporters of the Riverside Dog Park expect to begin a fundraising campaign this fall and hope to have funding, City support and necessary land leases completed in the late fall or early spring. Construction is expected to take up to two months. Opening day is slated for late spring or early summer 2012.

How You Can Help
Purchase a paver. RAP is currently working on a fundraising campaign that will feature ways to honor your loved pets.

Donate to the park. Small donations make a difference as well. Donation jars will be set up at the RAP Booth at Riverside Arts Market and at RAP Headquarters (2623 Herschel Street).

Source: RAP

Intown Market Watch

2011-08-29T09:46:00.004-04:00

The August Intown Market Watch is now available. It tracks sold prices, list price vs. sold price, days on market, new listings vs expired listings vs withdrawn listings for all the intown Jacksonville neighborhoods: Riverside, Avondale, San Marco, Murray Hill, St. Nicholas, Downtown, and Springfield. If you want a copy send me your email, it is in Word and PDF formats.

The Veggie Bin

2011-08-24T09:38:00.002-04:00

The Veggie Bin is a GREAT business in Jacksonville's urban core that I thought I would highlight for those who may not be aware of it. The Veggie Bin partners with local farmer's each week to provide its members with farm fresh produce delivered to their door.

This is a great way not only to support a local urban core business, but local farmers too! In addition, The Veggie Bin is partnering with other local Jacksonville businesses to bring other great products to their members, such as local honey, coffee, bread, soap, etc.

Supporting local business is good for Jacksonville's development in so many ways. I will try to highlight more and more of the great local businesses that we have in the urban core.

The Spark Plan

2011-08-24T08:25:00.003-04:00

If you haven't read/heard about The Spark Plan yet, here is a quick blurb to get you caught up. The “Spark,” a partnership among the City, the Cultural Council of Greater Jacksonville, Downtown Vision Inc., JTA and the private sector, is focused on creating a redevelopment plan for the Northbank core based on attracting artists to live and work Downtown and using unoccupied historic buildings.

This is really exciting for Jacksonville. In cities all over the US, creative people have moved into "unusable" spaces or neglected neighborhoods, often for cost/price issues. But the creative energy they bring is often the "spark" that ignites more development, such as galleries, coffee shops, restaurants, shops, etc to move in. The biggest example of this to look at is, of course, SOHO in NY. More locally, Ybor City in Tampa was also "sparked" in this way in the early 1990's.

Recently, James Richards, the co-founder and principal at TOWNSCAPE, Inc visited to assist with The Spark Plan. You can read Part one of his interview here and part two here

Awesome Raffle to Support Community Gardens

2009-11-11T10:15:00.009-05:00

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

2009-09-23T10:53:00.001-04:00

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!

2009-08-27T08:03:00.003-04:00

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

2009-08-06T07:56:00.002-04:00

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

2009-07-30T07:44:00.015-04:00

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

2009-07-24T08:41:00.003-04:00

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!

2009-07-14T08:14:00.004-04:00

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

2009-07-01T08:39:00.001-04:00

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

2009-05-13T09:06:00.020-04:00

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

2009-05-11T09:05:00.003-04:00

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

2009-05-07T07:31:00.002-04:00

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

2009-05-06T10:55:00.007-04:00

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

2009-05-06T08:01:00.006-04:00

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

2009-05-05T08:40:00.003-04:00

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

2009-05-04T08:36:00.017-04:00

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

2009-05-01T07:48:00.002-04:00

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

2009-05-01T07:36:00.003-04:00

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

2009-04-29T12:46:00.002-04:00

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

2009-04-29T11:56:00.005-04:00

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

2009-04-28T07:59:00.006-04:00

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

2009-04-24T07:38:00.004-04:00

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

2009-04-23T10:09:00.004-04:00

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

2009-04-13T09:23:00.002-04:00

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

2009-03-30T07:57:00.009-04:00

(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

2009-03-20T07:55:00.003-04:00

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!

2009-03-19T08:02:00.003-04:00

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?

2009-03-17T11:12:00.003-04:00

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

2009-03-16T08:23:00.005-04:00

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

2009-03-13T08:19:00.009-04:00

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!

2009-03-12T11:02:00.001-04:00

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!

2009-03-11T15:41:00.001-04:00

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

Springfield Community Garden

2009-03-11T12:49:00.003-04:00

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

2009-03-05T08:09:00.003-05:00

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

2009-03-05T07:10:00.003-05:00

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

2009-03-02T07:41:00.008-05:00

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

2009-02-27T08:09:00.004-05:00

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

2009-02-26T08:25:00.003-05:00

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

2009-02-25T07:55:00.005-05:00

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

2009-02-24T08:03:00.003-05:00

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

2009-02-23T07:47:00.004-05:00

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

2009-02-20T07:20:00.002-05:00

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

2009-02-18T07:57:00.003-05:00

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

2009-02-17T08:50:00.003-05:00

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

2009-02-17T07:57:00.003-05:00

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

2009-02-14T10:06:00.008-05:00

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

2009-02-12T07:54:00.004-05:00

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

2009-02-11T11:06:00.003-05:00

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

2009-02-11T07:53:00.009-05:00

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

2009-02-10T07:26:00.002-05:00

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

2009-02-09T09:27:00.003-05:00

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

2009-02-09T07:42:00.010-05:00

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...

2009-02-06T07:43:00.006-05:00

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

2009-02-03T08:39:00.001-05:00

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

2009-02-02T08:09:00.002-05:00

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

2009-02-01T12:16:00.005-05:00

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

2009-01-30T07:57:00.011-05:00

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

2009-01-29T08:21:00.012-05:00

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

2009-01-28T07:37:00.005-05:00

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

2009-01-27T10:33:00.008-05:00

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?

2009-01-26T08:17:00.013-05:00

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

2009-01-25T16:13:00.001-05:00

Walk Scoregreat free widgetsWidgetbox

Getting Started

2009-01-25T09:49:00.001-05:00

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?