Showing posts with label downtown. Show all posts
Showing posts with label downtown. Show all posts
Monday, August 29, 2011
Intown Market Watch
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 It tracks sold prices, list price vs. sold price, days on market, new listings vs expired listings vs withdrawn listings for all the intown Jacksonville neighborhoods: Riverside, Avondale, San Marco, Murray Hill, St. Nicholas, Downtown, and Springfield.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.
Wednesday, August 24, 2011
The Spark Plan
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
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
Thursday, July 30, 2009
July 2009 Intown Market Update
Springfield
Springfield had 8 closings in July. Six were renovations whose median sold price/sq ft was $54/sq ft. One was a new construction (private developer, not SRG nor ONH) that sold for $124/sq ft. The last house was a home needing renovation that sold for $10/sq ft. Although the price per sq ft of renovations has gone down, the number of homes selling has risen dramatically - indicating that there are buyers out there. It is only a matter of time before demand pushes prices back up. It is the foreclosures and short sales driving prices down. As these ease up and the number of buyers continues to increase, prices will go up again - hang in there Springfielders! These prices are probably the best deals Intown and buying in the coming months is a good idea.
17 new listings came on the market, 7 of which are in need of rehab. There is a total of 66 properties for sale now. This is a decrease from what you were seeing in the Spring - a good sign. If demand will continue to go down and buyers will continue to buy, again, it is only a matter of time before demand pushes prices back of up. Of the 66, 25% are distressed, a slight increase from the Spring. 17 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K
Riverside
Riverside had 9 closings, 4 of which wree condominiums. 3 of the residential units were in need of rehab and sold for a median price/sq ft of $17. The other 2 residential units sold for $110/sq ft. This is pretty much the same that Riverside has been seeing since the Spring indicating, again, that this market has stablized and is waiting on demand to increase for its prices to increase. I think that will happen sometime toward the end of this year or next year. If you are thinking about purchasing in Riverside, the next few months are probably the lowest pricing you will see.
14 new properties went on the market, making a total of 97 properties on the market. Riverside has been pretty consistent in the amount of inventory it has carried in 2009. 28% of the inventory are distressed properties, an increase from the Spring. If this continues, then prices will drop a little more over the next few months. 8 properties are pending in Riverside now, the most expensive of which is a home listed for $199,000
Avondale
There were 12 closings in Avondale in July, about the same number from the Spring. The median sold price per sq ft is $165. 27 new properties came on the market, for a total of 147 properties for sale, this is a slight decrease in inventory from Spring. If this slight drop in inventory increase through the end of the year, this could help stablize pricing in this market and begin the road to Avondale's recovery, the last of the Intown Neighborhoods to begin recovery.
In addition, 14% of the inventory for sale is distressed, a 4% increase from Spring 2009, also an indication that prices are going to be pushed further down in this market before they bottom out. There are 12 properties in pending, the most expensive of which is listed at $479,900.
San Marco
San Marco had 5 closings in July. Prices range from $67,500 - $595,000 with the median sold price per sq ft at $153. 17 new properties went on the market, making a total of 119 properties for sale. This is a dramtic decrease in inventory, a good indication that San Marco is recovering. Like Riverside, this market is probably bottomed out in pricing and if you were thinking of buying in San Marco, now is the time.
Only 9% of its present inventory are distressed properties. 10 properties are pending, the most expensive of which is listed at $262,900.
Downtown
1 condominium sold in July for $158K or $143/sf. 3 new properties went on the market making the total 61. This is not good if Downtown doesn't begin to see an increase in sales. 79 properties are pending, most at the Berkman II.
Murray Hill
11 properties closed in July. The prices ranged from $29,900-$190,000 or $29/sf-$134. This is a slight increase in price from the Spring. IF this increase continues, that would indeicate a recovery in this market. But only time will tell.
26 new properties came on the market, for a total of 123 properties for sale, this is an dramatic decrease in invenotry from Spring. 46 of them are distressed properties. 16 are in pending, the most expensive of which is listed at $160,000.
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.
Monday, May 4, 2009
April 2009 Intown Market Update
Springfield
Springfield had 2 closings in April. One was a renovation that sold for $74/sq ft and the other house is a beautiful new construciton that sold for $97/sq ft. Although this is a decrease in sales from March, it's good that things are selling that aren't in need of renovation. 15 new listings came on the market, most are homes in need of rehab. There is a total of 84 properties for sale now. This is a pretty much the same as last month - a good sign. Of the 84, 22% are distressed, a slight decrease from last month - also a good sign. 17 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.
Riverside
Riverside had 8 properties close in April. They ranged in price from $19,900 - $740,000 or $13/sf -$271/sf, with the average at $116/sf. Zero closed in January, 4 closed in February and 3 closed in March - to give a comparison. 16 new properties went on the market, making a total of 88 properties on the market. Riverside has been pretty consistent in the amount of inventory and now that sales are picking up this market will start to feel a recovery in 2009. 17% of the inventory are distressed properties, a 4% increase from March. 3 properties are pending in Riverside now, the most expensive of which is a home listed for $95,000
Avondale
Avondale had 13 properties sell in April, a 54% increase from March. The prices range from $94,500-$592,250 or $101/sf-$266/sf, with the average at $142/sf. 32 new properties came on the market, for a total of 167 properties for sale, this is a slight increase in inventory from March. The increase in sales will help Avondale if Avondale can decrease its inventory - that is the biggest hurdle Avondale has in recovery. In addition, 10% of the inventory for sale is distressed, a 9% decline from March 2009. There are 12 properties in pending, the most expensive of which is listed at $269,900.
San Marco
San Marco had 5 closings in April. Prices range from $84,900 - $475,000 or $51/sf-$218/sf with the average being $117/sf. 25 new properties went on the market, making a total of 195 properties for sale. This is a decrease in new properties, a good indication that inventory is going to level in San Marco. So keep an eye on that in the coming months. Only 6% of its present inventory are distressed properties. That is the same as March. 8 properties are pending, the most expensive of which is listed at $939,900.
Downtown
1 condominium sold in April for $118K or $153/sf It was a bank owned property. 20 new properties went on the market making the total 55. This is not good if Downtown doesn't begin to see an increase in sales. 79 properties are pending, most at the Berkman II.
Murray Hill/Lakeshore
15 properties closed in April. The prices ranged from $19,000-$128,000 or $17/sf-$125/sf, with the average being $55/sf. 48 new properties came on the market, for a total of 207 properties for sale, this is an 8% decrease in invenotry from March. 56 of them are distressed properties. 29 are in pending, the most expensive of which is listed at $229,900.
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.
Friday, May 1, 2009
1st Quarter 2009 Downtown
1st Quarter 2008
Condo/Loft: 9 Sales
Average Price/Sq Ft: $158/sq ft
Average Days on Market: 114 days
Median Sold Price: $69,000
Average Sold Price: $100,811
1st Quarter 2009
Condo/Loft: 4 Sales
Average Price/Sq Ft: $138/sq ft
Average Days on Market: 28 days
Median Sold Price: $168,500
Average Sold Price: $164,250
Overview
Of all the Intown Markets, the downtown condo market has definatley been hit the hardest. Although the price per square foot has dropped, the average sold price has gone up - indicating that this market may be levelling out soon. The biggest problem here is that there is alot of inventory pushing prices down. If you are in the market for a condo or loft - it is reallly a great time to buy one. The Churchwell Lofts in particular are a great buy right now - they have come down tremendously in price and have all the great "loft" materials one might expect, including exposed brick and ductwork and elegant kitchens with marble islands. The entry price point is in the low 200's.
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.
Monday, March 30, 2009
March 2009 Intown Real Estate Market Update
(I will put out a 1st Quarter comparison to last year, later this week.)
Springfield
Springfield had 8 closings in January. 7 of the properties needed complete renovation and sold for between $15,000 ($5/sf) and $62,475 ($15/sf). The other property that sold was a loft at 1951 Market; it sold for $120,000. Although this is a 62% increase in sales from February, it is hard to compare the two months since everything that sold needed renovation, with the loft as the exception. 16 new listings came on the market, with a total of 82 active listings now. This is a 19% decline in inventory since last month - a good sign. Of the 82, 25% are distressed, this is the same percent as February - also a good sign. 20 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.
Riverside
Riverside had 3 properties close in March. They ranged in price from $65,000 - $500,000. Zero closed in January and 4 closed in February, to give a comparison. The prices were $117,000 and $500,000. 18 new properties went on the market, making a total of 89 properties on the market, a 1% increase in inventory. 13% of the inventory are distressed properties, a 35% decline from February. 7 properteis are pending in Riverside now, the most expensive of which is a condo at Villa Riva listed at $820,000.
Avondale
Avondale had 6 properties sell in March, a 33% increase from February. The prices range from $190,000-$300,000. 37 new properties came on the market, for a total of 165 properties for sale, this is a slight increase in inventory from February. In addition, 19% of the inventory for sale is distressed, a 1% decline from February 2009. There are 15 properties in pending, the most expensive of which is $235,000 or $126/sf.
San Marco
March saw 6 closings, a 30% increase in sales from February. Prices range from $240,000 - $349,000. 32 new properties went on the market, making a total of 189 properties for sale. Only 6% of its present inventory are distressed properties. That is a 4% drop from February. 7 properties went under contract, the most expensive of which is listed at $329,900 or $196/sf.
Downtown
Nothing sold downtown in March. 6 new properties went on the market. One property is pending. There are 48 total properties for sale, a slight decrease in inventory.
Murray Hill/Lakeshore
17 properties closed in March. The prices ranged from $11,900-$179,000. 51 new properties came on the market, for a total of 227 properties for sale. 56 of them are distressed properties. 32 pended in March.
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.
Wednesday, February 11, 2009
Africa's Daughters Documentary
cool documentary showing at FCCJ DOWNTOWN tonight - FREE
http://www.experiencejax.com/event_dates/410806?month=2&year=2009
http://www.experiencejax.com/event_dates/410806?month=2&year=2009
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