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.
Showing posts with label san marco. Show all posts
Showing posts with label san marco. Show all posts
Saturday, December 31, 2011
Thursday, December 1, 2011
Exploring the Historic Districts During the Hoidays
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
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
Tuesday, September 27, 2011
Is it Cheaper to Rent than to Buy in Jacksonville's Intown Neighborhoods?
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
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
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.
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.
Wednesday, April 29, 2009
1st Quarter 2009 San Marco
1st Quarter 2008
Resale Historic: 14 sales (average $177/sq ft)
Non Historic: 7 sales (average $132/sq ft)
Condo/Loft: 2 Sales (average $256/s q ft)
Average Price/Sq Ft: $170/sq ft
Average Days on Market: 172 days (Duval County averaged 109)
Median Sold Price: $285,000 (Duval County averaged $178,000)
Average Sold Price: $335,930 (Duval County averaged $219,000)
1st Quarter 2009
Resale Historic: 10 sales($129/sq ft)
Non Historic: 5 Sales ($141 sq ft)
Condo/Loft: 3 Sales (average $217/sq ft)
Average Price/Sq Ft: $147/sq ft
Average Days on Market: 110 days (Duval County averaged 113)
Median Sold Price: $221,500 (Duval County averaged $156,300)
Average Sold Price: $243,083 (Duval County averaged $187,609)
Overview
Of all the Intown Markets, San Marco has weathered the housing market pretty well. Price has, of course gone down, but days on market is faster than the Duval County average this past quarter. This means that the price is at a point where buyers are shopping. I anticipate seeing a levelling of prices in San Marco through 2009 and into 2010.
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.
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.
Thursday, March 5, 2009
Spring 2009 Open Houses
March kicks off open house season. I am going to try several new approaches to the "open house" concept this year. In addition to my traditional open house that I am going to hold open for a cute historic condo on the river I have listed in San Marco ($170K), I am going to hold a Progressive Open House and several Twilight Open Houses in Springfield.
The Progressive Open House works like this: several houses in the same neighborhood and in the same price range are open for 20 minutes each with 10 minutes in between for getting to and from the houses. This way, a buyer can see 3 houses open instead of the typical 1 that a Realtor would hold open.
The Twilight Open Houses will be held Thursdays in March from 5pm-7pm. Wine and hors d'ouvres will be served and you can stop by after work. That way if you have plans for the weekend and can't make a traditional open house, you can take a few minutes during the week to see a home that may interest you.
For the March schedule, click here
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
Monday, March 2, 2009
February 2009 Intown Market Update
Springfield
Springfield had 3 closings in January. One of the properties needed complete renovation and sold for $44,000. The other two properties that sold were lofts, with the average square price at $120/sf. This is a 40% decline from January 2009 sales. 17 new listings came on the market, with a total of 102 active listings now. Of the 102, 25% are distressed. 22 properties are pending in Springifeld and 7 of those went under contract in February. The most expensive property in pending is a new construction home listed at $289K.
Riverside
Riverside had 4 properties close in February a definate improvement over January which saw no closings. 8 properties have pending contracts. 15 new properties went on the market, making a total of 82 properties on the market, a 41% increase in inventory. 20% of the inventory are distressed properties, a 3% decline from January.
Avondale
Avondale had 4 properties sell in February, same as January. 23 new properties came on the market, for a total of 160 properties for sale, this is a slight increase in inventory from January 2009. In addition, 11% of the inventory for sale is distressed, a 2% decline from January 2009.
San Marco
February saw 4 closings, a 50% decrease in sales from January. 3 properties went under contract. 32 new properties went on the market, making a total of 177 properties for sale. Only 10% of its present inventory are distressed properties.
Downtown
2 properties sold downtown. One at the Churchwell Lofts sold for $210,000 and was about 1200 sf. The other at Parks at the Cathedral sold for $180,000 and was around 1800 sf. Two other properties are pending. There are 51 total properties for sale.
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.
Thursday, February 26, 2009
Getting Through the Home Inspection on a Historic Home
The home inspection either makes or breaks the buyer - either you are an old house person or you find out you aren't. I can generally get a feel while I am working with someone if they are or aren't and counsel them one one or the other. Sometimes, however, buyers love the romance of owning a historic home and they want to go in that direction no matter what I say.
If you are thinking you want to buy a historic property, keep in mind - it is an old house. Yes, it may have been updated or renovated - but it is STILL an older house. Most contracts negotiate a cap on repair money. This is all the seller has to do - they aren't contractually obligated to put more money into repairing the house than what is negotiated up front. That being said, they also aren't obligated to fix "cosmetic" items or bring the house up to code. All they are required to do is to make sure the systems (electric, plumbing, etc) are functioning.
The biggest mistake I see buyers of historic homes make is that they go into the home inspection thinking the house is going to "pass" or "fail." That isn't what the home inspection is intended to do and you will be sorely disappointed as all homes will most certaily "fail."
Purchasing a house isn't like purchasing a car - houses, even new ones, aren't perfect. There are always going to be items that the owner can upgrade or fix or make work better. The purpose of the home inspection is to let the buyer know what they are getting into. Many items can be fixed down the road. And, because houses are like living organisms, always changing, many more items will come up as the buyer lives in the house.
If you want to purchase a historic house, look to the home inspection to make sure the systems are properly functioning - everything else is just part of the expense and upkeep of homeownership.
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.
Tuesday, February 10, 2009
Intown Real Estate: January 2008 vs January 2009
Below are some stats comparing January 2008 and January 2009
Springfield:
Active Listings increased 7%
Days on Market decreased 43%
Average Sales Price increased 23%
List Price vs. Sold Price increased 30%
Riverside:
Active Listings decreased 3%
Days on Market decreased 38%
January 2009 saw no closings in Riverside, so Average Sales Price and List Price vs. Sold Price unavailable
Avondale:
Active Listings decreased 10%
Days on Market decreased 31%
Average Sales Price decreased 31%
List Price vs. Sales Price decreased 1%
San Marco:
Active Listings decreased 14%
Days on Market decreased 34%
Average Sales Price increased 71%
List Price vs. Sales Price decreased 2%
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%
Friday, January 30, 2009
January 2009 Intown Market Update
Springfield
Springfield had 5 closings in January. Four of the properties needed renovation and one new construction, so average sold price is tweaked. This is a 9% decline from December 2008 sales. 14 new listings came on the market, with a total of 85 active listings now. Of the 85, 20% are distressed. 15 properties are pending in Springifeld and 8 of those went under contract in January.
Riverside
Riverside didn't have any closings in January, however, of the 5 properties in pending, 4 went under contract in January. Nine new properties went on the market, making a total of 48 properties on the market, 23% of which are distressed properties.
Avondale
Avondale had 4 properties sell in January with an average sales price of $143,750. That is a 34% decrease in number of sales from December 2008. 33 new properties came on the market, for a total of 140 properties for sale. Of all the Intown neighborhoods, Avondale seems to be the one struggling the most with high inventory and it is because of this that I anticipate this neighborhood will continue to see a price decline in 2009. In addition, 13% of the inventory for sale is distressed.
San Marco
San Marco is seems to be pulling out of the down market the quickest of the Intown Neighborhoods. January saw 8 closings, a 6% increase in sales from December. The average sales price was $269, 250. Only 9% of its present inventory are distressed properties.
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.
Thursday, January 29, 2009
Navigating Short Sales, REO's, Pre-foreclosures
Ok, so we all know there are alot of short sales, pre-foreclosures, and foreclosures on the market. And purchasing one of these properties is a different process than a non-distressed property.
And there are so many on the market, if you are buying, you can't ignore them. For instance, in Riverside/Avondale 15% of active listings are distressed. In Springfield, 20% are and in San Marco 9% are. So lately, many of my buyers have been asking me how to navigate these. So here is the skinny:
What is the difference?
A short sale occurs when the seller owes more on the home than the home is worth in the current market. Any offer for purchase must be approved of by the bank and the seller's agent must make the case of the money owned being less than market value. Most banks will accept a short sale - it saves them time and money in the foreclosure process, which is generally where the seller is headed.
A pre-foreclosure is a property where the mortgage has become delinquent and is heading down the path to be foreclosed on by the mortgage holder. Anytime a homeowner becomes delinquent on their mortgage, and the delinquency hits the 90 day mark, that is when the mortgage holder can legally begin the foreclosure process. The entire time between the 90 day mark and the say the property goes to the foreclosure auction at the county courthouse steps is considered the pre-foreclosure stage.
A foreclosure is a property that is now bank owned.
Can Anyone Buy These Properties?
Yes. However, sometimes they are more difficult to finance because of the condition. Homeowners not able to make mortgage payments are generally not able to keep up with repairs on the home either. Most buyer's lenders and insurance companies will require the home to be in a certain condition. The seller or bank-owner in one of these scenarios is also generally not in a position to make repairs prior to close. Therefore, the purchaser of one of these properties should look into loan products that accomodate these types of scenarios. Wells Fargo is offering a great product right now, the Remodel Express, that can get one of these homes closed. Contact Wells Fargo loan officer, Mark Hendryx, for more information.
Also, first time home buyers getting any type of closing cost or down payment assistance money should steer away from these types of properties as they will not work in conjunction with the programs.
What Are the Positives and Negatives Associted with Purchasing One?
Time is a big factor. Generally because a bank or bank approval is involved, these properties can take several weeks to get a response back on an offer. In additon, once under contract, they can take 60-90 days to close, again because of the bank bureaucracy.
In addition, as mentioned above, the condition of the property can often be an issue with the buyer's lender and insurance company.
On the positive side, with patience and persistence, the purchaser can get a great deal.
And there are so many on the market, if you are buying, you can't ignore them. For instance, in Riverside/Avondale 15% of active listings are distressed. In Springfield, 20% are and in San Marco 9% are. So lately, many of my buyers have been asking me how to navigate these. So here is the skinny:
What is the difference?
A short sale occurs when the seller owes more on the home than the home is worth in the current market. Any offer for purchase must be approved of by the bank and the seller's agent must make the case of the money owned being less than market value. Most banks will accept a short sale - it saves them time and money in the foreclosure process, which is generally where the seller is headed.
A pre-foreclosure is a property where the mortgage has become delinquent and is heading down the path to be foreclosed on by the mortgage holder. Anytime a homeowner becomes delinquent on their mortgage, and the delinquency hits the 90 day mark, that is when the mortgage holder can legally begin the foreclosure process. The entire time between the 90 day mark and the say the property goes to the foreclosure auction at the county courthouse steps is considered the pre-foreclosure stage.
A foreclosure is a property that is now bank owned.
Can Anyone Buy These Properties?
Yes. However, sometimes they are more difficult to finance because of the condition. Homeowners not able to make mortgage payments are generally not able to keep up with repairs on the home either. Most buyer's lenders and insurance companies will require the home to be in a certain condition. The seller or bank-owner in one of these scenarios is also generally not in a position to make repairs prior to close. Therefore, the purchaser of one of these properties should look into loan products that accomodate these types of scenarios. Wells Fargo is offering a great product right now, the Remodel Express, that can get one of these homes closed. Contact Wells Fargo loan officer, Mark Hendryx, for more information.
Also, first time home buyers getting any type of closing cost or down payment assistance money should steer away from these types of properties as they will not work in conjunction with the programs.
What Are the Positives and Negatives Associted with Purchasing One?
Time is a big factor. Generally because a bank or bank approval is involved, these properties can take several weeks to get a response back on an offer. In additon, once under contract, they can take 60-90 days to close, again because of the bank bureaucracy.
In addition, as mentioned above, the condition of the property can often be an issue with the buyer's lender and insurance company.
On the positive side, with patience and persistence, the purchaser can get a great deal.
Wednesday, January 28, 2009
Home Sales Rise in December As Buyers Grab At Bargain Prices
So I was inspired by this bit o national news to look at our little mirco-markets and see if this is true locally too. I know that personally, I had more closings in December over November, but how did the local markets overall do?
They performed in the same way. In fact, Springfield and Riverside both saw a 66% increase in sales, Avondale saw a 70% increase and San Marco saw a 53% increase.
This goes along with the 2008 Market Analysis (email me for a copy). To summarzie the Analysis, it appears that at the close of 2008, these markets are starting to see price and inventory stablization. So an increase in sales would be expected as well.
I continue to have optimism for 2009, as long as we don't get hit with a plethora of foreclosures to raise inventory again and drive prices back down, I think that intown Jacksonville is on the way to recovery. 2009 will probably see a continued stabilization of prices and I am hopeful for some vlaue increases toward the end of 2009 beginning of 2010.
They performed in the same way. In fact, Springfield and Riverside both saw a 66% increase in sales, Avondale saw a 70% increase and San Marco saw a 53% increase.
This goes along with the 2008 Market Analysis (email me for a copy). To summarzie the Analysis, it appears that at the close of 2008, these markets are starting to see price and inventory stablization. So an increase in sales would be expected as well.
I continue to have optimism for 2009, as long as we don't get hit with a plethora of foreclosures to raise inventory again and drive prices back down, I think that intown Jacksonville is on the way to recovery. 2009 will probably see a continued stabilization of prices and I am hopeful for some vlaue increases toward the end of 2009 beginning of 2010.
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