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FORECLOSURE at 1661 Riverside – A Great Buy!
I noticed a great buy (Foreclosure) on a condo at 1661 Riverside today so I ran (actually, I drove) over to have a look. It’s a 3BR/2BA unit on the 2nd floor (Unit 201) and has a large balcony. The unit faces May Street and has a great view of Memorial Park but because it’s only on the second floor, you can only see a few slivers of the St. John’s river here and there.
1661 Riverside is an urban loft like building featuring polished concrete floors and tall ceilings with exposed duct work. The building has a total of 90 units (mostly condos with a few townhouses that have private entrances on May street) and is located in the heart of Riverside which is a vibrant walking neighborhood in Jacksonville with lots of great eateries like Zoe’s, Al’s Pizza and Moss Fire Grill. There’s also a Starbucks and a great Publix that has lots of fresh and prepared foods.
Because the building was finished just as the real estate market began to turn South, many of the units have been sold as short sales and there have been a few foreclosures. This particular unit was purchased for $470,000 and the owner had put down a $90K deposit. Just two years later, it’s now being sold for approximately half ($249K) of the original sale price! That’s a big drop in just two years. To see the few photos that were posted on unit #201 at 1661 Riverside, click here. Like many foreclosures, the unit has been stripped of all appliances and even the air handler has been taken!
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If you or someone you know is thinking of buying or selling a home in Avondale, Ortega, or Riverside give us a call at 904-252-5181 or send us a note.
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