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Archive for March 28th, 2011
Sometimes, it takes the right mix of price, beauty and well….price to make a property sell quickly. Our new listing at 1463 Ingleside Avenue was on the market for less than a week when we received an offer.
The house had previously been listed for sale by owner at a much higher price as the seller struggled with whether or not to pursue a short sale. After consulting with us and learning that the property value would necessitate a short sale, the sellers agreed to the price we recommended, we had professional photographs made, entered the house into the Multiple Listing Service and received an offer in a matter of days!
The list price of the house is $310K or $158 per square foot. The house has tall ceilings, a renovated kitchen, one car garage and darling guest house. Most notably for an older home, this has both a family room AND a large master bathroom — almost unheard of for an older home in Avondale. The seller of this home has great taste and has done wonders for the home in terms of style! From the moment you walk in the door until you finish in the guest house, you are convinced that this is a very special property.
If you’d like more information about any of the great homes in the Avondale, Ortega or Riverside neighborhoods, please give Allison Steilberg or Caroline Powell of the Avondale A Team a call. Allison’s number is 252-5181 and Caroline’s is 463-1898. Our website address is www.allaboutavondale.com. Come visit!
It’s so fun when we get a great property to sell that we’re excited about. Our new listing at The Peninsula in beautiful downtown Jacksonville certainly meets that criteria! Unit 2608 is a corner unit with 2br/2ba and 1,667 square feet.
You’ve got your own private elevator lobby, a large wrap around glass balcony, floor to ceiling windows, top of the line stainless steel appliances, plenty of storage, tall ceilings, extra large laundry room with full size washer and dryer and more! Your views are directly to the east and to the Southeast — no afternoon sun to blare in your windows and prevent you from enjoying the fabulous afternoon breezes.
The amenities offered at The Peninsula are unparalleled. Incredible gym has first class locker rooms with sauna and steam rooms, pilates/yoga rooms, huge pool, community office suite with computers, large plush library and incredible lobby — there just isn’t another building in Jacksonville like this and is an experience not to be missed!
There have been 8 units sold at the Peninsula in the last year and three of those were sold just this year. The units sold from a low of $180K to a high of $499,900 and price per square foot prices from $160 to $288. Seven of the sales were 2 br units and one was a 1br. To see a list of all the closed sales in the building over the last year, click here. There are currently 34 units listed for sale at The Peninsula.
For a look at the building and an insider’s perspective on what the best units/values are, please contact me for a tour — we’d love to show you around.
Thanks for reading, we look forward to hearing from you!
Unless a buyer is paying cash for a home, they must obtain a loan. With the real estate meltdown, banks are being ultra cautious about who they are lending money to and how much they will lend.
Recently, we had two homes under contract (this means that both buyer and seller have agreed to a sales price) and the “file” was sent to the bank to begin the financing process.
One of the most important pieces of this process is an appraisal of the property. Due to new regulations, bankers must call a “third party” group to order an appraisal. They used to be able to speak directly with appraisers but this is now prohibited. It’s common knowledge that real estate is very local and sometimes, values vary widely on a street by street basis. The problem with the new system is that appraisals are often conducted by people who aren’t famililar with the community they’re doing an appraisal in. They don’t have access to the local area knowledge that often adds “intangible” value to a home or neighborhood.
As a result, many homes don’t appraise for the agreed upon purchase price. When this happens, either the seller must reduce the price to the appraised value or the buyer must agree to bring the difference between the appraised price and the agreed upon sales price to closing in cash — or, the two parties can re-negotiate where the seller comes down a little and the buyer brings some cash to the closing.
In two recent transactions that we had, the property did appraise for the purchase price, but at the 11th hour, the bank sent the file back to underwriting for an appraisal review — one of these was ordered less than 24 hours before closing and held up the sale by almost a week. In the other case, the underwriter requested that the appraiser justify why he didn’t use some particular home sales in his property analysis. This led the appraiser to go back out into the “field”, photograph the homes that were not used and explain why they weren’t used. The net result was that the underwriter accepted the appraiser’s comments and we’ve been approved to move toward closing. So, both transactions had happy endings but with a lot of angst along the way!
Throughout a real estate transaction, there are many pieces of the puzzle that must be assembled and it’s important that you choose seasoned realtors who know how to maneuver through the many hurdles that will come up. Allison Steilberg and Caroline Powell of The Avondale A Team in Jacksonville,FL can (and do) provide just such expertise. If you have questions, please feel free to call us — we’ve love to help!
They need to determine if the price that the buyer has agreed to pay is, in fact, fair market value and the appraisal is supposed to
The predictions of the real estate market fluctuate wildly from doom and gloom to cautious optimism. I can testify to the fact that we’ve been extremely busy lately and have just had two great sales in the Ortega neighborhood of Jacksonville. We had a buyer for 4652 Ortega Blvd. which was a very lovely home with tall ceilings, lots of natural light and a prime location. 4620 Algonquin Avenue was our listing and sold to a family relocating here from Atlanta, GA. This home is a jewel of the neighborhood on a nice quiet street, nearly 5,000 SF and large yard. We are proud to have been a part of these two important transactions in Ortega!
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