Cash is King with Condo Purchases

I did a quick study and found that 39 condos were sold over the last year in Avondale, Ortega and Riverside and when I dug a little deeper to see how they were financed, I was shocked to see that 9 out of the 10 units sold in Avondale were cash transactions.

There were four sales in Ortega and 50% of those were cash.

The bulk of the sales (25 of them) were in Riverside but Riverside also has the most condo buildings/inventory in the area. 11 of the 25 units were paid for with cash.

So out of the 39 total sales, 22 of them were paid for with cash. That represents nearly 56% – well over half.

Why the large number of cash transactions?

There are strict regulations for financing a condo. Most lenders require a 20% down payment on a condo and others have requirements about how many units are owner/occupied and how many are rentals. If there are a high number of rental units, then it can be hard to get financing.

Additionally, some of the units are very inexpensive – the lowest priced sale was for only $50K at the Avenues building in Riverside. In other cases, a “family” home has been sold which frees the seller to both downsize and pay cash.

When there are multiple offers on a condo, cash buyers often have an advantage over buyers seeking financing. This is because a lender may or may not approve the loan for a condo and since a cash offer is not contingent on the ability of the buyer to get financing, the seller could be more inclined to take the cash offer (even if it’s a little lower than the non-cash offer).

So if you want a condo in the Avondale, Ortega or Riverside areas, you might consider raiding your piggy bank and paying cash – particularly if you’re competing with another buyer.

To see a list of all available condos in the Avondale, Ortega or Riverside neighborhoods, click here. If you see something you like, please call us at 904-252-5181 and we’ll be happy to show it to you!

Charming, well designed & appointed apartment on 2nd floor of desirable Park Plaza w/ spectacular river and downtown skyline views. Gracious living spaces include 2br/2 baths and a large den. Square footage has been extended by an estimated 300 feet with the enclosure of 3 of the 4 balconies. Beautiful walnut stained hardwood floors in the public areas and carpet in the bedrooms, custom crown molding. Wood plantation shutters on all windows throughout. Conveys with one garage parking space. Ample additional parking. Seller offering buyer credit toward new stove & dishwasher. Best pedestrian neighborhood in Jacksonviller, steps from shops,restaurants,Memorial Park, museum,downtown. dont miss it!

The real estate team of Caroline Powell and Allison Steilberg The sold properties are: single family homes at 4620 Algonquin Avenue and 4652 Ortega Blvd and a condo at 1661 Riverside Avenue in Riverside. The pending sales are: 3022 St. John’s Avenue — this will close next week, 1465 Edgewood Circle, 1769 Glendale Street, 1463 Ingleside Avenue and 3527 Riverside Avenue. We have one condo that’s a pending sale at Beau Rivage – a very nice building on St. John’s Avenue.

Other members of the Avondale office are similarly busy so it begs the question, are we in a real estate recovery? If you’re thinking of selling, there are LOTS of buyers out there looking for homes. Interest rates are still at historic lows and there’s a lot of pent up demand for housing.

A word of caution, if you want to sell, it’s imperative that you PRICE YOUR PROPERTY CORRECTLY and do everything you can to put the house in prime showing condition. Clear out all th clutter, invest in some fresh paint, do a clean out of the yard, closets and garage — today’s buyers are picky. They will buy a property at a fair price only if it looks great with updated kitchen and baths or if it’s a “distressed” property and is a BARGAIN BASEMENT STEAL!

Thanks for reading — check back often for the latest news about real estate in Avondale, Ortega and Riverside from the market leaders in the area — remember, “With Us, It’s All About You”!

Balcony view from 2608 at The Peninsula

Kitchen view of 2608 at the Peninsula

 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!

The units are each 2BR/1.5Ba with about 1,300 sf. Priced at $215K and $250K respectively, one offers a beautifully renovated kitchen and downtown view and the other a charmed updated kitchen with butler’s pantry and coffee bar. To see the photos of these condos, click here.

Riverside is a vibrant walking neighborhood with access to one of the city’s most beautiful parks (Memorial Park) as well as lots of local eateries, coffee shops and boutiques. Come see us today, Sunday, February 21st from 2-4pm.

ANOTHER GREAT OPEN HOUSE EVENT!

If you’ve been thinking of buying a new home (or seeing how yours compares to your neighbor’s house down the street) come to the neighborhood open house in Ortega Forest on Sunday afternoon, February 21, 2010 from 1-4 pm. There will be something for everyone from the first time homebuyer starter house to a gracious riverfront mansion. To see all houses for sale (not all are open today) in Ortega Forest, click here.

Thanks for reading! Hope to see you at my open house at the Park Lane Condos today from 2-4!

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Today, I learned about a fantastic condo that will soon be listed (not by us) and I’m looking for a buyer! The unit is pure luxury and priced well below recent sales in the building.

 Outfitted with the best and with a New York sensibility, it will be attractive not only from a price perspective but also from a design perspective — a real gem.

Since it’s not going to be my listing, I want to be the one to bring a buyer — if you’re looking for a great condo deal, please call me — this one will go quick!

Click Here to see Graph

In 2007, there were 18 Condominium Sales in Avondale, Ortega and Riverside. In 2008, there were 21 and so far this year (2009) there have been 18 with 3 more pending. The sale prices of the units has fallen quite a bit but, as you can see, the total number of units sold has been surprisingly steady.

A bright spot on the landscape has been Villa Riva – 5 of the 18 sales this year have been at this premiere building in Riverside — that’s a healthy 27% of the total sales year to date. 4 of the 18 sales have been at a building called 1661 Riverside which puts it at a close second with 22% of the sales. The third largest seller has been a waterfront building called Beau Rivage in Avondale that’s had 3 sales or 16% of the market.

For more information about the condo market in the Avondale, Ortega and Riverside areas, please call us for a list of inventory and what we think are the best values in today’s market. We know these buildings inside and out. We can tell you which units have the best views, which buildings have a great management team and other important details about the various buildings in the area.

Thanks for reading, please join me for my next discussion of real estate in the Avondale, Ortega and Riverside neighborhoods.

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!

Thanks for reading — If you’d like to made aware of other great deals in the Avondale, Ortega and Riverside neighborhoods, please subscribe and be the first to know as it happens!

The statistics for the week ending October 18th, 2009 appear startling at first glance but after a second look, I discovered something important.  Out of the 19 New Listings, 6 were in one condo building located at 2064 Herschel  Street. That accounts for 31% of this week’s new listings. Pending sales are also WAY UP from last week.

New Listings – 19
Price Reductions – 8
Pending Sales – 6
Closed Sales – 2

So while it seems that there were LOTS of new listings this week (which technically there were)  when you know that a developer re-listed so many units all at once, it gives you a different persepctive.

The Chelsea Lofts were built in 2007 around the same time as 1661 Riverside. Both buildings are loft style units and were attempts to ride the wave of the re-developement of the Riverside shopping district and the urban market with exposed duct work, concrete floors, open floor plans (very few walls) and tall ceilings. The saying goes that “timing is everything” and clearly, the Chelsea Lofts was a victim of bad timing.  Just as the building neared completion, the decline of the real estate market had begun. The units have been re-listed by a new realtor but at the same price as the previous listing. They are bank approved short sale which means that the agonizing wait that you often experience with short sales is not necessary and closings can be immediate. If you’d like to see one of these units, please let me know!

There is one new listing that I think deserves special attention. Located at 2764 Myra Street, this NEW construction bungalow was built by RADO (Riverside Avondale Development Organization) and is priced at only $138K or $$104 per square foot. This home is part of the Head Start to Home Ownership Program and there are income limits for buyers for this house. Attached are the income guidelines for the RADO program. If you know someone in need of a home who isn’t a high wage earner, this seems like an incredible opportunity!

On the other end of the spectrum, there is a very beautiful house located close to Timuquana Country Club at 5509 Fair Lane Drive. The house appears to be a “ranch” from the outside, but step through the front door and you are greeted by the most amazing soaring ceilings and huge fireplace. It’s really dramatic. The house is nearly 4,000 SF and on nearly an acre of land that also has lovely outdoor entertaining areas.  Walk across the street to play golf, tennis or swim in the gorgeous riverside swimming pool – membership to the club is required! The house is priced at $1,295,000.

There were two foreclosures listed this week:
2866  Sydney Street priced at $194,900 (MLS # 506199) – Darling Bungalow with some nice updates
969 Cherry Street priced at $169,900 (MLS # 506178) – Haven’t seen this one inside. I did drive by and it appears to need a good bit of work.

That’s the news for this Monday – thanks for reading. Join me for another Avondale, Ortega or Riverside adventure and keep up with what’s going on in our great neighborhood by subscribing to our blog!