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Archive for the 'Monday Morning Market Update' Category
Jacksonville, FL Weekly Real Estate Market Update – Week Ending Feb. 7th, 2010
Market Update - Wk. Ending 2/7/2010
Good Morning Everyone — Hope you enjoyed the SuperBowl last night! It was a great game — with some great ads!
I especially liked the BudLight commercial where the survivors of a plane crash rejoiced more when they found the beverage cart full of BudLight than when they found the radio from the plane that would allow them to call for help!
The market report for the week shows only a few more listings this week than last (18 vs. 15), double the number of pending sales and one more closed sale than last week. These are good stats for the first week in February. There were also a ton more price reductions. Sellers are making sure to position themselves for what most believe to be a much more robust spring than last year.
My Highlight of the week, is a house on Riverside Avenue that’s been reduced from $699K to $625K – a whopping $74,000 dollar reduction. Unfortunately, the price reduction put the property into short sale position (the asking price is less than what the sellers owe on it). The house has a great vibe to it with a spectacularly renovated kitchen and master bathroom. It’s a big house on a big lot with plenty of room to play. Take a look here and let me know if you’d like to go see this one.
To see the full list of New Listings, Click Here.
To see the list of Pending Sales, Click Here.
To see the list of Closed Sales, Click Here.
To See the List of Price Reductions, Click Here.
Thanks for reading, please join me next time for the latest real estate news in the neighborhoods of Avondale, Ortega and Riverside in Jacksonville, FL!
Jacksonville Real Estate Weekly Market Update – Week Ending January 31, 2010
Today wraps up the first full month in 2010 — there were lots of new listings this week (15 of them). A few are really outstanding and worth “shouting out” about. I wrote a blog yesterday about 3248 Riverside Avenue. It’s beautifully done, in a fantastic part of Avondale and VERY fairly priced at $194 per square foot. The last comparable house that sold in the neighborhood was a short sale on Elizabeth Place that sold for around $180 per square foot.
At the lower end, there are a few listings worth highlighting. One is at 2804 Herschel Street (priced at $199K) which is the “quiet” part of Herschel near the Park and King Street business district. You can walk to many shops and restaurants from this house including Whiteway Deli (super sandwiches and salads) and The Cool Moose (great Sunday brunch). It’s a short sale.
The other one is a cute house at 1729 Pine Grove. There’s only one picture posted so far, but the house has some updates including new windows, a re-configured master bedroom, nice curb appeal and an inground swimming pool. It’s within walking distance to the park. Priced at $225K, it should be attractive to the first time homebuyer market.
One house was put under contract 3029 Riverside. It’s a short sale and has been very nicely renovated. Three other houses went into pending status which means that all contingencies have been satisfied and closing will come soon.
Price reductions range from a $10K reduction 1t 1340 Challen to a $100K reduction at 1769 Glendale Avenue. That’s it for the week!
To see the all new listings for the week ending 1/31/2010 in Avondale, Ortega and Riverside, click here.
To see all the pending sales for the week ending 1/31/2010 in Avondale, Ortega and Riverside, click here.
To see all the closed sales for the week ending 1/31/2010 in Avondale, Ortega and Riverside, click here.
To see the price reductions for the week ending 1/31/2010 in Avondale, Ortega and Riverside, click here.
If you are looking for something specific, please let us know! We love to be “on the hunt” and will work like no other to find you the special place you’re looking for!
Monday Morning Market Update – Week Ending January 24th, 2010
There’s some pretty exciting news this week! 13 houses were put under contract! To see the full list (with photos, click here). If you’ve been reading my blog, you know that this is a big number – Wow! These 13 transactions are active “contingent” meaning they have to pass inspections or complete financing before the status is changed to pending.
The houses that are selling continue to be at relatively lower price points (although there was one over $500K) but, nonetheless, it shows that the activity is high – Yipee!
If you’ve got a bungalow that you’re thinking of selling in the Avondale neighborhood of Jacksonville, FL, put it on the market! It’s a great time to sell something under $300K.
1427 Pine Grove
My two favorite new listings are 1427 Pine Grove Avenue which needs a little updating but the location is good and it’s got good space. The other one is at 1523 Pershing Road and it’s already had some updating. Again, it’s a nice location. Take a look at a few pictures here.
1523 Pershing Road
To see the closed sales in the past week in Jacksonville, FL click here.
To see the new listings of the week in Avondale, Ortega and Riverside, click here.
To see the newest list of price reductions in Jacksonville, FL click here.
Warning – Interest Rates Will Rise in 2010!
We had our annual sales meeting at Prudential Network Realty yesterday and after the awards and the “rah rah sis boom bah” part, we had an economist, Dr. Henry Fishkind, deliver the keynote address.
He talked about a lot of things including the fact that Jacksonville is much better positioned for a recovery than many other parts of Florida.
A word of warning, however, is that beginning mid-year this year, interest rates will begin to rise and will continue their march up for some time to come. So, if you’re looking for homes for sale in Jacksonville (particularly if you’re a first time buyer), now is the time to jump in while prices and interest rates are still at historic lows — there could not be a better time and it will not last.
Thanks for reading, please join me for my next discussion of the real estate market in Avondale, Ortega and Riverside.
Monday Morning Market Report – Week Ending Jan. 17th, 2010
Well, folks, the story of the week once again is price reductions! There were 27 (did you see that?) 27 of them! There have also been some very quick sales (gone in a day type of sales) that I’m going to write a separate blog about. Two of the sales that closed this week were homes that I blogged about being great deals — so if you follow me, you’ll be the first to know about great deals and you can be the one to snap them up!
There were two homes put under contract this week (active contingent) which means that once inspections are completed, the status will change to pending.
There were 4 homes that moved into Pending Status (this means that inspections and financing contingencies have been met) and the sale will proceed to closing shortly. One of the was at 3692 Hollingsworth that received an offer only days after being placed on the market and another was at 1358 Challen which has languished on the market for over 200 days. The house on Hollingsworth had been beautifully updated with a new luxury master suite and the house on Challen was vacant and needed some “love”.
Thanks for reading! If you’re interested in what’s going on in the market, please give me a call — I’d love to share my local area knowledge with you.
Monday Morning Market Report – Week Ending January 10th, 2010
Click Here to See Graph
Good Morning Everyone — This is the first Monday Morning Market Report encompassing the first full week of 2010. As expected, the number of closings declined and the number of new listings increased.
Several of the new listings were re-lists so the ACTUAL count of new listings was only 7. No activity on houses freshly under contract (contingent sales). The pending sale of the week is a foreclosure unit at 1661 Riverside that I blogged about in November. There were three closed sales – the one on College Street was never listed in the MLS – must have been a FSBO that a realtor had a buyer for.
There were a staggering 22 price reductions this week but only one of them deserves a ”shout out”. It’s a 4,000+ square foot house on the river in Ortega that was originally priced at $1.7M. It’s been through several price reductions and, this week, was reduced by another $150K to only $1,195,000 or $285 per square foot. Wow!
The house needs some work but at this price, there is more than enough room for the improvements it needs. It has several decks, a great fire pit near the river, a dock and boat house — just about everything you could want for graceful riverfront living.
Why hasn’t this house sold before now? My guess is that it’s not in keeping with what most folks in Ortega are looking for. The house has more of a seventies look to it than the brick and frame homes that are more
popular here. My opinion is that with a different color stain, some white trim and a bit of interior fix up and someone would have real value here. If there’s anyone out there interested, please let me know.
That’s a wrap for this week. Thanks for reading and please join me for my next update on the state of real estate in Avondale, Ortega and Riverside.
Stats for the Week:
New Listings – 10 (To see the list, click here)
Active/Contingent – 0
Pending Sales - 1
Closed Sales - 3
Price Reductions — 22
Monday Morning Market Update – Week Ending January 3rd, 2010
Click Here to See Graph
Good Morning Everyone! Happy New Year. Hope this post finds you ready for a great 2010!
The market stats this week show a continued trend for fewer new listings as well as continued strength with pending and closed sales — good news!
The more weeks we can string together like this the better. Fewer new listings + more closed sales = a recovering market. As inventory decreases, there is more demand and less supply which will help stabilize the market.
Please read below for the highlights of the week.
The weekly stats are:
New Listings = 5 (One of these is a re-list so there are really only 4 New Listings) (Click Here to see List)
Active/Contingent = 0 (Click Here to See List)
Pending = 6 (Click Here to See List)
Closed Sales = 7 (Click Here to See List)
Price Reductions = 5 (Click Here to See List)
3692 Holligsworth - Kitchen
The Listing of the Week is a darling 3Br/2Ba bungalow in Avondale on Hollingsworth. Totally renovated with a new kitchen, new master suite, gleaming hardwoood floors and a one car garage, this house is priced at only $134 per square foot!
A thorough review of price changes doesn’t reveal anything worth shouting out about so that’s a wrap for this week.
Thanks for reading. I look forward to sharing the great real estate news of 2010 that many are expecting in Avondale, Ortega and Riverside!
Monday Morning Market Report – Week Ending Dec. 27th, 2009
Click Here to See Graph
Good morning everyone! Today will be my last post for Monday Morning Market Reports for 2009!!
As expected, there were more closings this week than last as everyone rushes to close before the end of the year. By doing so, you can file for Homestead exemption in 2010.
In order to qualify for Homestead Exemption (read more about Homestead Exemption here), you must reside in the property as of January 1st of any given year. There are usually a flood of closings toward the end of the year as people race to qualify for this classification.
The stats for the week are:
New Listings: 5 (To see the New Listings, Click Here)
Active/Contingent: 0 (No properties were put under contract this week)
Pending Sales: 3 (To see the Pending Sales, Click Here)
Closed Sales: 5 (To see the Closed Sales, Click Here)
Price Reductions: 8 (To see the list of Price Reductions, Click Here)
The “story” of the week is a house that sold for $242,250 at 1342 Wolfe Street. (To see the full details of 1342 Wolfe Street, click here). It was listed with a flat fee MLS service (a glorified for sale by owner) in December of 2008 for
$315,000. It was reduced only once to $299,000 in June of 2009. After it expired in November of 2009, it was listed with a Prudential realtor at $254,500 — the house sold within 10 days! This is another example (of thousands just like it) that you are better served to list your property with a realtor if you really want to sell it.
Thanks for reading — I look forward to seeing you here next year and sharing all of the great news that 2010 is sure to bring about real estate in Avondale, Ortega and Riverside.
Monday Morning Market Update – Week Ending Dec. 20, 2009
As the year draws to a close and I review the sales activity for this week it seems that things are pretty quiet.
There were more new listings this week than last (although two were re-lists) but not as many pending and closed sales. There also weren’t as many price reductions but it would be hard to top the 20 from last week! All in all it appears that last week was busier on all fronts.
There is one unit that I’d like to highlight. It’s a condo foreclosure in a ”boutique” Riverside building called The Peacock. A 1BR/1BA with just under 1,000 square feet, the condo is priced at $74,900. This unit was purchased for $112,000 in 2004.
The Peacock is within walking distance to Riverside’s many restaurants and boutiques and it’s the only condo in Riverside under $100K today. The only other condos in the area under $100K are in Ortega in a building off Timuquana Road. There are two other condos for sale in The Peacock and they are not distressed properties.
The stats for the week are:
New Listings: 8 (2 are re-lists) – To see the list, click here
Active-Contigent: 0
Pending Sales: 3 – To see the list, click here
Closed Sales: 4 - To see the list, click here
Price Reductions: 13 – To see the list, click here
I looked at the history of closed sales at The Peacock (see the full list of closed sales at The Peacock here) to see where the foreclosure is priced relative to some other units that have sold. The last 1BR unit that sold below $80K was purchased for $70K in July 2001.
As always, I keep my eyes peeled for good opportunities — be sure to let me know if there’s something in particular that you’re looking for and I’ll make sure you’re the first one to know about it.
Thanks for reading — please join me next week for my last market update of 2009.
Monday Morning Market Update – Week Ending 12/13/2009
With Christmas just around the corner, I’ve gotten behind and am now writing my second Monday morning market report on Thursday — I’ll be sure to get back on track for next week!
The BIG news of the week is that we had very few new listings and more pending and closed sales this week than last. There were also a stunning number of price reductions (20 of them). In order for the market to stabilize, we will need to continue having weeks like this with fewer new listings and more closed sales.
New Listings: 3 ( 1 of the 3 is a re-list-so really 2 new listings)
Active Contingent: 1 – Click here to see this property
Pending: 5 – Click here to see list
Closed: 5 – Click here to see list
Price Reductions: 20 – Click here to see list
A few days ago, I wrote a post titled will the “trade up” market will come back in 2010? In it, I mention two of the closed sales from this week. It shows pictures of the houses and tells the history of what happened with both properties.
The most interesting new listing this week is a luxury condominium (unit 101) in a development called Ortega Landing in Ortega. Originally listed for $1,195,000 when the developement was doing pre-sales, this unit (after successive price reductions) has now re-listed at $875,000. At $875,000 it’s priced at $331 per square foot. A similar condo (Unit 1003) in a nearby upscale building (Villa Riva) just had a unit sell for $751,000. It was a tad bit bigger at 2,725 square feet and it sold for $275 per square foot.
I was hoping to see one of the 20 price reductions “jump out at me” as something I need to shout out about but most of them were modest (and needed) reductions.
That’s it for this week’s wrap up. Please join me for my next market update on the state of the real estate market in Avondale, Ortega and Riverside!
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