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Archive for the 'Market Update' Category
I’ve got a buyer looking for a 3 bedroom / 2 bath bungalow in the Avondale neighborhood of Jacksonville, FL priced under $275,000. In case you didn’t know, this is a HOT price point in the market right now and the inventory of homes like this is in VERY short supply. There are only 12 currently listed and many of those are in poor repair or not in a great location.
The second bathroom and/or the third bedroom is what makes the difference. There are plenty three bedroom, 1 bathroom bungalows on the market and a few 2BR/2BA homes but a 3BR/2BA home is highly sought after home right now and, particularly if it’s in good shape, you can command top dollar.
Please call if you’re interested in selling – I can deliver a pre-qualified buyer right to your front door!
Our stunning listing at 1849 Challen Avenue recently closed for $875,000 or nearly 95% of the asking price. It is one of only six $800K+ non-riverfront homes that have sold in all of Avondale, Ortega and Riverside so far in 2013.
Situated only two houses away from the St. John’s river in historic Avondale, this house was loaded with charm and had many special features including barrel tile roof, pecky cypress ceiling on the large covered front porch, barrel vaulted ceiling in the living room, tall ceilings both downstairs and upstairs, separate/private guest bedroom with private bath, office, two powder baths, large fenced backyard, nicely updated kitchen and more!
The house sold quickly – it went under contract in just over 30 days on the market. There were multiple buyers interested in this home so if you’ve been thinking of selling, now is a great time!
Enjoy the pictures of this beautiful house and call us if you’re thinking of selling!
Have a burning real estate question that you want answered NOW? Ask Allison!
The newly redesigned website for the Powell Steilberg team (the #1 selling team at Prudential Network Realty) has an ASK ALLISON button that will send a text message to Allison Steilberg for an immediate response! You might have a general question like “how’s the market doing” or a very specific question like “what’s my home worth”? ASK ALLISON – a local expert in Jacksonville, FL.
Check out the list of nearly 100 homes that the Team has sold under the About Us Tab on the Website!
EXPERIENCE MATTERS – Hire an Expert in the Local Area if You’re Considering Selling Your Home in Jacksonville.
Avondale and Ortega are two very popular intown neighborhoods for those considering a move to Jacksonville, FL. Both offer very close proximity to downtown Jacksonville and both offer a very nice quality of life.
This graph considers the first six months of 2011 sales in each neighborhood vs. the first six months of 2012. The data considers all price points, waterfront and non-watefront but is for single family home sales only – no condominium sales are included.
The inventory in Avondale is down 43% and it’s down 35% in Ortega. The number of days on market is down 8% in Avondale and 12% in Ortega. The number of homes sold is up 15% and a whopping 61% in Ortega. Interestingly, however, the average sales price is up a substantial 20% in Avondale and actually DOWN 1% in Ortega.
The months of supply is tightening in Avondale. It’s down to 7.7 months in June 2012 which is very close to a balanced market – an equal number of buyers and sellers. The months of supply in Ortega is still pretty high at 9.3 months of inventory. So it would appear that you probably still have a little more negotiating room in Ortega than you do in Avondale.
As you review the months of Inventory, keep in mind that these statistics include very expensive waterfront properties that aren’t selling very well. If you take properties above $1M out of the mix, the inventory numbers are much, much lower.
Caroline Powell and Allison Steilberg are neighborhood experts – if you’re considering buying or selling in Avondale or Ortega – call us at 904-252-5181 and you’ll get up to the minute advice about what’s happening in the market.
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Jacksonville’s intown neighborhood of Avondale is hot! We recently sold two of our bungalow listings in the neighborhood in the first week that they were listed. The first home we listed and sold was 1303 Edgewood Avenue South. It was just about 1,800 square feet with three bedrooms, 1.5 baths and a renovated kitchen. The roof was brand new and there was a small family room. The asking price was $250K and the home sold for $245K just last week.
Last week, we listed another great bungalow at 1332 Belvedere Avenue. This house is on a great street in Avondale and is just about 1,500 square feet. It’s got three bedrooms, two full baths (the second full bath in Avondale is hard to find), newer roof, all hardwood floors, loads of windows, one and a half garage, large laundry room and a huge wrap around porch. Listed last Monday, we had a fully executed contract by Saturday.
Both of these homes were beautifully updated but the price was also right. If you’ve got a home to sell and it’s below $300K, please call us right away – there are lots of buyers out there looking!
Bidding Wars are Back! In Avondale and Ortega, homes priced between $200 and $400 are selling fast! We recently sold 1303 Edgewood Avenue South in only 3 days. The asking price was $250K, we had three offers and it closed this week for $245K.
Buyers in this market segment need to get pre-approved because we’re seeing multiple offers and if you don’t have a pre-approval letter, your offer isn’t likely to be the one selected by the seller.
We are Avondale and Ortega specialists. Please call us at 904-252-5181 for a confidential evaluation of what your home is worth.
If you’ve got a turn key home that’s been renovated in Avondale and you price it right, you’re likely to have good luck in finding a buyer who’s ready to act. There are lots of buyers out there — just waiting pounce on something great when it pops up.
A great example of this is the house located at 3576 Pine Street in Avondale. It was listed last month by the Fred Miller Group for $399,000. It’s a 3 bedroom, 2 bath bungalow with a beautiful front porch, gorgeous brand new kitchen, renovated master bathroom, tall ceilings, screened porch in the back and has new landscaping — the perfect example of a “turn key” home.
The house came on the market, had two competing offers within weeks of being listed and is already under contract.
If you’re thinking of selling, there is a lot of pent up demand for houses in Avondale and lots of buyers out there looking for them. Please call us at 904-252-5181 for a market evaluation of your home if you’re considering selling – the time is now!
3643 Pine Street sold last week for $490K ($222 per square foot). Built in 2006 with approximately 2,200 square feet, the house has 3 bedrooms, 2.5 baths, a nice kitchen open to the family room, a den, a large loft space, big laundry room, two car garage, large front porch and is within walking distance to the shoppes of Avondale. The house was listed and sold by Wade Griffin of Coldwell Banker.
1864 Challen Street sold for $495K ($200 per square foot) in October 2011 and also has 3 bedrooms, 2.5 baths. Originally built in 1926 but extensively renovated in 2011 with approximately 2,475 square feet the house has new everything, windows, plumbing, air conditioners, roof, water heater and kitchen — so basically not much different from the “new” house on Pine Street.
The lot on Challen Avenue was quite a bit bigger than the house on Pine Street and offered more of a traditional layout with a nice big backyard and location only one house in from the St. John’s river. This house was listed by Brad Dermond of Manormor Sotheby’s and sold by Maria Raymer of ReMax.
The house on Challen sold for $22 less per square foot (which is why we caution our buyers not to get overly focused on this), it was in a better location and had a larger lot but lacked the front porch, loft space and garage that the house on Pine Street had.
As they say, beauty is in the eye of the beholder — what’s important to one buyer (more land, or a garage) may not be important to the next one!
So….who do you think got the better buy? Please send us a comment with your vote!
We specialize in Avondale, Ortega and Riverside – and know the numbers in the area. Call us at 904-252-5181 for an honest evaluation of what your house is worth or what you might have to pay for the house of your dreams!
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!
The Jacksonville Business Journal reported on March 12, 2012 that Bi-Lo is moving their headquarters to Jacksonville, FL. This will bring quite a few new people to town and guess what? They’re going to need houses.
Considering the fact that the offices aren’t too far from Avondale and Ortega, we will probably see quite a few new buyers looking for homes in our area.
So….if you’ve been thinking of putting your house on the market but just weren’t quite sure if you’re ready – NOW is the time! A word of caution – in today’s market, it’s critical that a house must be priced right in order to sell so please consult with us on where current market values are.
Caroline Powell and I are local area experts and were the top producers in the Avondale office last year. Please call us at 904-252-5181.
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