Good Morning Everyone – Hope you had a Happy Thanksgiving!
The market statistics this week reveal 9 new listings. Several of the “new” listings this week are re-lists and oddly, one of them was actually re-listed at a HIGHER price. Hmmm……Not sure that this is a good strategy in a declining market.
Being able to see the “history” of a listing is immensely valuable. It lets you know what a person paid for the property, when they bought it, how many times it’s been listed for sale and what the various prices it’s been offered at have been. This is one of the many benefits that you get by working with a realtor.
Take the “new” listing located at 1776 Canterbury for example. It was posted with no photograph. I went to the history tab (a benefit that realtors have at their fingertips) to see what had been going on with this property. Guess what I found? The property has been listed on and off since June 2006 and originally started at $1,495,000! The “new” list price is $749K — Wow — that’s a $746,000 reduction – amazing. The house is zoned for either commercial (office space) or residential and has most recently been used as an office. I would include a link to the property so you could see all about it, but there’s no photo (I plan to write a post about that tomorrow) so it’s hard to know what you’re looking at.
Out of the 5 closings, three were bank foreclosures at VERY LOW prices (under $100K).
There’s been a nice price reduction on Woodmere Road in Fairfax Manor. Fairfax Manor is a little pocket of homes situated between Herschel and Woodmere streets and is between the neighborhoods of Avondale and Ortega. This little brick bungalow has 3 bedrooms but only one bath which is why I suspect it’s been a hard sell. Now priced at only $176 per square foot, it should attract someone’s attention that’s willing to add a second bath! To see the details of this house, click here.
None of the other price changes jump out at me at great opportunities so that’s a wrap for this week’s report.
Thanks for reading, please join me for my next report on the state of the real estate market in Avondale, Ortega and Riverside!
If there’s anyone out there that’s been waiting for a water front deal — this may be your chance. Just reduced to $ 2,199,000, this house is located at 3891 Timuquana Road and the price makes it only $456 per square foot. The lot is very deep (500 feet) and has wonderful views of the downtown Jacksonville skyline. It’s also within walking distance of the private Timuquana Country Club.
If you’re not from Jacksonville, it’s important to understand the different “types” of waterfront that are being offered because they carry different values. In addition to the overall size of the lot, the amount of waterfront “footage” that the property has is an important factor in the valuation of a property.
For example, if two houses are of similar condition and square footage and one has 70 feet of waterfront and another has 120 feet, the one with 120′ of water will have more value. Another factor that influences price is whether or not the property has a downtown view. The Jackonville skyline is very attractive and is especially so at night. The properties, like this one on Timuquana Road, that have a downtown view will sell for more money. “Open” water — on the St. John’s River — comes at a premium value and waterfront in Ortega is more expensive than waterfront in Ortega Forest. There are other distinguishing features of waterfront but these are some of the most important.
To see a list of waterfront properties available for sale in Ortega and Avondale, click here.
Thanks for reading — please join me for my next discussion of real estate in the Avondale, Ortega and Riverside neighborhoods!
On Thanksgiving, it’s important to remember what we are thankful for. I’m lucky to have much to be thankful for including my husband, children, Mother, other family members, my health and my friends!
Professionally, I also have a lot to be thankful for. Among them are the many people I’ve met through my real estate career. Some are customers, some are other realtors I work with, some are my managers (current and former) and some are professionals from associated industries like mortage loan officers.
I must say, however, that I am most thankful for my business partner, Caroline Powell. What a lucky day it was for me when Caroline made the decision to work with me. She’s an amazing person that I’m lucky to know and even luckier to work with. Full of energy, knowledge, compassion and general zest for life, there are few people as delightful as Caroline. She has a very large fan club and I’m lucky to be part of it!
I love writing my GONE IN A DAY posts. I have noticed most of these outstanding values the moment they were listed and made immediate calls to people I know to alert them of these great opportunities.
Sadly, they weren’t standing there with a checkbook in their hands and others were able to snag these great deals. So…if you’re one of those people out there waiting for a great deal, please subscribe to my blog so you can be the first to know about great opportunities as they hit the market. Or, better yet, call me and let me know what you’re looking for. When I see it, I’ll make sure you’re among the first to know.
The house in this blog was listed at only $119K. It’s a 3br/1ba with nearly 1,600 SF of living space with a detached garage. Priced at only $74 per square foot, this was an amazing deal. I called an investor that I’m working with to go see this house the day it was listed but we didn’t get there fast enough. It was put under contract the day after it was listed.
The story for this week remains largely the same as the past few weeks — a steady number of new listings, a few closed sales, a few pending sales and LOTS OF PRICE REDUCTIONS. So…the stats for the week are:
There are some notable transactions in this weeks stats. A very attractive home at 1360 Avondale Avenue was listed at only $449K. The main house has 3br/2.5ba and about 2,743 square feet of air conditioned space. It also has a large two car garage with guest apartment above. The lot is 60 x 174 with a nice backyard — at only $163 per square foot — this is a BARGAIN! It’s is a SHORT SALE, however, so the buyer of this will need to be patient! Short sales generally take about six months to complete. I suspect that this house will be on my list of contingent sales for next week.
There’s an AMAZING deal on DIRECT waterfront in Ortega. The property is located at 5141 Yacht Club Road . Priced at only $1,295,000, this house is being offered for $530,000 less than the current owners paid for it! It’s got 5br/3.5 ba in about 4,100 SF with a two car garage, walls of glass and incredible views! This is an amazing deal — I hope it gets added to my list of pending sales soon! To see the full details for this house, click on the link for new listings.
Thanks for reading — please subscribe so that you’ll be the first to know about the best opportunities being offered in Avondale, Ortega and Riverside.
My last post was about a little 3/2 bungalow in Ortega that had fallen into foreclosure. It was an incredible opportunity. Did you notice the word was? It’s already under contract! Stick with me and you’ll be the first to know about amazing opportunities in the market and you can be the one to benefit from the great deals that I’m out there looking for every day!
I took a customer to the house who decided against it because of the very large oak tree out front. Another neighborhood agent who actually had the house under contract a few years ago for $275K told me that the house is uninsurable because of the tree and the cost to remove it would be $10K. That’s expensive to be sure but the house was priced at $149K and if you add in the cost of removing the tree, the price would only be $159K (still a good deal).
I’ll be interested to see what the final sales price is and if the bank negotiated anything off the final list price. Stay tuned and I’ll let you know!
Thanks for reading – To get the latest news about real estate deals or things going on in the Avondale, Ortega and Riverside neighborhoods, please subscribe to my blog!
When I noticed this foreclosure listing in my neighborhood of Ortega yesterday, I dashed over there to have a look. It’s a darling little bungalow of about 1,500 SF on a nice lot in Ortega. The house has wood floors, a fireplace, a one car garage, small family room and relatively new air conditioner (dated 2005). The windows have been replaced and the roof appears to be newer as well. The kitchen is just okay — not original — but not with all the bells and whistles of today. The price of $149K puts this house below $100 a square foot.
I checked to see if there have been any other homes in Ortega that have sold for less than $100 per square foot in the last year. There’s a short sale that’s currently under contract whose list price was only $74 per square foot but that’s it — so this seems to be a great deal.
The great news / bad news is that there’s a HUGE and GORGEOUS oak tree just outside the front door. I cannot imagine cutting down such an immense and beautiful tree but at the same time, it nearly dwarfs the house. The roots from the tree have substantially lifted the driveway so if you’re interested in this house, I think it would be reasonable to have the foundation checked to see if the tree has had any impact.
Thanks for reading, if you’d like to be the first one to find out about great deals like this one in Avondale, Ortega or Riverside, please subscribe to our blog. When I see great deals like this one, I generally write a blog about them!
The summary for the sales statistics this week are as follows:
Listings were up but only by 2, there weren’t any newly contingent sales, the number of both pending and closed sales were the same as last week and there were almost an equal number of price reductions.
The big news of the week was a one million dollar price reduction on a waterfront home in Ortega that I wrote about yesterday. Another home that was priced in the 400’s went under contract. That’s the 8th house between $399K – $725K that’s gone under contract in the last 8 weeks.
When you consider that only 12 homes in that price range have sold in ALL OF 2009, to have 8 go under contract in the last 8 weeks is an amazing increase in activity!
So…. the weekly tally for the week ending Nov. 15th is:
New Listings: 10
Contingent Sales: 0
Pending Sales: 6
Closed Sales: 2
Price Reductions: 17
Thanks for reading! To get up to the minute information about what’s going on in the Avondale, Ortega or Riverside neighborhoods of Jacksonville, please call us at 904-252-5181 or 904-463-1898 or subscribe to our blog to get the hottest news right off the presses!
A few weeks ago, a house at 4155 Lakeside Drive in Ortega was listed at $2,300,000 and many of the agents in our office scratched their heads wondering where that list price came from. A pretty house? Sure, but $2.3M?? No way!
Well, today, the sellers have obviously come to their senses and reduced the price by ONE MILLION dollars. The house is now in short sale. So, what was ridiculously high a few weeks ago, is now a really GREAT DEAL. At this price, the house is listed for $226 per square foot which is a remarkable price for waterfront in Ortega.To see the full listing details for 4155 Lakeside Drive, click here.
If you’d like to schedule an appointment to see this house, please give us a call at 904-463-1898 or 904-252-5181. Thanks for reading. To keep up with the latest news in Avondale, Ortega and Riverside, please subscribe to our blog and you’ll be among the first to know about great deals like this!
In case you’re wondering who has the latest and greatest news — it’s often a realtor who specializes in your local area market. I often know about a house that’s getting ready to come on the market, a house whose price is getting ready to be reduced or about programs that lenders are getting ready to roll out that could save you a lot of money.
You might say that I have a lot of insider information. So…if you’re the kind of person who likes to know about it before it happens, then give me a call and I’ll be certain that as soon as I know it, you will too!
If you’re a loyal reader of mine (which I hope you are!) then you’ll know that I specialize in the Avondale, Ortega and Riverside neighborhoods of Jacksonville. Please join me for my next adventure in these very special neighborhoods of Jacksonville!