Well folks, between the low of $180 per square foot for the short sale on Elizabeth Place and now a new low for land in Ortega, I think we have finally hit the bottom.
A prime lot (there’s an existing house on the property that will be torn down) in the neighborhood of Ortega recently closed for just under $250K. The actual sales price was more like $222K but the buyer paid thousands of dollars in closing costs making the net sale price closer to $250K. The buyers intend to build a new home on the lot and will live in the neighborhood while their new house is under construction. The lot dimensions are 100 x 125.
My prediction is that people will begin to say to themselves “I should have bought that” and start looking around for the next best opportunity. This will cause some of the inventory that’s been languishing to begin getting snapped up.
If you’re one of those people, we have a great lot listed on a prime street in Avondale. I wrote a post about it several weeks ago but since then, we’ve been granted permission by the historic commission of Jacksonville to have the house torn down. So…. if you’re looking for a great building lot on a great street, please give me a call!