In working with buyers these days, the thing we hear most often is, “I’m looking for a steal” or, “I’m really not interested unless it’s a DEAL”.
The irrational exuberance that once led people to pay ridiculous amounts for real estate has become irrational vulturism (I made that up) and buyers won’t buy unless they feel they’re getting a “STEAL”.
This, of course, begs the question, what exactly IS a steal and how will you know one when you see one?
Is a STEAL a house that’s priced at a certain price per square foot? Is a STEAL a house that’s been reduced by a million dollars? Is a STEAL a house that came available at a fair price on a street where houses almost never come up for sale? Is a STEAL a foreclosure?
Most realtors use the price per square foot method to develop the asking price of a house and most buyers use it to locate what they believe to be a BARGAIN. To get this, you take the asking price of the house and divide it by the heated/cooled square feet of living space.
I personally don’t believe that price per square foot tells the whole story. There are so many other variables to consider including location, quality and condition (amount of renovation/upgrades). Just because something is being sold for a low price per square foot doesn’t necessarily mean it’s a DEAL.
Take these two houses for example. One is located on a cul de sac in Ortega and the other on Riverside Avenue in Avondale. Both were very nice homes in good locations and both sold for around $390K. They had different square footages, however, so the ppsf for one of the homes was $142 and the other was only $118. Which person got a better deal? Post a comment and let me know what YOU think.
There are plenty of “deals” out there so if you’re in the market for one, call us and we’ll help you find it!
Thanks for reading — please join us next time for the state of real estate in Avondale, Ortega and Riverside!
In case you’ve had your eye on a delicious little piece of waterfront and have been dreaming of capturing the waterfront lifestyle, there’s some news you might like to have.
Last year, there were 8 waterfront properties sold in Avondale, Ortega and Riverside. This year (and we’re only in April), there have already been 4 sales, 1 pending sale and 2 more that just went under contract. So…7 properties have either sold or will sell soon. I’ve heard about several more properties that are being negotiated as we speak, so it won’t be long before I report more waterfront sales.
Have you missed your chance? You might be surprised to learn that there’s still plenty of inventory left — 41 to be exact. Some of these are new listings and some have been on the market for years! To see the complete list of all waterfront properties available for sale in Avondale, Ortega and Riverside, click here.
Ranging in price from $599K to $4,250M, there is certainly something for everyone. The lowest price of $599K is for a 50′ wide lot on McGirts Blvd. and the most expensive ($4.250M) is for a large custom home in Avondale that sits on nearly 180′ of riverfront (our listing).
There are single story homes, two story homes, traditional homes and contemporary homes. There are big lots, small lots, wide lots and skinny lots. There is wide water (St. John’s river), McGirts Creeek water, Pirates Cove water, downtown views, non-downtown views. There are homes in Riverside, Avondale, Ortega and Ortega Forest.
While some of the best homes have been snapped up, it’s obvious that there’s plenty left to choose from. Call us today and we’ll help steer you toward a great deal!
Thanks for reading – please join me for my next update on real estate in Avondale, Ortega and Riverside!
After more than 200 days on the market, this darling two story brick home on Belvedere has sold for $275K. Updated to perfection with 3BR/1BA, the property had a nice sunroom, living room, separate dining room, great kitchen, interior laundry and renovated bath upstairs. The house was across the street from a park and had a spacious backyard.
There are lots of other great deals in the $200’s — with only a few days left to snag the first time homebuyer tax credit of $8,000, call us today for a “hot sheet” list of the best buys left.
Thanks for reading. Please join us next time for an update on Avondale, Ortega and Riverside. Real Estate is very localized so it’s important to work with people who specialize in the area where you’re looking!
Back in September 2009 (nearly 7 months ago), I noticed an amazing price reduction on a fantastic piece of waterfront property on Woodmere Road which runs between Avondale and Ortega.
The price of the land had gone from over a million to the 900’s and when I wrote about it (see that post here) , it had been dropped to $675K. I thought it was a great deal at $675K but apparently the general public didn’t agree and the land has remained available until just a few days ago.
Last week the price got dropped AGAIN, this time to $549K and apparently that finally caused someone to pull the trigger and the parcel is now under contract.
WOW! What a Deal! A buildable waterfront lot in a great neighborhood for only $549K — that, folks, was a deal! Stay tuned and I’ll lewt you know what it closed for.
To see the full listing for the property, click here. There is a house on the property, but I walked through it and don’t see any redeeming value — let’s see what the buyer does.
Thanks for reading – please join me for my next report on the state of real estate in Avondale, Ortega and Riverside.
If you’ve been watching the real estate market in Jacksonville, FL, you probably know that the first time homebuyer market (generally speaking this pertains to properties priced at $300K and under) has been the driving force in the real estate market over the last year. The price segment just over that (from $400-$800K) has been extrememly slow with just a handful of sales.
The first one was placed under contract just 17 days after being listed. Located at 1913 Greenwood in Avondale, the home has about 2,500 Square feet, a nice big lot with big backyard and a two car garage with apartment or office above. This space has not been “finished” out but the opportunity exists for someone to do so. It’s a pending sale (inspections and financing need to be completed).
The second sale was at 5110 Yacht Club Road. This two story classic brick house is located just doors down from the Florida Yacht Club. It was listed for the first time in October 2006 for $1,220,000 and had successive price reductions until it finally expired at $899K. It was re-listed by a different realtor at $799K. It went under contract within days and closed within 30 says at $750K. The house was large with over 4,000 square feet and had a three car garage. It did need some updating but had great bones.
The third house is located at 3404 St. Johns Avenue and is considered by many to be one of Avondale’s “landmark” homes. It was also a large home of around 4,000 square feet that was in good shape but did need some updating. It had been on the market since June 2008 beginning at 1.8M. The most recent published price was $990K and it closed for $719K last week as an “as-is” sale.
If you’d like to know more about what’s going on in Avondale, Ortega or Riverside, please give me or my partner, Caroline Powell, a call. We have over 20 listings in the area and know the market inside and out. Get the benefit of working with local area experts when you work with us.
Thanks for reading! Please join me next time!