SOLD – Two Avondale Bungalows Sell the First Week They Were Listed!

1303 Edgewood Avenue South - Listed for $250K, sold the first week for $245K
1303 Edgewood Avenue South - Listed for $250K, sold the first week for $245K

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.

1332 Belvedere Avenue, Avondale - Got a contract in the First Week!
1332 Belvedere Avenue, Avondale - Got a contract in the First 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!

Looking for a House Under $300K in Avondale or Ortega? Get Pre-Approved!

Bidding Wars Are Back!
Bidding Wars Are Back!

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.

1303 Edgewood Circle South
JUST SOLD -- 1303 Edgewood Circle South

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.

The Good Houses In Avondale Are Going Fast – Even in this Market!

3576 Pine Street, Avondale
3576 Pine Street, Avondale

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!

Two Houses in Avondale Sell for $490K (ish) – Who Got The Better Deal?

3643 Pine Street, Jacksonville, FL 32205
3643 Pine Street, Jacksonville, FL 32205

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 Avenue
1864 Challen Avenue

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!

Cash is King If You’re Buying a Condo in Avondale

Cash is King with Condo Purchases
Cash is King with Condo Purchases

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!

Bi-Lo is coming! Sell your House in Avondale or Ortega to their employees!

Bi - Lo is moving their headquarters to Jacksonville, FL
Bi - Lo is moving their headquarters to Jacksonville, FL

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.

Another $700K + house goes under contract in Ortega

Increasing sales in the $500K - $1M price Range in Avondale, Ortega and Riverside
Increasing sales in the $500K - $1M price Range in Avondale, Ortega and Riverside

The $500 – $1M price point for non-waterfront homes has been hit hard over the last few years in the Avondale, Ortega and Riverside neighborhoods of Jacksonville, FL but it looks like we’re seeing something of a recovery.

in 2009, there were only 8 sales in this price range.
In 2010, there were also only 8.
In 2011, the number more than doubled to a whopping 18.

A quick look at homes that have either sold this year (or are under contract) reveals that we’ve already hit 8 — and it’s only March 24th!

I did a search to see how many homes are currently still available for sale in this price range and find that there are only 14 — one of them is a townhouse and several others have “issues”. Our inventory of “good” homes (nicely renovated with good floorplans) is in short supply and the demand is increasing.

4973 Arapahoe Avenue, Ortega

Buyers are picky these days. They either want turn key, move-in condition homes or  “fixer uppers” at a steeply discounted prices. Take a look at our fantastic listing located at 4973 Arapahoe Avenue in Ortega. This turn key home was built in 2006, has a great floor plan, is very energy efficient & has a beautiful sparkling pool – just in time for summer!

Our inventory of renovated turn key homes in Avondale, Ortega and Riverside is low and there are lots of buyers out there, so if you’ve been thinking of selling, please give us a call.

Why is Woodmere Street near Avondale so popular all of a sudden?

1933 Woodmere
1933 Woodmere Street

In the last few weeks, a waterfront home located at 1933 Woodmere has sold and two more on the same street are under contract. Why the sudden interest in Woodmere? In my opinion, it’s because it’s one of the few places in Jacksonville, FL near the historic district of Avondale that you can buy riverfront real estate for under a million dollars.

What do you get for your money? The home that sold had approx 3,900 sf of living space with 4 bedrooms and 3.5 baths. The most compelling part of this house was the fact that it had dramatic downtown skyline views. Although it was newer construction with good “bones”, most people felt it needs substantial cosmetic updating.

1745 Woodmere Street
1745 Woodmere Street

The home at 1745 Woodmere went under contract in 45 days. A 3BR, 3BA home with approx. 3,300 square feet and a two car garage, the home had very nice water views but also needs substantial updating.

1697 Woodmere Street, Jacksonville, FL
1697 Woodmere Street, Jacksonville, FL

The home at 1697 Woodmere went under contract in only 12 days with the current listing but it was listed recently for 6 months at higher prices, then taken off the market and re-listed. Once it was re-listed, it went under contract almost immediately. This home, like the others, needs updating.

So….if you’re looking for waterfront under a million, you’d better look somewhere other than Woodmere — it’s all GONE!

For a list of other waterfront homes in historic Avondale and Ortega under $1M, click here. Several of these would most likely be considered tear downs and are priced at lot value. If you’d like to see any of these, call me or Caroline today!

Two Major Riverfront Estates in Jacksonville, FL Go Under Contract

With about 30 major riverfront estates available for sale in the combined neighborhoods of Avondale and Ortega, it’s with relief that two of them have gone under contract.

Tudor Riverfront Estate in Avondale
Tudor Riverfront Estate in Avondale

The first one, the Mason estate in Avondale, is a property with historical significance. Built in 1928 in the Tudor style of architecture for a prominent local banker, the house sits on an incredible 2.2 acres and has approximately 200 linear feet of riverfront footage. Originally listed for $6,500,000 in June of 2008, the sellers have taken numerous price reductions and changed real estate brokers. The final list price was $2,900,000 (over a $3 million dollar reduction) and we won’t know what the final sales price is until the home sells.

Riverfront estate on "the point" in Ortega
Riverfront estate on "the point" in Ortega

The second home, located at 3737 Ortega Blvd. is situated on one of the most prime spots in Ortega on “the point”. High on a bluff with amazing downtown views, over 6,400 square feet of living space and a guest house, this home was originally listed at $4,700,000 in May 2011. At the time it went under contract, the asking price had been reduced to $2,870,000 which placed the home into short sale status.

As soon as these two homes sell, we’ll be sure to write about the final sales prices.  They will be very good comps and provide much needed data for the remaining riverfront homes on the market.

Sales History in Avondale & Ortega over the Last Three Years

Sales History in Avondale & Ortega Over Last 3 Years

People ask us almost daily what’s going on in Avondale and Ortega with home sales — are they getting better, worse, have we hit bottom? If the number of sales is any indicator, it looks like things are getting better — in fact, how about a LOT better.

In 2010, we had a total of 26 sales between January 1st and March 15th. 7  of the 26 (26 %) were distressed – either foreclosures or short sales.

In 2011, for the same time period (1/1/11 – 3/15/11), we had 31 sales which represents a 20% increase in the number of sales. 10 of the 31 (33%) were distressed. So, we had a nice increase in the number of sales but the percentage that were distressed sales also went up.

So far in 2012 (year to date), we’ve had 43 sales which represents a very nice increase of 39% from 2011 and a whopping increase of 65% from 2010! Only 11 of the 43 sales (25%) were distressed so we had a large increase in the number of sales and a decrease in the number that were distressed.

For up to the minute news on what’s going on in our neighborhood or an evaluation of what your home might be worth, please call us! We love to share what we know.