The Powell Steilberg Team has just listed a great riverfront condo in the heart of Historic Avondale. Full amenity building with riverfront pool, full time concierge & security. Ground floor unit has lots of windows and natural light, wood floors, large rooms and more! Walk right outside and enjoy the wonderful amenties of this popular building in Jacksonville, FL.
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!
Charming, well designed & appointed apartment on 2nd floor of desirable Park Plaza w/ spectacular river and downtown skyline views. Gracious living spaces include 2br/2 baths and a large den. Square footage has been extended by an estimated 300 feet with the enclosure of 3 of the 4 balconies. Beautiful walnut stained hardwood floors in the public areas and carpet in the bedrooms, custom crown molding. Wood plantation shutters on all windows throughout. Conveys with one garage parking space. Ample additional parking. Seller offering buyer credit toward new stove & dishwasher. Best pedestrian neighborhood in Jacksonviller, steps from shops,restaurants,Memorial Park, museum,downtown. dont miss it!
Two amazing condos are open today in the Historic Park Lane building in Riverside! A riverfront building located at 1846 Margaret Street in Riverside, the Park Lane offers amazing views of both the river and the city of Riverside. This “flow through” view is extrememely unique and not offered by any other condo buildings in the area.
The units are each 2BR/1.5Ba with about 1,300 sf. Priced at $215K and $250K respectively, one offers a beautifully renovated kitchen and downtown view and the other a charmed updated kitchen with butler’s pantry and coffee bar. To see the photos of these condos, click here.
Riverside is a vibrant walking neighborhood with access to one of the city’s most beautiful parks (Memorial Park) as well as lots of local eateries, coffee shops and boutiques. Come see us today, Sunday, February 21st from 2-4pm.
ANOTHER GREAT OPEN HOUSE EVENT!
If you’ve been thinking of buying a new home (or seeing how yours compares to your neighbor’s house down the street) come to the neighborhood open house in Ortega Forest on Sunday afternoon, February 21, 2010 from 1-4 pm. There will be something for everyone from the first time homebuyer starter house to a gracious riverfront mansion. To see all houses for sale (not all are open today) in Ortega Forest, click here.
Thanks for reading! Hope to see you at my open house at the Park Lane Condos today from 2-4!
I was showing a few of our listings at Villa Riva (a luxury condo building in the neighborhood of Riverside in Jacksonville) today and snapped this picture of their icy fountain — note the contrast of the icy fountain with palm trees in the background. As the song says, baby it’s COLD outside!
As the year draws to a close and I review the sales activity for this week it seems that things are pretty quiet.
There were more new listings this week than last (although two were re-lists) but not as many pending and closed sales. There also weren’t as many price reductions but it would be hard to top the 20 from last week! All in all it appears that last week was busier on all fronts.
There is one unit that I’d like to highlight. It’s a condo foreclosure in a “boutique” Riverside building called The Peacock. A 1BR/1BA with just under 1,000 square feet, the condo is priced at $74,900. This unit was purchased for $112,000 in 2004.
The Peacock is within walking distance to Riverside’s many restaurants and boutiques and it’s the only condo in Riverside under $100K today. The only other condos in the area under $100K are in Ortega in a building off Timuquana Road. There are two other condos for sale in The Peacock and they are not distressed properties.
The stats for the week are:
New Listings: 8 (2 are re-lists) – To see the list, click here
Pending Sales: 3 – To see the list, click here
Closed Sales: 4 – To see the list, click here
Price Reductions: 13 – To see the list, click here
I looked at the history of closed sales at The Peacock (see the full list of closed sales at The Peacock here) to see where the foreclosure is priced relative to some other units that have sold. The last 1BR unit that sold below $80K was purchased for $70K in July 2001.
As always, I keep my eyes peeled for good opportunities — be sure to let me know if there’s something in particular that you’re looking for and I’ll make sure you’re the first one to know about it.
Thanks for reading — please join me next week for my last market update of 2009.
The BIG news of the week is that we had very few new listings and more pending and closed sales this week than last. There were also a stunning number of price reductions (20 of them). In order for the market to stabilize, we will need to continue having weeks like this with fewer new listings and more closed sales.
New Listings: 3 ( 1 of the 3 is a re-list-so really 2 new listings)
Active Contingent: 1 – Click here to see this property
Pending: 5 – Click here to see list
Closed: 5 – Click here to see list
Price Reductions: 20 – Click here to see list
A few days ago, I wrote a post titled will the “trade up” market will come back in 2010? In it, I mention two of the closed sales from this week. It shows pictures of the houses and tells the history of what happened with both properties.
The most interesting new listing this week is a luxury condominium (unit 101) in a development called Ortega Landing in Ortega. Originally listed for $1,195,000 when the developement was doing pre-sales, this unit (after successive price reductions) has now re-listed at $875,000. At $875,000 it’s priced at $331 per square foot. A similar condo (Unit 1003) in a nearby upscale building (Villa Riva) just had a unit sell for $751,000. It was a tad bit bigger at 2,725 square feet and it sold for $275 per square foot.
I was hoping to see one of the 20 price reductions “jump out at me” as something I need to shout out about but most of them were modest (and needed) reductions.
That’s it for this week’s wrap up. Please join me for my next market update on the state of the real estate market in Avondale, Ortega and Riverside!
In 2007, there were 18 Condominium Sales in Avondale, Ortega and Riverside. In 2008, there were 21 and so far this year (2009) there have been 18 with 3 more pending. The sale prices of the units has fallen quite a bit but, as you can see, the total number of units sold has been surprisingly steady.
A bright spot on the landscape has been Villa Riva – 5 of the 18 sales this year have been at this premiere building in Riverside — that’s a healthy 27% of the total sales year to date. 4 of the 18 sales have been at a building called 1661 Riverside which puts it at a close second with 22% of the sales. The third largest seller has been a waterfront building called Beau Rivage in Avondale that’s had 3 sales or 16% of the market.
For more information about the condo market in the Avondale, Ortega and Riverside areas, please call us for a list of inventory and what we think are the best values in today’s market. We know these buildings inside and out. We can tell you which units have the best views, which buildings have a great management team and other important details about the various buildings in the area.
Thanks for reading, please join me for my next discussion of real estate in the Avondale, Ortega and Riverside neighborhoods.
We recently listed a fantastic condo at the Park Lane building in Jacksonville FL’s Riverside neighborhood. Riverside is walking neighborhood with a great park (Memorial Park) designed by the sons of New York’s Central Park (Frederick Law Olmstead) creator.
The 2BR, 1.5BA unit has tall ceilings, wood floors, butler’s pantry, separate dining room, extra large kitchen with laundry closet, coffee bar and lovely little fire escape where you can keep your potted plants. The 1,313 square foot unit has a wonderful feature — a “flow through” view with the St. John’s river in the front and the vibrant comings and goings of Riverside in the back. Whether you’re just starting out or looking for a pied a terre, this would be perfect!
You’ve made the decision — you’re ready to downsize! The kids are gone and you love to travel but you just can’t bear the thought of a tiny condo and, gasp…waiting for an elevator every time you want to go somewhere or need to walk the dog!
Problem solved — move to Villa Riva — a luxury building in the heart of Jacksonville, FL’s Riverside neighborhood that many of of Jacksonville’s influential people call home.
One of only four terrace level units, in this space you’ve got over 3,000 square feet with 3BR and 3BA’s. Eleven foot ceilings, your own private two car garage, full size laundry room, gourmet kitchen with granite countertops, gas cook top and a stunning wood paneled library with custom built cabinetry are a few of the other special features.
Although this is a terrace level unit, you’ve got tremendous river views because the building is built up over the parking garage, so effectively, you’re one story up.
If you’re a gardener, you’ll fall in love with the large garden terrace which gives you tons of space to develop a lovely container garden. You’ll also enjoy fantastic amenities including top of the line gym, guest suite for overnight guests, business center and Riverfront swimming pool. Give us a call today to see this outstanding unit that offers a wonderful transition from single family living!