Home Buying in 32216>Question Details

Jennifer, Home Buyer in Jacksonville, FL

What is a good price for Deerwood Lake Condominiums 1649 sq. feet? What are the other condo's selling for?

Asked by Jennifer, Jacksonville, FL Fri Jun 29, 2007

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Condos are under considerable price pressure given the excess supply. My advice would be to bid low--look at what other properties sold for within the last 6 months. It is a buyers market and you have nothing to lose by bidding on the low side. Look up the property in the assessors office online and see what the buyer paid for it. That gives you an idea of their bottom line. Look when they bought--if it was during the 2005/2006 bubble, the property is surely going to be overpriced. Bid low. If they say no, so what? There are tons of condos on the market; plus, you have nothing to loose and potentially everything to gain-- sellers will sometimes take a loss if they have a strong incentive to sell (divorce, delinquent payments, job transfer). The market certainly has not bottomed--most are predicting at least another year for any type of recovery. You also may wish to consider a single family home;- over the long term much better appreciation and resale value.
0 votes Thank Flag Link Wed Jul 4, 2007
Hi Jennifer,

First, bear with me as I give the obvious answer: A good price is one that satisfies the needs/desires of the buyer and the seller regardless of what that number may be.

While that is the truest answer, I realize it probably isn't what you're looking for - LOL... I'm guessing you want to buy a unit and don't want to pay too much. But what constitutes "too much"? That's really a loaded question that requires a crystal ball that enables us to peer into the future and see exactly how long you will hold onto the property and what the 'market trends/conditions' are at the time you resell. Yep, even from a strictly financial perspective it becomes quite complicated so let's just look at current market condition and assume you want the lowest price possible.

But even when we boil it down to that basic component there are many factors that must be taken into account in determining a good price point:

Which building is the unit in?
What floor is the unit on?
What view does the unit provide?
What is the general condition of the unit?
What upgrades, if any, does the unti have?

We have sold units in Deerwood Place and are quite familiar with them. The reality is that homeowners who purchased a year or more ago would have a very hard time selling at a profit today because of the depreciated market for condos in Jacksonville (we believe that trend is beginning to change and should be on the uphill climb again within the next 6-12 months -- in other words, we think we have seen the bottom of this market).

There haven't been any sales recorded for 1649SF units in the last 6 months but there have been 2 sales of 2001SF, one of 2025SF and one 2100SF units with an average price of $149 per square foot which would put a 1649SF unit averaged at $245,700 - that is a decent 'starting point' for determining a good price.

There are currently 5 1649SF units active on the market at an average price of $303,760 ($184 per SF) with the lowest at $274,900 and the highest at $319,900. Again, REMEMBER, there are MANY different factors that must be considered in determining a 'good price' for any particular unit.... that is where a highly knowledgeble real estate agent can really help you. Hint: Find someone that knows BUSINESS and FINANCE... not just someone who is selling real estate sort of as a hobby. LOL

And, yes, we would be happy to assist you if you would like. Feel free to visit our website and see if you think we might be the kind of people you'd feel comfortable working with - http://www.BestHomesInJacksonville.com or you can abbreviate it with http://www.BHIJ.com.

We wish you all the best!

Tim and Susan Fennell
Century 21 Atkins Realty Inc.
(904) 828-4204
0 votes Thank Flag Link Sat Jun 30, 2007
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