Barbara Whar…, Other/Just Looking in New Jersey

Can I get details about The Peninsula Condos in downtown Jacksonville. How are current real estate trends?

Asked by Barbara Wharton, New Jersey Tue Oct 23, 2007

impacting this development project

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8
The Peninsula is not in trouble. Every unit is sold and closing are underway -most will be closed by early June. Owners who have closed already have said that the finishes, lobby and overall closing experience have exceeded their expectations.
1 vote Thank Flag Link Mon May 5, 2008
Actually Jacksonville is beginning to see a decline in value, not a huge amount, but year over year, you have to expect to see a loss of some value. The Peninsula is in trouble as it has taken longer than the 2 years that the owners were promised for them to construct the properties. Many are talking suit and I hear that the units will not be ready until Summer 2008.
1 vote Thank Flag Link Wed Mar 19, 2008
The current real estate trends are hurting the sales of units in The Peninsula. There are currently 79 units for sale, one has sold this year, and one is pending a contract that should close before the year end. And that is just the information I could get o our MLS. The units and location are amazing, with many ammenities and appointments that make each unit spectacular. The units are priced anywhere between $350,000 to over a million, you can find out more information at The Peninsula's website. As far as the market conditions, Jacksonville is not loosing equity, we are flatlined. Everything is staying steady, now if the mortgage industry can just get it together, we might make it out of this sooner than later!
1 vote Thank Flag Link Tue Oct 23, 2007
I've just done a comprehensive study of the Peninsula illustrating which units are considered "prime" and which one are the best values. It is the best condo building (bar none) in Jacksonville. If you pick the right unit, the views are incredible and the prices have dropped considerably from when the units were originally bought by pre-construction owners. The building has a great location, fantastic amenties and a very responsive staff. I also have a personal relationship with someone at The Peninsula who will share with me which units the developer still owns and is willing to sell at a sharp discount. Please feel free to call me at 904-252-5181 and I can share all of this with you. I look forward to talking with you! Allison Steilberg
Web Reference: http://www.ortegaexpert.com
0 votes Thank Flag Link Fri Mar 20, 2009
I live across the river from The Peninsula in another high rise on the river. The prices are lower in all the buildings of course than what they were when they were built - just as everything else is that was built in the last 5 years. The condos along the river are magnificient and you will never be able to buy again at such a great price. Many of the original owners are backing out because of the market - most were investors. I love living where I live - the majority of people in Jacksonville have no experience of what high rise living is all about. Because of the market and because so many new condos were built at one time, the original buyers are not able to sell for what they bought - so not a great time to sell - but a great time to buy in a beautiful building. Let me know if you have any other questions. http://www.JacksonvilleHomeConnection.com
0 votes Thank Flag Link Thu Mar 19, 2009
These posts are pretty old and pretty amusing now that a bit of time has eased along the pain of a new building closing and completing construction. The contruction is definitley complete and the first people to close only had to go about 2 months before all the amenities were finished. Just over 80% of all units have closed now. There have been 6 new sales w/in the past 5-6 months.....not bad!! Beyond a few people who can never be made happy, the majority of residents are thrilled and having the time of their lives. The building is spectacular and people are noticing....and buying!! There is no doubt that values have dropped since the height of the market when many of these units were sold, but no one ever promised this would not take long term investment to see returns. Definitley good news................and the website WAS under construction you can visit the link.
0 votes Thank Flag Link Sun Jan 4, 2009
I agree. We have waited four years for this project to come to a close. Then suddenly the developers sent a letter saying that we were due to close on all of our properties in the following month (May!). Amenities were not finished and supposedly management is offering $450 credit to homeowners for their inability to use those amenities. I think $450 per month that the pool, etc are not available is more fair to those owners that have closed getting the developers out of a huge financial bind. I also have tried to get in touch with people at the Peninsula and find their website under construction and phone numbers no longer working. It has certainly been a hard lesson to learn. Even though I think JAX will survive the RE crunch, I am not sure that Peninsula or it's buyers will in the short term. Good luck to all of us!
0 votes Thank Flag Link Mon May 19, 2008
My parents are dreading their purchase in the Penninsula. The market has dropped 30% since purchase. There have been delays on the building and the view they were shown was not the one for their unit. The other white elephant in the room is the fact that the assessments will be very high due to the specualtive buyers who will probably need to walk away. As of today I found 36 listing on the realtor.com and many of them were below the the purchase price origially paid. Further, the Peninsula has closed their website due to "Renovations" Ha, Ha. Enough is enough! This is real money and real people's lives.
0 votes Thank Flag Link Wed May 7, 2008
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