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Market Conditions in Jacksonville : Real Estate Advice

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  • Home Buying575
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Activity 41
Thu Jul 2, 2009
Frank & Sharon Alters answered:
Vikki, from other real estate professionals I have been in touch with, savvy consumers I talk to, and data available, I would say the SW area of Florida around Naples has been hit the hardest. Values are down 70% there and entire neighborhoods are for sale. The Miami area follows. Central Florida, where we used to live, was hit pretty hard as well, especially the areas around Poinciana and Kissimmee. ... more
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Wed Mar 4, 2009
Blaine Rabe answered:
This one takes some work by a realtor. The number is large and growing.

Regards,
Blaine Rabe
0 votes 1 answer Share Flag
Fri Feb 20, 2009
Sellin' With CC Team answered:
Rebecca,

On Short Sales you can expect to have 10-20% equity in the home. Foreclosures may be more. Of course that all depends on the condition. It is possible to find short sales and foreclosures in decent condition, but you will most likely be competing with other offers and in this situation you are still getting an amazing deal, but you might expect to pay more than the asking price. This is normal in Jacksonville with 3/4 of all sales being distressed properties. I think the word is out on th egreat deals here. Most of the homes will need some work and appliances, light fixtures, paint, and carpet. so you will buy the home less than market value, but you will be putting some money into the home. But when you are buying at the bottom of the market, and have a low interest rate, you can expect that your home will appreciate at a normal 3-4% each each year. If you are planning to stay in Jacksovnville at least 4-5 years it's is defintely money well spent.
Just an example I had a customer that bought a home in Mandarin fro $165,000. It appraised at $190,000 in it's current condition. The home needed appliances, paint and carpet, but after repair value was over $200,000. This was a foreclosure. I hope this helps you and your husband to make a decision about buying a home in Jacksonville. Also, for the past 4 months consecutively our sales have been increasing. good luck on selling your home up there and if you have any further questions email me anytime.
CC Underwood
... more
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Fri Jan 2, 2009
Sue Holt answered:
Rosenorcross:

Hi -- I'm Sue Holt, Realtor with Watson Realty. I have listed and sold in Wolf Creek. Actually, the prices have come down -- right now, the 1-car townhomes are selling in the $175K - $195K price range. It all depends on location, size, upgrades and condition of unit. They had previously been selling above the $200K-$225K range. Wolf Creek is a very desirable location for many because of its proximity to Mayo Clinic and the Beaches. ... more
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Thu Dec 1, 2011
Aida Abud answered:
Yes, I do have a Maronda home and I am also having water intrusion due to windows weren't placed correctly leading to breaking the stucco and water coming in. I am in the process of looking for a lawyer.
Aida Abud
... more
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Mon Oct 26, 2009
Mmbi Real Estate answered:
Most real estate management companies charge a 10% fee. If you need more information drop me a line.
Good Luck.
0 votes 2 answers Share Flag
Mon Jul 7, 2008
Ailynne PeBenito answered:
By the way what is your preference in a single family home how many beds and baths... how much is your monthly rent are you looking at...?
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Thu Aug 7, 2008
Linda Dove answered:
Yes! The need for rental property is increasing and Jacksonville's economy is growing thus bringing more people into the city for work. it's also a great time to buy real property as prices are stabilizing and interest rates are still low. Check out the links below and please let me know how I can help-www.prudentialnetworkrealty.com ... more
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Wed Oct 20, 2010
M answered:
Dear Joe,
Are you asking about the Peninsula at Golden Isles in Brunswick, GA? Last we heard which was very recent is the owner has spotted all marketing efforts and for the past month or two has just been moving dirt around. We were at one time positive about the potential for this development, but right now we will not recommend our clients purchase there. If you are looking for property in coastal Carolina or anywhere in the Southeast, we are a great resource. Would love to hear from you about your involvement or interest in Peninsula.
Regards,
Marian Schaffer
The Schaffer Realty Group
877-886-8388
terry@marianschaffer.com
... more
0 votes 3 answers Share Flag
Sun Jul 27, 2014
Myke Atwater answered:
There is no standard answer to your question. Some sellers have accounted for your 20% discount before they priced their home. Others, depending on what their realtor has told them, might have in fact priced it right to begin with. Most realtors will do this comparative analysis for you at no cost. The way to determine what to offer is based on what comparable properties in the same community have SOLD for in the past 6 months. What someone has paid in the past 6 months is a pretty sure indicator of what the market price of another like property will be. Forget the standard % garbage, and base it on market VALUE! ... more
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Thu Mar 20, 2008
M answered:
Paul,
Lot "only" prices have not held steady. Most lots have seen a 5-10% decrease, but you may not see it on the sale price. Where you will see it is in the incentives that are being offered. It is not good practice to reduce lot prices in developments after selling to other owners. Most of the better developers will not do this. Instead, they will offer incentives.
The Schaffer Realty Group
Marian Schaffer
www.marianschafferrealty.com
... more
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Sun Jun 21, 2009
Patti Namey answered:
Absolutely! I am a lifelong resident of Jacksonville and personally familiar with most areas. What can I do to assist you? You can reach me on my cell 904-742-8451 or via email at pattinamey@watsonrealtycorp.com - Patti Namey, Broker Associate, GRI - Watson Realty Corp.
(904)742-8451
... more
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Sat Jul 5, 2008
Patti Namey answered:
Great Question! I wish I did know definitively - unfortunately, no one knows for sure. All of the projections I have read have indicated an improvement in our market towards the end of 2008 and Mr. Watson (who has been in the business for over 40 years) also feels that we'll see a slight improvement after the first quarter of this year (these projections could change if something major happens in the economy as a whole). At any rate, this is a great time for buyers! Lots of homes on the market means you can find one that more closely matches your criteria and the current pricing makes homebuying affordable for an increased portion of our population that had been priced out during the rapid increase seen during 2003-2005. Interest rates are still great as well. I do advise my buyers that they should plan to stay in their home for at least 3 years to allow time for appreciation to offset closing costs. If you are interested in a personalized homefinder program using your individual criteria, please call me or email me. My email address is pattinamey@watsonrealtycorp.com and my cell phone is 904-742-8451 (I answer seven days a week) Thank you for this opportunity to be of assistance. Patti Namey, GRI, Broker Associate, Realtor - Watson Realty Corp. www.PattiNamey.com 904-742-8451 ... more
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Wed Feb 20, 2008
Brittany Stewart answered:
I haven't done statistical research this year yet. But showings and pendings have picked up in my office. This is a start! No one knows for sure, but we're keeping our fingers crossed. Jacksonville was listed in Forbes Mag as #8 for best deals for bargain hunters! Wish someone had the crystal ball! ... more
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Thu Jun 19, 2008
Carol Zingone answered:
Mandarin is a more established neighborhood than Fruit Cove, and has a terrific reputation as a familiy friendly community with short commute times to Jacksonville. Fruit Cove is a bit further south than Mandarin, and so a bit further of a drive. If I can help in any way, please let me know. Carol Zingone, Broker Associate, Vanguard GMAC, 904/993-9048. ... more
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Wed Mar 18, 2009
Ute Ferdig answered:
Hello CJ. I have always tried to get sellers to get pre-listings inspections and make the necessary repairs if they were able to do so financially. In a hot market, sellers were able to get away with not doing inspections and they did not need to spend money on repairs. Now, that the market has cooled off for sellers, I find it easier to convince sellers to have the inspections done up front.

When representing a buyer, I try to get copies of any inspection reports prior to making an offer as it helps the buyer to decide how much to offer. However, I highly recommend that the buyers get their own inspections. If a buyer does not wish to spend the money of independent inspections, I have the buyers sign a statement that they waive inspections despite of having been advised otherwise. In summary, I would say that my advice has not changed, it just has become easier to get the sellers to cooperate. Real estate is a big investment and in my opinion the same caution is advisable whether you are in a buyer's or seller's market. Now, if we could get the lenders to see the benefit of getting inspections, we'd be in really good shape, wouldn't we.
... more
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Mon Apr 6, 2015
Cindy Gavin Team answered:
Dear Dennis,
As you know Bartram Park is a new growth area of Jacksonville. While this area has experienced a decline in property values during the down turn in the real estate market, I do believe that over time that will change. The builders have slashed their prices drastically on inventory homes in order to unload them. Now is a great time to buy and get a great deal! If you plan on staying in the home for 5 years or more, I do think that you will see an increase in your value and you would be making a wise investment. If you plan on being there 2 years or less, I would be more hesitant to buy. The close proximity to I95, Downtown, the Beaches and Baptist Hospital, make it a great place to live. It's hard to speculate what is going to happen over the long haul, but rates are low, and prices are low and now is a great time to buy. Again, how long you plan on staying in your townhome will greatly depend on what kind of increase in value you will see. Best of luck with your decision making and If I can be of any other assistance, please let me know. Have a great day! Cindy Gavin ... more
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Fri Jan 2, 2009
Bob Leonard answered:
Robert, let me know if you need help finding builder best buys in Jax.
Our area has been hit hard for awhile and I believe prices are leveling and will start to inch up.
Send an email if you need help finding the best deals. bobandsayne@comcast.net ... more
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Fri Mar 20, 2009
Jennifer Filkins answered:
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! ... more
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