John Gorrie Condos

[Cheshire Cat]

Did or do the Weavers actually reside in the Gorrie Building?  Anyone know?

[JFman00]

Delores Weaver lives there.

[Cheshire Cat]

Well that explains the fact that there is no real effort to sell the condo's, no one always answering the phones etc.  John Gorrie was her baby and now her home.  Luckily she can afford both the taxes and maintenance on the building so if most of it stays empty who cares?  This also explains why the condo offered for rent in the building went down right quick.  lol 

[ben says]

I really don't think she lives there...pretty sure she lives in Villa Rive or whatever it's called, next to St. Vincents. I've seen her walking and driving in and out of there dozens of times on my neighborhood walks.

I went to look at a few condos there recently but I came away unimpressed. For a building that has such character it is a remarkably sterile atmosphere, even if it had the warm bodies for it. The financing isn't an issue for me it is simply that the building doesn't provide anything. Not to mention I looked at 2 other condos off of St.Johns ave the same day. They offered similar amenities but were priced under $80,000.

The condo market in Jacksonville is still in the gutter and considering there are is an ever growing glut of foreclosed ones coming back on the market it won't get better anytime soon.

Agree. I was "impressed" (for lack of a better word) with 2 of the 2 dozen units I saw. The corner unit facing Stockton and the 2 story unit right next to it.

I'm glad they rehabbed the building, but I'm not so sure condos were the buildings highest and best use. Rentals are one thing, but who would wanna buy there? Apparently not many.

[Cheshire Cat]

Ben, what are the prices like on the units?

[JFman00]

The nice 2 story units (~1,400 sqft)are 225 and up with the largest units (~1,800) at 295 if I remember right. The 2 BR flats start 150ish. I believe HOA is .25 a sqft.

[ben says]

Ben, what are the prices like on the units?

Don't remember. Maybe a lil less than JFman00 is quoting. I was there 6-8 months ago. I remember thinking, "while these are aesthetically ok, they're too expensive for what you get."

I was going in from an investor standpoint, not as a potential renter. What's annoying is they're only letting investors buy 6 unit blocks, no more. Also, they aren't cutting any breaks. It's not financially feasible to invest in these, basically, if you want to turn around and rent them out.

[JFman00]

Pulled out my notes from the units I looked at. This info is from spring 2012:

1800sf two story, 2/2s for 310 and 312, 450 HOA

1367-1484sf two story, 2/2s for 218-236, 345-373 HOA

1408 sqft corner flat, 2/2 for 228, 354 HOA

[ben says]

Insane HOAs for what you get..

[FSBA]

Pulled up their listings.

There is a studio listed for $109,000 w/ a HOA of $191.

Acouple of 1/1s for sale between $135,000 and $150,000. HOAs are about $250

I see one 2 bedroom with a HOA of under $300. Everything else is still above.

In total they have 10 units still listed and have been on the market for over 650 days.

[ben says]

oy...

[MusicMan]

FYI it is the lowest HOA per square foot in all of Riverside-Avondale. Included would be exterior upkeep and insurance of all the grounds and common areas , which are extensive and include some very nice interior areas, water and sewer is included, plus parking and a decent workout room. 

Any search will show you that these are the cheapest condos in Riverside-Avondale.  And offer by far the most choices in terms of layout and square footage.  Also you get a 10 year ad valorem tax deduction of around 40% (for Historic Renovation) which no one else is offering that I am aware of.

Saw a mention of "looked at 2 other condos off St Johns the other day ...priced under $80,000."  Not on the MLS. Must be FSBO units.

Delores Weaver does not live there. She maintains an office there.

I have showed the building many times to several prospects. While none have bought, most were impressed. They have one Listing Agent and she is very good, beside her the marketing has been horrible. The photos on the MLS need a complete do-over. It needs a great virtual tour that Buyers could access. (Both of these are incredibly inexpensive fixes for a property like this, not sure why they have not been taken care of.)

The timing to come on the market was tough, but the Weavers did the right thing. They got the building for the price that made it possible.

Every single person who bught at 1661 Riverside in the first 2-3 years it was available is massively underwater right now (if they did not already walk away from it). The same will not be said of this building.

"The condo market in Jax is still in the gutter".  That's up for debate.   In Riverside-Avondale-Ortega there have been 58 sales in the last year, only 7 off those were less than $100,000, while 8 were north of $500,000.  The median price was $174,000, about what one would pay for a 1200 sf bungalow in decent condition in the neighborhood.

4 condos are currently "Pending", priced from $155,000 to $480,000,   and 33 units "Active" or available. Prices from $68,000 out near NAS Jax (not really the historic district) all the way up to $1.8 million for a penthouse at Villa Reve on the river adjacent to St Vincents. (I acknowledge the Gorrie has more than 30 units available which are not on the MLS.)

I would wager that the average income for the single hipsters below 40 who live in Riverside is $25-35,000 a year, enough to rent in the neighborhood but not enough to qualify for a mortgage on a $150,000 condo.

Cheshire Cat, I'd  be glad to set up a showing for you then you can post your opinion for others to enjoy.

[JFman00]

For all the negatives, I would have bought one if I could've found favorable (low downpayment) financing. I think that  more than anything is what's stopping these units from moving. As a single twenty-something, it's hard to justify scraping together 20% down on a condo when there are so many decent SFHs or cheap multi-family properties that can be purchased with an FHA/VA.

[Cheshire Cat]

FYI it is the lowest HOA per square foot in all of Riverside-Avondale. Included would be exterior upkeep and insurance of all the grounds and common areas , which are extensive and include some very nice interior areas, water and sewer is included, plus parking and a decent workout room. 

Any search will show you that these are the cheapest condos in Riverside-Avondale.  And offer by far the most choices in terms of layout and square footage.  Also you get a 10 year ad valorem tax deduction of around 40% (for Historic Renovation) which no one else is offering that I am aware of.

Saw a mention of "looked at 2 other condos off St Johns the other day ...priced under $80,000."  Not on the MLS. Must be FSBO units.

Delores Weaver does not live there. She maintains an office there.

I have showed the building many times to several prospects. While none have bought, most were impressed. They have one Listing Agent and she is very good, beside her the marketing has been horrible. The photos on the MLS need a complete do-over. It needs a great virtual tour that Buyers could access. (Both of these are incredibly inexpensive fixes for a property like this, not sure why they have not been taken care of.)

The timing to come on the market was tough, but the Weavers did the right thing. They got the building for the price that made it possible.

Every single person who bught at 1661 Riverside in the first 2-3 years it was available is massively underwater right now (if they did not already walk away from it). The same will not be said of this building.

"The condo market in Jax is still in the gutter".  That's up for debate.   In Riverside-Avondale-Ortega there have been 58 sales in the last year, only 7 off those were less than $100,000, while 8 were north of $500,000.  The median price was $174,000, about what one would pay for a 1200 sf bungalow in decent condition in the neighborhood.

4 condos are currently "Pending", priced from $155,000 to $480,000,   and 33 units "Active" or available. Prices from $68,000 out near NAS Jax (not really the historic district) all the way up to $1.8 million for a penthouse at Villa Reve on the river adjacent to St Vincents. (I acknowledge the Gorrie has more than 30 units available which are not on the MLS.)

I would wager that the average income for the single hipsters below 40 who live in Riverside is $25-35,000 a year, enough to rent in the neighborhood but not enough to qualify for a mortgage on a $150,000 condo.

Cheshire Cat, I'd  be glad to set up a showing for you then you can post your opinion for others to enjoy.

I would love to see the property, thank you for offering.  I will message you my phone number and email address. 

[ben says]

I would wager that the average income for the single hipsters below 40 who live in Riverside is $25-35,000 a year, enough to rent in the neighborhood but not enough to qualify for a mortgage on a $150,000 condo.

And I think this is the crux of the problem why this place isn't selling. People do want to rent there though, which I guess is a good sign?