New Downtown Living: Broadstone River House Apartments

[jaxjags]

Not that I support Kerry, but what is the availability of properties in Five Points, Riverside, Avondale, etc. How many properties are for sale for every 100 homes. I live in an older suburban northside neighborhood (The Cape). Their is only 1 home for sale out of 250! That is very low. If it the same or similar in the historic neighborhoods, then it may be true that there is a supply shortage, high demand and high prices for "sub standard homes". MusicMan, do you know? Is supply of good home at a reasonable price available in the historic areas. My guess would be no except for maybe Murray Hill and Springfield.  And those are emerging neighborhoods. Truly just a question based on where I live.

[acme54321]

My mom just bought a house in Avondale.  I've been looking with her and she lost out on two other houses that had multiple offers in the first couple of days.  They both sold for over ask.  Good houses in the historic district are moving fast, really fast.

[Kerry]

I think the Kerry House Hunters episode was pretty standard (well, the whole New Urbanist intro was BS but whatever)...unwilling to pay market value for certain locations and ends up sacrificing location for "more house for the money". Just about everyone does that in one form or the other. We certainly did.Well.....we just sacrificed by a couple of streets, not zip codes.

My burning question is that if Lennar  met his rigid standards when researching builders, who the hell was rated as substandard? Billy Bob's Crap Shacks!?!?

It was Billy Bob's Buy and Flip that thinks some paint and new kitchen cabinets is a remodel.

[MusicMan]

Kerry, JaxJags, Here is some info you'll identify with.

Location Location Location.

You can almost always fix a house, a location not so much.  Inventory and supply are in balance in certain price points in those hot neighborhoods. But the market is crowded IMO at the higher price points ($500,000 to 800,000). I'm seeing nice renovations in all those neighborhoods and they do go fast. You need an experienced home inspector and a good trail of permits and inspections when shopping renovated homes.

Multi family is very tight. For investors looking for less expensive properties there is lots of choices, just be careful of where you buy. Returns are typically higher in the less desirable areas. Lower in the better neighborhoods (you probably knew that).

I have three contracts Pending right now in Avondale, Springfield and Bartram Rd South (Southside).  I have the Buyer in all situations.

[Kerry]

MusicMan - I'm aboard with what you are
saying but I'm not willing to live in or near the urban core at all costs.  I would rather just move to another City that already has what I want.  In fact, I didn't even want a house.  A 3 bedroom apartment would have been fine but those are like bigfoots.  People say they have seen one but when you go look you can't find it.  Finally, prices in Riverside are almost exclusively driven by lack of availability.  The quality of the home plays a very small role.  We looked at several homes north of $500,000 that needed at least another $150,000 (and in some cases way more than that) in additional work.

With prices that Riverside commands I can't figure out why developers don't build that type of product instead of cul de sac filled subdivisions.  Maybe eTown will change that.

[thelakelander]

MusicMan - I'm aboard with what you are saying but I'm not willing to live in or near the urban core at all costs.

Now this I can agree with. You can be the biggest urban core advocate in the world, but depending on what you're looking for, the environment and housing product isn't always worth the personal living expense. 

[Tacachale]

MusicMan - I'm aboard with what you are
saying but I'm not willing to live in or near the urban core at all costs.  I would rather just move to another City that already has what I want.  In fact, I didn't even want a house.  A 3 bedroom apartment would have been fine but those are like bigfoots.  People say they have seen one but when you go look you can't find it.  Finally, prices in Riverside are almost exclusively driven by lack of availability.  The quality of the home plays a very small role.  We looked at several homes north of $500,000 that needed at least another $150,000 (and in some cases way more than that) in additional work.

With prices that Riverside commands I can't figure out why developers don't build that type of product instead of cul de sac filled subdivisions.  Maybe eTown will change that.

You're right about apartments (and condos). There just aren't that many in the more desirable urban core neighborhoods, especially with 3 bedrooms. As far as the supply of houses, I don't think that's accurate. I guess it depends on your definition of what additional work is needed. There are houses available in Riverside today that go for less than what you'd pay in either 220 or Mandarin that don't require nearly that amount of work you're saying. I guess it depends on your definition of the work that needs to be done - and of course what you're willing to settle for as far as neighborhoods go.

[bl8jaxnative]

With prices that Riverside commands I can't figure out why developers don't build that type of product instead of cul de sac filled subdivisions.  Maybe eTown will change that.

Riverside is like Silicon Valley.  Everyone always thinks they can reproduce.    No one ever has nor ever will.

[thelakelander]

I would add square footage to the equation. If people would stop paying for square footage they will never use(well, outside of paying additional
to furnish and heat/cool it) there would be far less of a need for settling on location. And here's an even crazier thought....maybe a little less debt.

It's a bit more complex than that when you start factoring in quality public schools, access to employment, reverse commutes for things that should be within walking or mass transit distance, etc., especially if you're not willing to exceed $300k for anything in Jax.

[MusicMan]

SoBa on Home Street rising faster than a yeast filled doughnut....

[acme54321]

SoBa on Home Street rising faster than a yeast filled doughnut....

I was joking a while back that it would be done before Broadstone...  that looks more like a reality now than ever

[acme54321]

SoBa on Home Street rising faster than a yeast filled doughnut....

I was joking a while back that it would be done before Broadstone...  that looks more like a reality now than ever

I walked by yesterday for the first time in a while and....what the hell? East San Marco Publix may open first.

Seriously.  There hasn't been any visible change in a month.  I think they broke ground in 2016  

[CityLife]

Broadstone City Center in WPB was approved in July 2016 and opened in September 2018. Same developer, same size. Jacksonville, it's slower here.

[Steve]

Broadstone City Center in WPB was approved in July 2016 and opened in September 2018. Same developer, same size. Jacksonville, it's slower here.

Didn't broadstone do a project at the beach here?

[CityLife]

Steve, yes they did "Beach House" off Shetter Ave in Jax Beach. Finished in 2009.