17-home development going into Riverside

[thelakelander]

Riverside is getting a new subdivision, which is something of a rarity. Though in Riverside, community may be the better word.

It's going to be called Green Hills and it's going in a block and a half west of King Street, where Green and Myra streets dead end before the railroad tracks.

Corner Lot Properties found 3 vacant acres there and has divided it into 17 lots. Co-owner Andy Allen said he thought the property was a city nursery decades ago. They've looped Myra and Green back together in the property, paving what was a dirt road.

Allen said the project had to get Riverside Avondale Preservation's OK, but each house will still need RAP's approval.

Full article: http://jacksonville.com/business/business-notebook/real-estate/2017-04-29/sunday-business-notebook-17-home-development-going

[johnnyliar]

Couldn't even imagine living that close to the train tracks in a pre-fab home for twice the price of similar homes in Murray Hill. Craziness.

[MusicMan]

Craziness indeed. Bet they sell them all. I've always loved this parcel and wondered how long it would take for someone to make it work.

[river4340]

$375,000 seems pretty high to me, too. But a lot of prices surprise me. There were several sales right in that area for over $200,000 last year.

[peestandingup]

https://youtu.be/0cgbZqR2AGI

[JaxAvondale]

I've seen a few homes in Riverside sell for over $350k in the last month. You wonder if there will be a bubble popping soon but homes aren't staying on the market long and the affordability is still there with historical low interest rates.

[Steve]

I've seen a few homes in Riverside sell for over $350k in the last month. You wonder if there will be a bubble popping soon but homes aren't staying on the market long and the affordability is still there with historical low interest rates.

I don't think we'll see anything like 2007-2010, UNLESS we start seeing mortgage defaults rise. Like you said, Inventory and Rates are very low which drives price a little higher. The key in 2007 was that people were allowed to overleverage themselves. I don't know how much this is happening right now.

[Tacachale]

Another recession is inevitable. Hopefully it won't be like '08. At any rate I imagine these homes will fill quickly, whether they really get $350k for them or not. There's not a ton of available new construction in Riverside.

[JaxAvondale]

I don't think a recessio will be anything like 2008. Jacksonville as a whole is in a pretty good as it pertains to affordability. I was in a webinar a few weeks ago and one of the charts showed Jacksonville as one of the lowest percentages as it pertains to how the homeowners mortgage payment in relation to total monthly income. So, homes are very much affordable here.


https://smartasset.com/mortgage/salary-needed-to-afford-home-payments

[JaxAvondale]

The real concern is there has been an increase in consumers taking out an addition equity loan on their home now that home values have increased. If these equity homes are improvements in the house then that is good. If these equity loans are for debt consolidation then I fear that we will be right back in the same boat again.

[Jimmy]

My brain is having a blip and a bleep.  Is this situs the location of the old RADO development called "Green on Green?"  I recall they were going to build... 10?... new homes on this parcel.  I think it was this parcel. Back in 2008 time-frame.  I think they had the PUD from Council and the builder lined up.

But then something happened and it all went to poop.


Edit: Yep, here's the legislation from 2008 - one of the TIFs has all the details. http://cityclts.coj.net/coj/COJBillList.asp?Bill=2008-0109

[ProjectMaximus]

I wasn't gonna say anything on this topic until I saw someone mention 375k list price. WOW!!
I actually scouted this property and we were gonna submit an offer until the list agent said it was already under contract. Our numbers for our investors, which were already quite attractive, proposed a sales price around 250k. I'm assuming they're gonna build higher end than we were planning to, but still...that is extremely bullish.

[remc86007]

Just kidding; I think these will sell fine since there is a lack of new construction in Riverside.

[thelakelander]

That's a part of the old McCall Coal Company tract.



McCall specializes in pest control today and now occupies the west portion of the old coal company's land.

McCall got its start as a family-owned business. The company was founded as McCall Coal Company in 1928 by two brothers, Sidney and John McCall, in Jacksonville. In those days life in America was changing drastically. Advancements in technology were fueling consumerism, Walt Disney had just introduced Mickey Mouse and the long economic boom was headed for a crash. Meanwhile, McCall Coal Company was beginning to offer coal, ice and later, fuel oil services, to customers living along the St. John's River.

In 1954 the business was sold to a local investment group headed by R. Eugene Orr. Orr appointed local politician and businessman C. William Beaufort chief executive officer. Beaufort made many changes at McCall, including renaming it McCall Fuel Services and then capitalizing on what was a new business opportunity at the time: lawn care.

http://www.pctonline.com/article/-anniversay-supplement--mccall-service/

[acme54321]

$375k does sound a bit steep