Springfield & 32206 is the 5th best for flippers

[Bill Hoff]

Fyi.

"People want to live in an urban, walkable environment," Sifakis said, adding that the neighborhood is "still very attractively priced compared to Riverside, Avondale and San Marco."

Full story
https://www.bizjournals.com/jacksonville/news/2018/06/18/this-jacksonville-zip-code-is-the-5th-fastest-in.html

[RatTownRyan]

I don't quite underdtand? Is this a good thing? Does it mean there are a lot of run down houses that are getting renovated? Or does it just mean the price of the houses are going up but the buyers aren't actually becoming long term residents of the neighborhood?

[Alexsifakis]

Normally this sort of activity is a very positive indicator for the market. For comparison, back in 2015, the 32205 zip code was on this same report - and obviously riverside, Avondale, and Murray hill have been doing very well the past few years. It could also indicate an overheated market, but I don't think that is the case with Springfield.

[Steve]

As long as we don't repeat 2005 when a few of the realtors and developers were playing a game of flipping houses to each other and artificially raising the housing prices on top of the larger housing bubble.

This one "seems" to be a little more organic.

[remc86007]

I'm glad I got in when I did. It's pretty cool being able to see four houses either under construction or being renovated from my house with the knowledge that my property taxes are locked in. Thank you silly Florida legislature.

[ProjectMaximus]

my property taxes are locked in.

It may not have been your intention with phrasing, but just in case, when it comes to "save our homes', don't confuse value with taxes. Otherwise, you will be rather surprised  in the not so distant future.

The pension doomsayer speaks again. Uplifts us with vivid imagery of cinnamon and dough, then shreds us for our poor fiscal discipline.

[remc86007]

my property taxes are locked in.

It may not have been your intention with phrasing, but just in case, when it comes to "save our homes', don't confuse value with taxes. Otherwise, you will be rather surprised  in the not so distant future.

Correct; I meant value.

[Kerry]

I'm glad I got in when I did. It's pretty cool being able to see four houses either under construction or being renovated from my house with the knowledge that my property taxes are locked in. Thank you silly Florida legislature.

Pretty sure this is people buying rundown homes and renovating them.  We have been looking in Springfield for the past few months and there are very few occupied homes for sale that don't need about $200K worth of work.  No one is flipping a fixer-upper.

Incidentally, in Riverside we found many homeowners there trying to unload their rundown garbage of a house at post-renovation prices.

[remc86007]

Pretty sure this is people buying rundown homes and renovating them.  We have been looking in Springfield for the past few months and there are very few occupied homes for sale that don't need about $200K worth of work.  No one is flipping a fixer-upper.

Correct, which is why Terrawise is doing so well. I don't think there are many flips worth doing left. Most of the homes for sale at low prices need serious, serious work. I can't believe some of the renovations that I've seen. Houses that don't looks structurally sound are being completely restored. The time to buy houses and flip them for actual profit ended a while ago. I'd buy houses in the Eastside if I were into that.

Regarding Riverside, most of the prices we saw on liveable homes in 2016 were insane. I can imagine it has only gotten worse.

[Kerry]

Pretty sure this is people buying rundown homes and renovating them.  We have been looking in Springfield for the past few months and there are very few occupied homes for sale that don't need about $200K worth of work.  No one is flipping a fixer-upper.

Correct, which is why Terrawise is doing so well. I don't think there are many flips worth doing left. Most of the homes for sale at low prices need serious, serious work. I can't believe some of the renovations that I've seen. Houses that don't looks structurally sound are being completely restored. The time to buy houses and flip them for actual profit ended a while ago. I'd buy houses in the Eastside if I were into that.

Regarding Riverside, most of the prices we saw on liveable homes in 2016 were insane. I can imagine it has only gotten worse.

We looked at several renovated homes in San Marco, Springfield and Riverside and I was really disappointed in ALL of them.  Here is Renovation 101 - you HAVE to level the floor or none of what you are doing will ever matter.  I can't believe anyone would spend even $20 on a gallon of paint if they aren't going to level the floor.  We concluded our only viable option is to buy a vacant lot and build a new home.

[remc86007]

I totally agree. Even on the Springfield tour of homes I have been in beautifully restored homes where the floor was never leveled. Some of those homes are supposedly worth $400k-$500k, but I wouldn't buy them.

If you are actually interested in building a new home on a vacant lot, I recomend Terrawise. We are very happy with our home and our JEA bills are insanely low. My only qualm with them is how slow they can be. Maybe they've gotten better recently, but our house construction took 16 months from signing. Most of the delay was not their fault per se, just problems getting the trades out there to work as their is way too much work to do and not enough contractors to do it.

[jlmann]

So you have gone from "Jax will never be the city I want it to be"and leaving when your lease is up to buying a house?!? In what, a month?

What do you do for fun... hold the football and pull it away from yourself?

lol- that and look for energy-efficient, renovated homes in riverside with level floors on the cheap, an equally worthwhile pursuit.

[Kerry]

So you have gone from "Jax will never be the city I want it to be"and leaving when your lease is up to buying a house?!? In what, a month?

What do you do for fun... hold the football and pull it away from yourself?

LOL - but No.  It was the other way around.  Went from ready to spend +$350K when the lease is up to "We should move somewhere else".  Alas, I am not a party of 1 so I can't just up and leave - or I would.

[Kerry]

So you have gone from "Jax will never be the city I want it to be"and leaving when your lease is up to buying a house?!? In what, a month?

What do you do for fun... hold the football and pull it away from yourself?

lol- that and look for energy-efficient, renovated homes in riverside with level floors on the cheap, an equally worthwhile pursuit.

Not quite, but here is the deal with most homes in Riverside, at least the ones on the market....their value only comes from their location.  If that same house was located in a Southside subdivision they would be worth about $100K.  Now when you get to the +$750K range the quality of the renovations improved but I don't want a home that big.

[Bill Hoff]

The article I linked also includes 32206 in general.

The Springfield Historic District's success is spilling over into the greater Springfield area to the North, as well. A recently renovated home on East 17th near Liberty sold yesterday for $215k.....that's an incredible price for that area. Two other homes on that block are being renovated now, another three were already renovated.

If you want good flip / renovation / inome property, Springfield below 20th Street (MLK Blvd) and North of the Historic District (12th) is a good bet. When the 9th & Main property is developed into another brewery/restaurant, 17th Street will be just as close as 2nd Street, for example.