Anyone have any idea why this property is so cheap? http://www.zillow.com/homedetails/117-E-2nd-St-Jacksonville-FL-32206/44477719_zpid/
Saw the agent remarks and it still seems dramatically underpriced.
I love that house. Never been inside, but outside looks good.
I think that is the house Ottis Toole grew up in.
looks like a short sale
And it needs quite a bit of work!
It may need some work, but if you are interested, check it out. I don't know if Otis Toole grew up there. I've been told he lived there. If you are leery about bad spirits or bad vibes, maybe it's not for you. We do have ghost stories in some of our old houses. But if not...
Built in 1886 makes it one of the older houses in Springfield. It's on a double lot, and one of the fewer 200' deep lots. Huge lot for Springfield. You can get a good home inspection. If you have some rehab funds available, or have some skills yourself, $32 per square foot is a bargain for a showpiece house. You could also apply for an FHA rehab loan (203k?) and they will fund more than the purchase price to allow for the work you need done, provided an appraisal supports it.
Real estate buyer... Beware.
It isn't 'fixed' just yet. (My uneducated, arbitrary, non-bottom call)
Current housing recovery = dead cat bounce. (Apologies to my fine feline friends)
"If you are leery about bad spirits or bad vibes, maybe it's not for you. We do have ghost stories in some of our old houses. But if not..."
Ya do????? Debbie, tell, tell, please! I am intrigued.
SandyShoes, I've just had several friends report "stuff." Generally "friendly" ghosts. We talked about a haunted tour, but never really got it together.
Back the the house and buckethead's posts. If you plan to "flip" it, don't buy it. Please, please, please don't buy it. Those are the WORST rehabs because people just do whatever is cheapest, and it shows. This house does not deserve that. But if you want to invest in an amazing house that you plan to keep awhile, the market will come back. It already has begun to come back. If you want an amazing house and plan to stay in an amazing neighborhood more long term, THEN check it out. :-)
If you buy it, we'll be neighbors. Great block. And what's that? Why yes, yes, I'd love to come over and hang out on your awesome patio, thanks for asking. Drinks on me.
It is simply amazing, isn't it? I had never seen the inside until I saw the pictures. I don't know which is better...the inside or the outside. :-)
To start with, as I know the person who bought this house as a condemned house, did the vast majority of the work (I did the Kitchen) and have been inside multiple times, this is a great house. It has been well maintained and even though it is obviously a short sale of some type, this house has not been trashed in any way.
I also know that a large family has lived and grown up there since the house was done so it may have some wear and tear such as a large family can do in normal everyday life. As to it needing a lot of work? I highly doubt it it needs a lot of structural type work, but as one of the oldest houses in Springfield and like all old houses, it always will need something. Comes with the territory. The majority is, I'm sure, minor everyday repairs and mostly cosmetic.
Anyone wanting what is perhaps one of the greatest and larger houses in Springfield for a low, low price needs to buy it soon. I suspect the only reason it has not sold is the fact that it is a very large house and so large utility bills will come with it. It is just a lot of house to maintain as well.
Absolutely beautiful. Was it ever a bed/breakfast? Seeing the size of that kitchen stove it must have been a very large family, if not.
I am a Realtor in Springfield. I have had several inquiries about the house. It does need the staircase rebuilt, about 20K is the estimate in the private remarks. Its a short sale so the buyer would have to be a first time home buyer and use a 203k loan or a conventional borrower would have to get a construction loan which is more money down in this market. Only other way to buy is the pay cash. Great house, just difficult to finance. Its also in a part of Springfield alot of people consider less desirable having less neighbors around...
Amanda Searle
Quote from: avs on March 01, 2013, 09:22:17 AM
Its also in a part of Springfield alot of people consider less desirable having less neighbors around...
While 2nd st. between Market and Hubbard would leave the house with no direct neighbors. Market between 2nd and 3rd is almost completely full of great homeowners (including the house at the corner of market and 2nd), and Hubbard between 2nd and 3rd has some great owners too.
This house is actually shielded from the Apts on Market and 2nd, and any noise/disturbance from them would be lessened.
I've been in this house in the last year. It's remarkable. The owners restored the house as Strider states. Dedicated their every moment to it's rebirth. What I most love are the windows. They "tuck" or "push" up into the walls, through the ceiling so to speak. Total wow factor.
This house also retains evidence that fireplaces were used to heat homes as they are everywhere and not always the centerpiece of the room. Gosh. I've forgotten how much I love this house!!
AVS, did I read your post wrong? I just got a an FHA 203k loan, and I'm not a first time home buyer.
Agree it's a big house with probably big utility bills. Would look into how to mitigate that, but know that old houses such as this with balloon framing need special attention to the type of insulation, because they are meant to "breathe." If the buyer wants to insulate, need to find someone with knowledge of historic homes. (It may have insulation for all I know.)
But as a big house for a big family, how amazing. A somewhat well-to-do family who can well afford the repairs, and perhaps even pay cash, could probably handle the utilities. Look into geothermal or solar HVAC. Tankless water heaters. CFL lights. Get an energy audit. Keep the thermostat at 80 in summer and run fans. Keep it at 65 in winter and waer sweaters. There are ways to mitigate high utility bills.
What kind of money are we talking to purchase it? I am assuming this is as is?
The house is totally livable as is. This family/owner has lived there for 15+ years! Under $200,000. I think $155,000 but I'd have to go back and verify. Short sale.
Thank you. I am going to pass the info to an interested buyer.
For Sale: $155,000
Price Cut (Feb 25): -$4,000
Zestimate®: $195,748
Est. Mortgage:
$547/mo
See current rates on Zillow
Bedrooms:6 beds
Bathrooms:4 baths
Single Family:4,739 sq ft
Lot:14,810 sq ft
Year Built:1886
Last Sold:Apr 2006 for $91,500
Heating Type:Contact for details
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Foreclosure InformationWhat's this?
JAN 25 2013 Home in default The owner of this property has been served a Notice of Lis Pendens.
APR 5 2006 Loan issued $245,000 A loan was issued by JPMORGAN CHASE BANK NA on 04/05/06 in the amount of $245,000.
APR 5 2006 Previous sale $91,500 This home last sold for $91,500.
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Name:
PHELAN HALLINAN PLC
Address:
2727 W CYPRESS CREEK RD, FORT LAUDERDALE, FL 33309
More foreclosure informationLearn more at Zillow Foreclosure Center
Description
Historic Large Frame Home one of a kind located in The Historic District of Springfield exhibiting the Victorian, Queen Anne & Gothic Revival styles. This historic home is featured in the Jacksonville Architectural Heritage Publication lst edition. It has been restored with hardwood flooring,…More
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Zestimate What's this? $195,748 $143K â€" $391K -$13,574 $41 02/26/2013
Rent Zestimate What's this? $1,503/mo $1.2K â€" $1.9K/mo $0 $0.32 02/25/2013
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http://www.watsonrealtycorp.com/search/listing-detail?ID=FB94E421-BA3C-4A4F-B86A-EB4C57B500E0
Any pictures?
It's well within my reach for a 203k, but the price tag just seems beyond low given how much work has already taken place. I can't shake the feeling that something is very, very, very wrong with it. Plus, being single and deployed makes me very wary of getting into something I couldn't finish. But that kitchen alone looks like a $50k+ of work already complete...
duvaldude08, click the link on the very first post on page 1 to go to the listing. There are lots of pictures.
JFman00, it is unbelievable what houses in Springfield (and probably elsewhere) are going for right now. I think the banks are just selling them at fire sale prices and writing off the losses to get them off their books and move on. Last year, we purchased a 3/2 Craftsman bungalow for $23,000. Did about $1000 in repairs, cleaned, painted, put a couple coats of poly on the floors, and it was ready to live in. A couple months ago, we purchased a 2/2.5 1800 sq ft home with a 2/1 687 sq ft cottage in the back yard for $47,900. It needs about $25,000 in repairs, for a total investment of about $73,000.
Those deals are drying up as the market is improving.
Without having walked it, this sounds like a steal to me. Don't forget...you can put in the contract you want a home inspection, with the option to call in others. If it comes out iffy, you could have a structural engineer, plumber, roofer, contractor, electrician or anyone else you feel the need to look it over based on the home inspection. We've done that before when a home inspector told us to have the roof looked at.
Quote from: JFman00 on March 01, 2013, 05:49:37 PM
I can't shake the feeling that something is very, very, very wrong with it. Plus, being single and deployed makes me very wary of getting into something I couldn't finish. But that kitchen alone looks like a $50k+ of work already complete...
I think the pics are a little deceiving. I was in it a few weeks ago. AVS is right that the stairs do need to be rebuilt and the est I was told was $20k. But it needs more work...some cosmetic, some maybe more involved. My "uneducated about restoring old houses" guess is that if you do not have at least 40k to put into it immediately then you probably should not buy it.
But go see it. It has great potential. But be warned that it is very cluttered and messy right now.
If you walk through this house or any old house and like what you see but are nervous about the work it might or might not need, please go back with a contractor that specializes in historic houses. There is a huge difference in how things should be done and dealt with between these old houses and the newer ones. A contractor very experienced on doing additions on a normal house will often run for cover from anything he sees on an old house. We even have issues with home inspectors because what would be an issue on a house built in 2000 isn't even a blimp on the worry radar in a house built in 1895. It is not unusual for a inexperienced contractor to over estimate the needed repairs on an old house simply because they don't understand the old materials and construction techniques.
The best advise for purchasing any historic house is to find the right people to give you the right advice so you can make that informed decision.
At that price, it probably need works. Check out the roof. Is it leaking? Checking the plumbing and wiring. The structure. All the systems. Those are things that have to be right, but which don't show when you rehab something. Half our rehab budget for this house went to new plumbing, some new wiring, a new roof, and structural repairs. Consequently, we still have the 1930's kitchen (which I love, BTW, and would not change, but lots of people don't see it that way. They want new.) So if you go for it, do it with your eyes open.
The house we just bought for $47,900 needs $25,000 in work. That's over 50% of the purchase price. But we'll still have an amazing house for $73,000 or so when it's done. The value is there. This is an amazing house which you will have to put some money into. You just need to know that going in. And plan on 10% to 25% more than you think, because you always find more stuff once you get going.
That said, if you don't want to take it on, there are lots of houses for sale in Springfield that DON'T need rehab and are move-in ready.
And as far as the Otis Toole connection goes...
I am not sure he ever lived there, but in 1982 he did barricade a tenant in a room and set the house on fire. It was a rooming house at the time and he was convicted of the murder. You can read about the case here:
www.law.fsu.edu/library/flsupct/65378/65378Ini.pdf
Quote from: Bridges on March 01, 2013, 09:45:29 AM
Quote from: avs on March 01, 2013, 09:22:17 AM
Its also in a part of Springfield alot of people consider less desirable having less neighbors around...
While 2nd st. between Market and Hubbard would leave the house with no direct neighbors. Market between 2nd and 3rd is almost completely full of great homeowners (including the house at the corner of market and 2nd), and Hubbard between 2nd and 3rd has some great owners too.
This house is actually shielded from the Apts on Market and 2nd, and any noise/disturbance from them would be lessened.
It is all perception, I agree. But everyone's comfort levels are different.
The house is aggressively priced probably because they are short selling and need to attract a buyer asap. Since the house does need some work to be able to be financed then they need to attract a buyer willing to do this. It is also a large house and sometimes that overwhelms people ("I would have to clean it and buy so much furniture" :))
Your offer can always be contingent on a home inspection and WDO Inspection (wood rot and termites), you would have 10 days to get an inspection and notify the seller if you want to cancel based on the inspection results. The house does need about 20K put into the stairwell and the roof needs work it says in the Realtor remarks.
It hasn't sold because the right buyer just hasn't seen it. I wouldn't worry about why it is priced where it is - an appraisal will solve that issue and I am sure your Realtor will pull comparable sales for you. Think if it is what you want, can you handle some work? Do you like the location (it is walkable to downtown, the river and Uptown Market)? If you take a look and love it then make an offer contingent on inspections and move through the process.
The price was lowered last night again to $145K - the seller is motivated to sell so that is a good sign :)
Amanda Searle
Quote from: JFman00 on February 28, 2013, 09:09:35 PM
Anyone have any idea why this property is so cheap? http://www.zillow.com/homedetails/117-E-2nd-St-Jacksonville-FL-32206/44477719_zpid/
Saw the agent remarks and it still seems dramatically underpriced.
It's because of what it costs to maintain a house that size, let alone one entirely made of wood. $1500/mo JEA bills, then realistically budget $500-$1000/mo for maintenance, depending on how much you have time to do yourself, more during the years it needs a roof, or one of the 4 or 5 a/c compressors needs replaced, or anything else major like that, then $400-$500/mo in taxes, probably $200/mo for homeowners' insurance, $100/mo for the gas bill, plus whatever else you spend anyway on landscaping, lawncare, etc. You could probably get away with it a smidge cheaper by playing the deferred-maintenance game, but if you want to keep it in good condition and live in it without sealing rooms off, etc., then that's what you're looking at. If you are going to get a mortgage, then add that interest into the monthly budget to figure out what it's really costing you.
It's a beautiful house, no doubt, but something that big and ornate is gonna cost you $$$$$ to live in regardless of what price you paid to buy it. It takes a special (a/k/a rich) person to make that worthwhile. Or it would make sense for a huge family with 12 kids or something. I like to dream too, I could buy that thing if I really wanted it, most of us on here probably could since the price is reasonable. But when you start adding up what it really costs beyond just the initial purchase price, I just can't afford the size of it.
Springfield is a place you see this all the time, the price per square on the mansions are much cheaper than the 2k sq ft houses, they go cheaper because of the cost of maintaining them. And you can kind of disregard Strider, he's a wonderful guy and a great contractor, but that's exactly why he doesn't see the problem. It's the same reason my mechanic drives a super nice car. It doesn't cost Strider what it would cost you or me to work on that thing, since that's what he does for a living. For most people that house would be a big expense.
Actually, you shouldn't disregard me as I can only assume that most will use common sense and understand that a house this size is going to cost much more to heat, cool and generally maintain than the more common smaller house. I would think it is simply a given. So, if you are looking at this house and are serious, you figured that out already.
You do need to take someone in who knows old, historic houses and knows what it costs to do the work it needs, and can help you see what it will need in the future. Not what it will cost the contractor, but what it will cost you.
By the way, Chris, by your estimation, I should live in a castle, or at least the nicest house in Jacksonville, after all I know what to do and how to do it. Of course, it has taken us 9 years to get around to redoing our bathroom, and it is still only about 80% at the moment and, yes, it will be really nice. However the simple truth with most contractors is this: We are living proof of the old expression, a cobblers children have no shoes. To put it plainly for you Chris, this means we are often too busy working on client's houses to get ours done and when the day ends or the weekend arrives, who wants to do more construction work? So our house ends up last on the list. This is also why most good mechanics I know drive nice, newer cars. So they don't have to work on them because they really don't have the time
Anyway, this large house is a great house even if it needs a new staircase. It is an old style spiral one, by the way, and yes, it will be expensive to get right. We could do that for you, by the way.
I've decided not to pursue this property. For a single guy and as a first purchase, it's just too much house. I'd be dealing with repairs while overseas, and sealing off the vast majority of the place. One of these days I'll find something that fits...
I looked at the property this weekend. The asking price is appropriate IMHO. The current owner lived in the house for about 12 years, and did A LOT of work. But there is still a lot left. For example, the pictures don't show some roof issues and water spots at the ceilings. Or the useable, but "home made" with 2x4 and water pipe railings staircase. The roof is probably the scariest part, as a smart woman once told me: The prettier the roof, the uglier the roofing bill. And this is just the quick impression from a quick walk through.
It is a good deal, but not a "first time home buyer" house. Who knows what you will find once you get into the details.