Real estate price trends in Riverside/Avondale

[FSBA]

Been looking around for awhile now and just wanted to get the feel from posters on here. I'm looking at a house over by Willowbranch park. Last sold in 2006 for $250,000 and is currently listed at $129,000. There's nothing particularly impressive about the house itself. Is it at a level I should jump on it or will it fall abit more if I wait it out another month or two.

[Cheshire Cat]

Been looking around for awhile now and just wanted to get the feel from posters on here. I'm looking at a house over by Willowbranch park. Last sold in 2006 for $250,000 and is currently listed at $129,000. There's nothing particularly impressive about the house itself. Is it at a level I should jump on it or will it fall abit more if I wait it out another month or two.

What is the condition of the house?  Does it need a lot of repairs? How big is it and how many baths and bedrooms?

[FSBA]

1300 sq/ft listed as a 3/1 but really its a 2/1 with an office. Its gotten a new roof and the hardwood floors were redone in the last 2 years. The back deck is about rotten so that would have to get torn out and a new one put in place.
I would also need to buy a new fridge and washer/dryer. The W/D would have to be stackable.

[Cheshire Cat]

The purchase in 2006 was while the market was still good. Those of us who are homeowners here have seen the prices rise, fall horribly and begin to rise again.   The price for the size of the home as you described it is lower than one would expect to pay in Avondale.  You did state the home was nothing special.  If you do not love it, don't buy it no matter its price.  This still isn't a turn around market in Avondale so some bargains still remain but how long that will be the case is hard to say.  Perhaps the best way to decide is to research what other homes of similar size and style have been going for.  If the deal still looks good to you, get a home inspection before you buy to be sure this is a "deal" and not a money pit. 

[Dog Walker]

CC, that is very wise advice!  Get the bottom price houses while you can if you like them and they fit your needs. 

There are a couple of really interesting, but "needs work" houses in this area that are being snapped up by the people who are experienced at their needs and how to economically do what is necessary turn them over to non-restorers at much improved prices.

Unless there are a lot of termite, foundation or mechanical problems, that is not a bad price IMHO.  Talk to a realtor who is experienced in the area.  It's worth paying the fee for professional advice.

[JFman00]

I've been looking at real estate since I first got to Jax about 2 years ago. Prices have been kicking along the bottom for a while but I have noticed that attractive places have been going off market much faster than they were initially. I do see many properties re enter the market after being contingent or pending for a while, I'm assuming as a result of poor financing conditions (had a transaction fall through myself after the appraisal couldn't be substantiated due to a lack of comparables).

The market is still down but it's not the fire sale it once was. If it's something you really like, jump on it (but still come in well below list).

[fieldafm]

There was an article in The Resident about this issue this month.  In certain areas of the Jax real estate market (residential and commercial), prices have been very healthy as supply is not keeping up with demand.  It's not uncommon in certain segments of the market for a residential or commercial property to not appraise for the sales price, this is an indication of the type of elasticity that is exactly the reason why a mobility fee moratorium is not needed. 

[MusicMan]

At the peak in 2006-07 homes in very good shape pulled $200 per sq ft in Avondale. Prices for smaller bungalows are approaching that now. It is not unusual to see sales at $150  per sf and up and Days on Market are incredibly short.  The big blue monster at Herschel and Copeland just closed at $495,000  with less than 90 days on market. It has no covered parking and is covered with vinyl siding, not much yard either. It was big, 3600 sf AC.

The bottom was, in my opinion, and the majority of realtors in this area, 2010-2011, and the positive momentum began in January of 2012 and has been steady for 16 months.

That being said there are still deals out there. I've closed 3 since Jan 1 below $50,000, all for investors.

One on Dellwood (Fannie Mae Homepath) for $47,000, one in Springfield (Foreclosed) for $13,000,  and picked up one for myself in San marco for $26,000.  Those all needed work and were Cash purchases.

[Dog Walker]

Activity in Riverside has picked up a lot in the past several months.  Nothing is staying on the market for long and most have at least two contracts going.  There are still vacant houses that haven't been put on the market by the banks yet, but they won't last long when they become available.

[avs]

Music Man is right, the market bottomed in the intown neighborhoods last year.  I specialize in the historic districts and every offer my buyers are making lately they are in competition with other buyers.  The inventory is down and the buyer interest is up so multiple offers is common.

Ask your Realtor to run comparable sales (so you don't run into an appraisal issue) and make your offer contingent on a home inspection. 

[Cheshire Cat]

Music Man is right, the market bottomed in the intown neighborhoods last year.  I specialize in the historic districts and every offer my buyers are making lately they are in competition with other buyers.  The inventory is down and the buyer interest is up so multiple offers is common.

Ask your Realtor to run comparable sales (so you don't run into an appraisal issue) and make your offer contingent on a home inspection. 

I like this news. 

[Springfield Chicken]

I agree with AVS and CC too.  The market turned almost overnight at the beginning of the year.  We are no longer seeing the bottom prices, days on the market are shorter, and multiple offers are now common.  But when you compare today's prices with prices even before the boom began, they are still at really good prices AND interest rates are just phenomenally low. Now truly is the time to buy.  But if you are buying a home, don't let the price be your only consideration.  You don't want to lose a great home over the price and you don't want to buy one just because it's a good price.  It's going to be your HOME and that should be the main thing that influences you.  I reminded a buyer of that this week when he wasn't able to get the seller to throw in the pool table!