Condo for Sale/Rent in Southside Area...same questions

[Mandy D]

I know it is hard for you who own condos and can't rent them for what the mortgage is, but that was the problem with Jacksonville selling condos for high prices and now they are not worth that in reality, Me as a renter I have a hard time finding a place to live for a decent price, I Just finished college and just got married and my husband and I are living in a small apartment, not enough room but we can't afford to rent a bigger place..I think it is hard on everyone.

Originally Posted by lbg222

I'm in the same boat. I'm looking to sell/rent our condo at the Reserve at Point Meadows. How hard is it right now to rent? I know how hard it is to sell because there isn't a lot of traffic out there looking for condos.

Has anyone had any success selling/renting a condo recently in the Southside area, about 5 minutes from the town center?

[David in JAX]

Originally Posted by Mandy D

I know it is hard for you who own condos and can't rent them for what the mortgage is, but that was the problem with Jacksonville selling condos for high prices and now they are not worth that in reality, Me as a renter I have a hard time finding a place to live for a decent price, I Just finished college and just got married and my husband and I are living in a small apartment, not enough room but we can't afford to rent a bigger place..I think it is hard on everyone.

Agreed. There was once a time when renting and owning a home were about the same for the same unit. The big difference was that people had to save for a down payment. Over the last few years things really got out of whack due to mass speculation and prices and later rents rose to rediculous levels.

Not to worry though. Both prices are coming down. Things will move back to reality since real estate prices and thus rents always revert to their historic means. The real question is how long will it take.

[jimbo13]

Originally Posted by cricketfan

I can't say I have alot of sympathy for sellers in today's real estate world.

Like every other business real estate is cyclical. When times are good, sales people can be arrogant, even ruthless. And humble when times are bad. Pricing is one thing, it's the American way, whatever the market will bear. But the attitude of the seller is another.

How many of us remember that not that long ago people were writing $5,000 checks just to enter a lottery for the privilege of buying a house that didn't even exist. People were camping out to be the first in line at the sales office. One sales lady in Winter Haven even brushed me off with my check in hand because she had to go to lunch.

In retrospect I'm glad that I waited and built a home here in St. Johns County from a local builder several months later. (I could have been stuck in Orlando). The market was stalling and the sales people were exceptionally nice. Oh yes, there are a few realtors who are still in denial.

The advantage that the buyer has today is not just price, but time. Take your time, do your homework and dont make a move until you are absolutely confident that you are getting the very best deal.

And best of all, realtors are very nice people today.

i wasn't referring to sales people. i was talking about the actual people that are trying to sell their homes in this market... especially the people that were rooked into pay option arms by unscrupulous mortgage brokers that glazed over key aspects of the program. i am fully aware of how realtors are...

[cricketfan]

Originally Posted by jimbo13

i wasn't referring to sales people. i was talking about the actual people that are trying to sell their homes in this market... especially the people that were rooked into pay option arms by unscrupulous mortgage brokers that glazed over key aspects of the program. i am fully aware of how realtors are...

My apologies, jimbo ... out of context harking back to sales people in general and the old days.

[agreatlife]

Thank you for the kind words about REALTORS. I looked up Point Meadows in the MLS to see what is out there, and there are currently 20 active properties listed in the MLS. Only 5 have sold since May 1, and on average sold at about 96% of listing price.
One of the problems is the sheer inventory of condos, especially in the Bay Meadows area. It's been said that if we stopped listing properties today, it would take 16 months to sell the current inventory.

[jimbo13]

ouch. hopefully things'll rebound at some point in the not-so-distant future...

[David in JAX]

Right now there is a 20.5 month supply of homes (condos and single family homes) on the MLS. If you include FSBO's and developers' inventory, that number is estimated at about 25.6 months. But the primary problem isn't inventory. Inventory is just a symptom. The real problem was mass speculation caused by people treating single family homes and condos as investments. Once people realize that housing is a bad investment and that a home is a place to live, things will get back to normal. But, at this rate it's going to take a long, long time for things to get straightened out.

[riveree]

Originally Posted by David in JAX

Right now there is a 20.5 month supply of homes (condos and single family homes) on the MLS. If you include FSBO's and developers' inventory, that number is estimated at about 25.6 months.

.......but of course, that's the combined average - in some parts of Jax/Jax area it's worse, in some it's better.

As an example, about a month or so ago, the overall supply in Jax was 15 months but in San Marco it was only 9 months.

So we're back to basics - location, location, location - it really does matter.

Also, we can't assume all sellers are upside down in their loans, pricing their homes too high, desperate sellers, etc. It makes for good cocktail party talk, but not everyone who is selling is in such a bad position.