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bobliocatt

Real Estate Question?

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By Wednesday, there's a good chance that I'm going to make an offer to purchase a condo in either Riverside or New Arlington. The question I have concerns the Riverside property.

I'm wondering what do you all think about the investment possibilities of buying a 2bd/2ba condo, with 1168 SF for $122,000? Its within 4 blocks of the river, Publix, Five Points and Park & King. Has anyone had experience with renovating older buildings? Thanks in advance.

If this doesn't work out it looks like I'll just purchase a condo in the suburbs, until I work out my urban townhouse plan.

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I have more experience with the Riverside market, and well none with Arlington. That sounds like an excellent opp in Riverside from a purely per sqft basis. Does it require you to do rehab?

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Disclaimer: even though I plan to be heavily involved in real estate in the future; I'm still just a college kid without a background in finance. So take my advice at your own risk.

In my opinion, it depends on 1) just how much renovation you're talking about and 2) what the adjacent property looks like. Considering the location, I'm just going to assume there aren't any seedy apartment complexes, ugly strip malls, or parking lots next door. But if the surroundings did look like that, I would be hesitant to buy, even in Riverside.

$122,000 for a 2/2 Riverside condo seems like an insanely good deal on paper. So, again, I'm going to make the assumption that the property isn't in terribly good condition. That being said, think 1200 sf would still be a great deal at $170,000 considering the neighborhood (similarly sized condos are selling for that and more in Mandarin). So, if you think you can fix the place up perfectly for around $50,000, I say you should go for it.

Of course, there are just so many other factors to consider, but I can't really flesh them out with such a limited description. For example, how many other units are in this building or is it a converted house situation? What is the building's architectural style? If it really is a multiunit, will you be allowed to renovate or spruce up the exterior too, and if not, can you tolerate the current outside appearance? It would certainly be helpful to see a picture of the place, though I would understand your reluctance to advertise which property you are considering.

As for the Arlington condo, unless it's way up north by the river ... I'd say stay the hell away. Arlington proper is a neighborhood going downhill (Is "new" arlington somewhere further away?). The place has deteriorated so much, even in the last 10 years. On one hand, if you are only planning on staying there a couple years, any condo in Jacksonville will probably appreciate in value. On the other hand, you are not very likely to maximize such appreciation by investing in Arlington.

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Are you planning on living in it, or is it strictly an investment?

Sounds like an ok deal.

Is it an older building? You have to really check out the books of the association if it is. Those special assesments can be killers, especially on a building that hasn't been run well with no reserves.

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The Riverside property is a 3 story brick apartment building, from the 1920's, that has been converted into condos. The location is a killer, so there's no problem there. The owners are in the middle of getting a divorce and are selling of their joint investment properties (2 in Riverside, 1 in Lakewood, & a house in Batram Park). Condo association fees are around $150.00 a month. Structurally the place is sound, but it will require minor things like paint, buffing the floors, new appliances, etc.

The plan would be to either purchase it and turn right around and sell it for at least 150k, or live in it, fix it up and sell it once some of the nearby developments, like Villa Riva and 1661 Riverside open up, assuming I can make a better profit on it.

I'm looking at this as a way to make a little more money that I can use on this urban townhome ideal, I would like to develop.

As far as the Arlington location. Its just a fall back spot. Its actually a 2 year old townhome complex located right off of 9A and the Southside Connector, just directly north of the Regency Square Mall. Its a safe bet, because of all the new things going up in that particular area, like the Kendall Town Center. Anyway, like the Riverside condo, I'll put it up for sale within 2 years.

Without a doubt, the Riverside location is my No. 1 option. I guess I feel a little skeptical, because the price sounds to good to be true.

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This sounds very similiar to a condo I looked at in Rside a few months back. It too was a 2Br in a three story building and was from the same time period. If I remember correctly, it was brick, but had been painted (green or gray, I think). I was more interested in other options and did not buy it. It was listed at 99k, which I thought was an excellent price.

I suggest you look do a property search on coj.net and see what the other units in the building have sold for and when.

From what you describe, it does seem like a good deal. Riverside is definitely hot right now, and the time to find anything in the 100

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Thanks everyone for the advice! Yes, Vic what you describe sounds like the same complex. I checked the property appraiser and found one that sold a couple of months ago for 100K. Potentially renting the space out for the super bowl is something I hadn't thought about, which averages out to about $100/SF. This unit is for sale by owner and the asking price amounts to $104/SF. Well I guess I'll have a better idea in about an hour or so.

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Oh well, after being stood up this afternoon by the owner, his ex-wife calls later and tells me he didn't show up because its now off the market. At least they could have called and let me know, before driving cross town in rush hour traffic. I guess I'll be investing in the suburbs a little longer, until the right opportunity comes along. Thanks for all of the tips.

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I looked into it, but I decided against it. So I just decided to go ahead and buy the suburban condo for the time being, while I get the townhouse plans together, which could take another 6 months to a year.

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Every county is different. check out the website for the county your in of the clerk of the court. florida is one of the best places for tax sales though. Unfortunately there's a lot of competition as well.

Most of the property you'll get is vacant and way out in the boonies. Also you need to pay cash for them.

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