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Owning Owning a a home home in in Jacksonville Jacksonville is is one one of of the the wisest wisest investments you can make. investments you can make.
Jacksonville was one of the best markets for real estate nationwide in 2019. With low prices Jacksonville was one of the best markets for real estate nationwide in 2019. With low prices and high demand, the River City is forecasted to continue its rapid growth through 2020 and high demand, the River City is forecasted to continue its rapid growth through 2020 and beyond. and beyond. During the last year, Jacksonville’s appreciation rate was higher than over 71 percent of cities During the last year, Jacksonville’s appreciation rate was higher than over 71 percent of cities and towns in the United States housing market and is projected to rise by 19.14 percent in and towns in the United States housing market and is projected to rise by 19.14 percent in the next five years. the next five years. Now is the perfect time Housing Gains Per Year Now is the perfect time Housing Gains Per Year to invest in Jacksonville! to invest in Jacksonville! Using a full-time, Using a full-time, 60 yr 10 yr 5 yr 1 yr 5 yr professional Coldwell 60 yr 10 yr 5 yr 1 yr 5 yr professional Coldwell Banker Vanguard Realty Banker Vanguard Realty agent and a mortgage +3.59% +2.17% +5.56% -0.31% +12.97% agent and a mortgage +3.59% +2.17% +5.56% -0.31% +12.97% advisor can help you advisor can help you maximize your value in *Credit MBS Highway Historical Forecast maximize your value in *Credit MBS Highway Historical Forecast this real estate market. this real estate market. At Bank of England Mortgage, we believe this business isn’t just about transactions; it’s At Bank of England Mortgage, we believe this business isn’t just about transactions; it’s about relationships. Helping homebuyers and homeowners accomplish their financing goals about relationships. Helping homebuyers and homeowners accomplish their financing goals is at the heart of our commitment to be exceptional advisors. is at the heart of our commitment to be exceptional advisors. It’s more than loans...it’s people. asted It’s more than loans...it’s people. verage forec
d A ste regcaain gerifo s in era Av e c p e hom price gains in e hoym 27k 5 ears:: $ 27k $ rs a 5 ye
Quinton Harris, Area Manager | NMLS# 87208 Quinton Harris, Area Manager | NMLS# 87208
YOUR COLDWELL LOAN ADVISORS YOUR COLDWELL LOAN ADVISORS FLEMING ISLAND FLEMING ISLAND Daniel Halvorsen Daniel Halvorsen NMLS #788842 NMLS #788842 904.746.7482 904.746.7482
TOWN CENTER TOWN CENTER Alex Stewart Alex Stewart NMLS #1254471 NMLS #1254471 904.373.1777 904.373.1777
AVONDALE AVONDALE Nick Thors Nick NMLSThors #998040 NMLS #998040 904.629.4625 904.629.4625
BOEJAX.COM BOEJAX.COM
BEACHES BEACHES Rickie McWilliams Rickie McWilliams NMLS #1391297 NMLS #1391297 501.743.9240 501.743.9240
MANDARIN MANDARIN Chad Ethier Chad NMLSEthier #1182148 NMLS #1182148 407.416.1008 407.416.1008
For informational purposes only. Information and/or data provided by MBS Highway is subject to change. Bank of England For informational purposes only. Information and/or data Realty. provided by MBS Highway is subject change.ofBank Mortgage is not affiliated with Coldwell Banker Vanguard Bank of England Mortgage is atodivision BankofofEngland England. Mortgage is not affiliated with Coldwell Bankerto Vanguard Realty. Bank of England Mortgage a division of Bank of England. NMLS 418481. Member FDIC. Rates are subject change. This is not a commitment to lend orisextend credit. All loans are NMLS 418481. Member FDIC. Rates are subject to change. This is not a commitment to lend or extend credit. All loans are or subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans subject toare credit approval worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products available in allincluding states orcredit counties.
JUNE 2020
In Your Corner
7 SIGNS IT’S TIME TO DOWNSIZE
Community Property
INSPECTING KLUTHO
Market Update
CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
Feature Story
NEW CONSTRUCTION? YOU STILL NEED A REALTOR! Site agents work for the builder. Why not have your own representation looking out for your best interest?
CBV Cares
LEADING THE WAY IN OUR COMMUNITIES
Living Large
4 INVESTMENTS WORTH MAKING IN YOUR FIRST HOME
©2020 Coldwell Banker Real Estate LLC. A Realogy Company. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned and Operated. Coldwell Banker, the Coldwell Banker Logo and “We Never Stop Moving” are registered service marks owned by Coldwell Banker Real Estate LLC. All information deemed reliable but not guaranteed.
We are meant for something bigger. Get small Wondering if your home is now too large for your needs? Here are seven signs it may be the right time to downsize.
1
Routine maintenance is taking up too much of your time…and money. House-related maintenance and repair expenses are a sure-fire way to eat away at your savings account, not to mention the physical toll some items require (yard work, for example). Would a smaller yard be more helpful? Or maybe even renting a home is a better option so a landlord takes on the liability and stress of home ownership instead of you.
2
Home equity. Go fulfill that bucket list! Cash out and do the things you’ve dreamed of doing. Or maybe sock the sales proceeds away for retirement. Establish college funds for your grandchildren, perhaps. Bigger isn’t always better and a smaller home could be just the thing you need to give you additional cash flow.
ll... Live large.
3
Aging in place. Let’s face it. As our homes age, so do we. That two-story home might not be in your (or your spouse’s) best interest. Do the bathrooms have grab-bars to provide extra safety? Are doorways large enough for walkers or wheelchairs should the need arise? Does the landscaping require frequent maintenance and management?
5 7
4
Life changes. Are you spending more time traveling either for business or pleasure? Have you retired or changed jobs? If you’re not making the most of your home and its space by spending the majority of your time there, it could be time to look for a smaller home.
Financial strain. Expenses sometimes rise at a far higher pace than income, or maybe your income has decreased and isn’t expected to return to its previous level. A smaller home can help you stabilize your expenses and provide a more sustainable option for home-ownership.
6
Too much stuff. You don’t have to join the tiny house movement, but simplifying your life through downsizing can help you both mentally and physically. If you’re looking to focus on people and experiences and not “things,” then downsizing could be just the thing for you.
The house feels empty. Perhaps you purchased your home in a neighborhood filled with growing families, but now you’re empty nesters. Ideal for raising little ones, the home now is overwhelming and doesn’t bring you as much joy as it used to. A smaller home can provide a fresh start, making way for new memories, as well as providing a more sustainable approach to retirement.
Henry John Klutho: “An Architect for a New Century”
The following information can be found in: The Great Fire of 1901 by Bill Foley and Wayne W. Wood, Published by The Jacksonville Historical Society. Buffeted by gale-force winds, Henry Klutho drove this new 1908 model car down the deserted streets of Jacksonville at 3:00 in the morning. A fierce hurricane had just hit the city and the young architect could not stand the suspense.
This portrait of Klutho accompanied a four in A.B. Caldwell’s “The Makers of America
Only a few days earlier, workers had topped out his latest building at ten stories. TEN STORIES! Although Klutho had assured the city fathers that a building of such a extraordinary height would be safe, even he must have had enough uncertainties that he was risking his shiny new car in the midst of the storm to see if it was still standing. For months, the town had been talking about the Bisbee Building as it slowly rose above the city’s skyline. Not only was it Jacksonville’s first skyscraper, but it was also the first reinforced-concrete frame high-rise building in the South, using revolutionary materials and construction techniques. As he stared upward through the driving rain that night, Klutho rejoiced to see that it was still there. Seven years earlier, the 28-year old architect had read about the destruction of downtown Jacksonville in the headlines of The New York Times. The Great Fire of 1901 had wiped out thousands of buildings in a single day, creating an empty slate for the talented young architect to help design a new city. Klutho’s fine artistic sense was matched by his sharp business acumen. Two months after the Great Fire, Klutho moved to Jacksonville from New York. He quickly made contacts with the towns mover and shakers and, within one month, he was designing the city’s largest building, the Dyal-Upchurch Building on Bay Street. Two months later, he had designed the new City Hall and the stately home of one of the governors of the Jacksonville Board of Trade. By the time the Bisbee skyscraper was completed in 1909, Klutho had already shaped the Jacksonville skyline more than any other person. And his best was yet to come.
Known locally as the “Laura Street Trio,” the Florida Life Building (left), the Marble Bank (foreground), and the Bisbee Building (right) are some of Jacksonville’s most significant–and endangered–buildings.
During a trip to New York around 1905, Klutho met Frank Lloyd Wright, generally recognized now as America’s greatest architect. From the turn of the century to World War I, Wright and a small group of gifted architects in and around Chicago championed a new philosophy of architecture that became known as “Prairie” style. This new architecture eschewed the classical columns and Roman arches of antiquity, instead embracing strong horizontal lines, flowing spaces, natural materials, broad expanses of windows, and a close relationship between a building and its environment.
r-page biographical sketch a, Florida Edition” in 1909.
This bold architectural aesthetic, which sought to establish a truly America style rather than borrow from older European traditions, greatly appealed to Henry John Klutho’s creative mind. In the years that followed his meeting Wright, Klutho began to depart from the more traditional, classical style of buildings he had first designed in Jacksonville. By 1908, he was fully committed to this modern architectural movement. By the close of World War I, there were more Prairie-style buildings in Jacksonville than in any other city outside the Midwest.
In an incredibly productive six-year period starting in 1907, Klutho not only garnered a large percentage of the major architectural commissions in downtown Jacksonvlle, but he also convinced his clients to go along with his radically modern designs. First was the seven-story YMCA Building at the corner of Laura and Duval Streets, framed entirely of reinforced concrete and featuring an indoor running track suspended over the gymnasium by cantilevered concrete beams. Then came the Seminole Hotel and the Morocco Temple and the Florida Life Building, all full-fledged statements of the Prairie style. He also embraced this style in the design of his own residence on Main Street, along with the Florence Court Apartments, the Claude Nolan Cadillac building and the Klutho Apartments, all in the Springfield neighborhood adjacent to downtown. But the grandest point in Klutho’s career – and the zenith of this city’s architecture – was marked by the completion of the St. James Building on October 21, 1921. Designed for Jacob and Morris Cohen as a department store and office building, this four-story structure covered the entire city block overlooking Hemming Park. It was the largest building in Jacksonville at that time and was the ninth-largest department store in the United States. The building was Klutho’s Prairie School masterpiece, richly decorated with abstract terra cotta ornamentation and featuring a tour de force interior highlighted by a 75-foot octagonal glass dome and ornate open-cage elevators. Although badly remodeled and then vacant in later years, the St. James Building was beautifully renovated from 1995-1997 and opened as Jacksonville’s City Hall December 1997. The St. James is one of the city’s most monumental works of art. The legacy of Henry John Klutho lies not only in the buildings he left behind. He also was a nationally recognized visionary, an artist, an urban planner, a major force in Jacksonville’s movie industry, an inventor, a philosopher who voice often went unheard. His architectural work remains a part of one of America’s greatest architectural movements. When he died in 1964, at the age of 91, he was in near-poverty and was not widely recognized for his extraordinary contributions to his adopted Close up of the St. James Building city. In the years since Klutho’s death, over a dozen of his finest buildings have been demolished or mutilated beyond recognition. It was obvious to him during his lifetime that Jacksonville often had difficulty in recognizing its own potential for greatness. As Klutho once told a gathering of his colleagues, “In the land of the blind, a one-eyed man is king.” And he had no doubt who was the king.
Pending Sales
3,063
w Listings Ne
3,257
MARKE UPDATE
MAY 2020
2,244
Closed Sales
68
Av
Single Family
Days on Mark e et ag er
MAY 2020
63
Condo/ Townhouse
62
ory of Hom ent v es In
ale rS fo
8,246
$263,785 May 2018
Av er
ET E
Price Sale e ag
$
$287,842 $
0
$149,999-
Ho
$150,000 $199,999
M n the arket o es m 5%
May 2019
$266,960
14% 11%
15%
$200,000 $299,999
27% 28%
$300,000 $499,999 $1,000,000+
$500,000 $900,999
Data Source: Northeast Florida Association of Realtors
New Construction
By Tara Braithwaite, Coldwell Banker Vanguard Town Center
Why do I need a REALTOR if I’m buying a new construction home? The obvious answer is the site agent working in the community works for the builder not you. Why not have your own representation looking out for your best interest? It doesn’t cost you anything or save you money if you don’t have one. The builder will not reduce the price of the home because you do not have a REALTOR. But there are less obvious reasons why having representation give you a significant advantage.
Writing your Contract When viewing model homes, it’s easy to get sucked in to the beauty of a professionally decorated home. You may not realize that not everything you see is included in your purchase. Items like crown molding, built-in bookcases and quartz countertops you regularly see in model homes are usually upgrades that escalate the price of the home quickly if you aren’t paying attention. A REALTOR will point out possible upgrades so you are clear about what you getting for your money. It’s also recommended to view “inventory” homes that are partially built or completed to make sure you still love the home without all the bells and whistles. A REALTOR will also ask about hidden fees like HOA, CDD, and capital contribution. Picking the right floorplan is just the beginning. There are multiple steps between there and getting to the closing table. In addition to helping you keep the price down by identifying extraneous upgrades, a REALTOR will negotiate the best sale price for you. Often there is a little wiggle room in the sales price. Builders don’t like to reduce the price too much as it impacts the appraisal values of future sales but there are other ways you can get the best deal. Upgrade items like fencing, screened patios, and upgraded appliances can be negotiated into the sale, as well having the builder pay off portions of CDD fees or buying down interest rates to lower your monthly payment. The site agent will not recommend these options but your REALTOR will. An expert negotiator working on your behalf will save you money and hassle by addressing them upfront.
Ongoing Negotiations Even when buying new construction, customers should obtain an independent home inspection. Builders schedule multiple walkthroughs with buyers prior to closing, but without a home inspection you only get a superficial overview of the home. Although the city inspects and permits throughout the construction process, new homes are built by humans, not machines and humans make mistakes. For example, a recent customer’s inspector noted in its report an interior wall was lacking insulation based on thermal readings inside the room. After notifying the builder, they tore
down the wall and found the insulation that was installed had fallen down and was bunched up at the bottom of the wall. They corrected the issue, put in new drywall and repainted before the buyer closed on the home. Another customer’s inspection noted mold growing in one the trusses in the attic of the home. When buying new construction, the expectation is the builder will address and/or correct any issues identified in the independent inspection report. The cost of this inspection ranges from $300-$500 but it can save you thousands of dollars down the road! You may also have to negotiate when the appraisal comes in. Builders are usually pretty good at predicting what the appraisal value will be based on their previous sales. But appraisals are not an exact science and sometimes they can surprise everyone. If an appraisal comes in low, most builders expect customers to come up with the difference in value with cash at closing. A REALTOR can negotiate on your behalf for the builder to either absorb the difference or split the difference with you. If an appraisal comes in high, the builder may attempt to get the buyer to release them from the current contract and move to another lot so they can resell that lot at a higher price. If you don’t have a REALTOR fighting for you, you may lose out on your right to keep the lot and have instant equity!
Advocacy Your REALTOR will advocate for you every step of the way. They will advise you on picking the best lot with potential for resale. They will advise you of the benefits of buying during the off-season and when the end of the builder’s fiscal year ends so you get the best possible deal. They will recommend lenders and mortgage products you can compare with the builder’s lender. They will answer general questions throughout the mortgage process. They will educate you on homestead exemption and portability. They will attend your inspections and walkthroughs with you so you have someone on your side when the builder pushes back on your requests or you find something missed from your contract.
One More Thing If you are thinking of buying new construction, let the site agent know on your first visit that you have representation. Leave a business card or write your REALTOR’s name down on your registration card. Reputable builders will respect the relationship. Seasoned REALTORs can get you perks like additional money toward closing costs and free upgrades so don’t go window shopping without them!
Where passion meets purpose.
Coldwell Banker Vanguard associates continue to lead the way by supporting numerous organizations and hometown heroes through acts of kindness and cash grants.
CBV Cares continues to support local military families through generous gifts and support, including the Mandarin office celebrating a deserving military wife for Mother’s Day. Mandarin agents and staff also hosted a food drive for the Mandarin Food Bank.
Thank you to our customers
Our Avondale office recently honored its local firefighters with a visit and donations to show their appreciation for these every day heroes.
Are you familiar with Amazon Smile? CBV Cares is a registered participant with Amazon Smile, a program that donates 0.5% of the purchase price of eligible products (same pricing) to the charity of your choice. All you have to do is start your Amazon shopping from this link: smile.amazon.com, be sure you select CBV Cares as your charitable organization and Amazon does the rest!
s, agents and staff who continue to help us change lives.
4 Investments Worth Making in Your Fir You’ve just bought your first home – congratulations! Now it’s time to make your home feel like, well, home by undertaking some long-term investments that will not only look beautiful, but will also last you for years to come.
The following is a guest post from Suhayl Laher, originally published on Blue Matter, Coldwell Banker’s blog. Suhayl Laher works at Tiles Direct, one of the UK’s largest independent tile distributors and retailers – bringing design inspiration to homeowners, architects and developers. In today’s post, we’re offering some advice for first-time homeowners on areas where spending a little bit more is likely to pay off in the longrun. From valuable aesthetic updates in key areas such as the kitchen, bathroom and living room to installing smart heating systems and insulation to prioritize energy efficiency, our tips will leave you inspired to make the most out of your first home update.
Replace flooring Flooring has the power to change a room entirely, so it should go without saying that this is an essential aspect of the home where you should Photo by Francesca Tosolini on Unsplash consider spending a little extra. Since flooring in areas such as the hallway, kitchen and bathroom is likely to undergo high footfall traffic, your material choice should always look to combine durability with that visual wow-factor where possible. When it comes to updating your flooring, choose neutral colors to create a luxe look that goes the distance. Generally, neutral colors offer you the freedom to change your furniture or accessories without updating all the fixtures and fittings in the process, and will even allow you to keep up with trends as they change. Whether you’re opting for some stylish, large format floor tiles which offer a contemporary touch in the kitchen or some hardwood flooring which adds warmth to your living room, quality flooring is a great way to add personality to a new space from the off – meaning showing your floors a little TLC should be high up on your list of investment priorities.
Update key areas of the home As the hub of the home where friends and family alike come together to relax, the living room is the best place to start when it comes to fixtures and fittings. Lighting can have a huge impact on the overall aesthetic in your living room – so it’s worth spending a little bit more on lamps or downlighters to add that cozy, homely touch to the lounge. Additionally, art is a great way to change the ambiance in your living room, so choosing pieces with comfort and calmness in mind is a great way to add a tranquil theme that makes you feel right at home from the get-go.
rst Home
Naturally, ensuring your bathroom looks fresh, well maintained and hygienic is important when moving into any new home. Modern or high tech touches are an effective way to add an extra luxe appeal, so consider investing in a rain shower or waterfall taps to create a relaxing oasis that washes away the stresses of moving and unpacking.
Photo by Andrea Davis on Unsplash
Elsewhere in the home, high-end fittings such as granite or quartz worktops are practical choices that will go the distance. Though these may be a high investment initially, investing in durable, hard-wearing and practical materials in areas of frequent use ensures longevity and, as such, a great return on your investment in the long-run.
Invest in quality furniture Nothing makes a house feel like home quite like furniture – after all, furniture is the most effective way of adding character to any space. When opting for your style, try to prioritize items that will stand the test of time, as this will ensure your first few years in your new home isn’t spent constantly renovating in-line with the latest trends. When choosing timeless furniture, wood is often the first material which springs to mind. While solid wood is often more expensive than other types, it boasts a distinctive aesthetic and durability that will look great year after year. Whether you’re purchasing an oak cabinet for the living room or some luxury walnut bedroom cabinets, solid wood is an effective way to add a high-end, comforting appeal to your home.
Prioritize energy efficiency Energy efficiency is now one of the highest priorities for homeowners as it can make a significant difference in the cost of utility bills. While adding energy-efficient features may be a large initial investment, the sooner you start making the changes, the greater your savings will be – so we recommend optimizing your new home right away. Some essential areas to evaluate energy efficiency are the boiler and the loft. Poorly insulated lofts can be a major cause of energy wastage, even if all of your other appliances are in premium condition. If appliances such as your boiler aren’t in a premium condition, however, this could only add more costs to your energy bills, particularly if it breaks down during the winter months. To keep track of your heating usage and spot issues early, a smart heating system is a great way to monitor your spending. Smart heaters allow you to add more thermostats and controls to different rooms, including hot water and heating – making this a logical investment for any first home. It’s easy to get caught up in the hustle and bustle of moving house, but with our tips, we hope you’ll be on your way to making worthwhile investments in your first home. If you’re still in search of that dream first house, contact your local Coldwell Banker Real Estate affiliated office to help make the process of buying a house trouble-free.
Closing Bear is a fast-paced title company that offers title insurance and closings for anyone buying or selling real estate. Simply put, Closing Bear does all the paperwork when someone buys or sells property...but they do it better than anyone else.
Closing Bear continues its commitment of adding value to real estate agents and consumers by launching a free user-friendly Net Sheets program that gives agents the estimate tools they need to use daily. Agents are now able to quickly prepare seller net sheets, multiple offer sheets, closing disclosure quotes, loan estimate quotes, and buyer affordability calculations on their computers or mobile devices in minutes whether on the road, in the office, or at a listing appointment. Agents are also able to generate a “reverse net sheet,” which allows the agent to prepare a net sheet with only knowing how much money a seller wants to end up with in his/her pocket. The reverse net sheet tells you exactly what the purchase price needs to be in order to meet the seller’s financial goals. Additionally, agents can now prepare a complete comparison of the benefits of renting vs. buying so the customer can make an educated decision for their unique circumstances. The program comes preloaded with the title costs and gives an accurate and clear estimate on what to expect for both the seller and buyer. The feedback from agents already using Closing Bear’s Net Sheets program has been excellent. Agents can now feel confident that by using Closing Bear’s Net Sheets program, the estimates provided to customers are reliable and timely. Agents should sign up for Closing Bear’s free Net Sheets program by visiting ClosingBear.com and clicking on the “Get a Quote” icon. Next, click register and fill out the information requested. It’s that simple! If registering on a smart phone, the program can even be added to the phone’s home screen to act as an app. Please contact Chip Lynn or Tom Daugustinis with any questions on Closing Bear’s Net Sheets program at Chip@ClosingBear.com and Tom@ClosingBear.com.
Chip Lynn, CEO/Managing Attorney • Chip@ClosingBear.com • (904) 738-1672 • www.closingbear.com