All Forum Posts by: Travis M.

Thanks, Jay. It sounds like that might be the case here. 

That makes sense, and thanks for the input, Matt. I was thinking about asking the realtor if I could talk to the owner to figure out what happened. They started the rezoning application pre-COVID, so I figured it could be that, or they found out something that would preclude development.

Surprisingly, the city adopted their preliminary site plan via ordinance, so I'm having trouble figuring out what else could have been the show stopper.

Hi all,

I found a piece of property in a nice SFR neighborhood, which was just listed for sale. In exploring zoning, I noticed the owner just (this year) had an ordinance approved, rezoning the property to a PUD, which allows for construction of up to two duplexes on the property.

Interestingly, the seller is making no mention of the rezoning in the sales ad, and is treating it just like a regular old SFR.

Can anyone think of any reasons why the owner might have abandoned plans, or is not drawing attention to the rezoning. The deal is as follows: 

Asking: 225k  (196$/sf)

SF: 1,145

Lot: 90x175

There are 1,000 sf condos selling in the neighborhood for $180k, so new development seems to make sense. I can't imagine why he would go through all the trouble of rezoning and then just market it as a SFR...

Fabiola, I have a good tile guy who works for a large company but does weekend projects on the side.

PM for his phone/name.

Rehan, I think you can still reasonably aim to do both cashflow and appreciation deals here in Jax. They're getting harder to find, but there are still a few "1% deals" in safe neighborhoods that have chances of moderate appreciation. If you are new to real estate, I would recommend avoiding most areas of downtown, except perhaps Springfield core.

San Marco, Riverside, and most beach areas will probably have the best chances of appreciating, but are now so expensive that healthy cashflow is not likely. The good thing about these neighborhoods, with your very busy job, is the tenants are likely going to be low-maintenance and will stay longer.

For pure cashflow, I think east Arlington and Lakeshore are going to offer some of the most interesting opportunities in safe neighborhoods.

I'm a Jax real estate nerd, so feel free to PM me if you want to chat about anything local.

Too true!

Neptune Beach is super restrictive from a zoning standpoint, and I imagine AB is the same. From what I understand, you're not even allowed to own a home there without a garage. 

AIA's forms are very comprehensive, but possibly a bit too complicated for a small project. As others have mentioned, you have to be careful about who the contract was written to protect.

Best bet would be talking to a local construction law attorney.

Hey Gregg, what are your thoughts on the Northeast Arlington area? It seems like the new(ish) corridor to the beach could be a big driver for appreciation up there, but that we haven't seen allot of it yet.