Murray Hill is on fire right now
Somebody call the fire department! The Murray Hill Neighborhood is on fire right now due to the heat of the real estate transactions in 2015. This neighborhood within Jacksonville, FL is located on the “other side of the tracks” from Avondale and Riverside, but it has become a haven for people looking for a good deal on housing and a safe neighborhood. Check out this quaint little area and look at it for what the main commercial area as become and then what is going on around it and the homes.
When we say that Murray Hill is on fire right now, we mean it. First time home buyers being pushed out of Avondale and Riverside have found a safe haven here in Murray Hill. The most recent monthly data from October shows what we, in the real estate business know, with less than 3 (2.8 actual) months of inventory (time it takes between listing a house and selling), the Murray Hill is on fire right now. This is November 2015 and the area is poised to continue on its torrid pace.
Investors are plentiful in Murray Hill
Yes this is a great area for Investors. Its because they can find properties for a low price. Rents are rising and investors can command a higher price for the homes. This shortens the payback for the house purchase and investment. The average sales as of November 13 is around $50,000, even though the list price is much higher. Most houses that need no work with taxes and insurance costs equate to about two monthly rent payments. This leaves 10 months of payments, give or take, that can be used to pay down debt.
Most one bedrooms are going for around 600-700, with two bedrooms at 700-800 and 3 bedrooms between 800 and 900 a month. Four bedroom homes are rare in Murray Hill due to the fact that most homes were built during the 40s and 50s, but there are a few out there. So Investors can find a house that does not cost a lot. Then most 2 or 3 bedroom homes can be paid for in a short amount of time. This is a great investor area.
Murray Hill commercial to the rescue
The Edgewood Avenue strip is the main commercial strip in Murray Hill. New restaurants, professional services, as well as local shops are located in the commercial strip. A tremendous resurgence of new businesses in these structures. There are also a few new buildings created to take advantage of the new residents. Places like Maple Street Biscuit, Knead Breads, Moon River Pizza, Edgewood Bakery, Edgewood Diner and Vagabond Coffee are just a few of the new businesses. Locals from Avondale and Riverside are now coming to Murray Hill for great eats.
There is a fantastic local neighborhood group in the Murray Hill Preservation Authority and they hold meetings, normally once a month to discuss what is happening in the neighborhood. Its a great way to meet your neighbors as well as meet the local beat cops or the council person. Hey maybe Murray Hill is not for you, did you see our other Neighborhoods in Jacksonville?
Real estate for sale in Murray Hill