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What’s News – JAX Residential Real Estate: Jacksonville Ranks 10th for “Seriously Underwater” Foreclosed Homes

April 23rd, 2014 · Leave a Comment

Despite an uptick in home prices and the market, Jacksonville remains 10th in the nation for foreclosures “seriously underwater,” according to research by RealtyTrac reported in the Jacksonville Business Journal on April 17.

The newspaper said the city with the highest percentage of “seriously underwater” foreclosed home is Las Vegas-Paradise, Nev.. Rounding out the top 5 were Palm Bay-Melbourne-Titusville, Lakeland, Tampa-St. Petersburg-Clearwater and Sarasota-Bradenton-Venice, all in Florida.

“Seriously underwater” is defined as meaning the homeowner owed at least 25 percent more than the estimated value of the property.

Nationally, about 17 percent of foreclosed homes are “seriously underwater.” In Jacksonville, that figure is about 30 percent.

More bad news: the half-built Berkman Plaza II condominium tower on Downtown’s riverfront is going up for public option, The Florida Times-Union, the Financial News & Daily Record and Jacksonville Business Journal also reported on April 17.

Choate Construction Co., the general contractor on the project, was awarded a foreclosure judgment on the property under a construction lien April 1, the newspaper said it found in Duval County court records.

An online foreclosure auction is scheduled for 11 a.m. April 29. Choate is owed close to $10.2 million, between the construction lien, taxes paid on the property and storm water fees, according to the judgment. If the property isn’t bid up to that amount, Choate will own the property.

 

The Financial News & Daily Record reported April 22 that Duval County Property Appraiser Jim Overton has ruled out a run for Jacksonville mayor.

Overton, who was elected property appraiser after a stint on City Council from 1992-2003, had announced his candidacy for mayor in March but said due diligence revealed a lack of funding for a campaign.

“I made a lot of phone calls, talked to a lot of folks … it’s just not happening for me,” he told the newspaper.

Overton leads the county office that appraises all county property, including residential real estate, for the purposes of taxation.

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