SOLD – 465 E. Magnolia – Tobin Hill
This 3 bedroom and 1 bathroom bungalow in the hot Tobin Hill neighborhood sold very quickly!
SOLD – 465 E. Magnolia Ave. – Tobin Hill
NEW LISTING – 465 E. Magnolia Ave. 78212 – $299,000
465 E. Magnolia – Tobin Hill
Step into the pages of an architectural magazine. This charming 3 bedroom 1 bath bungalow sits on over 1/4 acre. Recent updates include kitchen, laundry room, restored windows, high efficiency HVAC, cellulose insulation, and exterior paint. The property features an extensive backyard with 6 varieties of fruit trees, raised garden beds, native drought tolerant landscaping, 198 sqft art studio with 220V service, & 192 sqft storage shed. Quiet Street. Minutes to Pearl, St. Mary’s Strip, Trinity, & YMCA. **Click on the photo for more information and photos.**
How’s the market? Hot!
This recent article was posted in the San Antonio Business Journal about the residential real estate market in San Antonio. While the article focuses mostly on Alamo Heights I can attest that the seller’s market discussed is also happening in the downtown and central city neighborhoods. It has been my experience recently both on the listing and buying side that desirable homes that are priced well will receive multiple offers. The title of the article says it best, “The pace is back.”
“The Pace is Back.”
By Shari L. Biediger for San Antonio Business Journal
A co-founder of the boutique firm Nix Realty, Kate Park recently showed a charming 4-3-2 on a tree-lined street in Alamo Heights, only to receive a text message from the listing agent while walking back to her car.
The house just received an offer from another buyer — one who had not yet seen the property.
“The pace is back,” says Park. “It is fun.
Turn down those thermostats. Local home sales are heating up faster than the patio furniture cushions on a sizzling, summer day. And not just in the popular pockets of the past. Some of the city’s sleeper markets are awakening.
“The number of days on the market continues to drop, average sales prices continue to increase, while months in inventory continue to decrease,” says Steven Gragg, chairman of the San Antonio Board of Realtors. “Last year was a really good year. And now, within the first quarter of 2013, we are 15 percent ahead of 2012.”
Ready to pounce
It’s a trend that began last summer, says Park.
“The pace was fast in 2012 for the same three months, March to May,” says Park. “But this year, it seems as though there are more properties selling with multiple offers, which usually equates to the seller getting closer to their asking price, or even more than their ask in a few cases.”
Low interest rates and higher consumer confidence are drivers. It doesn’t hurt that election year has passed.
Pearl Brewery is expanding its footprint
Not only will they be expanding their footprint but they will be helping transform the Tobin Hill neighborhood by ridding them of some troublesome businesses.
Owner of Pearl Brewery buying up land across river
By Valentino Lucio – San Antonio Express-News
Pearl Properties
The future of the Pearl Brewery looks brighter — and bigger. Silver Ventures, the owner of the historic brewery, confirmed it is cobbling together about 5 acres of land across from the 22-acre site and along the San Antonio River to possibly expand the urban village.
Currently, Silver Ventures is under contract to buy the nearby Alamo Lodge, an inexpensive motel that the city has been trying to shut down because of extensive criminal activity. It also recently purchased the next-door site of the former SWC Club, once a nightclub and now a boarded-up building. And, since 2008, it has owned an adjacent property that Oak Farms Dairy occupies.
Darryl Byrd, managing director of the Pearl, said that so far, there is not a plan for those properties, but that Silver Ventures is investing there because the area has potential.
“Right now there’s no timeline,” Byrd said. “But we’re looking at projects that are very positive for the neighborhood and the city. (Tobin Hill) is a neighborhood of great promise, with a great upside and a great future.”
Byrd did say that Silver Ventures is looking into developing a boutique hotel at the Pearl, but that right now nothing is in the works. Silver Ventures is working this year to develop more restaurants and apartment units, eventually adding a few hundred more residents to the Pearl, he said.
Also, a 1,000-seat riverfront amphitheater is expected to be complete this month. Byrd would not expand on how that space would be used once open.
In total, the three new riverfront properties include seven parcels that Silver Ventures can use for redevelopment. It wasn’t disclosed if the existing structures on each property will stay or be demolished. Byrd wouldn’t disclose the sales prices of the properties, but they had a Bexar Appraisal District value in 2010 of more than $3 million total.
For the past two years, Silver Ventures has owned the 1.6-acre Oak Farms Dairy site across the river from La Gloria Ice House in the Pearl. The dairy currently rents the property and uses it to store company vehicles.
The largest property is the Alamo Lodge, made up of five parcels. Tenants there were told in December they would have to move out by Feb. 15 because the motel would be closing.
The motel for years has been riddled with crime. Some tenants said drug deals and fights are common there, prompting the police to visit the area often.
The city filed a lawsuit against the property’s owners last year in an attempt to clean up the motel. The lawsuit cites various criminal offenses, including homicide and drug violations. The lawsuit is ongoing and the owners of the Alamo Lodge were not available for comment.
Last week, Silver Ventures acquired the SWC Club, which is closed for business. The club also had a controversial past, which includes various assaults and the shooting death of 33-year-old Jesse Quintero in May 2007. The club’s previous owner was not available for comment and it was unclear why the property was sold.
“I have watched the River North area begin to transform into a bustling community that is uplifted by this kind of urban redevelopment and look forward to seeing more projects like this enhance our downtown area,” said District 1 Councilwoman Mary Alice Cisneros, whose district includes the Pearl.
“The city of San Antonio has been committed to working with the private sector to help revitalize our city’s urban core,” Cisneros said.
Staff Writer Brian Chasnoff contributed to this report.