by Mike Sharkey
Staff Writer
Despite being on the fringes of a national recession, Jacksonville has been able to endure the past year’s economic turndown. The $2.2 billion Better Jacksonville Plan has certainly contributed to the local economy, but if you really want proof that Jacksonville is not only surviving, but actually thriving where other cities are struggling, look no farther than the local real estate market.
One area in particular, San Marco, is a microcosm of what may become a trend in Jacksonville’s older, established neighborhoods. While San Marco may be physically hard to define — it really does depend on who you ask — there’s no doubt it’s a hotbed of real estate activity. It’s even giving the beach a run for its money as Jacksonville’s most desirable place to live.
Need proof? Simply drive through the area and take note of the number of “For Sale” signs lining San Marco Boulevard, Hendricks Avenue and the multitude of side streets. Drive by again a few days later and take note that the signs are gone, have been moved down the street or around the corner.
John Eynon is a retired real estate salesman who has lived in San Marco since 1965. For 30 years he sold real estate in the area, first with Gifford Grange, then on his own and, for 25 years, with Bill Watson. Eynon said the San Marco real estate business has always been steady at worst. Because the neighborhood has so much upside, houses have simply never stayed on the market very long.
According to Eynon, the housing situation in San Marco is still very similar to how it was 30, 40 years ago.
“It really hasn’t changed much,” said Eynon. “Physically, the area is nicer around downtown [San Marco]. Basically, the stores are the same. Some are starting to brighten up and there have been a few new ones over the years.
“The residential homes haven’t changed much, but a lot of younger people are moving in. When we moved here in 1965, there was just one family with kids on the street. A lot of the kids that grew up in San Marco are starting to come back. Everybody loves the accessibility to downtown. If you want to go to the symphony, you can be home in five minutes.”
What has changed in San Marco, everyone admits, is what you have to pay to get an address with a 32207 zip code just a stone’s throw from the bustle of downtown during the day but a proverbial light year away after hours. While there’s a fistful of reasons to live a short drive from work in a nice house that’s within walking distance of several good places to eat, you also need a fat checking account to make it happen. Despite a career in real estate during which he sold expensive homes put bread on the table, Eynon is still almost at a loss for words when asked about the price of real estate in San Marco these days.
“I paid $26,000 my house in 1965,” said Eynon. “It’s hard to realize that it’s now up around $200,000 and all it’s had is the kitchen redone and the air conditioning system updated. If I were to price my home at $150,000, it wouldn’t be on the market for more than a couple of hours.”
Eynon quickly refers to the real estate adage — location, location, location — when explaining why homes in San Marco sell quicker than back ups on the Fuller Warren Bridge get resolved.
“It’s the location and the neighborhood, which is very pretty,” he said. “There are probably more two-story homes in this area than anywhere else in town. Many of the homes have been remodeled on the interior, but not as much on the exterior. People love that classic look. A home priced right in San Marco will sell quickly. Some are priced so high, though, that they take longer.”
But they still sell, no matter the price and, to an extent that worries Eynon. He says it’s a stretch to envision the day that the market simply won’t support the prices being asked.
“No, there are plenty of people who will pay the price,” said Eynon on whether San Marco could ever overprice itself. “I think the homes are overpriced now, but they still sell.”
City Council member Matt Carlucci agrees with Eynon to an extent. As a lifelong resident of San Marco and someone who works in and represents the area, he does think the market may be getting out of hand.
“I wouldn’t be truthful if I said I wasn’t worried about that a little bit,” said Carlucci, whose insurance office is about a mile south of San Marco on Hendricks Avenue. “However, there are areas that need revitalization and are not off the charts yet. Those are north and east of the Square. Those are wonderful buys and there’s plenty of room for the average folks in San Marco.”
Carlucci, who is also running for mayor, said San Marco represents what he envisions all over Jacksonville one day: tight-knit neighborhoods where children play in safe streets and families walk to dinner and the coffee shops.
“It’s back to the future because the future of Jacksonville, to me, is the town center,” said Carlucci, adding the walkability of San Marco has been a trait for decades. “That’s what San Marco has had forever. Everybody appreciates the neighborhood. Neighborhoods, so many times, are built on relationships with the people that live in them. You can play, live and work in the neighborhood. That’s why San Marco is timeless.”
Carlucci also recognizes that San Marco has its share of problems. The infrastructure is slowly being replaced after being neglected for years. Trains can bring traffic to a halt and it always seems to happen at the most inconvenient times. And, parking is an issue, especially around lunch when, if you don’t get to your destination by 11 a.m., you may do several laps before settling on a side street spot a couple of blocks away. Still, Carlucci contends, all of this comes with the territory and helps lend San Marco some of its character. He also believes San Marco’s eclectic mix of residents gives the area its own unique disposition.
“You can have a rich doctor living within walking distance of his daughter’s teacher. It’s a wonderful mix of people,” said Carlucci. “Some people complain about the trains, but I think it adds to San Marco. That and the old parks are what San Marco is all about. The churches serve families that have gone from one generation to another. There are blacks, whites, Bosnians, rich people and poor people. We all live, work and play together. That’s what’s neat about San Marco.”
Carlucci isn’t the only one whose existence essentially revolves around San Marco. Jennifer Price owns and publishes San Marco Magazine. Price not only makes her living off the area merchants, she also calls San Marco home. Commercially, she says there’s one main indicator as to the state of San Marco.
“You can basically tell how well we’re doing by how many storefronts are vacant,” said Price, who’s office is on San Marco Boulevard near the European Street restaurant. “Right now, there’s one that I can think of —Roman’s Secrets between Cafe Carmon and White’s. It might be because rent is so much; it’s $5,000 a month.
“There are some fabulous new businesses. People are looking to work and live in San Marco.”
Price, who is also president of the San Marco Merchant’s Association, said the area is really maturing commercially because the merchants have realized that, while competition is healthy, ultimately working together is more beneficial.
“Business has definitely gotten better because business are cooperating a whole lot more. We are pooling our resources,” said Price. “From a public relations standpoint, we are definitely improving the image.
“Everybody wants to know more and more about San Marco because it’s a fascinating place.”
Linda McMorrow also makes a portion of her living off San Marco. A real estate agent with Prudential since 1988, McMorrow doesn’t have any geographical boundaries in which she can sell, but does find herself drawn to the San Marco area as a steady source of both buyers and sellers. McMorrow echoed the sentiment of many when talking about the lure of the area, but she also brought up the fact houses in San Marco offer something outside the cookie cutter design of many of Jacksonville’s newer neighborhoods. And, she says, there’s a quality factor matched by only a select few other areas of town.
“So many people want the substantial, well-built homes of the 1930s,” said McMorrow. “Those homes have stood the test of time. Traditional home styles don’t go out of style. They have wonderful wood floors, high ceilings and traditional molding. Many are wonderful candidates for the updating, refurbishing and restoring that people like to do.
“The money is well-spent and will come back when it’s time to sell.
“It’s always been a very active market, but it has slowed down just a tad. It’s been a real hot market for years because of the charm and quality of the properties.”
While selling houses doesn’t seem to be an issue in San Marco, the rental market is a different story. It’s not a struggle to rent a house or apartment, but McMorrow says the smart money is opting to buy rather than rent.
“Interest rates are so low people are buying instead of renting,” said McMorrow. “If people have two pennies to scrape together, they are using it for a down payment. People are having to reduce the rental rates just to get a tenant.”
Like Eynon and Carlucci, McMorrow doesn’t envision the day a prospective buyer tells her, “The asking price is too much.” According to her, the amenities of the area, being so close to downtown and what she calls “being in a different world once you cross the bridge” will always make San Marco one of Jacksonville’s most desirable neighborhoods and one in which people will pay virtually anything to live.
“I don’t think it’s sitting on a bubble ready to burst,” she said of current home prices. “I don’t think that at all. The quality is getting better and people are bringing homes up to speed. The inventory is improving instead of losing features. I sell two or three homes in a busy week. The nice ones are coming on the market and flying out.”
For all its upside, Carlucci admits the area has its problems. Ancient infrastructure and parking are both serious issues. Although he is trying to address both, Carlucci also says the residents of the area are remarkably accommodating.
“We’re crowded and parking is a big issue, but what I love is that people are willing to give a little elbow room,” said Carlucci, admitting that the area’s density is also a reflection of its residential and commercial success. “It’s a blessing in disguise, except for a few sore spots. I’m not sure some of my constituents would call it a blessing.”
Although Carlucci paints a rosie picture of San Marco serving as the model for Jacksonville’s neighborhoods to follow, there’s also one major source of trepidation.
“My biggest fear of San Marco is — there is so much money in Jacksonville right now — that people will start tearing down those beautiful little cottages and build homes too big for the lots,” said Carlucci. “San Marco is not ready for that. There needs to be some criteria for building overlay. I don’t want to see people building houses that belong in a different neighborhood like Marsh Landing. That’s nothing against Marsh Landing, it’s a wonderful neighborhood, but it’s not San Marco.”