Author Topic: Inside The Dr. Horace Drew Residence  (Read 58617 times)

ChriswUfGator

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Re: Inside The Dr. Horace Drew Residence
« Reply #45 on: August 12, 2011, 12:11:52 PM »
Most of the "rumors" about the condition of these old houses often make the house out to be much worse than they really are.  However, even lifting this house up and renewing the foundation would not be as expensive today as one might think.  It will still take a owner willing to take a chance that values will recover somewhat over the next 5 years or so, but for that right person, what a house they will have!

I think everybody knows that anything can be fixed. If you're willing to spend the money, you can keep anything around forever. The problem is nobody wants to dump $700k on buying and renovating a $300k house, and that's kind of what you'd be looking at with this one, at least until the market turns around. Best solution for it is to just let it sit. Bad markets don't last forever, as long as COJ doesn't knock it down in the meantime.

Most, including most contractors, look at these old houses and think they must be brought up to every building code.  That is not true and this erroneous belief pushes up most cost estimates. While I have not looked at this house with an eye towards bidding repairs, I can tell you that the structural component of the repairs will be the least of it.  If you have a experienced historical house contractor look at it, it will not take 700K to make it livable. You could certainly spend that much and more if you wished to, but the house can be made nice for much, much less.

I do not mean to be argumentative but the posting of outrageously high bids and the lack of experience of many contractors bidding on these houses is part of the reason we lose houses like this one.  Case in point, the house on Laura street that has been talked about on a couple of threads.  The current contractor looked at what is actually minor termite damage and says the house is beyond saving, mostly because he mistakenly believes the entire structure of the house must be brought up to current code.  In addition, owners buy them cheap and then find out they can build new for the same cost as fixing the old one and so they think it is a better value to tear it down.  besides, it is always a bit more expensive to restore than build new.

While values are way down, so is the cost of construction and renovations.  While some materials have gone up. many items have dropped to very low levels compared to the boom years.  These houses may not be worth what you put into them the minute they are done, but they are way more affordable to redo than what most think.  Add in the fact that we are seeing that new in-fill houses have lost vale at a higher percentage than the restored houses and it makes even more sense to buy now and restore or at least stabilize and mothball.

I agree with you, as you know, I'm on your side.

I meant total amount invested, to my eye, would appear to be around $700k including the purchase price. The house has been unofficially for sale for going on 10 years for $300k-$400k with no bites. The old man told me personally before he died that he wouldn't take less than $400k for it. I told him, yeah, good luck with that. It's got title issues too, a foreclosure is pending on what I consider likely to be an invalid mortgage, but that's going to be cleared up either by the bank winning in court, or by a court determining the wife's homestead exemptions, or her interest in a TBE or JTWROS, was not subject to the mortgage. At which point you're dealing with a bank who'll want some portion of its mortgage value back (and they don't mind letting them sit), or back to dealing with the same family who wants what they want for it.

I don't think it needs $700k worth of work, I think it needs about $400k worth of work total, you're talking not only jacking, which is relatively inexpensive, but in driving underground pilings or doing concrete injection under the foundation, plus all the normal renovation work it needs. To get under what I eyeballed the total investment at, e.g. $700k including purchase and the work it needs, are they just going to give it to you for free or something?

Or maybe our definitions of 'livable' are different? I mean I guess technically it's livable now, it's just got problems that will need to be addressed, and that are always going to bear on the value of the house.


ChriswUfGator

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Re: Inside The Dr. Horace Drew Residence
« Reply #46 on: August 12, 2011, 12:21:10 PM »
Also, I'm not saying it's not worth saving in a general sense, it's a great house. I'm just saying that there's really no way to get into it for anywhere near what it's worth. You're going to have to find that special buyer, who's going to have to be all-cash since it won't pass an inspection and it wouldn't appraise for more than $300k in this market (on a reeeeeeeally good day) even if it did.

It needs to be mothballed until the market turns around, at which point it will make sense to somebody. With present real estate values (which aren't exactly skyrocketing in case nobody noticed), I am not sure who's going to buy that? There's no way to come out of it without paying 2-3 times what it's worth. This is exactly the kind of situation mothballing is appropriate for.


iloveionia

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Re: Inside The Dr. Horace Drew Residence
« Reply #47 on: August 12, 2011, 03:04:15 PM »
Great house to mothball.  Flooding in the basement is a huge issue.  I've seen water up to the porch of the castle.  That means the basement is completely filled with water.  Currently the house is boarded from vandals (MCCD did this.)

If there is a house to sell my soul to, this is the one. No way will this house be demolished.  No way.


downtownjag

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Re: Inside The Dr. Horace Drew Residence
« Reply #48 on: August 12, 2011, 11:00:11 PM »
Anybody care to tell me what "mothballing" means?  Thank you.  That is all.

iloveionia

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Re: Inside The Dr. Horace Drew Residence
« Reply #49 on: August 12, 2011, 11:51:58 PM »
Basically it means "shrink wrapping" a home. Leak-free and sound roof, boarded and/or secure windows/doors, house safe/stable, possibly primed, grass tended to. New legislation passed Tuesday that will allow an owner of a historic home to mothball a home in need of rehab with a 3-year plan overseen by HPC which while maintained and kept safe will keep code enforcement at bay.
Movedsouth: can you post the mothballing 101 brochure?


downtownjag

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Re: Inside The Dr. Horace Drew Residence
« Reply #50 on: August 13, 2011, 10:42:39 AM »
Basically it means "shrink wrapping" a home. Leak-free and sound roof, boarded and/or secure windows/doors, house safe/stable, possibly primed, grass tended to. New legislation passed Tuesday that will allow an owner of a historic home to mothball a home in need of rehab with a 3-year plan overseen by HPC which while maintained and kept safe will keep code enforcement at bay.
Movedsouth: can you post the mothballing 101 brochure?

Thank you... residential only or does this apply to commercial structures?

sheclown

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Re: Inside The Dr. Horace Drew Residence
« Reply #51 on: August 13, 2011, 11:50:10 AM »
@ downtownjag.  You can mothball any structure you like.  The legislation is aimed at residential properties. Not sure how it applies to commercial, but great question.

downtownjag

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Re: Inside The Dr. Horace Drew Residence
« Reply #52 on: August 13, 2011, 12:49:48 PM »
I would love to see some of the more neglected structures downtown mothballed to prevent them from turning into transient hangouts and homes.  I understand that this would need to be done within reason, but there are plenty of buildings that could be mothballed.  It's probably advantageous for the structures from a structural integrity standpoint to keep all the water out.

sheclown

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Re: Inside The Dr. Horace Drew Residence
« Reply #53 on: November 22, 2011, 08:45:57 AM »

iloveionia

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Re: Inside The Dr. Horace Drew Residence
« Reply #54 on: November 22, 2011, 11:27:05 AM »
Commence abatement action?
Ridiculous.
Dr. Gaffney and other supportive council members. We need your help. Code is absolutely out of control.


Timkin

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Re: Inside The Dr. Horace Drew Residence
« Reply #55 on: November 22, 2011, 02:00:21 PM »

Ahh... this is the house I fondly refer to as the Castle House.  It is indeed a beauty.  One I hope will be spared.  I am glad to finally learn the history of the house , its owner, and well, coming from the Printing industry I knew much of the history of the Drew Company.  I could be mistaken, but I believe the company is now called Wells and Drew and is still a printing company.

Timkin

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Re: Inside The Dr. Horace Drew Residence
« Reply #56 on: November 22, 2011, 03:51:41 PM »
Isn't the entrance to the basement garage partially blocked over?  I guess that car might be stuck in there, lol.  Really cool house.  Hopefully someone that has the means to restore it can aquire the property.

Is this shown in the Photo essay?

I have been by this house quite a few times and study it as I go.  Something is indeed happening to the foundation. from the west side of the house you can see a sagging pattern in the block throughout the structure from back to front.  Without being inside the house I can only presume this is happening between the basement and first story floors.  Also noted that many of the tile on the roof , particularly on the back have come loose.  to buy it some time those should be re-attached.  While I know we are not allowed to work on it presently , please let me know if that changes. I would be elated to help save this one.

  This one is so unique and such a treasure.  I have never seen a home even remotely close to it in Jacksonville.  I appreciate MJ doing the story on it.. I have also say I  am so jealous.. I have always wanted to walk through this place to see what it is like.. It must be just incredible, even in a deteriorated condition.

iloveionia

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Re: Inside The Dr. Horace Drew Residence
« Reply #57 on: November 22, 2011, 03:56:35 PM »
As for the foundation.
Someone will have to clean-up my understanding, but park or road construction causes rain water to flood the entire property. Near up to the porch. For real.
Somewhere around here or on myspfld "French drains" have been discussed as a necessity for installation there.
Lots of people care about this house.
It has a good chance.


Ernest Street

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Re: Inside The Dr. Horace Drew Residence
« Reply #58 on: November 22, 2011, 08:03:38 PM »
Strider is right..a lot of contractors freak and don't know how to bid...they usually overbid to get out of the project.
French Drain systems take a lot more thought than Money to Implement..Remember every finger of drilled drain pipe needs to be aimed downhill at every point..sounds easy..It ain't.
Once the property is dry enough to jack up the foundation it's not so bad....BUT!  if those blocks slide past a point of no return..the Jack will be a crap shoot.

I always saw this place as a tourist drawing Museum.
 In a better world COJ would see the future and the spectacular view of the park and restore this.

Are the widows belongings still stored in here?  have the Homeless picked into the house yet?


« Last Edit: November 22, 2011, 08:09:41 PM by Ernest Street »

honeybee

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Re: Inside The Dr. Horace Drew Residence
« Reply #59 on: November 24, 2011, 05:04:26 PM »
Thanks to google maps I've seen the aerial view of the surrounding area, the road it's on could have great potential for some kind of museum strip and with Klutho park located right in front, it could be transformed into a fantastic botanical walk/park. Does anyone have any good details about the area of town this house is located? I understand it's in the Springfield area and I've heard multiple, different descriptions of the area and am not sure what to believe about the current state of the area.
Regards,

Honeybee

"A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort."