[quote=AN] . . . the Shade tree house is listed at $799-999k. We’ll see where it closes at. You’re assuming it’ll close for $999k. What if it closes for $750-799k (due to the power line)? That would put this house ~$200k less than the Orchard Bend house. Even w/ the MR, it’s still $100k less.[/quote]
[quote=bearishgurl] re: Shadetree active:
http://www.sdlookup.com/MLS-100054326-13…
Asking price = $799K to $999K (short sale)
MR = $4400 yr * or $110K for 25 yrs (of 30) left
HOA Dues = $1728 yr
5120 sf/11,200 sf lot[/quote]
I don’t think it’s likely that the lender will take $799K for Shadetree, but am not a “short-sale expert” in this area. Perhaps SDR can help us out here. Whatever it sells for, you need to add $110K for the remaining MR owed, plus $1728 yr HOA (plus potential hikes) (which Orchard Bend doesn’t have). Since Orchard Bend is a “traditional sale,” its price CAN be lowered if the owners really want to sell. You shouldn’t assume this property will sell for $959K.
[quote-AN]Also, the new of “NOTHING” you’re referring to is exactly what I’m referring to as well. Having a view of empty space is better than a view of your neighbor’s house.[/quote]
Neither of my two comparables had views of other properties’ backyards, AN. Properties in the $800K to $1M price range typically don’t have views of other properties’ backyards.
AN, I’m assuming here that you agree with me that the view on Shadetree is worth nothing and the high-power-line view is actually a detriment to its value and potential sale?
We never came to a conclusion on this thread as to whether paying MR added enough value to a property to pay for itself upon sale (over non-MR properties).
You and joec pointed out that buyers are willing to pay MR to get something they don’t feel they have to immediately remodel in order to use and is “move-in” ready. I understand this part. As I stated, “Different strokes . . .”
I guess the real question here is, “What flaws would constitute the necessity of remodeling upon move-in or even before even moving in?”
My answer to that would be, if it is structurally sound and at least one bathroom works (the only kind of property I would buy), my main priorities upon move-in would be to clean or remove the carpet, dispose of any trash, mop sweep and exterminate. The next order of the day would be to change the locks and weed pulling and/or tractor rental (to avoid poss citation/fines). Next would be to paint (if needed), then install any flooring needed. My stuff (except for bed and provisions) can be left in storage or put in the garage or outbuilding while I assess/repair the property enough to move in. I do not CARE about cond of appls. They are small potatoes in the scheme of things. I have a hot plate, micro, mini frig and countertop oven. Life will go on. So the “flaws,” for me, would be basic clean-up and repair but no remodeling until further assessment/planning is done.
IMO, this is the ONLY way to earn substantial sweat equity, especially in this market. By “substantial,” I mean $100K+ on a $350-$450K property. These “opportunities” do NOT lie in community facilities districts (read: areas saddled with MR).
The two comps I furnished here were way more than “move-in ready” in my book.
