sdcellar –
That was Jonestown where Jim Jones and his folks drank the kool-aid. Jamestown was the first permanent settlement in the colonies (Virginia).
Anyway, even in good times, partially rehabbed houses are difficult to sell. The reason is that banks will not make traditional loans in cases where the home are not occupiable (e.g. if plumbing or heating is not working). Appraisers typically won’t appraise when incomplete, and if they do, they severely mark it down. a few years ago I had an appraiser refuse to complete the appraisal on my newly remodeled house because a single bathroom sink was not installed in the master bath (and it was even the second sink).
Cases like this deserve at least 100K off the going price. But this is a great example of what to expect in the coming year on the REO/foreclosure market from what I remember of the mid-90’s when I was looking. If enough of these come on the market and actually get sold, the published home sales numbers will appear worse than the reality (as opposed to today where they appear better than the reality).
