Some questions about Stonebridge

[joec]

I agree with a lot of the other messages. Anyhow, from the 2 listings you provided, BG, I personally don’t like either of them and if I was looking in Stonebridge compared to the two you listed, I’d gladly pay the silly MR and choose that over either of your 2 listings. First thing is, I care $0 for a view, I care $0 for golf course, I care $0 for a large lot, I have 0 plans to do major renovation to change the layout lot (I’d move first). Since they both have pools, they’re already off my list (have baby, liability, harder to sell IMO).

The main point I keep saying or have brought up on other posts on life, housing, is different people like different things and even though you subscribe to that (I refuse to buy any place with MR), older homes have more appeal and charm (your opinion) you don’t think anyone else should/does when it comes to MR or on new/vs old homes). Your bias only goes one way rather than both.

People like new, they like move in ready, they don’t have family or time to help them do a home remodel, etc that you did in the past. Maybe you do and that’s how you used to do it, but for some folks, they don’t care because they can easily pay and afford the MR and rather use the time for other pursuits. MR is just money for a lot of folks and if they can pay, let them.

Also agree with the posts above that those kitchens/bathrooms are about as fugly as you can get. I have enough headaches in my life, I don’t need to a total kitchen remodel/rip out to make mine more complicated…

My LJ, Del Mar comment was more about if money is no object, then most folks would live in the coast in some massive ocean front place if they could. People CHOOSE Stonebridge for some reasons. Obviously, they have reasons that you don’t have since the places have sold.

[ocrenter]

[quote=kcal09]The Shadetree home is located directly behind power lines. That is much worse than a view into nothing.[/quote]

absolutely. this is a long time BMIT favorite:

[img_assist|nid=10433|title=transmission tower|desc=|link=node|align=left|width=320|height=227]

as localguy pointed out, there are some overpriced homes in stonebridge, and there are also some homes badly positioned next to powerlines.

potentially someone can really get screwed buying in stonebridge. but the key here is where there is risk, there is also reward. don’t wait on the MLS for a lower priced home (it is likely a short sale with a transmission tower at the front door, aka shadetree). instead, go make your own bargain. for example, localguy mentioned the homes colrich took over from cornerstone. guess what, colrich is NOT advertising AT ALL. those are prime targets for bargain seekers. another prior opportunity was the CityVenture homes that went down to essentially $750k. And prior to that the bunch of homes Davidson sold back in late 08-early 09. then there’s the occasional short sale and foreclosures. bottom line, you will not get a bargain going down the regular sale route.

[ocrenter]

[quote=kcal09]The Shadetree home is located directly behind power lines. That is much worse than a view into nothing.[/quote]

absolutely. this is a long time BMIT favorite:

[img_assist|nid=10433|title=transmission tower|desc=|link=node|align=left|width=320|height=227]

as localguy pointed out, there are some overpriced homes in stonebridge, and there are also some homes badly positioned next to powerlines.

potentially someone can really get screwed buying in stonebridge. but the key here is where there is risk, there is also reward. don’t wait on the MLS for a lower priced home (it is likely a short sale with a transmission tower at the front door, aka shadetree). instead, go make your own bargain. for example, localguy mentioned the homes colrich took over from cornerstone. guess what, colrich is NOT advertising AT ALL. those are prime targets for bargain seekers. another prior opportunity was the CityVenture homes that went down to essentially $750k. And prior to that the bunch of homes Davidson sold back in late 08-early 09. then there’s the occasional short sale and foreclosures. bottom line, you will not get a bargain going down the regular sale route.

[ocrenter]

[quote=kcal09]The Shadetree home is located directly behind power lines. That is much worse than a view into nothing.[/quote]

absolutely. this is a long time BMIT favorite:

[img_assist|nid=10433|title=transmission tower|desc=|link=node|align=left|width=320|height=227]

as localguy pointed out, there are some overpriced homes in stonebridge, and there are also some homes badly positioned next to powerlines.

potentially someone can really get screwed buying in stonebridge. but the key here is where there is risk, there is also reward. don’t wait on the MLS for a lower priced home (it is likely a short sale with a transmission tower at the front door, aka shadetree). instead, go make your own bargain. for example, localguy mentioned the homes colrich took over from cornerstone. guess what, colrich is NOT advertising AT ALL. those are prime targets for bargain seekers. another prior opportunity was the CityVenture homes that went down to essentially $750k. And prior to that the bunch of homes Davidson sold back in late 08-early 09. then there’s the occasional short sale and foreclosures. bottom line, you will not get a bargain going down the regular sale route.

[ocrenter]

[quote=kcal09]The Shadetree home is located directly behind power lines. That is much worse than a view into nothing.[/quote]

absolutely. this is a long time BMIT favorite:

[img_assist|nid=10433|title=transmission tower|desc=|link=node|align=left|width=320|height=227]

as localguy pointed out, there are some overpriced homes in stonebridge, and there are also some homes badly positioned next to powerlines.

potentially someone can really get screwed buying in stonebridge. but the key here is where there is risk, there is also reward. don’t wait on the MLS for a lower priced home (it is likely a short sale with a transmission tower at the front door, aka shadetree). instead, go make your own bargain. for example, localguy mentioned the homes colrich took over from cornerstone. guess what, colrich is NOT advertising AT ALL. those are prime targets for bargain seekers. another prior opportunity was the CityVenture homes that went down to essentially $750k. And prior to that the bunch of homes Davidson sold back in late 08-early 09. then there’s the occasional short sale and foreclosures. bottom line, you will not get a bargain going down the regular sale route.

[ocrenter]

[quote=kcal09]The Shadetree home is located directly behind power lines. That is much worse than a view into nothing.[/quote]

absolutely. this is a long time BMIT favorite:

[img_assist|nid=10433|title=transmission tower|desc=|link=node|align=left|width=320|height=227]

as localguy pointed out, there are some overpriced homes in stonebridge, and there are also some homes badly positioned next to powerlines.

potentially someone can really get screwed buying in stonebridge. but the key here is where there is risk, there is also reward. don’t wait on the MLS for a lower priced home (it is likely a short sale with a transmission tower at the front door, aka shadetree). instead, go make your own bargain. for example, localguy mentioned the homes colrich took over from cornerstone. guess what, colrich is NOT advertising AT ALL. those are prime targets for bargain seekers. another prior opportunity was the CityVenture homes that went down to essentially $750k. And prior to that the bunch of homes Davidson sold back in late 08-early 09. then there’s the occasional short sale and foreclosures. bottom line, you will not get a bargain going down the regular sale route.

[an]

[quote=bearishgurl]
AN and ocrenter,

This 1990 remodel was of a mid-century design which featured very sleek kitchen cabinets. There are a LOT of cabinets in that kitchen but they are very flush and you can’t easily see them in the photo. There is also a second sink on the other side. I personally don’t like the sinks separated . . . I would prefer them together (guess a double sink is also outdated now, lol).

The bathroom shower shown in the pics is of glass block which is also a mid-century design feature.

I own an actual mid-century house (WWII box) which was remodeled to the studs in 1993 with these same mid-century design features so am familiar with them and like them. If you are used to more elaborate kitchen cabinets, this kitchen will look “spartan” to you, but it is no less valuable. There is actually nothing wrong with this kitchen except for a couple of possibly outdated wall ovens. It’s all a matter of taste.

For a “million bucks,” what you SHOULD be comparing is the 11K lot of Shadetree at Stonebridge to the 1.5 AC lot of Orchard Bend. Instead, you’re groveling over kitchen cabinets. IMO, from an investment standpoint, that’s not too smart.

You CAN’T FIX the 11K lot (w/a 5000+ sf house on it, lol) but you CAN FIX kitchen cabinets if you don’t like them!![/quote]
Again, what you like might not be what the majority like. The sold comp proves it. Even between your example vs the closed comps I provided.

Congrats on being able to do the kitchen remodel yourself. I’d say you’re in the minority here. Most people don’t want to remodel, much less remodel themselves. That’s why there’s a term called sweat equity. We’re not discussing about sweat equity here. If I’m in the market to buy $1M house, I’d buy the one with the 1.5 acre as well, but I believe in sweat equity just like you. However, that majority of the buyers do not view it that way.

BTW, 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.

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.

[an]

[quote=bearishgurl]
AN and ocrenter,

This 1990 remodel was of a mid-century design which featured very sleek kitchen cabinets. There are a LOT of cabinets in that kitchen but they are very flush and you can’t easily see them in the photo. There is also a second sink on the other side. I personally don’t like the sinks separated . . . I would prefer them together (guess a double sink is also outdated now, lol).

The bathroom shower shown in the pics is of glass block which is also a mid-century design feature.

I own an actual mid-century house (WWII box) which was remodeled to the studs in 1993 with these same mid-century design features so am familiar with them and like them. If you are used to more elaborate kitchen cabinets, this kitchen will look “spartan” to you, but it is no less valuable. There is actually nothing wrong with this kitchen except for a couple of possibly outdated wall ovens. It’s all a matter of taste.

For a “million bucks,” what you SHOULD be comparing is the 11K lot of Shadetree at Stonebridge to the 1.5 AC lot of Orchard Bend. Instead, you’re groveling over kitchen cabinets. IMO, from an investment standpoint, that’s not too smart.

You CAN’T FIX the 11K lot (w/a 5000+ sf house on it, lol) but you CAN FIX kitchen cabinets if you don’t like them!![/quote]
Again, what you like might not be what the majority like. The sold comp proves it. Even between your example vs the closed comps I provided.

Congrats on being able to do the kitchen remodel yourself. I’d say you’re in the minority here. Most people don’t want to remodel, much less remodel themselves. That’s why there’s a term called sweat equity. We’re not discussing about sweat equity here. If I’m in the market to buy $1M house, I’d buy the one with the 1.5 acre as well, but I believe in sweat equity just like you. However, that majority of the buyers do not view it that way.

BTW, 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.

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.

[an]

[quote=bearishgurl]
AN and ocrenter,

This 1990 remodel was of a mid-century design which featured very sleek kitchen cabinets. There are a LOT of cabinets in that kitchen but they are very flush and you can’t easily see them in the photo. There is also a second sink on the other side. I personally don’t like the sinks separated . . . I would prefer them together (guess a double sink is also outdated now, lol).

The bathroom shower shown in the pics is of glass block which is also a mid-century design feature.

I own an actual mid-century house (WWII box) which was remodeled to the studs in 1993 with these same mid-century design features so am familiar with them and like them. If you are used to more elaborate kitchen cabinets, this kitchen will look “spartan” to you, but it is no less valuable. There is actually nothing wrong with this kitchen except for a couple of possibly outdated wall ovens. It’s all a matter of taste.

For a “million bucks,” what you SHOULD be comparing is the 11K lot of Shadetree at Stonebridge to the 1.5 AC lot of Orchard Bend. Instead, you’re groveling over kitchen cabinets. IMO, from an investment standpoint, that’s not too smart.

You CAN’T FIX the 11K lot (w/a 5000+ sf house on it, lol) but you CAN FIX kitchen cabinets if you don’t like them!![/quote]
Again, what you like might not be what the majority like. The sold comp proves it. Even between your example vs the closed comps I provided.

Congrats on being able to do the kitchen remodel yourself. I’d say you’re in the minority here. Most people don’t want to remodel, much less remodel themselves. That’s why there’s a term called sweat equity. We’re not discussing about sweat equity here. If I’m in the market to buy $1M house, I’d buy the one with the 1.5 acre as well, but I believe in sweat equity just like you. However, that majority of the buyers do not view it that way.

BTW, 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.

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.

[an]

[quote=bearishgurl]
AN and ocrenter,

This 1990 remodel was of a mid-century design which featured very sleek kitchen cabinets. There are a LOT of cabinets in that kitchen but they are very flush and you can’t easily see them in the photo. There is also a second sink on the other side. I personally don’t like the sinks separated . . . I would prefer them together (guess a double sink is also outdated now, lol).

The bathroom shower shown in the pics is of glass block which is also a mid-century design feature.

I own an actual mid-century house (WWII box) which was remodeled to the studs in 1993 with these same mid-century design features so am familiar with them and like them. If you are used to more elaborate kitchen cabinets, this kitchen will look “spartan” to you, but it is no less valuable. There is actually nothing wrong with this kitchen except for a couple of possibly outdated wall ovens. It’s all a matter of taste.

For a “million bucks,” what you SHOULD be comparing is the 11K lot of Shadetree at Stonebridge to the 1.5 AC lot of Orchard Bend. Instead, you’re groveling over kitchen cabinets. IMO, from an investment standpoint, that’s not too smart.

You CAN’T FIX the 11K lot (w/a 5000+ sf house on it, lol) but you CAN FIX kitchen cabinets if you don’t like them!![/quote]
Again, what you like might not be what the majority like. The sold comp proves it. Even between your example vs the closed comps I provided.

Congrats on being able to do the kitchen remodel yourself. I’d say you’re in the minority here. Most people don’t want to remodel, much less remodel themselves. That’s why there’s a term called sweat equity. We’re not discussing about sweat equity here. If I’m in the market to buy $1M house, I’d buy the one with the 1.5 acre as well, but I believe in sweat equity just like you. However, that majority of the buyers do not view it that way.

BTW, 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.

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.

[an]

[quote=bearishgurl]
AN and ocrenter,

This 1990 remodel was of a mid-century design which featured very sleek kitchen cabinets. There are a LOT of cabinets in that kitchen but they are very flush and you can’t easily see them in the photo. There is also a second sink on the other side. I personally don’t like the sinks separated . . . I would prefer them together (guess a double sink is also outdated now, lol).

The bathroom shower shown in the pics is of glass block which is also a mid-century design feature.

I own an actual mid-century house (WWII box) which was remodeled to the studs in 1993 with these same mid-century design features so am familiar with them and like them. If you are used to more elaborate kitchen cabinets, this kitchen will look “spartan” to you, but it is no less valuable. There is actually nothing wrong with this kitchen except for a couple of possibly outdated wall ovens. It’s all a matter of taste.

For a “million bucks,” what you SHOULD be comparing is the 11K lot of Shadetree at Stonebridge to the 1.5 AC lot of Orchard Bend. Instead, you’re groveling over kitchen cabinets. IMO, from an investment standpoint, that’s not too smart.

You CAN’T FIX the 11K lot (w/a 5000+ sf house on it, lol) but you CAN FIX kitchen cabinets if you don’t like them!![/quote]
Again, what you like might not be what the majority like. The sold comp proves it. Even between your example vs the closed comps I provided.

Congrats on being able to do the kitchen remodel yourself. I’d say you’re in the minority here. Most people don’t want to remodel, much less remodel themselves. That’s why there’s a term called sweat equity. We’re not discussing about sweat equity here. If I’m in the market to buy $1M house, I’d buy the one with the 1.5 acre as well, but I believe in sweat equity just like you. However, that majority of the buyers do not view it that way.

BTW, 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.

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.

[bearishgurl]

[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.

[bearishgurl]

[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.

[bearishgurl]

[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.

[bearishgurl]

[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.

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