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⚡ACHTUNG!⚡ Real Estate opportunity for EG

DocZaius

DocZaius

Lisan al Gaib
2024 Pick 'Em Winner

CASH OFFERS ONLY NO ACCESS to see lower level and Home sold AS IS ONLY with acknowledgement that home will convey [glow=yellow]with a person(s) living in lower level with no lease in place[/glow] - Great opportunity to own in Mantua! Large spacious colonial on cul de sac street. Big kitchen with door to deck area - renovated years back with 42 inch cabinets, vinyl floor and Formica countertops. Original windows, some with rot. Sliding door from family room would require replacement. Dishwasher not working. Powder room toilet is shut off and it leaks in lower level. Deck supports appear to be in good shape, not to today's code and upper decking boards are in poor shape. Lower level is a walk out basement with legal bedroom, full bath, storage and large living area. Paint is neutral through out and in good condition. One estimate to replace existing carpet on main level (bedrooms in UL have wood floors) improve deck surface, replace sliding door, fix wood rot around windows, paint ext. trim as needed, replace 3 toilets and one light came in around $25K. Home is livable but needs some TLC.
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Rotting deck with broken pottery, algae-covered siding, rotting sliders, nasty old windows that need replacing, leaking toilet, non-working dishwasher and a random person living in the basement. What's not to love for $800,000? Get out of that condo and experience the joys of home ownership!
 
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Maybe you could move to California and buy a 1300-sqft house for $2.85 million?

https://unitednewspost.com/news/us-news/photos-this-single-family-home-in-san-jose-has-sold-for-1-million-over-asking/

The property stayed with a single family for an extended period of time, according to the listing; it was originally purchased in 1972 for $30,500.
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its pretty amazing how concentrated real estate wealth is now. My parents spent something like that on the house I grew up in in small town Illinois and its worth the same thing they paid for it
 
my place by the law school more than doubled from 2001 to 2006 when we sold just before the bubble burst. I don't see this one crashing like that did though, there just aren't enough houses in the places people want to live.
 
Evil gator said:
yeah if you're in a nice spot in FL you're rolling in it. Plus the pirate ship adds 20K
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That reminds me, I haven't done a pirate ship update in a while. The main structure is pretty much done. Still have to do some railings and add a rock wall. Will paint it in the summer.

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These RE prices have to be a bubble, NFW they don’t come down dramatically sooner than later. I haven’t forgotten that ass kicking I took in 2009
 
Tommy said:
These RE prices have to be a bubble, NFW they don’t come down dramatically sooner than later. I haven’t forgotten that ass kicking I took in 2009
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Yeah but a lot of this buying is all from cash buyers, not subprime loans and people with adjustable rates having to pay the piper.
 
Sure, I’m not saying we’ll have a complete crash like 2009, but historically, RE has had a moderate gain over a period of time, with some spikes & dips. I can’t make sense of a home doubling in value in a short period of time. There’s people paying 600k for a 1800ft ranch on 1/2 acre, sight unseen, 5 years ago that house sold for 270k. I’d think sooner or later the $ spigot will turn off, even with the relocation dynamics. I guess.
 
Tommy said:
Sure, I’m not saying we’ll have a complete crash like 2009, but historically, RE has had a moderate gain over a period of time, with some spikes & dips. I can’t make sense of a home doubling in value in a short period of time. There’s people paying 600k for a 1800ft ranch on 1/2 acre, sight unseen, 5 years ago that house sold for 270k. I’d think sooner or later the $ spigot will turn off, even with the relocation dynamics. I guess.
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Yep. I don't know if it'll drop down to 10 year ago prices, but it'll definitely bust and people will be stuck in their homes for a decade before they start to break even....if they're lucky.

A woman told me I should sell my house as-is and buy another instead of making all the updating I'm doing. Uhhhh...seriously? So I sell 0.4 acre and 2200 SF in a great NW location (even if 39th is off my back yard and it gets a little noisy) only to have to use my entire profit as a downpayment to get a 1400 SF house in the same condition with zero land where I can reach out and touch the neighbors house from the kitchen window in a less than ideal location. :facepalm:
 
DocZaius said:
Maybe you could move to California and buy a 1300-sqft house for $2.85 million?

https://unitednewspost.com/news/us-news/photos-this-single-family-home-in-san-jose-has-sold-for-1-million-over-asking/

The property stayed with a single family for an extended period of time, according to the listing; it was originally purchased in 1972 for $30,500.
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Good grief. My company's founder built a 10,000+ square foot home, with a complete home as the basement, for $2.3 million. That includes the 2 prime lots, on the lake, of a LPGA golf course.
 
that is pretty similar to every girl I went to HS with who still lives in Illinois. They mainline Chip and Joanna.

I don't think there will be crash anything like 2008, when they were lending to people who couldn't afford the homes. First, not a lot of SFH have been constructed in the past 12 years, certainly not enough to make up for demand. Restrictions on building have gotten even worse, and with commodities going up it will be an issue for a while.
 
83 acres with trails, creeks and abutting the national forest... seems like a good deal even before you throw in the school bus.

https://www.zillow.com/homedetails/611-Coppersnake-Holler-Dr-Marshall-NC-28753/2094848230_zpid/
 
My wife quit her job so my dream of having a mountain vacation home is probably not realistic until the kids are out of college (and by that point we may as well move), but... that's a good amount of land for the price.

The little house is probably not livable (thus, no mention of it in the listing and the use of the school bus). The school bus looks nice but probably not functional as an RV (if it's drivable at all - it looks like it hasn't moved in a while)- there seems to be a lot of stuff in it that isn't tied down - like that dresser and the water jug on top of the little stove (why is that there?).
 
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