Details: 2 bed/2 bath 935 sq ft house on a 6,299 sq ft lot, REO
Description: BANK OWNED REO! 2 beds 2 full baths. Hardwood floors. Dining room. Garage is semi converted with French doors but there is a second one car garage. Extra addition at rear of garage. This property is occupied & will be sold as occupied. PLEASE DO NOT CONTACT OCCUPANTS OR TRESSPASS ON PROPERTY WITHOUT EXPRESS AUTHORIZATION BY THE LISTING AGENT.
Previous Purchase: 6/10/05 - $900,000
Listing History: 8/9/11 - $739,000
This was a near peak bubble purchase made by a LLC and may have been a rental from day one (it is a rental now). The current asking price is 17.9% below the mid-2005 price so this is deeper than most rollbacks we have been seeing -- but a big reason for that is that the location is a little challenged and the house is small and funky. It looks like these jokers tried to list for nearly $1mm back in 2009 and cut their price down a bunch of times. Nothing worked so here we are now as a foreclosure.
Looking back to the purchase prior to the one in 2005, we see this property sold for $385k on 12/14/00. My 3% inflation + 1% premium compound growth rate brings fair value to around $600k + any improvements.
"...but a big reason for that is that the location is a little challenged and the house is small and funky."
ReplyDeleteI think the biggest reason is that the new owner inherits a tenant who probably pays $3000 per month.
Yeah I agree with you. You bleed a little cash on a monthly basis until the lease expires and then you kick out the tenants.
ReplyDeleteIt was a nice post and I like it. I love the house too, it was simple yet I would love to move in place like this. Thank you.
ReplyDeleteproperties Philippines
Just three weeks after being listed, 1514 Maple is in "sale pending" status as of Aug. 30. Somebody wants this funky place.
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