not coming down in our notw. Had to order gypsum board from a store 100 miles from my place.
More real estate doom and gloom
- Thread starter Toshi
- Start date
445m2 of land.
structurally unsafe derelict house.
Sold for $800,000.
WELCOME TO THE WELLINGTON PROPERTY MARKET!!!!
structurally unsafe derelict house.
Sold for $800,000.
WELCOME TO THE WELLINGTON PROPERTY MARKET!!!!
Also.... WE"RE NUMBER 1!!!!!
Wait, what do you mean that's a bad thing????
Wait, what do you mean that's a bad thing????
Colorado Springs house deemed 'little slice of hell' by realtor selling for $590,000 cash
The Colorado Springs house has extensive vandalism damage from a previous tenant, soiled carpets and a fridge in the basement filled with year-old meat in a broken refrigerator. Still, the home is expected to sell above asking price with cash-on-hand from the buyers.
www.thedenverchannel.com
"Even with the extensive damage, rancid smells and excessive profanity on the walls, Foster says she has received 16 written cash offers in the first 24 hours of the house being on the market."Colorado Springs house deemed 'little slice of hell' by realtor selling for $590,000 cash
The Colorado Springs house has extensive vandalism damage from a previous tenant, soiled carpets and a fridge in the basement filled with year-old meat in a broken refrigerator. Still, the home is expected to sell above asking price with cash-on-hand from the buyers.
JHFC.
Given what we're looking at for renovation quotes in Santa Cruz for MIL1's 1200sqft 2br condo, which will need a ton of remediation for mold, structural rebuilding, etc. and what we've paid in Denver-metro for different services here I'd say that you're probably looking at $85-100k in repairs to bring it back up to sell/rent-able levels. @Pesqueeb knows that market, but it's probably worth more than that once fixed. Most of the smell will leave with the freezer, Killz on every surface staying, and removing the carpet.
Painting: Killz + paint - $7,000
Full kitchen reno: $18,000 (if above Ikea grade)
New floors: $25,000 (assuming wood for main, tile for bathrooms, and carpet for upstairs/bedrooms)
Roof: $18,000
Blinds: $5,000
Windows & corresponding damage: $25,000
Landscaping: $20,000
That covers probably 85% of damage based on the video and listing. Our house, two owners back, was a short sale. Because it was part of a very large drug bust, thankfully just dealing and using, not making. You can still see traces of spray paint in the storage unit in the basement that was attempted to be painted over. They spent about $150k renovating this place from a full strip down, adding an in-law suite in the basement, but did it as their "forever home". It was only sold because the prior owner's wife fell and broke her hip, which never healed right and she couldn't get up or down the stairs in a 3-level home.
The prior owners of that place will probably get a decent amount back from the property management company in suit if the eviction was done improperly and because the wrong tenant has been living there. They will likely go after the crazy lady, but you can only squeeze a rock for so much, but they can ruin her life for an extended period by having an outstanding garnish and then for at least 7 years due to a monstrous credit impact from the damage/suit to her.
i poked around the zillow map, similar nearby houses were well north of a million.
@stoney is pretty spot on IMHO.
I suppose it will depend on how far over asking price the "winner" goes, but in that neighborhood that home is an easy 3/4 million in this absolute shit show of a market if it's in semi respectable condition. Probably not to hard to turn a modest profit, even on that home, assuming the market doesn't tank in the next 6 months.
I suppose it will depend on how far over asking price the "winner" goes, but in that neighborhood that home is an easy 3/4 million in this absolute shit show of a market if it's in semi respectable condition. Probably not to hard to turn a modest profit, even on that home, assuming the market doesn't tank in the next 6 months.
Looks like a fairly good deal, I pulled up that address on Churchill Ct, looks like a more upscale neighborhood with very good schools. More than likely a contractor will buy it and flip. Screams contractor special all over it.
and the listing for the hell house is no longer active. i take that to mean it is under contract.
Totally agree. If a contractor did this place the repair costs drop down to $50-75k, since profit is being built into sale vs. reno work.
I just want to hear more about this 'new roof' that no one knew about 
#whitepeopleproblems
golfweek.usatoday.com
Homeless encampment drives Cambia Portland Classic to new venue for safety reasons
Tournament organizers felt it necessary to move this year’s Cambia Portland Classic for health and safety reasons.
golfweek.usatoday.com
retirement planning monkey. real estate is a big factor in figuring the worst states. it will be interesting to see how this shifts as i get closer to retirement. if i get there.
some of this is tied to the reopening of the hollywood bow.#whitepeopleproblems
Homeless encampment drives Cambia Portland Classic to new venue for safety reasons
Tournament organizers felt it necessary to move this year’s Cambia Portland Classic for health and safety reasons.
Oregon bans home buyer 'love letters'
The letters could reveal personal information about the buyers that could lead to discrimination, or even the perception of it.
www.kgw.com
Interesting, and, I suspect, unconstitutional, free speech and all that.Oregon bans home buyer 'love letters'
The letters could reveal personal information about the buyers that could lead to discrimination, or even the perception of it.
seems good
knock-la.com
Over Two Thirds of All Los Angeles Rentals Are Now Owned by Speculative Investment Vehicles - Knock LA
A new study by Strategic Actions for a Just Economy links corporate ownership to faster neighborhood rent increases.
knock-la.com
“CoRPorAtiOns ArE pEOplE!”
I see a lot of retirees (long-term residents or natives) leaving Colorado at retirement. The most common arguments are how expensive it's become, getting equity out of their homes, or how liberal it's become. Most common destinations are TX, TN, and FL.
My parents moved to TX, 4 hours away from my sister (derp). They were very excited about being closer to both my sister and I, but are now further away. Like the article mentions, 3 hours at 60mph+ is considered close. There are less direct flights to San Antonio from Denver + 1.5hr drive. Same for my sister being in Dallas, as they are halfway between SA and Austin. And property taxes are brutally high where they bought. They just haven't paid them yet...
Wifey's Dad & MIL2 moved to Nashville (hence my current location). The weather here is horrible - 90*+ and 90%+ humidity. They just bought a house reasonably close to my SIL. Stupid expensive for what it is and still not that nice - it's just based on the location. Elsewhere around Nashville is very dodgy, so they are no-go locations for an older white couple. Taxes are very regressive here though - sales tax on food, relatively high vehicle registration fees, etc. When you are on a limited income, it's not your best option.
Would I necessarily stay in CA? Eh... if I had a home that was protected by Prop 13 and not in immediate high-cost areas (Bay Area specifically), very likely. CO? Probably. Housing is the largest expense here - if your house is paid for, why leave? But then again, some (a lot*) people have been banking on the value of their homes going up for their entire retirement plan...
Asset appreciation is nice but it doesn’t generate cash flow. I guess you could sell it, borrow against the equity, or get a reverse mortgage. Or, you could turn it into a rental and move to another place.
I heard something I’m curious about, but don’t know how I’d verify. I was told the current trend of cash offers is sometimes the result of people liquidating their retirement savings in a 401k for the sale transaction, followed by the buyer getting a mortgage and using the proceeds to repay the 401k borrowing. Any monkeys know about this?
I've seen it 1-2 times, usually with retirees. They also however refuse to listen to tax implications to said transactions, especially if they are not able to close their mtge within 60-days to get the funds back into an IRA w/in the indirect rollover window. For younger people, it's a risk most are willing to take to get a house, or they are looking at taking loans from the 401(k) (if possible), to purchase the house. That comes with its own list of risks, but again, what do I know... It's just my job...
Give it an internet minute. I'm sure someone who "knows better" will monkey-splain it to you.
Fuck.
That.
Shit.
Also - I'd like to leave Colorado, mainly because I'd like to go somewhere with *real* mountains.
I would imagine people are useing it for the over asking price payments that are hard to get loans for.
One would assume that a mtge company, which employs actuaries, who would possibly understand risk, when saying "this house is not worth what we're willing to loan against", might make people say "wait a second..." But NOPE! Indentured servitude here we come!
Say hi to this rugged individual if you see him
If you hear something that sounds like a chipmunk on crack talking outloud, that's probably him
He's a man of the people
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what are you, some kind of expert on experts about experts now?
Who has the expertise to answer this?
seems like the kind of thing that would take an expert
edit: wow, I've read that word so may times now, it looks misspelled
I'm gonna need to ask a spelling expert going forward
Golden is right, damn
www.zillow.com
2201 Illinois St, Golden, CO 80401 | Zillow
Zestimate® Home Value: $775,000. 2201 Illinois St, Golden, CO is a single family home that contains 973 sq ft and was built in 1952. It contains 3 bedrooms and 1 bathroom. The Zestimate for this house is $811,100, which has increased by $18,500 in the last 30 days. The Rent Zestimate for this...
www.zillow.com
Golden is right, damn
2201 Illinois St, Golden, CO 80401 | Zillow
Zestimate® Home Value: $775,000. 2201 Illinois St, Golden, CO is a single family home that contains 973 sq ft and was built in 1952. It contains 3 bedrooms and 1 bathroom. The Zestimate for this house is $811,100, which has increased by $18,500 in the last 30 days. The Rent Zestimate for this...
That price is based 90% on the Nick Cage artwork
It's the property that's important. Look at the surrounding houses.Golden is right, damn
2201 Illinois St, Golden, CO 80401 | Zillow
Zestimate® Home Value: $775,000. 2201 Illinois St, Golden, CO is a single family home that contains 973 sq ft and was built in 1952. It contains 3 bedrooms and 1 bathroom. The Zestimate for this house is $811,100, which has increased by $18,500 in the last 30 days. The Rent Zestimate for this...
That's almost 1K square feet! It's a steal...Golden is right, damn
2201 Illinois St, Golden, CO 80401 | Zillow
Zestimate® Home Value: $775,000. 2201 Illinois St, Golden, CO is a single family home that contains 973 sq ft and was built in 1952. It contains 3 bedrooms and 1 bathroom. The Zestimate for this house is $811,100, which has increased by $18,500 in the last 30 days. The Rent Zestimate for this...
I wonder if there will be any hippy-stink mitigation done prior to any new owners taking possession...
I think it's the artisan hand-hold, carpeted oil change room that really drives up the value
I live in Golden (you can see my place in the aerial pic. see it?)
I rode past that place last ride and thought ... "$600? $650??"
stoney is right in that (a) it's walking distance to the gold course and $1M homes. I ride down that street often between home and Apex Park. I looked at a house a few years back in that 'hood, nicer than that but no garage. Balked at the $450k asking price. I'm not a smart man.
Problem with the small homes here is everything is walking distance to the School of Mines. Anything that's safe to occupy can be rented to Mines students from TX for $1,000 per room, indefinitely.
I rode past that place last ride and thought ... "$600? $650??"
stoney is right in that (a) it's walking distance to the gold course and $1M homes. I ride down that street often between home and Apex Park. I looked at a house a few years back in that 'hood, nicer than that but no garage. Balked at the $450k asking price. I'm not a smart man.
Problem with the small homes here is everything is walking distance to the School of Mines. Anything that's safe to occupy can be rented to Mines students from TX for $1,000 per room, indefinitely.