Subscribe Feed (RSS)MLS Bargains Just Listed…
January 16th, 2008 by Connie | Filed under House Hunting, real estate.This is a bit hard to believe…
Two new houses on the market close by one of our other rent houses. A year ago, nothing in this area listed under 65K. We’re headed over for a quick drive-by this afternoon.
House #1
3/1/1, Asking price: 45K
From MLS:
General Description:
HUD Home SOLD AS-IS W/ALL FAULTS. All HUD Homes are sold on 10 Day Bid Period. The Bid Period for this home ends: 01/20/08.
3 Bedroom 1 Bath w/Fireplace and 1 Car Garage.
1st Bed: 13×12
2nd Bed: 12×12
3rd Bed: 13×10
Utility Room Desc: Utility Rm In Garage
Breakfast Bar
Fireplace: 1 / Wood Burning Fireplace
Dishwasher: Yes
Disposal: Yes
Compactor: Yes
Connection: Washer, Gas Dryer
BedRooms: All Bedrooms Down
Heating: Central Gas
Cooling: Central Electric
Floors: Concrete, Wood
Countertop: Laminate 
Looks small, but probably not *too* bad.
Whoa…lots of fireplace.
House #2
2/2/1, Asking Price 35K
From MLS:
General Description:
NICE HOUSE 2 BEDROOM AND 2 BATHROOM HOME! GREAT STARTER HOME! MUST SEE TO APPRECIATE! THIS ONE WON T LAST LONG! GREAT LOCATION! LARGE BACK YARD!
Den: 19X15
Kitchen: 12X12
Breakfast: 12X8
1st Bed: 15X12
2nd Bed: 15X13
Utility Room Desc: Utility Rm In House
Dishwasher: No
Disposal: No
Compactor: No
Range: Gas Range
Oven: Gas Oven
Connection: Washer, Electric Dryer, Gas Dryer
BedRooms: 1 Bedroom Down, Not Master BR, All Bedrooms Down
Heating: Central Gas
Cooling: Central Electric
Floors: Vinyl, Wood 
The yard looks good and the house directly behind appears to be in good shape.
The kitchen appears original, but that’s probably a good thing– solid wood cabinets can usually be salvaged. Looks like a poor layout but not a deal-breaker in this neighborhood.
This looks promising– new sink and beadboard?
And hardwood floors… always a welcome sight.
One house at these prices might be a fluke– two might be a trend. We’ll just have to see.
Popularity: 13% [?]
Those look VERY promising. Keep us posted!
Maria
The mister did a drive-by– no photos, but a bit more information.
House #1 would require about 20K or more– the bathroom and kitchen would require a complete tearout. Almost the entire house needs gutting. This one’s a no-go.
House #2 looks very promising. We have a call in to our realtor for a closer look. If we go tomorrow, I’ll take the camera and post a follow-up
The first house is a HUD home, so you would have to wait until the bid period for owner occupants is over anyway. If it does not sell, then it’s a waiting game. In a few months, it might drop enough to make it feasible. By then you should have a clear picture of where your market is going.
Houses are like buses. If you miss one, another will be along in a little while. Keep those pictures coming.
The realtor called about house #2– they have multiple offers and they’re calling for highest and best by noon today. No way for us to even get inside and see it before then. If things fall through for some reason, we’ll try again later.
Another Investor– This is very exciting. I think its an indication of things to come in our area. Prices for homes under 60K have been dropping, but these 2 were the first on MLS to actually break the 50K mark~ There may be a bunch of buses headed through in the next year or so
Owner occupants on the low end cannot get financing, period. It’s going to be cash buyers and well-qualified investors with financing in place and a solid history who will be buying this type of property for awhile. The banks and the HUD folks are just beginning to see this.
2008 may be a little early to be sitting at the bus stop. Once a few foreclosures turn into whole departments devoted to asset liquidation, the bargains will appear. The stock market will kill the upper end of the market this year. I think late 2008 and 2009 will turn the bus stop into the bus terminal.
Well said
I like what another investor said - at least from a financial perspective. Good cheap fixer uppers are hard to find in this area so any break in the market would help us investors.