OTM: Let's Go Cheap!
Many of you told us a few weeks ago that you missed the On The Market features that profiled homes and condos for sale in Tacoma. So, we decided that it’s back with the New Year. We’re not exactly up to full speed yet, but here’s where we’re going for starters: cheap homes.
Inspired by this article about homes in Detroit and Cleveland that are selling for $1000, we wondered how cheap is cheap in Tacoma. Right now there are 43 houses and 3 condos under $100k in the city of Tacoma. Some may need a bit of work. One listing suggested “Bring your tool belt or bulldozer!” And, the lack of interior photos is a bit scary. There must be treasure out there in this pile collection of homes.
We hope to get out and survey a few of these finds next week.
In the meantime, what could you get? Something like this …
$85k for 1074 square feet with 3 bedrooms and 1 bath. Maybe? We have no idea what it’s like inside, but the mortgage payment would be appealing.
Listed with Windermere
Filed under: On the Market
14 comments
T Thorax O'Tool January 9, 2009
That’s more like it for a reasonable price.
And anyone who thinks a 1074 sq ft house in Hilltop is worth $150K is lying to themselves.
J Jesse January 9, 2009
Drove past this and took a looksee today. It has some serious fundamental problems… needs a new foundation as the living room is like tha slanted house at Knotts Berry Farm and one side of siding is so bad you can put your finger right through it. It needs a remodel inside and out as well… but it is only $85k. Good luck getting financing!!!
B boomer7 January 9, 2009
This dump has been on/off the market for years.
R RR Anderson January 9, 2009
in Detroit houses like this are going for $500 bucks. I think after the PI, Trib and Boeing layoffs houses in T-town are gonna be hella cheaper.
Then my dream of slum lord can be realized. Move over Paul Post!
R RR Anderson January 9, 2009
anyhow wait till Russel does their Layoffs sometime in 09 before seriously considering buying a house in Tacoma!
T Thorax O'Tool January 9, 2009
There are 2 possibilities here, in terms of prices.
Possibility #1: As bad as things get, the worst-case scenarios don’t happen. In that instance, house prices will fall to their pre-bubble levels, that is 1999 prices.
Possibility #2: Worst-case scenario or something totally unforeseen happens. In that case, really, really cheap may become a reality.
But then again, is that so bad? After all, if flipping burgers for minimum wage is all the jobs available, $50K is quite an appropriate price.
I’ve said it so many times that it’s like beating a dead horse… but I’ll say it again:
The trend for the last 140 years has for houses to cost 3x to 4x the median income in an area. Prices will not stabilize until they return at least to those levels.
And don’t forget, kids. Here in the Northwest, We’re special. But not that special. All the economic, employment and housing trends and problems that affect the nation will affect us too.
T Thorax O'Tool January 9, 2009
Nice!
Now at last my rummaging thru the dumpster behind the Goodwill will put me ahead of the game!
M Mofo from the Hood January 10, 2009
85 thousand dollars. You can’t even buy a decent ten-year old Ferrari for $85k. I mean really, even if you could find an $85k Ferrari, you can’t live in a Ferrari. Oh sure, you could drive the Ferrari to Maxwell’s for a Love Tacoma mixer, park in full view of everybody, but then what? After the lights go out and everybody goes home to their hilltop bargain houses, then what are you gonna do? Sleep in your Ferrari? Do you really want to be known as the guy with the Ferrari but no hilltop house?
T Thorax O'Tool January 10, 2009
You can get a used Ford Pinto for like $85.
I can just see the commercials now. Remember, if it worked for Bo Jackson, it can work for you too:
Mofo Knows Hilltop
Mofo knows bargains
Mofo sleeps in a Pinto
J Jesse January 10, 2009
… or you could get 1000 used Ford Pintos for $85,000. Sweet.
M Mofo from the Hood January 10, 2009
…or 999 used Ford Pintos plus a Love Tacoma key fob plus a small plate of Maxwell’s refried pinto beans. Vrooom!
J Jesse January 11, 2009
Well, my dad died on Nov 25 and my mom is looking for a new (and cheap) place. I am glad to see some prices are coming down a bit so she can afford to be near by. I’d have a good time doing some remodeling again (I put myself through college this way) as well.
A altered chords January 13, 2009
Well, it seems as though my next door neighbor was involved in horticulture. Unfortunately, he was not growing zucchini or ukon gold potatoes. No, he was growing marahoochi. Police raided it last night and took it all. I guess his house will be on the market soon. It will probably be cheap too. He told me that his basement was “unfinished”.
I will let the OTM monitors know of it’s availability. You can’t get a better neighbor than ‘ol altered chords and Stowe is only a block away.
We could turn this neighborhood into an Exit133 haven. Just don’t grow illegal substances.
T Thorax O'Tool January 13, 2009
Yikes.
That’s a whole ‘nother topic for a different thread!
But rest assured, My tomatoes, zukes and taters won’t attract attention from the fuzz… except for compliments!