OTM: So Affordable .... Just A Little Work
We realize it’s been a few weeks since our last On The Market. So … we’re back!
This home came through our inbox this morning. 4 Bedrooms / 1.5 bath on the south side of Hilltop. Nice looking garden. Decent size. Under $130k! Bank owned. Sure, the inside needs a bit of work to bring back the old world character. But, we keep telling everybody that Caribbean blue drop ceilings are going to be the next big thing in home renovation.
Listed with ERA Premier Realty Associates
Filed under: On-The-Market
16 comments
J Jon August 25, 2008
My wife and I actually toured this home back in May ’07 when it was listed for $239k — at $129k it’s still too much! It needs much more than a “bit of work” which is why it’s been on the market forever, lol.
I’m curious, are you guys getting paid to plug some of these OTM homes?
A altered chords August 25, 2008
In the future please just email these bargains to me and don’t let anyone else know about them.
D Derek staff August 25, 2008
I’m curious, are you guys getting paid to plug some of these OTM homes?
Nope. Never have been.
As far as why it’s been on the market forever. This home seems to have the same thing going on with it as dozens of other homes we look at. It sold for $209k in 2006. They tried to sell it in 2007. They went into foreclosure, a short-sale fell through, it was picked up by a bank, and now it’s on the market – again.
Not pretty.
M Marguerite August 26, 2008
@Altered Chords
All the real estate companies have free email programs you can sign up for that will email you homes that meet your criteria once they list.
Also, several Exit133 commenters are also pretty cool real estate agents…
T Thorax O'Tool August 26, 2008
It looks like my plans are coming to fruition!
I sat out the housing bubble because, well obviously. I can’t bring myself to pay more than 30% of my income to housing. I grew up poor in hilltop and don’t want to try it as an adult (no joke, my sister is paying $1600/mo for a 2 bed house in the Lincoln dist… she bought in 2005).
I’ve been waiting for a long time, and these bank repos keep showing up and getting cheaper.
At this rate, I’ll be able to actually buy at a non-insane price by next year!
J Jon August 26, 2008
Haha, like I mentioned earlier, this home has major issues and more than just a fixer. Go visit it yourself. Don’t just drive by but actually go inside. It looks ok in the photo but the interior is a complete mess and will need all new plumbing, electrical wiring, kitchen, etc.
There are definitely some good bargains right now on the market. Down the street from us in the Lincoln area, a fixer 4-bed craftsman was purchased a few months ago for just $125k. They recently completed renovations (looks amazing!) it and put it on the market for $189k and has already sold.
E Erik S August 26, 2008
Right on, Thorax.
And thanks for the info, Jon. I have to say that the “don’t s*** here” blue tape on the toilet gives rise to some suspicion.
J Jake August 26, 2008
The blue tape on on the toilet is normal for pre-foreclosure and foreclosure homes. The lender goes in and winterizes (shuts off water) the home.
The home looks like it has good bones. For a builder/contractor to go in and remodel the home it probably wouldn’t be to much $$.
T Thorax O'Tool August 27, 2008
“Haha, like I mentioned earlier, this home has major issues and more than just a fixer. Go visit it yourself. Don’t just drive by but actually go inside. It looks ok in the photo but the interior is a complete mess and will need all new plumbing, electrical wiring, kitchen, etc“
Least we forget to mention that there is a certain (though not large) portion of the house buying pool that isn’t looking for turn key.
I’m one of those. I’d rather buy for $125K and put in $35,000 and gallons of sweat than pay $200K for move-in ready. Where is the fun in that?
In light of the recent proof that real estate isn’t a sure-thing type of investment, I think we’ll see more folks viewing their home as what it really is: a home, a place to live and raise a family (if so inclined); not a get-rich-quick scheme.
If it hasn’t taken your sweat, blood and tears to make it, then it really isn’t your home.
J Jon August 27, 2008
If it hasn’t taken your sweat, blood and tears to make it, then it really isn’t your home.
Huh?
It took years of my sweat, blood and tears at work to be able to afford it, lol!
E Erik S August 27, 2008
Oh, Thorax. I really hope you’re right. It would be nice to have an economy based on something other than inflating the value of our shelter and then borrowing against it.
T Thorax O'Tool August 29, 2008
“It took years of my sweat, blood and tears at work to be able to afford it, lol!“
Well, if you worked hard for it, then you deserve it… not at all like the tons of “liar loans” and fraudulent lenders/lendees we’ve seen in the last few years.
It may take some time (the bigger the bubble, the bigger the correction… not even going into the mess that is the collapsing credit/commodities bubbles or rising unemployment), but when the dust settles, I suspect prices will be back to about their 1999-2000 levels.
At that point, when people en masse see houses as a home and not an “investment”, we’ll see a shift for the better. There are tens of millions out there under 30 just getting ready to start families. I hope we’ll remember for a generation or two what not to do.
A altered chords August 29, 2008
This is not the first “housing bubble” I’ve seen burst. Funny, but housing prices always exceed the previous high. (the high before the “collapse”)
If we continue to create more people and do not begin settling on Mars, then there will be continued demand outstripping supply “they’re not making more dirt”.
Waiting for prices to come down further when you are ready and able to purchase now and need a place to live now is also “speculation”.
This “holding off until prices come down further” creates pent up demand and contributes to the next bubble.
E Erik B. August 29, 2008
There are some great deals out there in houses and condos in a slew of neighborhoods. Almost makes me want to be back on the market for a house.
M Mofo from the Hood August 30, 2008
Location Location Location.
One of the interesting features of this property is its location on South Sheridan Street in the Hilltop. Sheridan Street and the next street east, Cushman Street, are both pretty decent areas from South 15th to South 25th Street. Both streets are concrete and the overall tidiness of the area rivals many neighborhoods, including 6th Avenue to South 15th Street from Yakima Street to Cedar Street.
I’ve noticed a recent street refinishing project that is in the final stages on Hilltop on South J Street. What is notable is the two types of finishing materials. From 6th Avenue south to 12th or 13th Street the surface is asphalt. From that point south for several blocks the finish is concrete.
If the street refinishing project I noted is any indication, the Hilltop area does get some distinctive quality reconstruction that rivals most any other part of town.
This particular house may require a lot of work, but its Hilltop location is a fairly stable. Overall the Hilltop is receiving a great share of reconstruction efforts from the private and public sector. So, at first glance, this property looks to have some potential for return on investment.
M Mofo from the Hood August 30, 2008
Revision to #15: The street refinishing project is “L” Street.