Today I went out with some buyers looking in the $200K-$250K range. Like all internet shoppers they sent a specific list of properties to see. Of course they’d picked all the best deals, which meant that half were in escrow by the time we hit the pavement. No problem, I found some other best deals for them to consider. Here are three of the particularly interesting properties we looked at:
Lots of opportunity out there right now if you’re willing to contribute a little elbow grease! If you want to make an offer on any of these properties, please contact JoAnn at 877 963 4263.
7 comments
Are you kidding me?
All of those properties look like garbage! A LITTLE bit of elbow grease diane? I wouldn’t offer anymore than 180k for those southwest homes..
Loved your comments on the last house!
180K sounds generous to me, Derrick.
If those 3 homes are representative of the REO’s and foreclosures available in that segment of the Reno market, it’s pretty sad.
The longer that pre-foreclosure and foreclosure properties stay unsold, the more they deteriorate. What incentive does the owner have to maintain his home when he knows he’ll be walking away from his mortgage? And Reno unfortunately is filled with people who got into homes that they could never afford once the ARM’s adjusted and housing prices started to fall.
The rental market, on the other hand, might do well if the local population continues to grow and new construction takes a 2 or 3-year vacation.
I think we are going to return to traditional valuations here in Reno. Let’s face it: Reno doesn’t have a coastline, it’s local economy based on gaming and tourism is weak, and it’s far enough away from Lake Tahoe to be an inconvenient alternative for purchasing vacation property.
To me that means 100-120 per sq foot is where we’re heading for older construction single family home properties in Reno/Sparks. So a 2000 sq ft property will go for about 200k. The last property in the video, which I believe was about 1500 sq ft, would be worth 150K.
In Reno, IMHO, I think if you pay more than 100 per sq ft for older construction single family homes in this environment you will regret it in 5 years, because the fair market values at that point will be about 100 per sq ft.
I like the first house better than the last two….if I only lived in Reno…phooey. I should have stayed at UNR many years ago instead of returning to Long Beach.
Thanks for the video Diane.
Derrick,
I am sure the bank would probably take 180 on those.
“I am sure the bank would probably take 180 on those”.
That would be the MOST I would offer, another words I would likely offer less. I would also assume the seller to pay any and all closing cost, as well as ANY other cost associated with buying these homes..
Perhaps you are right 180k is TOO generous for these old homes. I think you are right with your 100-120/sqft price..
Great Post! I love how you used video! They do seem to be great deals!