There are 3 separate homes on this .830 acre lot zoned R-5 (5 units per acre).
I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday. When I drove by it last year it was a rainy day and I didn’t feel like going up this private drive with all the cars that I saw parked up there because at that time I think all the units were occupied.
So the bank takes it back, they put it on the market with an agent at $113,000. Mind you, the lot is worth more than that based upon recent comparable sales of vacant lots that I’m going to post here for you to see. None of those lots had the same Zoning as this one.
This goes to show you that there must be a pent up demand for great deals like this and I’m wondering how much it will finally sell for and what the plans are of the new buyer. I think this is a deal where you could keep the one occupied unit and work on building two newer units and possibly splitting them off.
I will stay on top of this one because I’m curious myself.
Anyway… Since they’ve already received 23 offers, there’s not much point now in putting one in, except I’d like to see where it winds up. As i pointed out earlier, I did go the property yesterday and did a video “walk through” of the property. I was able to get into all the units except for the one that is occupied.
I’d like to know what you think of this deal.
Make it a Great Day…
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 firstname.lastname@example.org
- Money-Saving Tips for Buying Bank Owned Property – Real Estate – Property Investment (rawbusinesslaw.com)
- Profile of a “Flip”… I”ve Got Before & After Video (theycallmemred.com)
- Home Buyers Should Find Out About Restrictive Covenants (choiceofhomes.com)