They Paid $139,000 – Now Asking $299,000.
I want to start off by saying that I believe in the “capitalist” system. All of us have the right to ask any price we want if we decide to sell something and I think we’d all agree on that.
However after many years in the business I’m still amazed at some investors who think they can get absolute “top dollar” for a Duplex without doing much to really improve it.
The property I’m talking about is located at 1814 Cirby Way, Rosevile, Ca 95661. I remembered this property because I did a video of it, when it was a “bank owned” Duplex in 2011.
After almost 3 years of ownership they’ve really not added any extra value. “Curb Appeal” looked like the last thing they thought of. Maybe they are still working on it.
The Buyer now has been trying to sell this one since November of 2013. They started out at the list price of $329,900.
While this Duplex is in a decent enough neighborhood, it’s also on a fairly busy street. To overcome that major objection and get a decent tenant in a property like this, you have to have some nice curb appeal don’t you think…?
I have two videos below. The 1st one is the property before the current owner purchased it and includes both sides. The 2nd video is the “left side” only.
I think this owner really missed an opportunity and took far to many short cuts. They ignored the principle of “adding value”. As a result, his rents are lower than other “like properties” near by, while at the same time he’s asking top dollar with no real return for the prospective Buyer he’s trying to sell to.
This is my opinion, but if you have followed this blog, you can see why I was disappointed.
Take a peek at these and let me know what you think
In the Mean Time…?
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260 firstname.lastname@example.org
- Multi family investment property (ownrealtygroup.wordpress.com)
- Your Tenant is Costing You Money (novakadvantage.com)
- Become a Home Owner and Real Estate Investor With Rent to Own Duplexes! (renttoownhomescanada.wordpress.com)
- So You Want To Buy Investment Property (dicksrealestate.com)
- Two of My Favorite Duplex Areas – Citrus Heights & Carmichael (theycallmemred.com)