Folks… I was out showing property to another investor and to give him an idea of the market, I took the time to shown him the properties that I’ve profiled here along with others.
We viewed this one on Camino Gardens and thought there was a lot lacking… such as kitchen drawers that weren’t working etc… but you know what… It’s a Pending Sale…!!
Click Here for the videos before and after on this property and you’ll see what I’m talking about… There are other “little things” they didn’t do… but that didn’t stop an investor from putting in his offer.
And.. I just finished an interesting phone call from the listing agent regarding the property he has listed on Imran Court that I profiled a couple of days ago… It’s wildly overpriced but he’s had a couple of offers on it already..!
Click here for that one… I’ll let you know if gets it into escrow.
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I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday.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 favinger@rwnetwork.com
They did some good things… But I think they could have done just a little more.
The property I am talking about is a Duplex that was “Bank Owned” and in need of some “fix up” and located at 2324 Camino Gardens, Carmichael, Ca.
I previewed this property for a prospective investor and we did in fact make an offer on it. We were out bid and now this property is back on the market. It closed escrow on December 15, 2011 with the reported Sale Price of $161,000.00.
Fast foward to today and the folks that own it now have placed it back on the market. I got the notice of a new listing in an MLS update and decided to take a look. I wasn’t really sure if this was one of several Dupelxes on this street that I had seen recently or not and you’ll notice I mention that I’m not sure…
Anyway, when I got back to the office that day I did find the “before” video so you’ll get to see both what they started out with and how it ended.
Here’s the “before” video
Here’s the “after” video – Let me know what you think
In the mean time…?
Make it a Great Day..
Ed Favinger, Broker CRS, GRI, SFR, favinger@rwnetwork.com 916-203-1260
One of them is a Short Sale and the other is an REO/Bank Owned property that is in need of some work. These properties showed still “Active” as of today. I haven’t contacted the agents to see if they have offers or not, but if you look at the numbers, I can’t see why they are still available.
They are pretty decent deals based upon the assumptions in the “pro-forma” cash flow figures I’ve prepared here.
So check out the links below and let me know what you think. Got some video here as well.
