Realty World – Your Property Source

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I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday.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.  

By the way click here for a map of the property

Click here for an Aerial view of the property

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

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That’s if the Owner will be reasonable and sell at a price that reflects the market.

I ran across this property because I got an MLS update that showed the price had been lowered.   I was curious to see it only because there is really not much else on the market here regarding Duplexes for sale now in the Sacramento Region.

According to the listing agent, the reason the property is over priced is that the owner is selling it and having to bring “cash to the table” to close it.   His agent said that the owner has property all over the country and just wants out.

I have pointed out to the owner’s agent that even if someone brought a full price offer and wanted to finance it an appraisal would be next to impossible to get at that price for two reasons; there are Pending Sales right across the street for a duplex with the same configuration listed as a “short sale” at $180,000 and one right next to it that has a 3 bedroom 2 bath on one side and a 2 bedroom 2 bath on the other and is listed as a “short sale” for $200,000.

The owner’s agent had to agree with me and encouraged me to have any buyers I’m working with to just submit an offer.  You never know what someone will do.    Just so you can compare and see for yourself..?

Below here is the video of the Duplex listed at $180,000 that is across the street.

.

Now take a look at the video below of the property that is currently listed at $235,000 and let me know if you think this property is worth over $40,000 more than the one above.

To further make my point, I’ve got a link to a list of recent Comparable Sales that I think will show you I’m not far off in my thinking that the most this owner can hope for would be a deal in the $190k’s.   Click Here for the Pro-Forma Cash Flow Figures at $195,000

So… ?   How can this be a good deal…?   If you make an offer at what the market says it’s worth and the Seller accepts the offer and willing to bring “cash to close”, someone could make a nice deal here.

I’ll keep you posted on this one because it will be fun to watch to see what happens.

In the Mean Time…?

Make it a Great Day…!

Ed Favinger Broker, CRS, GRI, SFR     916-203-1260        favinger@rwnetwork.com

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An Investor had a property become vacant after which an Air Conditioning unit was stolen.

This is something that is happening now more and more these days, not just here in the Sacramento area, but all over the country.

The question was asked by an investor on Trulia.   I thought I’d share the answers the gentleman got  because our company manages a property that had the exact same thing happen after it became vacant.

By the way… This can happen in areas that are not only,  what I guess you could call “lower income” neighborhoods,  but in “upscale” areas as well.

Anyway… Click here to see what I and other Real Estate professionals had to say about this ever growing problem.

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR        916-203-1260         favinger@rwnetwork.com

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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

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