Always good to compare and contrast listings that have many similar features. This one on Explored is very similar to the short sale we looked at last week at 14161 Lodgepole.
14161 Lodgepole, recently reduced short sale in Wildwood, 1600 sf listed for $259,000
The home on Explorer is a bit bigger than the one on Lodgepole and does not appears to have major structural problems. It has one of those very steep upslope driveways. There is a small apartment down below the main level that has its own kitchen and bathroom.
Here is the link to the home was saw back in February when I previewed 11226 Torrey Pines, which was listed at that time for $279,000 but ended up selling for $260,000: http://remarketreport.net/2017/02/20/146/
OK, LOP has far fewer homes under $300,000 than Wildwood, but the quality of condition of a home in that price range is pretty consistent. They are either fixers, very small homes, or homes that have less than optimal floor plans, or more likely some combination of all three of these.
Wow Factor! times ten! The cabin is modest, the land is gentle and has tree cover and lawns, and old barn. This home is on the Yuba, and not just a cliff, or some far away remote corner of the property. There is a beach, rock and sand, and shady lazy places to lay down, or grab some sun and swim. Gold in the river is famous among the old timers. This one is too amazing not to check out. Call me at 530 263-0644.
Just a short video today, as the home is a rental with tenants. But I managed a few seconds of video around the pond and outside the mobile. It’s an older mobile, (1981) on a perimeter foundation, and it has a bootlegged room added on at the back. Functional, but of very little value. A good portion of the value here is in the land. And what nice property it is! Flat, private, and with two ponds, this is one of the nicer parcels that has been brought to the market this year. But it is only 2 acres, so how do we evaluate the price of this property?
Well, the best way is by comparison to other similar properties that have been listed and sold so far this year. It turns out there have been several older mobile homes on lots with a bit of land this year.
Here is how I describe this home in my notes: Older MF McCourtney Road Area. Single Wide. Perimeter foundation with bootlegged addition. Highly desirable topographic features. 10264 Zangol Place $239,000 2.0 AC 790 SF
Compare that with all seven of the other Older Mobiles that have come up for sale this year. Compared to every other older mobile so far this year, Zangol, at $239,000 is the most expensive. Noting that in every case, the “value” differential comes from the land and neighborhood, and this home has advantages in both, the question is- how much of premium will buyers pay? I will keep an eye on this one and report on it when it sells!
- Older MF NSJ Single wide, move in ready condition. Has perimeter foundation. 12640 Shady Creek Drive $129,000 0.82AC 908 SF 199
- Older MF GV Double wide, move in ready. Modest condition. Perimeter foundation. Two car detached garage. 11597 Shangrila Ln $200,000 0.56 AC 1338 SF
- Older MF GV Double wide. Modest condition. Some deferred maintenance. Post and peer foundation. Good Privacy. 10881 Yukon Way $204,050 2.01 AC 1248 SF
- Older MF GV Single wide. Deferred maintenance, Perimeter Foundation. 10563 Lime Kiln Rd $208,000 0.62 AC 924 SF
- Older MF SC Single wide. Post and peer foundation. Clean interior, aluminum siding. Flat roof. 13755 Foruntier Lane $140,000 3.0 AC 756 SF
- Older MF SC Single wide. Deferred maintenance, Perimeter Foundation. 10056 Carriage Rd $225,000 1.0 AC 960 SF
- Older MG PV Double wide. Modest condition. Move in ready. Post and peer foundation. No privacy. 11059 Sierra Cir $160,000 0.17 AC 1236 SF
This is one of the best values so far this year. The home is clean and move in ready. The home was rental, tenants did not take good care of it, when the tenants moved out the owner came in made all the repairs, fixed it with new paint and got it show-case ready for sale. It is vacant and move in ready. Nice property, with seasonal pond, good privacy in a good neighborhood. This one will go fast.
Comparative Market for Grass Valley Cottages Mid Year Report 2017
The video and the link compare and contrast the market activity for Grass Valley cottages and the class and type of smaller Grass Valley homes in the real estate market in the first half of 2107. This comprehensive list of all activity shows what you can buy today, what has recently sold in terms of pending sales, what has closed escrow and the price and address of every home, along with the percentage of bank owned and short sales which are listed separately. Most of these homes are older, smaller, and in need of some repairs or have some deferred maintenance, but not all of them! A small percentage are actually in pretty good condition. Many of them have already been features on my previous blogs. If you want more details, give me a call or email, and I can send you links with pictures and property profiles that will clarify how exactly what buyers are purchasing for the money they are willing to spend.
Why do this? If you are looking to buy a home for $250,000 of less, whether you are a first time home buyer who can just qualify for a home in $250,000 price range, or you are a seasoned investor looking for a rental, or you are contractor looking to flip a home, you need to know the market for homes you want to buy or sell. This is the market, this is: The Market Report from the Corner Office.
I have looked at several homes in Wildwood over the last couple of months. In the $250,000 price range, these are mostly very small homes, functionally obsolete homes, fixers, and now, a short sale. Short sales make up a very small percentage of the market, but they are still a viable way to pick up a good value, and since short sales are not always fixers they set the bottom limit on the price of move-in ready homes. This home falls somewhere in between a fixer and move in ready home. Clearly, the deck has failed, and the deck is a second story structure, so it will be expensive to replace. However, the deck already has metal rails, that might be salvageable. The inside is actually pretty good, all the living on the main floor, fairly conventional ranch style lay out of rooms and space allocation. But it is on a steep up slope lot, parking is challenge. The two car garage under the home is roomy and finished, but its a long trek up an internal staircase to the living quarters.
This is the first time this year there has been a cabin in Cascade Shores in the under $250,000 price range. Cabins are rare enough, the $250,000 and below limits the number homes further, but this not a fixer. The two-story floor plan, with a loft style bedroom upstairs in the “A-Frame” and living room, kitchen, and one bedroom down stairs is a very typical cabin style. This one is clearly someone’s vacation home, looks like it has never been updated, hardly used, and well maintained. Paint, decks, and roof look very good, fixtures and appliance look like they were hardly used. This home does not appear like it was a rental. There really are not many comparable sales for home like this. The neighborhood is its own little enclave 15 minutes from Nevada City. Lots of homes sell in Cascade Shores each year, but these old vacation cabins are a rare find. I think this one will be snapped up quickly.
A one bedroom and one bathroom house is a form of functional obsolescence. It is not a desirable floor plan, even if the home is in good condition, as this one is. The price reflects the lack of utility and consumer preference for larger homes, not the condition. This home is close to move in ready. So why even bother looking at it?
It is actually a very import data point in the under $250,000 price spectrum. This home has no obvious defects, no work or repairs are seen upon visual inspection. The price, just under $225,000. If you are looking at fixer or small house that needs work, it is good to keep in mind that no matter you put into it, you probably are not going to see it rise over the $225,000 threshold. As a rental, this home would probably fetch around $1100 per month, not much more than an apartment. With just one bedroom, it is not a family home, not even a home that would appeal to couple, as there is not much yard, and the space is cramped. Good to keep that in mind when looking at similarly priced homes that need far more repairs.
Two new Grass Valley cottage style homes listed in the last week. Both these homes have deferred maintenance, both need a host of cosmetic repairs, and both homes have a lack of bathrooms, small kitchens and small widows that do not allow in a great deal of natural light. Like any older homes, there is obvious evidence of previous remodeling, but so much of either home is in disrepair, it is hard to say what can or should be salvaged. Only a structural inspection would reveal if there was any truly significant damage that would require a structural or engineered fix, but that’s the way it is with every home priced under $250,000.
These homes are typical of the type and class seen often in this price range. Typically they take a few weeks to sell, but they all sell. Somebody, probably a contractor or an investor with a good crew will go into these places, fix them up for $25,000 of $30,000 and turn them back on the market, as refurbished and priced just under $300,000. The gamble is not what you can sell the homes for when they are fixed up and move in ready, the gamble is whether you can actually get them ready to resell for just $25,000 or $30,000.
Give me a call if you want to discuss this. 530 263-0644