No doubt the seller thinks he is giving this one away. It is the least expensive ranch style home on a flat lot in over a year. All the other fixers have had really bad floor plans and most had very bad driveways. And most were in a lot worse shape than this one! So, is it a great deal? Well, yes and no. The problem is the upside potential is limited. Do everything, and the home would still only fetch $300,000 or $310,000 tops. And that would require new kitchen, bath, paint and carpets inside and new stain and repairs outside, and likely a new roof and heating and air, and all new windows…. it adds up. How much a of a good deal is this home? If it was on city lot in Nevada City, or even Grass Valley, it would sell in a heart beat. In Wildwood, not so fast.
Upward pressure continues to drive prices over the $300,000 threshold. This is a small home on a busy street with a large lot, but most of the property is unusable and steep at the back. The home itself is a well maintained standard ranch floor plan, typical of the era it was built, but not substantially upgraded. No air conditioning, wall furnaces, Formica counters, and single pane windows. The home is move in ready, with Red Oak floors that are nicely refinished, and good paint through out. No visible signs of neglect on this home.
Sierra Circle is one of the very few Mobile Home Parks where you purchase the space as well as the home. There is no monthly rent. The HOA is a minimal $175 per month, and the lots average about .15 acres, so there is about as much space between the homes as you find on a typical city lot. I have always like this neighborhood, but prices have risen dramatically this year, so when I saw this three bedroom two bathroom constructed in 2000 listed for $195,000 I was not surprised. However, when I inspected the unit I was disappointed. The home shows poorly and has one of the issues that cause me to turn away from many listings, which is pet odor. Pet odor is problematic because the smell often times goes beyond the carpets and right into the sub-floor. You can replace carpet and paint the home, and sometimes you will still smell the pet odor. Until you rip up the carpets and look for staining in the sub-floor you don’t know how extensive the damage is going to be. Instead of being $5000 for new carpets, it might be $15,000 and require new sub-floor as well.
I am using the new IDX connect: Copy this MLS number then click on the link, and paste the number into the box. Your browser will take you to the property profile and MLS pictures for this property. You will see a map at the top of the page, scroll down for information, click on the pictures to see a slide show.
Copy this MLS #: 20181082 and click the link and paste the number into the prompt, and the link will take you to pictures and property profile information from the MLS. Scroll down, click on pictures- (You will be directed away from this page, so watch my video first!)
This home is priced right for what it offers. It is one of the very few homes in the last year that is priced under $250,000 but is not a fixer. It has three bedrooms, but only one bathroom inside the house. A second commode and sink are in the garage along with the laundry hook ups. The home was built in 1985, but it looks like the roof is newer than that, appliances and fixtures all look like they are in good service order, and the paint and windows look OK. The carpet is worn, but not threadbare and it is not stained, nor is there any discernable pet odor.
To use this link, click on the link, copy and paste the MLS # 20181004 into the box, and the link will take you to photos and property details. Unfortunately, you will get directed away to a new page, so watch my video first, then copy the MLS and click the link. You will see a map, then scroll down and get the property details. Click on the still photo, and it will take you to a gallery of pictures for the home.
My opinion- Another small older Grass Valley home for $300,000. It is a 3 and 2, but just 1036 sf. The rooms are small, tiny really, and the home is a Victorian, which has charm, but also is raises issues regarding the age of the systems in the home and the permitting that was granted with each of the many upgrades and remodels that this home obviously has gone through in the past 100 years. The home looks quite modern, but was all the work that was done to upgrade the home done by contractors, and does the home meet the current codes? Only a detailed inspection will reveal if this home is a good value or a potential money pit.
And what about those rooms in the detached building? Right now they are just storage, but could they be made into a studio apartment? It is unlikely that a conversion of that type could be done with permits. However, there are plenty of apartments and second units in Grass Valley that were not done with the knowledge or permission of the city. There is some potential here for conversion to living space, but whatever use beyond storage that this building is put to, it would most certainly not be permitted by the city.
Over and over we see these 2 bedroom and 1 bathroom houses in Grass Valley in all kinds of condition and with a wide number features and amenities. And every month so far this year the list price of one of these homes has been creeping upward. At the beginning of the year this home would have been in $280,000 price range. Homes over $300,000 were reserved for upgraded kitchens, which this home does not have, new fixtures, which this home does not have, and new appliances, which this home lacks. It has a very nice yard, and is in a good neighborhood, so if it has the upgrades, then it would be a $300,000 home, but in its current condition, while it is clean and ready for occupancy, it has a long way to go to be a “darling bungalow.” Has the market moved that much higher or is this seller dreaming? That’s the question that will be worked out by buyers in the next 30 days and will set the stage for the coming spring market.
We have looked ad many similar homes in Grass Valley, this one happens to be in Cascade Shores, but the market for these 2/1 bungalow style homes is fairly well fixed through out the surrounding region by the price for these same homes in Grass Valley. This one is typical and priced right about where it should be based on recent sales numbers.
The first quarter saw slight increases in value for these homes. This home is up 5% from last fall.
This fixer compares almost exactly with 11148 Glenn Meadows, a home I featured on my blog a year ago and sold for $295,000. That home was a bank owned repo, this home is a regular equity sale, but the condition of the home, and various features of the homes make for a good comparison. In both cases, the finished home would be worth something on the order of $500,000. Whether a contractor can fix this up and flip it for a profit depends on what can be saved and what will need replacement or upgrading. We can see plainly the siding has failed, and it likely needs a new roof, but the kitchen looks like it can be salvaged. The home also lacks covered parking, and has relatively little usable land. since it almost certainly will only sell to a contractor and investor, it will be interesting to see what value buyers put on this home, and what price they pay to have the opportunity to make a profit on their remodeling and upgrading of the home.
We have seen a large number of ranch style homes in Wildwood over the course of the last year. Some are nicely update, and other have been fixers, some are on flat lots, some are on steep hill sides. This home has a very lot, one of the oldest homes in Wildwood, built in 1974. Clearly the original owner had a wide selection of properties to chose from, and picked a quite cul-de-sac with a flat lot to build a very conventional ranch home. It has been maintained well enough, but has none of the updating that justify a price of $280,000… At least, 90 days ago, this home would have been $260,000 home, but today, if it gets the asking price, then the market is pushing up. That is exactly what we want to know, have buyer conceded that the days of the $250,000 home are gone? Is nothing left to be sold under $275,000? If this home sells at this price, then the market has set a new standard for what home buyers are going to have to pay to get a move-in ready house. We will keep watching.
This is a unique property among fixers and dilapidated housing. There have been several in Grass Valley, and a few others close to down town, but nothing like this has ever come up- this is a small residential house right on the main commercial strip in Nevada City. It is a dream location… but how much would it cost to restore it? A million… two million…. and what would it be worth after you spent all that money? Clearly, I don’t think anywhere near a million would need to be spent. More like half a million, maybe a million… even so, when it was done, it might get $700,000, maybe just $500,000. It would depend on demand for the commercial conversion. If the commercial market was hot, this home might really go up in value. I don’t know, I think it is a cray idea.