Blog Update, 319 Main Street, another Grass Valley fixer that backs up to Wolf Creek for $219,000

Blog Update Last year this same home was listed for $209,000- and I put together my assessment below- The home did not sell, not surprising! Same tenant lives in it a year later, and the seller is once again got it on the market, but now the price is $10,000 more than last year.

No video for this tenant occupied rental. Tenant pays $1100 per month. Limited parking, home is in poor condition. Yet another fixer is the Grass Valley market, very similar to the several we have already been looking at over on Second Street. A little better than the bank owned home on Mill. Puts everything in perspective. Check out previous blog entries to see where this one fits into the matrix of fixers and investment property under $250,000.

411 Central Ave. A Grass Valley Victorian Era Home, Listed for $300,000

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.

10530 Cedar Ave Grass Valley Bungalow, listed for $260,000

Not a fixer, has a second story 400 sf addition in the back, well maintained, 1/2 flat lot, good neighborhood. Of course, do inspections, as you would on any older home. This is the best list-price value on a Grass Valley bungalow style home so far this year.

To compare with other similar homes, search my blog under the heading “Grass Valley Cottages and Bungalows” It will bring up a list of all the similar homes I have previewed for the last year.

970 Slate Creek Road, Grass Valley Bungalow Style, 2 bedrooms 1 bathroom, listed for $299,000

We have seen a large number of similar homes in and around Grass Valley neighborhoods over the last year, and there one other very similar home sale at 2625 Ridge Road, just one block away, that is listed for $289,000. How does this home compare? The lot size is a bit bigger, but the house has the same floor plan, and this house on Slate Creek has no garage, all though there is a Tough Shed in the garden area. What strikes me about this home is the list price pushes right up against that $300,000 mark that typically indicates the top of the price range for homes with this floor plan, and usually homes in the $300,000 range are in tiptop condition. This home is, generously only rated “fair” in the condition, with some obvious deferred maintenance, no buyer should offer to purchase this home without a full regime of inspections. The heating and plumbing systems are suspect, and there is no evidence of any upgrades done in the last five years.

A year ago a home like this would have been $250,000 or less. The market has not risen 20% since last year, al though it up 10%, and perhaps this home will sell at or near $275,000 which would be about right. But what does it say that seller even thinks they can get near $300,000 for this house? Is the market really on that much of a rocker ride up? Are prices, already up 10% from last year about to jump another 10% in the spring of 2018? It seems unlikely that buyers will agree that homes like this are worth 20% more than a year ago. Most buyers have choked down the increase of last year, but piling on again this spring with a new increase in value seems far fetched. Then again, I don’t have a crystal ball. We will watch this house and record when it sells and what price buyers finally decide to pay for it.

14213 Star Drive, Grass Valley 95949. A Bungalow home, with nice upgrades, listed for $319,000

Is this what the market has come to? This home is nicely appointed, upgraded kitchen and floors, but it has just one bathroom, and no garage, and it is listed at $319,000. Last year this home would certainly have been under $300,000 but in today’s market, sellers are running the tables. There still is not enough inventory to force sellers to compete with each other for buyers, and the result is even a very modest home like this can get lots of activity at a price point 10% higher than a year ago.
Nobody has a crystal ball, but unless there are more homes listed and demand finally gets satiated with new inventory, these prices will continue into the spring. The longer time that passes before new spring inventory starts to moderate prices, the over all worse the conditions will be in the spring for buyers. Sellers get used to seeing homes like theirs listed for over $300,000 and they don’t want to look back for historical data when they think they can get more, they will try for more, and that just means higher list prices all the way till April at this point. And if it keeps up like this till June, then there will be no moderation and turn down in prices.

If you want to buy a home this spring, give me a call. I thrive in difficult markets and will find you a deal.

2625 Ridge Road, Grass Valley 95945, 2 bedroom 1 bathroom, bungalow with a garage, listed for $289,000

With so many similar homes that come up for sale in Grass Valley it is not hard to peg the price right on the market value. This one is exactly what comparable prices say it should sell for. It has move in ready and nice upgrades, a small garage that can be used for storage or parking a car, small lawn, flat lot, enough space to spread out a bit. Exterior and interior are both well maintained. I suspect this one will sell at or near asking in less than a week.

11510 Colfax Hwy- another Grass Valley Bungalow-cottage, 2 bedrooms, 1 bathroom, listed for $269,000

Grass Valley cottages and bungalows with 2 bedrooms and 1 bathroom make up the largest class and type of home listed for sale in Nevada County priced under $300,000. Last year there were 20 of them. Only homes in Lake Wildwood make for a larger potion of the under $300,000 market. With so many comparable sales it is not hard to give a broker price opinion on a home like this.

Here’s the basics- on the upside, this home has received a nice facelift both interior and exterior- Hardwood floors are freshly refinished and shine. New Formica counter in the kitchen, new sink, fixtures, stove, and refrigerator, new paint on the interior, new carpets in the bedrooms, new vanity in the bathroom.

Standard desirable features include ad flat lot with plenty of room for gardening, a garden storage shed in back, an enclosed rear porch for laundry, and enclosed front porch for staking off shoes and hanging coats.

Downside- Corner lot right on Hwy 174. Busy street, lots of noise from traffic and pedestrians associated with church across the street and the elementary school one block away. As always, home like this on very small lots typically have older septic systems that would need to be inspected before a valuation could be determined.

Priced under $270,000 this home is just right for last fall’s market. Important to realize that while a dozen homes like this sold last year, all priced between $250,000 and $300,000 and this one fits that price model exactly, this is also the first home of the 2018 season, so it will be interesting to see how long it takes buyers to jump on it, and what price discount they are going to extract due to the road noise. This home is definitely nicer than many of the similar homes that sold for $275,000 and even $285,000 last year, but the road noise factor is a serious defect.

Here is a little more detail about how I track comparable home sales data.

119 Stacey, 2 bedrooms and 2 bathrooms, nicely appointed in Grass Valley, Listed for $329,000

We have seen lots of 2 bedroom and 2 bathroom homes in Grass Valley over the last year. The consensus of buyers is that when they are all fixed up and in move in ready condition, and they have a garage, and decent landscaping, and they are under 1300 square feet, $300,000 is just about the top of the price range buyers feel is comfortable. So, here is one, listed back in July for $329,000, and it looks and feels like it might be the nicest one I have seen all year, but after six months on the market without being sold, buyers simply find the price too rich.

Homes that are in such good condition that don’t sell tell important information about the highest tolerance level buyers have for the price point threshold. This home absolutely would sell if it were price right. There is nothing wrong with it, nothing not to like about it, except the price. There is plenty of demand for single story 2 bedroom and 2 bathroom homes in Grass Valley, especially if they have a garage. This one simply is a bridge too far for the 2017 market. Since it will ride into the spring as an active listing it will be very interesting to see if it sells at the beginning of the spring market, when prices often surge upward right when the weather first turns nice and buyers express pent up demand by paying a premium for an early pick of the new inventory. This home will not be tarnished by the long stay on the market, the good condition insures that if a buyer wants a move in ready home, this one will get shown.

Just have to watch this one and see what happens.

14875 Stagecoach Way, a 2 bedroom and 1 bathroom single story on 1/2 acre for $240,000

In the style and type that is typical for the Grass Valley cottages we regularly preview in this price range, but in a neighborhood that is highly unusual because it is surround by homes that are generally newer, and on much larger parcels. This home is 1/2 a mile up a narrow winding road out of the small town of Rough and Ready, so the location is not near any city services. The home has both a well and septic system, which are now over 50 years old, so that is also a matter that would need to be investigated. Visual inspection showed that the roof had leaked in the past, and there is evidence of damage to the sheetrock near the chimney, indicating at least it needs new flashing, if not an entire new roof. I took a look at the well, and noticed it had a UV filter and a calcite filter too, indicating hard water, and possibly some bacterial contamination issues. This would need further investigation. Still, at $240,000, you don’t see much on a half acre in that price range. Put in a new bathroom get that roof fixed, make sure the well and septic are OK, and this home would be very nice.

624 Le Duc, Another Grass Valley Cottage, 2 and 2 listed for $275,000

The home is a bit run down, the tenants are messy, but when its cleaned up with new paint and carpet it will be a typical Grass Valley Cottage, similar to all the ones that have been listed and sold this year. So, does this one have “good” value? Actually, it is pretty much a typical price for a very average home of this type with these features. It needs a bit of cleaning up, maybe some repairs, but here is the question: how will homes like this one sell in the winter, and will the spring market bring a big jump in prices or will the spring be flat. Today, I can very solidly predict this home will sell at or near asking price, maybe 5% less because of the scrappy condition, but what about come spring? Will this home pop up of $300,000, or will be simply go flatly into spring right at the same $275,000 mark for homes like this? We saw over a dozen homes like this so far this year, and they all sold between $260,000 and $300,000, but none got over $300,000, even though a few sellers tried. Will that price point hold for next year? We will watch what happens to this home and the one next door and that will give us a little window into what the spring market might bring.