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.
The market for ranch style homes that are clean, have a few upgrades, are move in ready, and have one or two complementary features or amenities that give the home a unique architectural identity. In addition to clean carpets good paint, this home has an office that could be used for exercise or a desk, or any number of projects. It is a good use of space when combined with the other typical ranch style floor plan.
Rare to see a home that is move-in ready condition for under $300,000 within a few blocks of Nevada City. City homes are rare, often in very poor condition, and very expensive. This one sold to a contractor last year for $190,000, he or she came in, put in a new kitchen and bathroom, new roof and windows, new doors, paint floor covering, and got it all fixed up and ready for a new owner, and has it listed for $280,000. It’s a small house, just about 1000 square feet, but it is on city sewer and city water, so you could use the home however you see fit. There is plenty of room in the yard, and single car garage plus a workshop. There is even a chicken coop! About the only thing missing is a few steps from the new French doors that open up from the side of the house to side yard. Metal roof will likely last a lifetime, and the house has lots of charm. Does it still need work? A buyer would need to investigate the plumbing and electrical, but the contractor obviously did a good job on all the finishes, so this one wins a “best of show” for price and condition. Compare this home to the dozens of similar homes in Grass Valley that have roughly the same floor plan and same era construction, and typically they are in much worse condition and in not nearly as desirable neighborhoods as this home for same price or more!
This is a pleasant home with lots of upgrades on the frame of a 1988 ranch style home on an upslope lot. The driveway is flat drive in, so the garage is 10 stairs below the main living level of the home. It is walkout flat into the backyard. Nice landscaping in front and back, and some additional parking next to the house. Interior is in good condition with granite counters, tile bathrooms, can lighting, upgraded floors, and there is a bonus room above the garage that could be an office, or extra guest bedroom. County records show the home is just 1120 square feet, so the bonus room probably not included in the size of the home. This home is one of the best value homes on the fall market. Just for reference, this home was briefly on the market back in July, listed for a week or so for $299,000. It was taken off the market and came back on today at the lower price of $285,000. I was told by the listing agent the seller is planning on painting the front stairs. When that is done, this home will be a complete package and move in ready. I rate it as a very good value.
You might recall the Corner Office looked the home right next door back in June. I have embedded the video for a reminder of the home that was listed for $165,000 but sold for $175,000. Very similar home, except it was on an engineered post and peer foundation, while this home has a perimeter foundation. The home at 11075 also has upgraded hardwood floors in the living room. The one at 11059 sold almost instantly back in June, I can’t believe this one wont sell just as quickly. Where else can you get a move-in ready three bedroom and two bathroom home for under $200,000 and not be buying a complete wreck?
Every sale is a data point in the unfolding conversation between buyers and sellers of similar property. Every property is unique, but we try and find the similar qualities between properties that are important to buyers and we look for patterns in the pricing and sales data. So, here is what this property has that is similar to properties sold earlier in the year-
It is a single wide manufactured home more than 20 years old on a perimeter foundation with siding that is compromised, an aging roof, and several of the important home systems that look like they are the end of their service life. The home is located on a very nice piece of property, which has, for the most part, been neglected or is inundated with heavy brush. That description fits several very similar properties so far this year. What is unique about this property, and totally unexpected, is the interior. The owner has upgraded the floor covers, the counters, the vanities, and done a very nice job with paint and staging. The home is move-in ready, and is actually quite comfortable inside! Totally unexpected. You never see this kind of thing. Who does this? Or why? Well, for one thing, this home is a pending sale at $299,000! That’s why. Every one of the other homes, all the junk single wide homes that look as bad inside as they do outside, they sell for $200,000 tops, even if they are on very nice properties. At most, this seller put $12,000 or $15,000 in the interior rehabilitation. Is that enough to entice a buyer to pay a premium over what they would pay to buy this same home before the interior rehabilitation? That is very interesting to me as a professional who looks at homes and prices every day.
Of course, it has taken time- note this property was listed at the beginning of May, went under contract, then fell out, and did not get another offer till the end of August. Here is an interesting question: how do I categorize this home? Is it a “fixer?” If you look at the outside it surely needs a whole lot of work. But then again, look at the inside, it is move-in ready, one of the nicer move-in ready homes I have seen under $300,000. Fixer? Move-in ready? This home really defies conventional categorization. That’s why I go out and look every day.
Just a short video here, as the home is owner occupied, so no interior video. You can get the agent marketing material from looking on my website, www.gordonbaker.com
What’s the valuation? This home is an important data point in the market comparisons because this house has a nexus of several variables that function in conjunction with each other.
1) It is on a very steep upslope lot in Lake Wildwood, with a narrow driveway that cannot be navigated except by driving straight in and back out down the hill at 15 degree slope . We have looked at three other homes with very steep lots and similar upslope driveways.
But both those homes were larger, more expensive homes, and they both needed a bit of work.
2) We have also looked at homes that were move-in ready. A move-in ready home is clean, decent paint and carpets, and no obvious or apparent defects of deferred maintenance. But we have not really seen any homes that are upgraded and freshly painted and many new or nearly new fixtures and appliances the way this one is detailed.
So, what’s the reason for the home being so inexpensive? The upslope lot and fact it only has 1 bathroom are both undesirable features that will limit the number of buyers who will consider this home. The small size and move in ready condition makes it a great retirement home but the steep lot, the big stairs, and lack of parking make it a poor fit for anyone who is worried about climbing stairs, or driving a larger car.
16022 Dry Creek
As a real estate professional I study homes and prices every day. This week I went out an looked at a short sale on Glecko and of course, it is a good comparison to the one I looked at last week on Dry Creek. The biggest difference between these two homes is the home on Glecko has a 2 car detached garage, but it also a smaller lot and not quite as nice of a home. Dry Creek was a very popular home, I saw it on the first day it was listed, and that same day there were half a dozen showings. It went pending right away, we can presume it had multiple offers. Glecko is a short sale, approval of the price, whatever price the seller accepted, will be subject to approval of the seller’s lender. Just have to watch both of these and see what the settlement price is when they close.
Google Map for Glecko
Century 21 Cornerstone
BRE # 01377575
Look Up Homes for Sale
In my continuing effort to seek out and find homes of great value in a market place where inventory is lowest in ten years I go where new listings take me. With each effort I get a little more experience with the camera and editing. It is learning process for me. I admit that it will take a few more go rounds before I am proficient at making videos that really capture the essence of a home. Hang with me on this. Get your friends involved. My personal goal is have this system of shooting video of the best homes and best value as they get listed so you, my valued clients can see what no other site is offering, and get my unvarnished opinion.
Right now, I don’t actually shoot video of every home I see. Since the first of the year I have personally inspected 23 homes priced under $250,000. If you are looking for an entry level home or an investment property, give me a call. That’s what this is really all about. I want to be the go-to person for entry level and investment homes in Nevada County, and I look at every one they day they get listed.