11148 Glen Meadow Drive 2500 sq ft bank owned fixer on a flat acre listed for $294,400

It never ceases to amaze me what full extent of the range of homes you can purchase for under $300,000 really looks like. In prime condition this diamond in the rough could easily be worth $400,000. It is a great location, very nice neighborhood, big flat lot with plenty of privacy. Too much privacy! Apparently the pot grower who lost this one in foreclosure didn’t quite do the math right, or maybe they had bad weather or gophers, but for one reason or another, and it certainly could have been a complaint from the neighbors over the fence who surely could see what was happening right next door- this home went back to the bank. And like many bank owned homes, this one has some severe battle scars. The video is graphic with the abuse, but real question is, how much would it take to get this home back up to resale? A hundred thousand would fix all the cosmetic problems, but what about the structural issues that are deeper than the abuse suffered from the most recent owners? What about the wiring that might be 60 or 70 years old, the pluming that is just as old. There is no forced air, not or cooling. Just electric heaters in the walls, probably as old as the house. Even if you just replaced all the really old systems in the house, saved everything you could, unless you did the labor yourself, you would be into this one $200,000 over what you paid for it. Once you got in to $500,000 to $600,000 range, the neighborhood could actually sustain a home in that price range, if the floor plan was highly desirable and the home was painted and hand given a landscape charm make over. But it all cost money… When I got back to the office, I pulled up this home on the MLS to verify a few things I observed when I out shooting the video. Hey, guess what! It went pending this morning. Damn. Can’t wait till it closes to see what the buyer actually paid for it.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004

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