This is the second Bank Owned foreclosure to come up for sale this year. You might remember 10892 Juanita Court. I almost bought that one myself, but it sold to an investor/contractor for $189,000, which I thought was a bit to rich, given that it had a tree strike on the roof and needed structural repairs to replace a couple of the rafters and the driveway had an undercut erosion problem that would require resurfacing. Well, this house is in almost the same condition, except the roof is old but not damaged, and the driveway is steep, but structurally sound. But in other ways, this home needs just as much work repairing and replacing every interior system and all the appliances and fixtures, damaged floor covers, windows and doors, just like Juanita Court.
Anyway, I think $279,000 is way over the top for a valuation of this home. The asset manager who is charged with liquating this asset for the bank may think this is the right price on paper, but realistically, it will sell for no more than $350,000 when it is fixed up, and it needs way more than $75,000 in repairs to make move-in ready.
By the way, remember that unfinished home at 15317 Brewer that sold for $231,000 back in February? The contractor who bought it finally started to work on it. I saw carpenters and guys with tools pounding away on it last week. That’s going to be a really nice home when it is done. It is also over 2200 square feet. A home of that size might actually be a money maker for the contractor who finishes it off nicely.