13456 La Barr Meadows and 13518 La Barr Meadows two homes that were purchased to be fixed and flipped that the contractor is now selling as unfinished projects

Both of these homes were on the market last year. 13456 La Barr Meadows sold last November for $90,000. originally listed in the fall of 2016 for $220,000 the homes failed a septic inspection and the seller was forced to dump the house at a substantial discount. The contractor who purchased the home planned on installing a new septic and doing a remodel. The new septic was probably penciled in at $40,000 and remodel might be $30,000. The home could then be resold for $250,000 and the investor would do OK, but something went wrong for the investor. According to new listing agent the county wanted architectural drawing for the work being done, and this caused a delay in approving the plans, and the crew that was working on the project go reassigned, so the investor decided to flip the house “AS IS” unfinished, and without the new septic. It still needs a new septic, and it needs finishing, maybe $20,000 more, starting at tape and texture, new fixtures and appliances, and new finishes. Apparently new investors think there is still some meat on the bone, because when I spoke to the listing agent today she told me they had multiple offers at $150,000 on the home, and they were in multiple counter offer with several buyers as of today.
That’s when she told me about the second house, 13518 La Barr Meadows, owned by the same investor, which was also half way finished, also had delays in completion, and was not on the market yet, but would so be listed. 13518 La Barr Meadows is also a familiar address. It sold, again last November, to the same investor, for $185,000. It is a 1500 sf 3/2 on 1 acre of land with a one car garage. It is a two story house, and also needed to be gutted. It did not have septic problems, its problems were due to a visible crack in the foundation that was clearly causing water intrusion into the downstairs area in the house. I ran into a realtor that was working with the owner to determine what the home ought to sell for if they sell it AS IS and don’t do any further repairs on it. Tough call, because the crack in the foundation is serious, but no engineering has been done to determine exactly what the right ought to be. It might be a small patch and repair, maybe $10,000 or $20,000, or it might require much more extensive work, possibly a $100,000, depending on what the engineer says. That is the dilemma of the current owner. They don’t want to fix it themselves, but they want to know how much they are going to have to discount the property to get it sold give what they think it will cost a next owner to get the foundation repaired.

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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