106 East Colfax, another home in the East Colfax neighborhood, this one listed for $299,000

Over the course of last year we looked at half a dozen homes in this same neighborhood of smaller, older, cabin style homes that range in condition from complete disrepair, to cute as a button. The nicest homes that were listed and sold last year were in $250,000 price range, while the fixers sold for under $100,000. The seller of this home surely has pie-in-the-sky hopes for a spring rally in the housing market if they think buyers will pay near $300,000 for this home. The upside of this home is the home itself is in postcard perfect condition, with granite counters, new carpet and paint both inside and out, and move-in ready clean. The down side is there is no yard, just a paved area for off-street parking, no garage, and most importantly, the home has a concrete block foundation on only about half the home, the other half is supported by post and peer blocks, the same way you might prop up a tough shed in your back yard. Lenders will not like that! The portion of the home not on the concrete block foundation was clearly added at some later time, maybe a patio or porch were walls and doors and windows were added later? The MLS states this home 956 square feet, but that includes the two bedrooms that were added on behind the kitchen and are on the post and peer foundation. The actual size of foundation is probably about half that size. Without a perimeter foundation around the entire home, this home might be tough to lend on, and might be tougher to sell in the future. It would make a good rental, and certainly a pleasant home to live in, but not a very good investment.

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