16320 Gold Bug, Cascade Shores, very large home, fixer, needs a lot work, listed for $319,000

This home is nearly 3000 square feet, making it the largest home priced under $325,000 in the last 12 months. Priced all the way down to $113 per square foot, it is hard to imagine how the home could be anything but a great value… Yet, an inspection of the home proved just how tricky it is to evaluate a home like this. First, it is not bank owed home or a short sale, but the owner purchased the house last year for $300,000 with the idea they would fix it up, and make a fortune. No repairs have been made, the home has actually been neglected and is in worse shape than it was a year ago, and no the owner wants out.

The floor plan is not ideal. The house is a full three stories tall. When you do the math, with three stories, the actual foot print of the house is just about 1000 square feet- what that means is on any given floor you have not quite enough living space for the comfort of kitchen, living, and bedrooms. This problem if floor plan layout is solved on each floor with some real compromises in utility. On the middle floor, where there is one bedroom and a bathroom and a very spacious living room, the kitchen is galley style, small and would hardly serve a single person let alone a large family. The tile is ugly, the fixtures are old.
On the top floor, the bedrooms are constricted by the steep slanting A=frame roof, and there is no master suite. Two bedrooms share a small and very dirty bathroom that needs upgrading. There is a sleeping loft way up in the peak of the A-frame, but it is only accessible with a ladder. There is a sun room, but it appears unheated. The rest of the space is lost in a cavernous opening to the living room, which is majestic to look at but wastes a huge amount of space.
The bottom floor is composed of a day-light walk out for three bedroom, a living room, and bathroom, is dark, dank, and needs a facelift to make it habitable.
Every where the home lacks charm, grace, and needs freshening and updating.
When this home is completed and done up right with all new paint and carpets, and clean up and refreshed, it might hit $175 per square foot, or $500,000, but that would be a push. Not every buyer in the 1/2 million price range is going to like the A-frame, the three story floor plan, or the location. Even done up nice it might not draw buyers unless it lists under $500,000. Just have to watch this one and see what happens.

12951 Sadie D Drive, a Cascade Shores Manufactured Home in good condition for $259,000

I am generally biased against manufactured homes, and I did not have high expectations when I visited this home at 12951 Sadie D Drive, a 20 years old ranch floor plan 3 and 2 with no garage. Yet what I found was a very nice highly livable home with good light, well maintained landscaping, good hard surfaces for parking, and a clean move in ready home. Only defect I saw was the gas seals on the double pain windows has failed throughout the house, so the home needs new windows. That’s probably a $5000 fix. This home really comes in as decent value compared to all the fixers and other junker homes in this price range.

12975 Gaston Drive, A Cascades Shores 2 and 1, move-in ready listed for $229,000

12975 Gaston Drive Property Questions
Click on the call to action button, and look at the raw data sheet I keep on every home I video.

This home is similar to many of the smaller 2 bedroom and one bathroom homes I have been looking at in Grass Valley, and, by proximity, the homes in Cascade Shores. By triangulating between similar homes in Grass Valley, and accounting for the differences in general valuation between Cascade Shores and Grass Valley, a sense of “value” can be obtained regarding the asking price and the market. There are very similar homes to this home in Grass Valley, and we know that Grass Valley homes are generally a bit more expensive than Cascade Shores, so how does this home, at $229,000 compare? If this home were in Grass Valley, it would probably sell in $250,000 range. Subtracting 10% for difference in market value for a home in Cascade Shores, and the list price comes pretty close to what buyers might expect to pay.

15973 Mountain View, listed and pending in just a few days at $209,000

Not surprising, this two bedroom, two bathroom house went pending within a day or two of going on the market. It is not a fixer, very most accommodations, owner occupied, did not show all that well, but also did not have any obvious defects or areas of obvious deferred maintenance. The home was in decent condition, and the bathrooms were updated. The floor plan is open, and there are nice views from the deck off the back. No garage, but a covered car port right off the main entry makes for easy in and easy out. The lot is steeply sloped at the rear, but the driveway is nearly a flat drive in, and there is a bit of parking on the street. This home is hooked up to the Cascade Shores sewer systems, so there is a monthly fee for sewer. Still, at $209,000 I did not expect this one to last more than a few days, and it went pending, as expected, this morning.

Are you looking for a home is this price range? If so, you need to contact me so we can have a “first look” system set up where new listings like this one get into your in-box the day they get listed. They never last more than few days, and it can be weeks between listings like this. The last one that came on the market at this price and in this condition was back in May! Will there be another one, of course! Let’s make a plan so your are the one who gets it.

12907 Spanish Lane; is this home a good investment, listed at $275,000?

This home has a sorry marketing history.
Listed for $344,500 on 5/6/17
Price Adjusted to $299,750 on 8/1/17
And price adjusted again today 8/17/17, to $275,000.

The ad copy says: “Seller is motivated.
I agree.
I wonder how motivated?
It is not just about price per square foot. Comparable sales requires some degree of adjustment for buyer preferences, and I have my preferences by which I measure a home’s worth. How much will it cost to get it ready to rent or sell? My estimate is:
$5000 for pest work
$10,000 for interior paint and cleaning
$5000 for new fixtures and appliances and installation
$10,000 for exterior paint
$5000 repair and replace as needed for items typically found on the homes inspection
$2000 Estimate only, actual cost will depend on a septic inspection performed in escrow
Total $32,000

The thing to remember, is the comparable home that sold for $275,000 in the spring (12728 Summit Ridge) was smaller, but in much better condition. It probably needed less than half of what this home needs in terms of repair and replace, and it had a two car garage, and it had long range views of the mountains.

So, again, just estimating, this Spanish Lane house needs- $32,000 to get it ready to rent or sell. That brings the real cost of this home up around $307,000. That comes out to $146 per square foot, and that is very close to what the summit Ridge home sold for in price per square foot.

Here is what I don’t like about the home. The one bathroom is upstairs in the master, but the guest bathroom is downstairs. There is no cheap fix to this functional obsolescence. Installing a third bathroom upstairs might cost $45,000. The return on investment would be marginal at best. This home will top out next year, even if all the improvements were made at $330,000 and it could float down to $300,000 or a little below during the winter months.
To make this home a good investment, I think the purchase price needs to be $250,000 or below.

Another way of thinking about this home- it is really a 2 bedroom 1 bathroom home with a utility room and bathroom downstairs. And, it’s a fixer. In that light, it is not such a good investment. I think I will pass.

It is good to get excited about homes, and it is good to take a second look and consider the true value.

16968 Pasquale Road, Another A-frame Cabin in Cascade Shores for $279,000

Homes often get listed in clusters. After nearly a year with almost no inventory in Cascade Shores recently there have been several homes for buyers, each one inching up a higher in price as the one before it sells quickly.

Last week we looked at the home on Mountain View, just one block away from this home on Pasquale. Listed at $234,900 and 1112 square feet, it went pending in just a few days. This home on Pasquale is about $45,000 more in asking, has a smaller foot print, is somewhat nicer in finishes and fixtures. We will watch to see what buyers think!

15644 Cascade Drive 1214 sf home in Cascade Shores for $269,000

Always looking for comparable sales. This one on Cascade Drive is right around the corner from the home at 15678 Mountain View Drive that also went pending very quickly at $234,900. I reviewed that home about two weeks ago:

15678 Mountain View Drive, Cascade Shores 2 and 1, move in ready cabin $234,900

Look and compare- the Mountain View home is smaller, but they both have that Tahoe cabin feeling. Mountain View is move in ready, and has been updated over the years, where as this home looks like it still has the same appliances and fixtures that were installed when it was built in the 1970. The Mountain View home had a newer looking roof, and the decks had been updated. This home has a weathered looking deck that might be as old as the house.