Posted: 9/1/2014 1:03:39 AM EDT
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Occasionally I still pick up one of those local real estate flyers or go surfing around the 'tubes to see what prices are around here. Today I found that the zillow estimate on our house has come back up in the last year. yeah, the problem is that zillow seems to work pretty good in areas with similar houses all built at basically the same time. I don't live in an area like that. It's a real mix right here on our block.
Our place was built in the early '70's, the people on either side of me have houses built in the late 19th or early 20th century, the lady across the street lives in a house built within the last 10 years and the douche bag behind me lives in one built in the early '90's. So, until I get a pro out here to get me a reliable market estimate the zillow thing is as close as I am getting. I do recall I had one done by a realtor a few years back and their estimate was lower than zilllow by $15k. So, still in the ball park, but not the greatest view of the game. Now, this is where it gets interesting, at least to me. On a real estate listing site I found a place just outside of town, maybe 3 miles further west of here. It's on three acres (we currently have a lot that measures 110' x 120'), a driveway at least 100 yds long (looking at the aerial photo on the map) that serves the neighbors property as well. It isolated from the road by an orchard of filbert trees. The neighbors place looks to be situated as though it is probably a newer construction after someone bought out the original farmer and left them enough of the farmstead to keep their home after they retired. Pretty close but better separation in distance than we have now. Of course, sound carries pretty good in farm country too so wild shenanigans might cause hurt feelings. Not that I would hold off completely, but it is something to keep in mind. The house looks to be basically a burner-downer or at least very close to it. It is probably "livable" but the photos even show obvious massive roof leaks and dry rot along with a pest presence. The three acres are over grown in black berries literally right up to the windows and porch of the house. The house itself was built in 1880 which means there is a high likelihood that the foundation either sucks or is not existent. It does have 6 bedrooms and 6 fireplaces (and they are mostly fireplaces with only one woodstove in the main room fireplace) but only one bathroom. The garage is a 2 car attached carport which is currently boarded over. By the photos it looks like the utility hook ups are in there which is a problem since the interior photo shows it to be uninsulated and drafty. It has city water since the city main passes right by on the main road but I *think* it's a septic system and I am just sure that that is in need of serious work in and of itself. It is listed at less than $200k while ours is "zestimated" at about $250k. We could sell our place and almost buy the other outright. Not quite get there once a little equity is set aside to help out with immediate livability fixes and to get the tools and materials to start getting a handle on the place. God help me, I think I'm interested in a money pit. WWGDD? What Would GD Do? |
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I'm going to go look at it today unless something comes up. I think I will go out there without an agent first in case there is something that turns me off right away.
I'm going to grab a screen cap of the aerial view and post it. t seems pretty obvious about where the property lne is due to all the overgrowth. Oh, one thing I forgot to mention is that my wife gave me a dirty look when I showed her the pictures. She's just being playful though, right? |
The top of the cropped image is pretty near to the road in this pic: and shows how the house is situated right behind someone else's farm stead.
This one is zoomed in a little more t also outlines what I think to be the property line. This zoomed in image hints at some out buildings tht appear to be in the advanced stages of unbuildiing themselves. It also gives a better scale of the black berry problem. 
This one is a cap of the front of the house from the realtor site. 
So waddaya think? A weed eater and a pressure washer and I should be good to go right? |
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It would depend on area but riddle me this.
Could you buy the land, drill a well and build your own for 250-300k in the same type of area? You could act as your own general contractor, sub out most of it and do a bit yourself. I'm from an area where 1920 is considered a very very very very very very very very very very old house. I'm a contractor and would knock that piece of shit down and rebuild in this area, no questions asked. I realize that is not the case in a lot of areas, just throwing out ideas. That house would bring about 15-25 grand here. Mostly land and well value. We'd torch the building to give the local fire department some training time, and scoop up the remains with a loader and trackhoe then haul it off. |
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That's basically where I am thinking about on this one. I don't think there is much salvaging that house. I *might* be wrong but I haven't looked at it in person yet. The photos on the site look pretty grim though.
I'm not sure what a rebuild would run though. I have not been pricing residential construction lately but I have heard that it is rebounding which just means more money. If that place is sitting on a good foundation, and if the rot is localized I would be much better off working with what I got since it would be cheaper to do. Looking around a little on the internet this morning it turns out it was foreclosed on this year. Not much wiggle room as far as price goes in that case so I am pretty much down to deciding whether I want to spend that much money on what might be better off as a hole in the dirt. *ETA* As far as a well goes, I bet there is already one there underneath all that vegetation somewhere. All of the old farmhouses along that stretch of road have one but most people have found it's easier to just tap into the cty water as it passed by on the roadway. |
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I knew there was a little bit of room on foreclosures but did not realize it would be as much as 15%...of course the area I live in is not as high demand as the more urban/suburban corridor where everyone works.
The area is in moderate demand though as it has become a wine country destination. Still a bit far for most folks to drive so it keeps the real estate down a little in price. I know a guy that does realty on the side but he concentrates his efforts closer in toward the I-5 corridor. I do remember that he said his experience with foreclosures and short sales was full of difficult banks, difficult clients, and impossible sales. Of course that was a couple years ago when they were foreclosing on half the state it seemed. |
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How long has the place been on the market? If six months, the bank will certainly cut a deal. Six days, probably not. If the structure is okay, and you like the layout, I'd renovate the old house. Much cheaper than rebuilding, plus the renovated house has character. Renovate the electric, HVAC, windows, kitchen, bathrooms, paint, roof, and you're all set. Renovating an old house will be a pain in the arse. About the same as building a new one. |
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How long has the place been on the market? If six months, the bank will certainly cut a deal. Six days, probably not. If the structure is okay, and you like the layout, I'd renovate the old house. Much cheaper than rebuilding, plus the renovated house has character. Renovate the electric, HVAC, windows, kitchen, bathrooms, paint, roof, and you're all set. Renovating an old house will be a pain in the arse. About the same as building a new one. It hasn't been up very long. Month or two max. The interior looks pretty cool although the bedrooms are pretty small. I think I would be looking at knocking some walls out or something to make larger rooms. I would also have to make at least one of them into a bathroom since it's only got one. The windows would need replaced, the roof almost certainly would need replaced and all of this only if it's worth it. I'm driving out there in a few minutes and I will bring a camera with me. |
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I didn't read the whole thing, but don't rely on zillow. Look at the comps and what is actually selling. Do the math and figure price per square foot and then compare features. Also look at inventory (shit that ain't selling) Zillow has almost everything in my neighborhood overpriced. Then only thing that has moved is $71-90 a square foot in the last 6 months. There are 4 foreclosures and about 10 houses that are not moving.
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I'd find out what land was going for and start with that minus 10%.
That house looks like it's done for, build one you want on a nice basement and go from there. 2 things that would concern me would be how the lot sits in relation to surrounding land (water flows down hill). And that sounds like a shared driveway....does that property have an easement on the driveway, etc... Otherwise I'd be starting with a bank and getting the ball rolling. |
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Just got back after nosing around.
That, is a three acre briar patch 
I talked with the fella that owns the farm and house next to it. It is a shared driveway with him and he seemed happy as hell that there would finally be someone to split the upkeep with him. Of course due diligence on my part requires that I actually do the legwork to check on easements but IIRC since it has no other possible access to the highway by Oregon law there *must* be an easement granted anyway. I walked around the place but was stymied at every corner and turn by an impassable wall of black berry patch. I found what appears to have been a pump house next to the back and the farmer I talked to says that his well will only get about 4 gallons/minute. The city water line is tiny so it does about the same. As soon as my laptop recognizes the camera I will upload the pics of the briar patch. |
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Zillow is not very valid as it is skewed easily. I have my house listed for commercial money as development is almost next door . It shows a really high value for my house . If I get 90% of what Zillow shows I will be very very happy This. Zillow had my house with an extra bedroom  and bath. I would not put much faith into their "values".
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After I posted those I went and looked again on my way fishing. There is no real foundation to speak of, and on the second look it has a lot more rot than I noticed on my first visit.
I tend to agree that the bank is dreaming about money it ain't worth. I could definitely see buying the land but not paying for the house. It's too bad, I like the character of the structure, but I'm not thinking there is much there that is worth salvaging. |
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Dibs on the fastback! What is behind it? Looks like a cool place but yeah, that house has a broken back. The house? More blackberries. Not even kidding that that place is a three acre briar patch. The black berries don't worry me too much but that house has been let got to rot. it's a real shame too as it is still a very nice looking place with the gables and an awesome front porch. You can't get around behind it though without a machete at the very least. Lots of really cool oak and walnut trees on the property. Room for a small farm, not enough to make a living on as a sole income, but enough to do farm stuff and pick up a few bucks. Obviously it's good soil for growing black berries! |
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Me thinks bank is way out of line here. Offer land price +10% Posted Via AR15.Com Mobile I'd be more inclined to offer land price minus 10%. Having that pile of shit hauled away won't be cheap. Selling that as a "house" has got to be some sort of crime. It's 3 acres of hard work with a giant zit in the middle of it. Nobody has a job right now. The bank will be ready to take your offer in about 6 months. |