Christmas/Hanukkah/New Year 2015 Edition of Charlotte Area Real Estate Best Buys

I hope this holiday edition of my Charlotte Area Real Estate Investor newsletter finds everyone well and in good spirits. As most of you are aware, 2014 saw a continued gradual recovery in the Charlotte area real estate market. Investors, flippers and bargain-hunters are finding fewer "discounted" properties to choose from now than they found this time a year ago, but "retail" sellers still experience challenges finding qualified buyers and closing transactions. There remain excellent opportunities in the market; but takes more work to identify them and quick action to get those opportunities under contract. The best values continue to receive multiple competing offers and frequently go under contract above the listing price. As long as you have done your homework, this should not pose a significant problem because you know where to stop bidding and when to move on to the next.

Here are 15 currently available properties, identified to match a variety of strategies... from fast flip to rent-and-hold. When you click the link below, if you see a single line list of the properties, click the "Display" tab near the upper right side of the page and choose full report with photos. Individual reports for each of these properties will then appear.

Here are summaries:

#1 on the list - MLS 3043162 - 3BR/2BA Bank of America REO in desirable south Charlotte zip code 28277, assigned to top-performing schools. That makes this one potentially interesting as both a flip and a rent-and-hold property. Listing price is $169,900 with a tax value of $187,100.

#2 - 3050473 - 4/4 on 1.09 acre in northern Monroe (28110). This is a Chase REO, priced at $145,440, with a tax value of $207,520.

#3 - 3051674 - 3/2.5 Chase REO in east Charlotte (28215), priced at $132,000 with a tax value of $161,500.

#4 - 3031178 - Large 4/2.5 in Monroe with 2,300 sq.ft. of of heated living area and some fire damage. It is priced at $130,000 with a tax value of $168,600.

#5 - 3044255 - 4/2.5 in NE Charlotte; this REO has been reduced to $121,600 with a tax value of $154,100.

#6 - 3052452 - This is listed as a 4/1, but it has two "finished" bedrooms upstairs that are not heated or air conditioned. It is located in 28205 and was built in 1950. It is priced at $120,000 with a tax value of $163,600.

#7 - 3050224 - 3/2.5 built in 2008 in zip code 28214. This one is a HUD home with 12 DOM today. HUD has a 15-day owner-occupant preference period, so it will be available to investors in another 3 days. It is priced at $115,500 with a tax value of $124,300, but it should not need a great deal because it was built only 4 years ago.

#8 - 3050912 - 4/2.5 built in 2007 in north Charlotte (28269) with 2,180 sq.ft. of HLA; this one is priced at $115,400 with a tax value of $155,900. Again; this one is nearly new and would probably fit into most strategies-- which flip or rent-and-hold.

#9 - 3050985 - 4/2.5 with 2-car garage in north Charlotte (28269), built in 2000. This is another HUD home and has 9 DOM on the date of this newsletter (12/15/2014). It is priced at $114,000 with a tax value of $124,700.

#10 - 3045689 - 3/2 Steele Creek area home; this one is a Chase REO with 41 DOM. It is priced at $101,200 with a tax value of $120,800. While we don't know why this one has been on the market 41 days, it is fair to assume the seller will be more negotiable on price as a property remains on the market. (Often, the reason for an extended period on the market is not a lack of buyers, but a lack of QUALIFIED buyers-- buyers who are capable of taking the deal to closing.)

#11 - 3051665 - 3/2 on .49 acre in Huntersville. This is also a HUD home, but it has only 5 DOM today. It is priced at $90,000 with a tax value of $152,500.

#12 - 3049390 - 3/2 REO is only 1,192 sq.ft. and needs TLC, but it is located in Matthews, which generally means schools that perform well and are attractive to tenants and buyers alike.  This one is priced at $85,000 with a tax value of $106,200.

#13 – 3046568 – 3/3 on 2.54 acre lot in Monroe (28112); this is a Fannie Mae REO with 36 DOM, priced at $82,000 with a tax value of $136,860.

#14 – 3051467 – Small 3/2 (only 992 sq.ft. of HLA) built in 2006 in east Charlotte (28213); this is a HUBZU “auction” property, which requires a 4.5% buyer premium from the winning bidder.  Those of you I work with regularly know what I think of these online “auctions.”  They are generally not true auctions by any means and try to wrap buyers up in the process.  Often, even if you appear to have won an “auction,” the results are subject to administrative review and are frequently cancelled.  But HUBZU doesn’t demand the wire of earnest money immediately after the auction and generally is reputable, even if the “auction” is really nothing more than offer and counteroffer.  This one is priced at $63,000 with a tax value of $104,700.

#15 – 3051813 – 2/1 with only 852 sq.ft. of HLA near trendy NoDa.  This is a Freddie Mac REO and the agent remarks say the electrical wiring has been cut in the crawl space near the circuit box.  So this one may need significant repair, in addition to being quite small.  It is priced at only $59,900 and has a tax value of $79,400.  I know some of you like to focus on these older homes in areas that are being revitalized.

As always, if you have any questions about these or any other properties, please don’t hesitate to contact me.  Best wishes for a wonderful holiday season and a happy and prosperous New Year!

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-5637996-664

The Latest Charlotte Area Real Estate Best Buys for late-October...

Here is the late October installment of my Charlotte area real estate investors suggestion list.  I do not note any major shifts in the market here since the last installment.  The market remains active, but the properties in demand are those that are priced aggressively to sell.  “Bargain-priced” properties continue to demand much attention and frequently multiple offers.  Properties priced at “full retail” or about at their current market value still take longer to sell.  Owner-occupant buyers continue to face challenges in the mortgage market, and can make the lives of flippers more difficult.  But these are all things we have become accustomed to over the 12-18 months and beyond.  There remain good opportunities for investors, whether your strategy is fast flip or buy-rent-and-hold.  But those opportunities continue to go under contract very quickly after they become available to investors because there continues to be a large demand for them.

As those of you who read these investors lists know, I try to identify opportunities for investors with a variety of strategies, price ranges and geographical areas of interest.  This current list should be no exception.  When you click the link below, you may see a single-line display of properties.  Look for the tab near the top of the screen marked “Display” and click on it.  A drop down menu should allow you to choose “Full Report with Photos.”  That will allow you to scroll through the full MLS reports for all of these properties.  A summary of the properties in this edition of the list follows:

(1)MLS 2197958 – This is a 4BR/2BA full brick construction Estate Sale in the Fox Run subdivision (zip code 28212) in east Charlotte.  It is priced at $128,000 with a tax assessed value of $144,400. 

(2)MLS 3022241 – 3/2 modular ranch on a 2 acre lot in Mint Hill.  This one is also an Estate Sale, priced at $104,900 with a tax value of $137,500.

(3)MLS 3020484 – This is a 3/2 full brick ranch with 2,334 sq.ft. of HLA on .49 acre lot in zip code 28214 in north Charlotte.  It is an REO priced at $79,900 with a tax value of $159,900.

(4)MLS 3035259 – 4BR/2.5 BA HUD REO in Waxhaw, which is just passing the 15-day owner-occupant preference today (10/30/2014).  Depending on school assignment, which is a source of ongoing controversy in Waxhaw, this might make a decent rent-and-hold property somewhere near its listing price of $164,900.

(5)MLS 3032435 – SE Charlotte 3/2.5 built in 2007 appears to need very little work.  After 30 DOM it is priced at $124,900 with a tax value of $134,000.  I would need to research school assignment, but my recollection is this community is assigned to Butler High School, which performs well.  If that is the case, this could make a decent rent-and-hold or fast flip, if purchased $10,000 or so below its listing price—which is not unrealistic after 30 DOM.

(6)MLS 3019265 – 3BR/2.5BA VA REO in north Charlotte (zip code 28262).  Like number 5 above, this one was also under contract that failed and has returned to the market.  It is now in its 97^th DOM, and VA tends to be willing to negotiate off its listing prices anyway.  It is currently listed at $89,500 with a tax value of $107,800.

(7)MLS 3024607 – This is a larger 4/2 in the Grants Down subdivision (inside Raintree in South Charlotte).  School assignments are some of the best in Mecklenburg County (Providence HS), although like most REO listings, schools are not specified in the MLS report.  This Fannie Mae REO is listed at $190,000 with a tax value of $207,000 and 92 DOM.

(8)MLS 3042213 – Here is an older 3/1.5 brick ranch in a subdivision near Uptown and light rail that has become very popular for flippers (Colonial Village; zip code 28209) because of its proximity to Uptown and school assignments (Myers Park High School).  Many of these older homes were configured as 3/1.5’s, but the ½ bath can be converted to a full bath by using an adjacent closet.  This one is an REO priced at $168,000 with a tax value of $207,000.

(9)MLS 3042224 – Newer (built in 2006) 4/2.5 in Kannapolis, this Fannie Mae REO is priced at $148,900 with a tax value of $156,540.

(10)MLS 3042886 – Once again, an REO that doesn’t specify school assignment in the MLS.  This one is a 3/2 in Settler’s Landing in South Charlotte (28270) and I happen to know that school assignments are some of the most desirable in Mecklenburg County (Elizabeth Lane Elementary; South Charlotte Middle School; Providence HS).  This one is priced at $143,000 with a tax value of $164,800.  This could make a good flip or a good buy-rent-and-hold for appreciation property.  It is surrounded by homes in subdivisions with values much higher, due to location and school assignments.

(11)MLS 3043782 – OK; this is a bit of a wild card.  I haven’t seen it, so I don’t know much about its condition, but it appears to have its challenges in the photos.  But it is priced at $129,900 with a tax value of $207,300.  It is a 3/2.5 with a walkout basement in Mint Hill on a .75 acre lot.  It only has 5 DOM on the date this list is being written.

(12)MLS 3042000 – 4BR/2.5BA HUD REO with 2,436 sq.ft. of HLA in the Kingstree subdivision.  The home was built in 2008, so it can’t need a great deal.  It is a Fannie Mae REO, so it won’t be available to investors until about November 10, but it is priced at $125,000 with a tax value of $146,900.  Again; this could make either a good rent-and-hold property or a fast flip, depending on your cost of money.

(13)MLS 3042759 – 3/2.5 HUD REO in Monroe, built in 2000.  Listing price is $115,000 with a tax value of $126,100.

(14)MLS 3042070 – Older full brick 3/2 in north Charlotte (28262), this Fannie Mae REO has almost 2,000 sq.ft. of HLA and is situated on a 2 acre lot.  It is priced at $99,900 with a tax value of $122,400.

(15)MLS 3043743 – 3/2 Bank of America REO built in 2005 in east Charlotte (28215), this one is priced at $99,900 with a tax value of $118,200.

(16)MLS 3043004 – Steele Creek area 3/2.5 with just under 2,000 sq.ft. of HLA built in 2001.  This Fannie Mae REO is listed at $95,500 with a tax value of $118,200.

(17)MLS 3040295 – Smaller 3/2 VA REO in Mint Hill priced at $71,700 with a tax value of $94,800.  Again; nothing “fancy;” just a decent opportunity for ROI.

(18)MLS 3041001 – Some investors love these older cottage-styled homes, but most have become quite pricey.  This one is a small 2/1 with 1,092 sq.ft. in zip code 28211 on .33 acre lot.  It is priced by Fannie Mae at $68,000 and has a tax value of $119,400, but it apparently backs up to railroad tracks.  Nonetheless, there are fewer and fewer of these to be had at reasonable prices, and it might be possible to add on to this one.

As always, please feel free to contact me with any questions, comments or requests for additional information or research on any of these.  As most of you know, you can access the entire Charlotte metro area MLS system on my web site at www.EricDorerRealEstate.com.    

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-4350011-42


Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resource
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com
Blog: http://ejdorer.blogspot.com

Charlotte Area Real Estate Inventory Is Tightening a Bit... But So Is Demand... Here Is My Late-September Charlotte Area Real Estate Best Buys Suggestion List

Here is my latest Charlotte area real estate investor suggestion list.  (Click the link at the bottom of this page to view all the property reports.)  As always, I try to include properties that match a variety of investor strategies, criteria, price ranges and areas.  Those of you who buy, rent and hold properties know that those newer homes purchased in that $100,000+/- range tend to generate good rental yield.  There are a few of those on this list.  There are several REO’s in the Matthews/Weddington (Union County) area where prices tend to be higher, but so do profits on flips in which rehab costs can be kept under control.  And there are the usual array of older homes closer to Uptown Charlotte, which can still be purchased at relatively low prices, renovated and resold with a decent ROI. 

The market continues to be somewhat slower than it was 6-8 months ago, but there are still some good values out there.  Of course, those great values move quickly.  But “retail” sales of flip homes at or near their market values have been tending to take a bit longer.  I don’t see any relief for consumers from the very burdensome and restrictive practices of lenders, and this also impacts the resale of flip homes.  These are just the realities of the current market.  It doesn’t mean there isn’t good money to be made; it just means there continue to be challenges to be recognized and dealt with.

Here are brief summaries of each of the 17 properties in this investor list:

#1- MLS 2211465 – This one is back on the market again.  Fannie Mae can be its own worst enemy in negotiating with buyers and I think this one is no exception.  This is a solid home in a decent community.  At one time, the 2-car garage had been converted to a family room, but Fannie has actually paid to have it converted back, including new garage door and opener.  The rest of the house has been recarpeted and painted, and there are even new appliances.  This one has a listing price of $119,900 and an ARV of about $135,000.  I think most investors who looked at this one before will not realize the garage has been converted back when they see this one is back on the market again.

#2- 3005817 – 5BR, 4 full bath, 2 half bath home in Matthews/Weddington on 7.16 acres.  The listing agent states that a neighbor says the previous owner committed suicide in the home.  It needs a lot of updating, but it certainly has plenty of upside potential.  Listing price is $572,000 with a tax value of $1,290,880.

#3- 3006778 – 3/2.5 in zip code 28214 built in 2004, priced at $114,900 and having a tax value of $120,100.  This would be one of those that would probably generate a decent rental yield, with little in the way of repairs necessary because it was built in 2004.

#4- 3022171 – 4/3 in Matthews/Weddington; this is a HUBZU “auction” property.  I place “auction” in quotation marks because I have never seen one of these online “auctions” that was really a true auction.  They usually have reserve below which they won’t sell the home, and even if a buyer “wins” during the auction, the winning bid is subject to administrative review and is not infrequently declined.  There is also a buyer premium on these “auctions.”   HUBZU’s is 4.5%.  There are others that charge even more.  But HUBZU doesn’t demand the immediate wire of earnest money funds until they have actually accepted your offer, and the earnest money deposits they require are not unreasonable.  There are others that demand large earnest money deposits and reserve the right to decline the offer.  Then you have to argue and wait to get your EMD returned to you.  I have not heard of that being a problem with HUBZU, and they will work with realtors—unlike some others who don’t like having a buyer’s agent “complicating things.”  This one is in a great area and is listed at $389,000 with a tax value of $512,750.  It costs the buyer nothing to have a buyer agent involved in the transaction, and I would strongly recommend it, of course.

#5- 3034999 – Here is another Matthews/Weddington home—generally a very desirable area.  This one is a 4/2.5 on 1.62 acre lot.  It is listed at $229,900 with a tax value of $377,170.

#6- 3032879 – 3/2 cottage built originally in 1948 in Midwood.  It is an REO that appears to have been significantly renovated before foreclosure.  Some people like to concentrate in these older areas of town.  This one is priced at $224,900.

#7 – 3035908 – 3/2.5 on a .49 acre lot in Denver, a very short distance from Lake Norman.  In fact, the listing states that exclusive use of a particular Lake Norman boat slip is included with the property, although the home itself is not on the water.  Listing price is $184,900 with a tax value of $298,067.

#8- 3034971 – 3/1.5 in the older, established neighborhood of Madison Park near Uptown.  This one has 1,947 sq.ft. and a 2-car garage, unlike many others in the area.  It is listed at $178,000 with tax value of $220,100.

#9- 3031178 – 4/2.5 built in 2005 in northern Monroe (28110); This one is also a HUBZU “auction” property, so there would be 4.5% buyer premium.  It is listed at $150,100 with a tax value of $168,600, but it has been on the market 26 days today.

#10- 3036007 – 3/2 on 4.24 acre lot in Gastonia, for those of you who prefer that area.  This is yet another HUBZU property, but it is listed at $143,100 with a tax value of $227,853.  Again; bear in mind that HUBZU will require that 4.5% buyer premium, and they reserve the right to review the “winning” bid at auction.  Again; it costs the buyer nothing to have a buyer agent involved in the transaction, and I would strongly recommend it.

#11- 3023555- 4/2.5 REO in East Mecklenburg County (28212), priced at $135,900 with a tax value of $164,900.  This one has been on the market 61 days today, so there is probably some room for negotiation on the asking price.

#12- 3034453 – 4/2.5 HUD home in north Charlotte (near the University area)(28269), this one is priced at $120,000 with a tax value of $146,300.  It has 11 DOM today, and will be available to investors on day 16.

#13- 3035883 – 3/3.5 in northern Monroe (28110) will be available to investors on 10/5.  This one is listed at $119,900 with a tax value of $158,750.

#14- 3025634 – 5BR/2.5BA also in northern Monroe (28110), priced at $114,500 with a tax value of $151,460.

#15- 3032934 – 3/2 Fannie Mae REO in zip code 28205, close to Uptown.  This one has 19 DOM and will be eligible for investor offers in day 21.  Listing price is $109,900 with a tax value of $125,900.

#16- 3032984 – 3/2.5 in NE Charlotte’s Citiside community.  This community has been hammered by foreclosures and short sales and, even though the home was built in 2003, I think it is overpriced at $95,900.  But It would probably generate decent rental yield around that price.

#17- 3035563 – 3/2 in zip code 28214 – This is a HUD home, available to investors on 10/3.  It is listed at $62,500 with a tax value of $98,000.

As always, if you would like any information about any of these properties—or any others that have caught your attention—please don’t hesitate to contact me.

One or more new/updated listing(s) match your search criteria:
Click to View Listings

Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resoure
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com

Charlotte Area Real Estate Investor Suggestion List for August- September 2014

My apologies for the long delay between investor newsletters. The market heated up significantly for a while, and has only recently slowed a bit for some reason unknown to me. As those of you who do this actively already know, there are still enough buyers for those "good deals" that the best of them continue to receive multiple offers and sometimes go under contract above the listing price. But those sellers of REO inventory who were beginning to price their properties higher in the expectation of buyers rushing to bid on anything even remotely attractive have begun to get a bit more realistic with their listing prices as the market seems to have slowed slightly.

"Retail" buyers continue to have difficulty securing financing, and this continues to impact sellers of flip properties. But there remain good deals out there for those who are willing to look for them, whether your strategy is a fast flip or rent-and-hold. The link below will take you to a few suggestions. Brief summaries follow:

#1- MLS 3022948 - a 3BR/2.5BA REO with 2,620 sq.ft. of HLA in an upscale area of Charlotte closer to Uptown (zip code 28226), assigned to desirable Myers Park High School. Listing price is $339,900 with a tax value of $420,000.

#2 - 3005584 - 4/2.5 Fannie Mae REO with 2,539 sq.ft. of HLA inside the exclusive Providence Park subdivision in South Charlotte/Matthews. This REO is assigned to top performing schools, including Providence HS. Listing price is $191,000, with a tax value of $242,100. ARV should exceed $250,000.

#3 - 3031029 - 3/2.5 cottage in the popular Third Ward in Uptown. This one has 2,562 sq.ft. of HLA, 3BR/2.5BA and is priced at $165,000 with a tax value of $233,200.

#4 - 3028454 - 3/2.5 built in 2006, located in Saint John's Forest (northern Monroe - 28110). This Fannie Mae REO has 2,262 sq.ft. of HLA and is priced at $159,000, with a $209,650 tax value.

#5 - 3028424 - 4/2.5 in zip code 28273, priced at $135,000 with a tax value of $173,500.

#6 - 3027911 - 3/2 HUD REO in Kannapolis with 15 DOM today (available to investors tomorrow); listing price is $110,000 with a tax value of $134,120. These homes in the $100,000+/- range usually generate good rental yield and also provide for decent upside upon resale. The next several on this list fall into that category.

#7 - 3029727 - 3/2 in Indian Trail priced at $107,900, with a tax value of $123,700.

#8 - 3009415 - 3/2.5 in north Charlotte (28269) priced at $106,900 with a tax value of $124,300.

#9 - 3027548 - 3/2 built in 2003 in Kannapolis, priced at $104,900 with a tax value of $131,210.

#10 - 3027753 - 3/3 built in 2004 located in north Charlotte (28269), purportedly with significant renovations already completed. It is priced at $99,500 with a tax value of $142,900.

#11 - 3030804 - 31 in northern Monroe (28110); this Fannie Mae REO is priced at $84,900 with a tax value of $154,600.

#12 - 3030322 - 3/2 in Concord priced at $77,500 with a tax value of $139,290.

#13 - 3006218 - 5/3 in REO in Mint Hill, built in 1973 on a 1.23 acre lot. It is priced at $179,900 with a tax value of $219,200.

If you would like more information on any of these properties, or you would like to see these or any other properties, please don't hesitate to contact me. You can also search the entire Charlotte area MLS on my web site at www.EricDorerRealEstate.com.

NOTE: If you have trouble viewing the full reports for each of these properties, look for a tab near the top left of the page labeled "Display." Click that tab and choose full report with photos.


Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331445NHLK&p=DE-2825154-663

Charlotte Area Real Estate Investor Suggestion List for mid-June, 2014

Seller inventories seem to continue to tighten somewhat, as we continue to see multiple offers come quickly on the most attractive properties. There are still good deals to be had for flippers and for buy-and-hold investors, but the ability to move quickly and the willingness to bid at or even sometimes above the listing price have become keys to winning the more attractive properties. Both of these things turn on solid, prompt analysis of comparable recent sales and other active listings. What difference does it really make if you bid $115,000 on a property listed for $107,000, IF THE RECENT COMPS POINT TO AN ARV OF $145,000? The difference is usually who gets the property. And if ARV is still $30,000 above the contract price, it is still a winner of a transaction. So the need to be flexible and nimble has become more important than ever before.

Here are summaries of the 11 suggestions for this week, bearing in mind again that not all suggestions are meant for all investor types. I try to choose a variety of properties to meet a variety of investor strategies:

#1 - MLS 3011857 - 4BR/3.5BA home with 2,861 sq.ft. of HLA; this is a HUD REO, but HUD has recently reduced its owner-occupant preference period on most properties from 30 days to 15 days. This one has 12 DOM today. It is located in the desirable Matthews/Weddington area on .96 acre. Listing price is $245,000 with a tax value of $309,040.

#2 - 3012896 - 4/2.5 with a huge 4,255 sq.ft. of HLA built in 2006. This one is also in the Matthews/Union County area. It is a HUBZU "auction" property (which I generally take with a grain of salt), but the purported starting bid is $220,000 and the tax value of this one is $375,830.

#3 - 3014121 - 4/3 in Monroe (28112) with 3,340 sq.ft. of HLA on .57 acre lot; the home was built in 1951, but is listed at only $99,900 with a tax value of $188,350.

#4 - 3009316 - 3/2.5 in zip code 28212 (Idlewild Brooke subdivision), built in 1987 with 1,809 sq.ft. of HLA; priced at $84,900 with a tax value of $110,000.

#5 - 3001961 - 3/2 also in zip code 28212 built in 1989 with 1,662 sq.ft. of HLA, priced at $71,000 with a tax value of $110,200.

#6 - 3013037 - Windsor Park 3/1.5 built in 1969 with 1,227 sq.ft. listed for $44,900 with a tax value of $102,000. Many of you flippers know that some of these older 3/1.5's can be pretty easily converted to 3/2's, using a hallway closet or something similar.

#7 - 2207187 - 3/2.5 built in 2001 in Crestdale Crossing in Matthews (very good school assignments-- Matthews Elementary/Crestdale MS and Butler HS); this one would make probably generate a nice rental yield and would appreciate nicely over time. Listing price is $114,000, which is quite unusual for a home this new with these school assignments.

#8 - 2203171 - 5BR/2BA HUD home with 82 days on the market in zip code 28269 (North Charlotte), priced at $63,000 with a tax value of $107,400.

#9 - 3005072 - 3/2.5 in the Candlewyck subdivision of South Charlotte (also excellent school assignments- Olde Providence Elementary, Carmel MS and Myers Park HS), with 1,901 sq.ft. of HLA; priced at $172,000. This one also has good potential as a low-risk buy-and-hold with the expectation of good appreciation over time.

#10 - 2191990 - 3/2 built in 2010 in Monroe (28112) on .96 acre; it has 1,426 sq.ft. of HLA and is priced at $114,900 after 289 DOM; tax value is $161,520.

#11- 2210688 - 3/3 in North Charlotte (28269) built in 1996; 1,415 sq.ft. of HLA; priced at $85,900 with a tax value of $146,600.

As always, if you have any questions about these or any other properties... or you would like to see any of these while they last, please don't hesitate to contact me.   Be sure to visit my web site to search the entire Charlotte area MLS system... foreclosures, short sales, Fannie Mae, Freddie Mac, etc... for free: www.EricDorerRealEstate.com.


Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331416b7GJ&p=DE-1083115-642


Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resoure
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com
Blog: http://ejdorer.blogspot.com

Newly Updated Charlotte Area Real Estate Investor Suggestion List - Charlotte Area Best Buys

OK, I know it has been a while since my last investor suggestion list. CMLS has recently completely overhauled its database management system and we have been feverishly working through the "challenges" caused by this. IF YOU ARE CURRENTLY USING A CLIENT GATEWAY WEBPAGE OR CLIENT PORTAL that I set up for you, and you have not received automatic updated listings recently, PLEASE LET ME KNOW. I will need to go into the system and repair the portal.

You might also note that the display you access via the link below looks different. I don't particularly like it either. But you can click on the drop down menu near the top- center of the page labeled "Display" to see all the individual MLS reports for the properties on this list, rather than a single line description of each. (The techies are always playing with the system... what can I tell you?)

In the meantime, here is my most recent Charlotte area investor suggestion list. Inventory continues to be a bit of a challenge, as those of you who search more regularly have become well aware. But the deals are still out there, if you have the patience and determination to find them.

As always, I try to cover a broad range of investor strategies with my suggestion list. What might work well as a fast flip, might not be a great rent-and-hold candidate-- and vice versa. The MLS listing reports have changed in form slightly, but please take the time to review them. It will be well worth your time because there are some potentially very good opportunities on this list. Here are summaries of a few, chosen at random:

#1 on the list - MLS 2207732 - For those of you would like pricier projects, with larger potential for upside, this is a Waxhaw 4BR/3.5 BA REO with 70 DOM; reduced to $685,900 with a tax value of $1,146,660. #2 on the list is similar to this one-- an REO in exclusive Piper Glen.

#3 - MLS 2222353 - This is a Weddington 4BR/3 Full Bath/2 Half Bath home with nearly 5,500 total sq.ft. and a tax value of $507,020; listing price is $376,200.

#10 - 2202400 - 4BR/2.5BA Fannie Mae REO in northern Monroe; 99 DOM and reduced to $139,900 with a tax value of $196,190.

#11 - 2220562 - Statesville 3/2.5 for which the listing agent states: "demo completed and ready to start remodel;" listing price is $120,000, with a tax value of $221,720. (It looks like someone got himself in over his head.)

#13 - 2206529 - 3/2.5 JP Morgan Chase REO in zip code 28215 was built in 2006, so most systems should be reasonably new; priced at $109,900 with a tax value of $188,500.

#17 - 2182337 - 3/1 Fannie Mae REO near Sharon Amity/Independence Blvd interchange construction; 201 DOM and reduced to $89,900 with tax value of $120,400.

Again; please review the MLS reports for all the properties on this list; I have not singled out the above because they are "better" than the others. They are just given as examples of the values still available in this market.

Once again, please let me know if you are not receiving regular updates on your client gateway webpage or client portal I set up for you while the old MLS database was in service. If necessary, I will set up a new search or searches to keep you fully informed of properties that match your criteria.

And as always, if you would like any information about any of the properties on this list, or any other properties you may have identified, please don't hesitate to contact me.


Click the following link to view the Listings:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-66232-265


Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resoure
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com
Blog: http://ejdorer.blogspot.com

#CLT #realestateinvestment #realestate

Charlotte Area Real Estate Investors Best Buy List for March 19, 2014

There appears to have been a slight increase in buyer activity in the last month or so, with multiple offers being made on some of the most attractive properties and contract prices continuing to exceed listing prices on some. There does not appear to be a real shortage of REO inventory to me; but REO asset managers continue to struggle with their pricing, often starting with listing prices that do not "make sense" to investors. Then as these listing prices are reduced over time, there is a rush of buyers to bid on the properties. Some investors then find themselves caught up in the fervor to get another project under contract and bid more than is sensible. Those of you who have done a lot of this-- either flippers or buyers looking for equity in buy-and-hold properties-- know you walk a delicate balance when a property you have been watching is reduced to a point that the numbers begin to work. You just need to update your sales and rental comp data and set a logical point above which you won't go. The deals are still out there; it just seems to take a bit longer to get good ones under contract in the last couple of months, with other buyers willing to bid prices up beyond what seems reasonable.

I have 20 properties on this investor suggestion list. As always, I try to find properties that will appeal to a variety of investor strategies, budgets and areas. With limited space here, I will allow the reports accessible via the link below speak for themselves. Here are a few summaries:

#3 on the list - MLS 2185155 - a large 3BR/2.5BA on .55 acre in the South Charlotte golf community called Raintree, near Arboretum and assigned to some of the most desirable schools in Mecklenburg County (Providence HS); this one has been on the market 149 days and has been reduced to $254,000. It has a tax value of $375,700.

#4 on the list - MLS 2192688 - This one has been on my list in the past, it went under contract and then came back onto the market at a reduced price. It is a large 6/3 on the Charlotte/Mint Hill border, built in the late 2,000's. It suffered a lot of intentional damage during the foreclosure process and needs a lot of work, but it is now priced at $184,950 with a tax value of $277,800. It has been on the market long enough that the seller will probably negotiate a good bit more off its current price. ARV should be over $265,000.

#5 - MLS 2209513 - 3/1 Fannie Mae REO in Madison Park, a popular area for flippers because of its proximity to Uptown and the fact that many owner-occupants are buying these older homes and renovating them. This one was also under contract and has come back onto the market at $134,990 with a tax value of $177,700.

#7 on the list - 2210688- 3/3 Fannie Mae REO in north Charlotte that appears to be reasonably new, in reasonable condition and might allow for a low-cost flip for a moderate profit.

#10 on the list - 2210999 - Nothing fancy here, just a 3/1 Fannie Mae REO priced at less than than half its tax value. LP is $44,900 with a tax value of $94,600.

#11 - 2211030 - This is an Estate Sale in the Lake Norman area located on a 1.05 acre waterfront lot. What is interesting about this one is the home is currently a 3/2 with about 2,000 sq.ft. of HLA, but there is a walkout basement ready for completion that would add approximately another 2,000 sq.ft. to the home. It is priced at $324,900 with tax value of $399,100 as it is.

#12 - 2206529 - Newer (built 2006) 3/2.5 REO in zip code 28215, listed at $109,900 with a tax value of $188,500.

#15 - 2207732 - 4/3.5 Waxhaw 2005 "Mac-Mansion" on 3.20 acre lot; this REO is priced at $760,000 with tax value of $1,146,660.

As always, if you have any questions about these or any other properties, please don't hesitate to contact me.

RES - One Page Cust Full

Charlotte Area Real Estate Investor Suggestion List for mid-February, 2014

[Click the link at the bottom of the page to view full MLS reports for each of the properties on this list]

Here is my latest Charlotte area real estate investor suggestion list.  As I always try to do, I tried to feature a cross-section of properties.  Some will appeal to those of you who prefer "fast flip" projects and those that may need extensive rehab, but can be had for about 65% - 70% of ARV ("after rehab value").  Others will appeal to those who prefer to identify good "buy-and-hold" properties for rental return and long-term appreciation.  Still others may offer less profit, but also require less rehab and may afford the investor a quick $10,000 or $15,000 in profit upon resale.

I have not observed the market slowing signficantly, but I have not noticed an increase in activity from the slightly moderated pace of buying and selling I noted in the last quarter of 2013.  Institutional sellers of REO inventory still tend to adhere to rigid guidelines, making them somewhat frustrating to deal with.  But, in spite of that, there are still good opportunities to be had.

Summaries of several of the properties identified in this investor suggestion list follow:

#1 on the list - MLS 2200572- Here is a "no frills" 3BR/1.5 bath on .43 acre lot in zip code 28213.  If tax assessed value of $95,000 approximates ARV, then the listing price of $59,900 is about 63% of ARV. 

#2 - MLS 2192688 - This large 6BR/3BA full brick REO on a 1.32 acre lot in Mint Hill suffered a lot of intentional damage during the foreclosure.  I would be surprised if there is one window intact in the entire home.  But the listing went onto the market in November of 2013 at $247,500, neighbors are complaining about the boarded-up windows (I happened to run into a code enforcement official when visiting the property), and it has been steadily reduced to $197,500.  The tax value of $277,800 is probably about right as ARV.  The home was built in 2006.

#3 - 2183993 - 3/1 in Fannie Mae REO with 131 days on the market in established (and increasingly popular) Madison Park area, close to Uptown Charlotte.  This one has been reduced to $134,900 and has a tax assessed value of $177,700.  Those of you who are familiar with many of these older homes know that some of them can be easily modified to create a second full bath or master suite.

#4 - 2195818 - 3/1 in Starmount subdivision, near the light rail and Uptown.  This is also a Fannie Mae REO and it has 66 DOM at the date of this publication.  It has been reduced to $102,900 with a tax value of $141,300.

#5 - 2186435 - 3BR/3BA in Monroe is another Fannie Mae REO.  this one has 115 DOM and has been reduced to $44,900.  If its $83,710 tax value approximates ARV, the seller is asking 53% of ARV.

Skip to #8 for no particular reason- MLS 2199420 - this is a 3/2 in northeast Charlotte that "needs work" according to the listing report.  It has been reduced to $87,000 with a tax value of $147,900.

#9 - 2042824 - This is a duplex in the Starmount subdivision (again; close to light rail, shopping and Uptown); it has been reduced to $144,000 with a tax value of $197,700.

#10 - 2203084 - 4/3 in the "Arts District" or NoDa, for those of you who like this area.  I think I would watch this one to see how long it is on the market and how anxious the seller might be to move it off its books (it is an REO).  The current listing price of $299,000 is no bargain, but it might merit watching.  It has a tax assessed value of $314,200.

Skip to #14 - 2200559 - This is a 3/2.5 in ENE Charlotte (28227), priced at $73,900, with tax value of $113,300.

#15 - 2188018 - 7BR/4BA in Pineville; this REO with 111 DOM has been reduced to $269,900.  Tax value is $349,800.

As always, let me know if you have any questions...


XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950
ejdorer@gmail.com

The First Edition of My Charlotte Area Real Estate Investor Suggestion List Is Now Available... Here's to a Productive and Prosperous 2014!

I hope everyone had a Merry Christmas and is looking forward to a happy, healthy and prosperous 2014. Those of us who know Charlotte well know that there remains a wealth of potential investment-grade real estate to match a variety of strategies and geographical preferences. My first investor suggestion list of 2014 gives you a cross section of currently available property with good potential for upside. There is probably a bit more buyer interest than good inventory to match it at the moment, so the "best" values still go under contract quickly. But there is also a constant stream of inventory entering the market, and there are always good values to choose from-- if you are able to identify them and are able to act quickly enough.

There are 16 properties on this current list, and I will let the individual MLS report for each speak for itself. You can access those reports via the link at the bottom of this page. I will summarize five below, just to underscore the notion that there remain properties that match most investor strategies:

#1 on the list - MLS 2195818 - this is a 3BR/1BA in the older, established Starmount neighborhood, not far from Uptown and Charlotte's light rail system. Many of these older 3/1's can be easily converted to 3/2's because most are built on crawl spaces and floorplans are often relatively easy to reconfigure to allow for an additional bath. Many are also full brick construction, and lot sizes are decent. These can make nice fast flip properties when "bought right." This home is an REO (foreclosure) and has been reduced to $102,900, with a tax assessed value of $141,300. As a 3/2, ARV could be over $150,000.

#5 on the list - MLS 2197646 - this is a 4/2.5 VA REO in The Oaks on Providence, a very nice Waxhaw community assigned to the highly desirable Cuthbertson schools. Most foreclosures and short sales have been absorbed back into the market in this community, and prices have generally stabilized nicely above that $205,000-$210,000 range. This home is listed at $188,000 and has a tax value of $220,380.

#7 on the list - MLS 2156360 - this is a duplex in the Carmel Station subdivision. There is one 2/1.5 unit apparently rented at $850/month and one 2/1 rented at $600/month. The seller is "motivated" and asking $171,900. The property has a tax assessed value of $300,800, but this may include vacant lots at the front of the property.

#10 on the list - MLS 2183786 - this is a 4/3 Fannie Mae REO in the Lexington subdivision of Charlotte. It has been reduced to $305,900 and has a tax value of $374,300.

#16 on the list - MLS 2199885 - this is a "no frills" 3/2.5 in north Charlotte that would almost certainly generate that rental yield above 10% most investors are looking for. It was built in 2004 and is listed at $119,000, with a tax value of $153,200.

As always, if you have any questions or would like more information on any of the properties on this list-- or any other properties in the Charlotte metropolitan area-- please don't hesitate to contact me. Best wishes for a productive and prosperous 2014!

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950