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
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
