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.
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
