Year-end Charlotte Area Real Estate Best Buys - Investor Suggestion List

As we rapidly reach the end of 2015, here is the last Investor Suggestion List for the year.  2015 saw a steady rebound in Charlotte metro area prices, and an accompanying demand for inventory.  The days of offering 60% or 70% of the listing price for a property are probably gone for a while.  There is just too much demand, and sellers (both institutional sellers of REO inventory and private sellers) know it.  Of course, a more stable market means it is easier to resell flip properties.  But strategies that relied on purchase prices that were hugely discounted from market value have almost certainly seen a large slowdown in business activity.  As is the case with most businesses, you need to be nimble and adjust to market conditions.  That has meant buying at smaller discounts and selling at a smaller profit—but reselling more quickly, so that a larger number of profitable deals are possible over the course of the year.  You can’t make any money if you are not in the game.  And those who insist on every deal being a “home run” have probably been sitting on the sidelines for much of 2015.  There are still good, profitable deals to be had in this market—whether your business is fast flip or rent-and-hold.  But you need to know your market and do your homework, now more than ever.

Having said that, the link below will take you to the MLS reports for this last Investor Suggestion List for 2015.  (If you see a single line display of property addresses when you click the link, look for the tab near the upper right corner of the page labeled “display” and choose full report with photos).  Merry Christmas, Happy Hanukkah and best wishes for a prosperous 2016!  A summary of the properties in this edition of this newsletter follows:

#1 – MLS 3106639 – 4BR/3BA near Lake Wylie.  This REO is listed for $158,900 and has a tax value of $189,000.

#2 – 3117047 – 3/2 in zip code 28212 (SE Charlotte); this all brick REO is listed for $99,900 and has a tax value of $130,600.

#3 – 3132649 – This is a very rough 4/2.5 built in 2000 that has seen some intentional vandalism.  It is located in zip code 28213 (NE Charlotte) and is priced at $107,000 with a tax value of $150,900.

#4 – 3051261 – This one is a 5BR/3.5 Bath Estate Sale with 3,578 sq.ft. of HLA on 1.14 acre in zip code 28213.  It has been on the market more than a year and was recently reduced to $229,900.  It has a tax value of $266,900.

#5 – 3113313 – 4/3.5 with 3,386 sq.ft. of HLA on 2.32 acres with a 3-car garage.  This is a Fannie Mae REO with 95 days on the market.  It is priced at $229,000 and has a tax value of $300,700.

#6 – 3128282 – 5BR/2.5 BA with 2,913 sq.ft. in zip code 28215.  This REO has been on the market about a month and is priced at $148,200. 

#7 – 3133603 – This one might make a good rent-and-hold property due to location and school assignment.  It is a 3/2.5 on .70 acre lot in Callaway Plantation in Matthews (assigned to Butler HS).  Listing price is $144,900.

#8 – 3121839 – 4BR/2.5 BA built in 2008 in north Charlotte (28269) with 2,396 sq.ft. of HLA.  This REO has been on the market about 2 months and is priced at $137,900 with a tax value of $153,500.

#9 – 3134874 – 2/2.5 in zip code 28214 with 1,612 sq.ft. and a 1-car garage.  This one is listed for $199,000 and has a tax value of $144,600.

#10 – 3117754 – this is a 2/1 on .26 acre lot in Selwyn Park (28209), a pretty hot area for rehab and even new custom construction because of its proximity to Uptown.  This REO is priced at $109,000 with a tax value of $161,200.

#11 – 3130860 – 3BR/2 BA on .62 acre lot in SE Charlotte (28227).  This REO is priced at $90,000 and has a tax value of $112,400.

#12 – 3131772 – This is a 3/2 in zip code 28212 (purportedly assigned to Butler HS), priced at $74,500 with a tax value of $94,100.

#13 – 3132822 – This B of A REO is a 3/2 in zip code 28215.  It is priced at $62,000 with a tax value of $82,100.

Click the following link to view the MLS Reports for all of these properties:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-17127656-608

As always, if you would like more information about any of these properties (or any others), please don’t hesitate to contact me.

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Charlotte Area Real Estate "Best Buys" for Investors and Owner Occupants - November 2015 Edition

More time has passed since my last investor suggestion list/blog entry than I would have preferred, but things have been quite busy.  The Charlotte area real estate market remains strong, without becoming inflated or overheated.  It is still quite possible to find suitable properties for “fast flip” or rent-and-hold investors—and for those with strategies somewhere in between these goals.  I have said it before and I’ll say it again: the most successful investors I work with do not attempt to make every purchase or resale a “home run.”  Those who do this professionally are content with an ongoing stream of “base hits” because it makes much more sense to do eight or ten deals in a year that result in a $10,000 net profit each than to insist on finding that one deal on which you make a $50,000 net profit, but which takes all year to find and/or resell.  You can do the math.  There is also the issue of diversifying your investments among several somewhat smaller properties, rather than putting all your eggs in that one basket that MUST make a larger profit in order to be successful.

For those of you who buy, rent and hold, there continues to be plenty of upside potential in the Charlotte market.  Of course, stable areas assigned to better-performing schools are a better bet.  The non-profit web site that continues to be a good source of information on public school performance is: www.NCReportCards.org.  As many of you know, most REO properties do not advertise school assignment.  But it is not difficult to determine which schools are assigned to a particular property.  As my company motto goes: “Solid analysis identifies great opportunities.”  Proper research is certainly fundamental to solid analysis.

Having said all of that, let’s get on to the suggestions for this edition of the newsletter.   As always, a link to the full MLS reports (including address and photos) for each of the properties mentioned below appears at the bottom of this page.  If your display shows only single line summary of the properties when you click the link, look for the tab near the top right of the page labeled “Display” and choose full report with photos.  You will then be able browse through full MLS reports for each property.  Here is a summary of the properties in this edition of the newsletter:

#1 – MLS 3119205 – 4BR/2.5BA Estate Sale in the Lake Park subdivision in Indian Trail.  This one purports to have a new roof, and appliances convey.  It has been on the market 24 days on the date of this publication.  Priced at $179,000, a cash buyer might be able to get the property under contract at a price that would yield better than a 10% gross return on rental income, and provide room for steady upside appreciation.

#2 – 3059726 – 3/2.5 short sale built in 2006.  This one is located in northern Monroe (reasonable commute to Charlotte).  It is listed at $129,000 with a tax value of $138,650.  But, as I have said many times before, beware of short sales.  The seller can list the property for whatever price he thinks will get attention.  The trick is in getting his lender(s) to approve the contract price.  I rarely waste time with short sales on which the listing price has not already been pre-approved by the seller’s lender(s) for that reason.  Also, don’t focus too exclusively on tax value as an indication of market value. Tax value may have been a good “quick and easy” indication of market value 2 years ago, and it might still be in some areas today.  But the market here has improved enough in the last year or so that market value is sometimes considerably higher than tax value.  There is no substitute for “pulling comps” and doing the research.

#3 – 3117015 – 4/2.5 in Matthews, assigned to Butler High School and Mint Hill Middle School—both desirable school assignments.  This one probably has some condition issues and it is also a  short sale, but at $123,000 it is probably well under market value.  Tax value is $129,600.

#4 – 3076707 – 3/2 in the Kingstree subdivision in East-Central Charlotte, built in 2005.  This is another short sale with 87 days on the market.  It is listed at $105,000, with tax value of $117,400.  As many of you who buy and hold rental properties know, those homes purchased in that $100,000+/- range tend to yield quite nicely because the rental price vs. total investment tends to be better.  The trade-off is usually on area stability and school assignment.  There is usually a reason for the low price.  But some investors are motivated more by “the numbers” than by other factors.

#5 -  3106700 – 3BR/1.5 Bath home built in 1967 on .40 acre in east Mecklenburg (zip code 28215).  This is a Fannie Mae REO and has been on the market 64 days.  Listing price has been reduced to $89,900 with a tax value of $129,600.  Some of these older 3/1.5’s can be fairly easily converted to 3//2’s by using closet space adjoining the half bath to create a small shower. 

#6 – 3101346 – 3 Bedroom/2 Bath on .38 acre lot assigned to the sought-after Myers Park High School (Carmel Middle and Sharon Elementary).  The home is also an REO and has 2,330 sq.ft. of HLA.  It has been on the market for 110 days, but is listed at $265,000 with a tax value of $361,400.  You have location here.  This might make an interesting upscale flip.

#7 – 3098025 – 3/2 with 1,881 sq.ft. of HLA and a 2-car garage.  This one is an Estate Sale assigned to high-performing schools in desirable Harrisburg.  It is listed at $199,000.

#8 – 3105617 – 4BR/2.5 fixer in Matthews (28105), which usually means high performing schools (but we would need to check school assignment).  This is a Fannie Mae REO with 92 DOM.  It has been reduced to $156,900 with a tax value of $195,980.

#9 – 3121839 – 4BR/2.5 BA build in 2008 in North Charlotte.  This one has 2,396 sq.ft. of HLA and is priced at $144,900. Tax value is $153,500.

#10 – 3110570 – 4/3.5 built in 1998 in northern Monroe.  This one is a HUBZU “auction” property.  I place “auction” in quotation marks because most of these online auctions or just a gimmick, but you can still sometimes find good values among them.  Be aware that many involve a “buyer premium” that is added to the purchase price.  In this case, the buyer premium is 4.5% so you would want to factor this into whatever offer you were willing to make.  It has 63 days on the market (which tells you how much of a true auction this is) and is priced at $129,400 with a tax value of $148,200.

#11 – 3110090 – This is a 3BR.2.5 BA short sale built in 2005 in Saint John’s Forest in northern Monroe.  It has been on the market 71 days and may have some condition issues.  Remember what I said in item #2 above about the listing price of short sales,  Having reminded you of that, the listing price for this one is $125,000 and it has a tax value of $144,720.

#12 – 3111197 – 3/2 on .70 acre in Kannapolis that is zoned C2 (general commercial).  This REO is priced at $119,900 with a tax value of $178,860.

#13 – 3117754 – 2/1 on .26 acre in Selwyn Park—close to Uptown Charlotte in an area that is seeing much redevelopment.  It is not uncommon to see small, older original structures demolished and new, large custom homes constructed in their place.  This one is a VA REO.  Listing price is $119,000.  Tax value is $161,200.

#14 – 3121950 – 3/2 with 2,300 sq.ft. on 1.98 acre lot in Waxhaw.  This one is priced at $118,000 and has a tax value of $201,190.

#15 – 3111883 – 3/2.5 on .48 acre lot.  This is another HUBZU “auction” property, priced at $115,700 with a tax value of $155,349.

#16 – 3118301 – 4/2.5 with 1,744 sq.ft. built in 1964 on .31 acre lot near Uptown (28205).  This one is listed at $104,900 with a tax value of $145,300.

#17 – 3125737 – 3/2 on .20 acre in Monroe (28112).  This is a HUD home with 5 DOM.  (HUD has a 15-day owner-occupant preference period.)  It is listed at $53,000 and has a tax value of $95,130.

The link to the full MLS Reports for all of these appears below:

Click to view ALL property listings

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

Until next time…

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Charlotte Area Investor Suggestion List - Real Estate Best Buys for late August 2015 #CLT #realestate #investment

As the summer of 2015 winds to a close, the Charlotte real estate market remains strong.  There continue to be more buyers than sellers, as a general proposition, but profitable deals can still be found.  Fannie Mae appears to have been finding that its more recent practice of pricing is REO’s at or near market value was causing many to sit on the market for longer periods of time, and they have begun to back off that practice a bit again, depending on the home and its location.  Of course, Fannie Mae and HUD still have their owner-occupant preference periods during which investors cannot bid.  For Fannie, the preference period is 20 days.  For HUD, the period is 15 days.  Since Fannie tends to rehab its inventory a bit, many of its better values tend to sell during the owner-occupant preference period.  But there are a few on this list that have remained into the investor-eligible period.  HUD does little or nothing in the way of rehab, so its homes tend to linger on the market longer, and HUD tends to be slightly more negotiable on its listing prices.

Some of the online “auction” companies like HUBZU continue to provide interesting inventory, but the buyer needs to keep in mind that most of those properties involve a “buyer premium” of 4.5% or so.  I have discussed the “auction” process in previous editions of this newsletter.  It really is much less an auction than a marketing tool for the seller; but armed with accurate data on comparable recent sales, investors can still find attractive deals with some of these sellers—even with the “buyer premium.”

Until the last six months or so, it was generally possible to judge value by comparison of the listing price to tax value.  Depending on the area, this is less the case now.  Prices have recovered and continue to rise, especially in southern Mecklenburg and Union Counties.  So it is no longer advisable to dismiss a property just because listing price is close to tax assessed value.  There is no substitute for good research, and as good values for profitable flips and investment properties become harder to find, it is possible to miss opportunities by failing to recognize changing market conditions.

The link below will take you to the full MLS reports for the 15 homes in this edition of my newsletter.  If you first get a single line display when you click on the link, look in the upper right corner of the screen for a tab labeled “Display” and choose “full report with photos.”  You will be able to scroll through the full report for each of the properties on the list.  Summaries follow:

#1 – MLS 3088478 – Large 5 BR/2.5 BA home in northeastern Charlotte (28262), just above Harrisburg, in desirable Settlements at Withdrow.  This Fannie Mae REO was reduced on 8/25 to $204,900 and has a tax value of $224,700.  Fannie has probably already repainted and installed new carpet.

#2—MLS 3076599 – This is a HUBZU “auction” property, so see my brief discussion of such sales above.  This one is an older Monroe 3/2 with 265 cumulative days on the market (not much of an auction, huh?).  It is listed at $82,000 with a tax value of $124,030.  This one has a 5% buyer’s premium.

#3 – MLS 3102533 – This is a 3/2.5 HUD home in zip code 28215 (east Charlotte), it has 2,128 sq.ft. of HLA and has been on the market 20 days.  Listing price is $148,000 and tax value is $157,600.  Remember that HUD tends to be more negotiable on its listing price than some other sellers of REO inventory.

#4 – 3103144—Kingstree subdivision (28215) 4/2.5 with 2,405 sq.ft. built in 2002; this Fannie Mae REO has been on the market 32 days today.  It is listed at $147,500, and Fannie should be getting ready to deal.

#5 – 3047262 – This one is a short sale, for those who have enough patience for them.  It is a 3/2.5 in northern Mornoe (28110) with 160 DOM; it is listed at $115,000 (for whatever that’s worth in a short sale), and its tax value is $138,120.

#6 – 3103398 – 3BR/1BA Bank of America REO located on 1.5 acre in Monroe.  This one was built in 1950.  Listing price is $51,000.  Tax value is $108,680.

#7 – 3101346 – 3BR/2BA on .38 acre near Myers Park (assigned to top performing Myers Park High School); listing price is $275,000 with a tax value of $361,400.

#8 – 3104068 – This Gastonia 4/2.5 is located on .67 acre and is also a HUBZU “auction” property.  Buyer premium advertised on this one is 4.5%.  Listing price is $201,400 with a tax value of $317,170.

#9 – 3101717 – This one and the next would probably yield well as rentals because of their location and school assignments.  This one is a 3/2 on .46 acre in South Charlotte (Greenbriar community), assigned to sought-after Providence HS.  This is a Fannie Mae REO with 41 DOM.  It is priced at $189,900.

#10 – 3100016 -- Also a Fannie Mae REO, this one is a 3/3 located in Matthews.  It has just been reduced to $164,900 and has been on the market 79 days today.  It would probably generate good yield from rental.

#11--  3108204 – This is a 4/2.5 with 2,200 sq.ft. of HLA in zip code 28270 (Timberlake subdivision);  the listing warns there is some mold, but it is priced at $145,000 with a tax value of $171,500.

#12 – 3109631 – This is another HUD REO with 3BR/2.5 BA in zip code 28215.  It has been on the market 6 days today, priced at $90,000 with tax value of $94,100.

#13 – 3110699  – This is a 3/2.5 home on 1.40 acre in 28278 (near Huntersville); it is a Chase REO with a listing price of $87,360 and a tax value of $117,900.

#14 -- 3108794 – Another HUD home with 10 DOM today, this one is a 3/2 in Matthews with a listing price of $85,000 and a tax value of $108,100.

#15 – 3102765 – this is a 2/2 in Concord with 36 DOM; it is listed at $75,000 with a tax value of $135,660.

A link to the full MLS reports for all of these homes appears below:

Click the following link to view the Residential Reports:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-13597093-83

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

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Charlotte Area Real Estate Best Buys - Investor Suggestion List for mid-July 2015

It is hard to believe we are already in mid-July.  If there has been any change in the general market atmosphere here in the Charlotte metro area, it may have been a slight slow down in the speed of sales of REO properties.  I think sellers because accustomed to receiving multiple offers promptly after listing properties, and they began to price properties too high.  This has led to some of them lingering on the market until sellers became a bit more realistic.  There continues to be great demand for properties priced where investors can still make a decent profit; and those properties continue to go under contract quickly.  But it now appears that we may need to let some properties linger on the market until their sellers are more ready to negotiate.  Then those who are in position to move quickly find good opportunities.  It is almost a two-step process with some REO’s at this point—watch, wait and then act quickly after a price reduction.

Here are some suggestions for mid-July, 2015.  As always, I try to choose properties for this list that fall into a broad array of investor strategies and geographical areas in the Charlotte region.  The link to the individual MLS reports appears at the bottom of this email.  If you see only a single line display when you click the link, look for the tab near the top-right of the page labeled “Display” and choose Full Report with photos.  Here are brief summaries of each property on the list:

#1 – MLS 3068455 – This is an Estate sale in Kannapolis—a 3/2.5 home built in 1938 on 1.49 acre.  It is priced at $149,000 and has a tax value of $222,600.

#2 – 3086205 – 3/2.5 HUD home with 2,138 sq.ft. of HLA built in 2008 in north Charlotte (zip code 28269).  This one has been under contract that failed at least once.  From the comps, ARV looks to be about $121,000.  It has been reduced to an asking price of $113,300 after 49 days on the market.  HUD is usually willing to negotiate when a home has been on a market an extended period of time.  This one could either be a good rental or a decent flip, if HUD is willing to come down significantly from its asking price.

#3 – 3049144 – 4BR/2BA short sale in zip code 28215.  I don’t usually suggest short sales for reasons most of you are well aware of (most notably the complete waste of time many short sales become), but listing price of $127,000 for this one was purportedly set by the lender, B of A.  Tax value is $154,800.  The house has been on the market 45 days.

#4 – 3090218 – 3/2.5 built in 2005 in Huntersville.  This is also a HUD home with 42 days on the market.  Listing price is $185,000, with a tax value of $193,900.  Huntersville is generally a very desirable area, and good values can be hard to find there.

#5 – 3096191 – This is a 4/2.5 REO with 2,500 sq.ft. of HLA located in zip code 28215 (East-NE Charlotte).  Listing price is $181,500, with a tax value of $186,500.

#6 – 3093214 – 3/2.5 with 1,958 sq.ft. of HLA built in 2006 in Kannapolis.  This one is listed at $173,200, with a tax value of $211,250. 

#7 – 3066664 – This REO has been on the market for some time, and under contract at least once.  It is a 3/3 with a walk—out basement in Matthews.  I know the area, so I know school assignment is the sought-after Providence HS, although the listing doesn’t specify this because it’s an REO.  This house needs work but it is on .94 acre in this desirable area and has been reduced to $165,000. It has a tax value of $236,300.

#8 – 3092943 – 4/2.5 with 2,189 sq.ft. of HLA built in 2006 in Concord.  It has been on the market 33 days.  Listing price is $163,800.  Tax value is $182,820.

#9 – 3097745 – This is a 4/2.5 built in 2005 in NE Charlotte (28212).  It is a HUBZU ”auction” property, which is really just an excuse for HUBZU to charge a 4.5% “Buyer Premium” and a $299 web service fee.  But some of these HUBZU properties can still offer good value, as long as you figure the additional fees into your cost of acquisition.  Another thing to keep in mind about most HUBZU time limit bid properties is you need to inspect the property before you bid because they will not allow an inspection contingency in the contract.  This one is listed at $162,700 with a tax value of $194,240.

#10 – 3093999 – 4/2 with 2,232 sq.ft. of HLA on .59 acre lot in Mooresville.  This is a Fannie Mae REO with 28 DOM today (as many of you know, Fannie has a 20 day owner-occupant preference period, so this one is available to investors now).  It looks pretty rough in the photos, but it is listed at $154,900 with tax value of $179,860.

#11 – 3094807 – 3/2.5 built in 2002 in Concord.  This is a HUD home with 25 DOM today (HUD has a 15-day owner occupant preference period), so HUD may be willing to negotiate at this point.  Listing price is $150,000. Tax value is $150,060.

#12 – 3088194 – Large 4BR/2.5 BA (2,725 sq.ft.) with a den built in 2003 in Old Stone Crossing (a desirable community in NE Charlotte).  This REO has been priced too high for some time, but was recently reduced to $149,900.  It has a tax value of $182,800. 

#13 – 3098230 – 3/2.5 with 1,982 sq.ft. in built in 2006 in Concord.  This REO has only 11 DOM and is priced at $133,000 with a tax value of $133,890.

#14 – 3092881 – This is a 2/2 on .33 acre lot close to Uptown in zip code 28205, where a lot of renovation and custom building is going on.  This one has been on the market 33 days today, and is priced at $105,000, with a  tax value of $143,400.

#15 – 3097557 – 3BR/1BA home built in 1983 in Matthews—desirable Butler HS and Mint Hill MS assignments.  With a listing price of $78,500 and tax value of $103,100, this could be a good fast flip or a good rent-and-hold property.

#16 – 3097750 – 3/2.5 built in 2006 in north Charlotte (28206).  This is also a HUBZU “auction” property, so beware of the buyer’s premium, fees and other issues discussed above in item 9.  It is priced at $70,700 with a tax value of $118,400.

#17 – 3097938 – 4BR/2BA with 1,368 sq.ft. of HLA built in 1981 in zip code 28227 (East Charlotte/Mint Hill area).  Listing price is $64,500 with a tax value of $96,300.

The link to the full MLS reports for all of these properties appears below:

Click the following link to view the Residential Reports:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-11939977-588

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

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Charlotte Area Investor "Best Buys" for May, 2015

If anything, the market has probably heated up a bit since my last newsletter.  There is more demand for “bargain” properties than there are bargain properties.  As a result, we continue to see multiple offers on the best opportunities; and those offers usually come after a property has been on the market only a few days.  On the positive side for flippers, there is less overall inventory, so reselling your property should be easier as well—assuming you are willing to price it competitively.  The demand remains for “bargain” properties, and as long as a buyer is satisfied he or she is getting at least a reasonably good deal, there is plenty of interest. 

There also remains strong demand for rental properties.  So those of you who continue to look for buy-and-hold opportunities should also be seeing success.  Rents—and rental yield—remain strong.  It may cost a bit more to secure rental properties in the more desirable and stable areas, but for those who are positioned to act quickly when a good opportunity is identified, there are still good properties to be had.

I have 16 suggested properties in this newsletter.  The link near the bottom of the page will take you to full MLS reports with photos for each of them.  (If you see a single line display when you click the link, look to the top right side of your screen and click the tab labeled “Display.”  Choose full report with photos.)  Brief summaries of these 16 properties follow:

(1)MLS # 3068455 – This is a 3/2.5 Estate Sale property with 2,313 sq.ft. of HLA built in 1938 on 1.49 acres in Kannapolis.  Listing price is $149,000.  Tax value is $222,600.

(2)3055852 – 3BR/2.5 BA built in 2005 in zip code 28227 (SE Charlotte/Mint Hill area); this one is not a “distress sale,” but the sellers were under contract that failed and they appear motivated; the home appears to be turn-key, and priced at $124,500, this one might make a good rental.

(3)3078138 – 3/2.5 with bonus room and 3,502 sq.ft. of HLA built in 2003 in the desirable north Charlotte Old Stone Crossing community.  Asking price for this REO is $187,000.  Tax value is $202,100.

(4)3056054 – 3/2.5 B of A REO on .50 acre in north Charlotte (28262).  This one has 84 DOM today and is priced at $142,900, with a tax value of $178,500.

(5)3069261 – 3/2.5 REO built in 2004 in Huntersville.  Be aware that this one is being sold through the online “auction” site, HUBZU; and HUBZU usually requires the payment of up to a 5% buyer premium.  I have clients who have successfully bought and flipped properties purchased through HUBZU, but the “auction” platform is a bit of a joke.  Most of the so called auction sites are not true auctions.  This home advertises a “starting bid” on the MLS of $120,000.  The home has a tax value of $144,900.  I am a registered broker on HUBZU, so I can help you with this process if you’re interested.

(6)3052691 – 3/2.5 REO in Crouse, NC—north of Charlotte.  This one is being sold through auction.com, another online “auction” platform.  From my experience, several of the so-called auction sites are best avoided for a number of reasons.  But this one, like HUBZU, actually has properties for sale and actually closes sales somewhere in the neighborhood of the listing price.  As stated above, the auction platform is a bit silly and almost insulting because they really are most often nothing more than offer and counter offer transactions, with the additional variable of certain fees and sometimes a “buyer premium.”  But sometimes a good opportunity can be found on auction.com, like HUBZU.  This property is advertised at $85,860, with a tax value of $159,873.  Can the property be had for the listing price? Maybe. 

(7)3083284 – 3BR/2BA in south Charlotte’s Settler’s Landing community.  This is a community of somewhat smaller, older homes surrounded by much more expensive properties.  It is assigned to some of the top-performing schools in Mecklenburg County (Elizabeth Lane Elementary, South Charlotte Middle, Providence HS), and prices continue to creep up as the economy stabilizes.  This one advertises substantial recent renovation (HVAC… windows/doors… siding… carpet), and it is priced at $179,900.  It would make a good rental, due to location and school assignment.  It will probably be under contract in less than a week.

(8)3059365 – 4/2.5 with over 3,600 sq.ft. of HLA and a 2-car garage, built in 2008, in Mount Holly (just NE of Charlotte).   Listing price is $169,900, with a tax value of $206,034.

(9)3076639 – 3/3 Mint Hill REO on 2.03 acres.  It is priced at $153,500 and has a tax value of $201,700.

(10)3083211 – Some investors love the older homes in areas like NoDa.  This is one of those homes.  It is a 3/1 built in 1936.  Listing price is $144,900.  Tax value is $186,100.

(11)3077799 – 3/2.5 built in 2004 in the Kingstree subdivision in north-central Charlotte.  It has been reduced to $134,900 and has 24 DOM.

(12)3081269 – 3/2.5 with 1,905 sq.ft. of HLA and a 2-car garage built in 2002 in north Charlotte (28262).  This is a VA REO, listed at $133,500, with a tax value of $145,100.

(13)3079113 – 3/2 B of A REO built in 2004 on 1.01 acre in Kannpolis.  Listing price is $119,300 with a tax value of $135,280.

(14)3059520 – 4BR/2BA Mount Pleasant home built in 1999 with 2,050 sq.ft. of HLA and 35 days on the market today.  It is listed for $109,900 and has a tax value of $156,390.

(15)3079947 – 3/2 VA REO on 1.04 acre in Monroe, priced at $69,000 with a tax value of $136,800.

(16)3082865 – 5/2 Chase REO with 1,574 sq.ft. of HLA built in 1946 on .43 acre in north Charlotte (28269).  When the listing says it needs a lot of work, you know it is very rough.  But it is listed for $44,000 with at tax value of $111,600.

Here is your link to the full MLS reports with photos for all of these:

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-9472746-574

As always, if you have any questions about any of these—or any other property—please don’t hesitate to contact me.  Until next time…

Charlotte area real estate investors "Best Buys" for April 2015

Here is the Charlotte area real estate investor suggestion list for April, 2015.  Not a great deal has changed in the market here since the beginning of 2015.  The best values tend to get multiple offers within days of going onto the market.  Flip resales tend to move more quickly when they are discounted from retail or full market value, so it is often a wise strategy to offer a flip at a competitive price to move it out of inventory.  Even owner-occupants are diligently searching for bargain properties, so unless you can afford to have a flip on the market for a longer period of time—or unless the expected additional return on investment is worth the extended time on the market—the time value of money can mitigate in favor of a discounted resale price calculated to move the property. 

For those looking to buy, rent and hold properties, there are still good values in the market.  You just need to be able to move quickly because the best values don’t last long.  For buy-and-hold investors, I tend to focus on stable areas assigned to schools that perform well.  In those areas, the old “quick and dirty” measurement of listing price vs. tax value applies less and less to identify good values, as inventories dwindle and prices continue to move up gradually.  But there remain good values to be had, and stronger appreciation in those more stable areas.

As always, my list this month attempts to identify properties that may appeal to a variety of investment strategies.  The link below will take you to full MLS reports for the homes on the list.  (If you first get a single-line display of properties when you click the link, look to the upper right corner of the page for a tab labelled “Display” and choose “Full Report with photos” from the drop down menu.)  A brief summary of the properties on this month’s list follows:

#1 – MLS 3049510 – 3BR/3BA Freddie Mac REO with 2,517 sq.ft. of HLA in a great South Charlotte area off of Providence Road; new HVAC, paint and carpet.  Good area for rentals and depending on the work needed to complete the home for resale, this one could also make a decent flip.  Listing price was ecently reduced to $184.900 after a contract failed.  Tax value is $229,823.

#2 – MLS 3072757 – Huge 5BR/3.5 Bath home with a 3-car garage in highly desirable Marvin (Waxhaw) on a 1.42 acre golf course lot.  This REO is being offered at $675,000 with a tax value of $879,890.

#3 – 3078138 – 4BR/2.5BA with 3,503 sq.ft. of HLA in the desirable Old Stone Crossing community in north Charlotte.  This one is listed at $187,000 with a tax value of $202,100.

#4 – 3077823 – Large 5BR/3 BA Fannie Mae REO with 2,900 sq.ft. of HLA in Harrisburg on .46 acre lot.  Only 4 DOM as of this 4/17/2015 publication (Fannie has a 20-day owner occupant preference period, but this one looks like it needs some updating, so it might make it through that preference period); listing price is $155,000.

#5 – 3074588 – 3BR/2.5BA REO in Matthews (Callaway Plantation subdivision); excellent school assignments (Butler High School/Mint Hill Middle School) make this one a good rental prospect.  LP is $149,900.

#6 – 3076618 – 3/2 Estate Sale with 2-car garage built in 2003 in a nice Concord community.  Listing price is $145,000.

#7 – 3054391 – 5BR/2.5 BA REO with 2-car garage, 2,256 sq.ft. of HLA, built in 2008 in zip code 28214 (more of a working-class area, with a bit less potential for appreciation but with good potential rental yield); listed at $134,900 with tax value of $177,500.

#8 – 3076251 – 3/2 with 2-car garage on .38 acre lot on Waxhaw; this is a HUD home with 11 DOM today (HUD has a 15-day owner occupant preference period); listing price is $125,000; tax value is $156,190.

#9 – 3077088 – 3/2 with 1,540 sq.ft. of HLA in main home and a separate 1,0-33 sq.ft. structure with bath in Concord; LP is $94,999 with a tax value of $135,660.

#10 – 3074814 – 3/2 in north Charlotte (28214) with 1,591 sq.ft. of HLA; main house has 3 BR and a second structure has 3BR; lot size is .53 acre; LP is $79,900 with a tax value of $140,700.

To view reports for all of these properties, use the link below:

Click to view ALL property listings

As always, if you have any questions about any of these properties, or any other properties that might interest you, I would be happy to research them and/or show them to you.  I look forward to hearing from you.

Regards,

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Metro Charlotte Real Estate Investors Suggestion List for March, 2015 #CLT #Realestate #investment

I have noted no huge changes in the market since last month.  Inventory of good opportunities is constricted in the Charlotte area, but there are still deals available for those investors who can act quickly.  Multiple offers continue to be the norm, so be prepared with your “highest and best offer” or be prepared to miss most of the better opportunities.  It’s just a fact of life in this market.  Know what the comps are and what purchase price still makes sense to you, and be prepared to go there in short order.  Above that breakpoint, be prepared to walk away and move on to the next one.  This probably applies less to those whose goal is to buy-rent-and-hold than it is for fast flippers.  As long as the net yield from rental income is still acceptable, time and market momentum probably favor continued appreciation over time in the Charlotte market.  Fast flippers don’t have the luxury of time, and those looking for that “home run” deal would probably be better advised to focus on doing several lower yielding “base hits” that waiting for that one great deal to present itself. 

With those things in mind, here are summaries of March, 2015, properties of interest (click the link after this summary to view all the MLS reports—if you display a single line report of these properties after you click the link, look for a tab near the top-right of the screen labeled “Display.”  Click that tab and choose “full report with photos”):

#1 – MLS 3053966 – 4BR/2.5 BA with 1,712 sq.ft. of HLA and a 2-car garage, built in 2008 in zip code 28214.  This Chase REO has 76 days on the market today, and is priced at $99,900 with a tax value of $145,800.  Generally speaking, anything around that $110,000 price tag tends to generate decent rental yield.  And anything build in the last 5-10 years should need less updating, of course.  So this one might make a good buy-and-hold property, and also a decent base hit or double as a flip. 

#2 – MLS 3044476 – 3/2 Fannie Mae REO in zip code 28212.  This one has 93 DOM and is priced at $105,500 with a tax value of $133,200.

#3 – 3059892 – 3/2 in Matthews (Union County), full brick ranch on .46 acre lot, priced at $104,900 with a tax value of $139,310.

#4 – 3055515 – 3/2 built in 2003 in Indian Trail.  This is a HUD home on .48 acre lot with 24 DOM.  Listing price is $90,000 with a tax value of $166,700.

#5 – 3052656 – SE Charlotte (zip code 28227) 3/2 Fannie Mae REO with 72 DOM; listing price is $72,000 with a tax value of $111,700.

#6 – 3066664 – 3/3 with a walkout basement and 2,235 sq.ft. of HLA on .94 acre lot in Matthews.  Like most REO’s, the listing doesn’t specify school assignment, but I happen to know this home is assigned to the top-performing Providence High School, so this could make a good rental or a good flip.  It is being sold through HUBZU (one of those “pretend” auction web sites) and therefore involves a buyer premium (usually about 4.5% of the purchase price), but even with that additional expense, it might be decent opportunity with a listing price of $188,000 and tax value of $236,300.

#7 – 3068906 – 4/2.5 built in 2002 in northern Monroe (28110) on .47 acre lot; this is a HUD REO with 13 DOM, listed at $165,000 with a tax value of $190,080.

#8 – 3070440 – 3/2 on 1.97 acre lot in Weddington (generally very desirable area with good school assignments – zip code 28104); this is a Fannie Mae REO is priced at $144,000 with a tax value of $244,370 (probably mostly due to the size of the lot).

#9 – 3054391 – 3/2.5 in zip code 28273 (Steele Creek area), this one is also being sold through HUBZU and includes a 4.5% “buyer premium” under the pretext of an “auction.”  It has 42 DOM and is listed at $138,000 with a tax value of $165,400.

#10 – 3054391 – 5BR/2.5 BA built in 2008 in north Charlotte (28214), priced at $134,900 with a tax value of $177,500.

#11 – 3068306 – 3/2 2,524 sq.ft. brick ranch in the Starmount subdivision—very popular with flippers because of its proximity to Uptown, light rail, etc.  The MLS report says the property has some mold.  This is also being sold through HUBZU, so there is the usual 4.5% “buyer premium.”  But it is listed at $127,200, has a tax value of $192,200 and Starmount continues to be “hot” for flippers.

#12 – 3063859 – 4/2 minutes from Plaza Midwood and Uptown (28205) on .29 acre lot, listed at $125,500 with a tax value of $142,800.  This is another area in transition due it is proximity to Uptown.

#13 – 3069392 – 3/2.5 in Matthews (Mecklenburg County – 28105); this is a Fannie Mae REO on .52 acre lot with a listing price of $118,000 and a tax value of $161800.

#14 – 3062195 – 4/2.5 also near Uptown (28205) on .26 acre lot.  This one has 46 DOM today, with a listing price of $109,900 and a tax value of $155,700.

#15 – 3069668 – 3/2 on 1.26 acre lot in northern Monroe (28110).  Listing price is $93,500 with a tax value of $131,810.

#16 – 3071297 – 3/2.5 in the Charlotte-Huntersville area (28278) on .71 acre.  This one has a listing price of $79,000 and a tax value of $193,200.

Here is the link to the MLS Reports for each of the properties above:

http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-7853112-844

As always, if you have any questions about any of these properties—or any other properties in the metro Charlotte area—please don’t hesitate to contact me.  I look forward to hearing from you.

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com

Charlotte Area Investor List and Real Estate "Best Buys" for February 2015

Hello everyone.  I hope your 2015 is off to a good start.  The investor market for Charlotte real estate continues to be strong, seeing gradual increases in property values and slightly smaller REO inventories.  Of course, as most of you know, that translates into more buyers for fewer discounted properties; and multiple offers on the best properties continue to be the norm.  We know how to position ourselves to make timely offers on these properties, and to analyze them so that we can be reasonably certain we are not offering too much (or so little that our offers have little chance of being accepted).  It continues to be all about doing your homework and positioning yourself to act quickly.  No emotion involved here; no frenzied rush to get another property under contract.  But knowing when to “pull the trigger” is key, just as knowing when to stop bidding and let the next guy take the property is critical to success—whether your strategy is buy-hold-and-rent or fast flip.

Having said that, here are summaries of several properties that might offer good opportunities for you, depending on your goals.  (Please recall that when you click the link below, if a single line display appears, itemizing properties by MLS number and address, look in the upper right corner of the screen for a tab labeled “Disply.”  Click that tab and choose full report with photos.  The screen should then display full MLS reports with photos for each of these properties):

#1 on the list – MLS Number 3020484 – 3BR/2 BA with 2,334 sq.ft. in zip code 28214 – this REO must have some “issues” because the listing states they will not turn on utilities and the sale is strictly “as is.”  Listing price is $69,900 with a tax value of $159,900.

#2 – 3044476 – Back on the Market after a contract failed, this 3/2 Fannie Mae REO is in north Charlotte (zip code 28212) and is priced at $109,900 with a tax value of $133,200.

#3 – 3052656 – 3/2 Fannie Mae REO in the Mint Hill/SE Charlotte area (zip code 28227) on .33 acre lot; this one is also back on the market after a contact failed.  Listing price is $72,000 with a tax value of $111,700.

#4 – 3054391 – 5 Bedroom/2.5 Bath REO with 2,256 sq.ft. of HLA and a 2-car garage.  This home was built in 2008.  Listing price is $144,900 with a tax value of $177,500.

#5 – 3060103 – 3/2 in desirable Matthews with 2-car garage listed at $139,500 with a tax value of $151,505.  School assignments are good in Matthews so this might make a nice rental property.

#6 – 3059427 – 3/2.5 HUD REO in Indian Trail.  This property has 1,810 sq.ft., a 2-car garage and was built in 2000.  Listing price is $132,000 with a tax value of $154,640.

#7 – 3057318 – 3/2.5 with 2,011 sq.ft. in South Charlotte (28226); this Fannie Mae REO has 19 days on the market on the date of this publication and is priced at $124,900 with a tax value of $162,100.

#8 – 3053050 – 3/2 full brick home near Uptown (28205) listed at $109,000.  This one is not an REO or short sale, but some of you like this area.

#9 – 3053966 – 4/2.5 built in 2006 in zip code 28214.  This 1,712 sq.ft. home is a Chase REO, listed at $108,900 with a tax value of $145,800.

#10 – 3058734 – 3/2 also in the South Charlotte zip code 28226; this REO with 1,500 sq.ft. and a 2-car garage is listed at $107,500 with tax value of $151,500.

#11 – 3056173 – 3/2.5 in zip code 28217 already has received multiple offers; listing price is $104,900 with a tax value of $121,300.

#12 – 3056190 – 3/2 in 28214, this one is a foreclosure in process (expected completion is 4/10/2015, so closing could not occur before that date); listed at $99,800 with $150,500 tax value.

#13 – 3056355 – 4BR/1.5 BA Fannie Mae REO in North Charlotte (28269) with a listing price of $84,900 and a tax value of $100,600.

#14 – 3058748 – 3/2 in North Charlotte (28212); this REO is listed at $55,600 with a tax value of $87,900.

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-6341089-427

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

Eric J. Dorer, B.S., J.D.

Broker/Realtor

Eric J. Dorer Real Estate

2740 Oxborough Drive

Matthews, NC 28105

Tel: (980)875-0950

e-fax (877)362-0917

email: ejdorer@gmail.com

web site: www.EricDorerRealEstate.com