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…
