Man Cave Lust: House related - PeachParts Mercedes-Benz Forum

TylerH860 · #1 02-25-2010, 03:25 PM

I've been shopping for a warehouse space for a while and so far have come up empty. Either its a great space in da hood, or too expensive, too small, etc. With Bohdi's recent purchase it gave me the bright idea of buying a house with a man cave on the property.

This little gem has been for sale for almost 500 days.

Its off a paved road, and you can see why I want it.

http://www.weigand.idxco.com/idx/3929/details.php?idxID=075&listingID=246852

I'm playing phone tag with the realtor right now, but I asking price is clearly far away from the actual value. (I'd estimate 20-30% over) I'd be the Donald Trump of Towanda, as no other house in the area is within 50k of it. My guess is they're either too proud or upsidedown on the place, but we'll see. Homes in my area usually sell within a month, and if they accepted my lowball it would be a contigency contract.

Chad300tdt · #2 02-25-2010, 03:40 PM

Looks like plenty of room for GTGs too.

Dee8go · #3 02-25-2010, 04:28 PM

Boy, $200,000 will certainly get you a lot more in Kansas than it will in Arlington, VA!

gerkebi · #4 02-25-2010, 04:32 PM

Quote:

Originally Posted by Dee8go

Boy, $200,000 will certainly get you a lot more in Kansas than it will in Arlington, VA!

Or in Ohio.

snookwhaler · #5 02-25-2010, 04:34 PM

Wow! Looks like you would stay warm. That is a massive fireplace!! Or is that normal up there?

450slcguy · #6 02-25-2010, 04:45 PM

Quote:

Originally Posted by gerkebi

Or in Ohio.

Certainly not in NJ. A 1 bedroom condo starts at 200+k.

Hatterasguy · #7 02-25-2010, 06:10 PM

Quote:

Originally Posted by Dee8go

Boy, $200,000 will certainly get you a lot more in Kansas than it will in Arlington, VA!

Same here.

Anyway they are probably upsidedown. It doesn't matter what the seller wants the bank is only going to appraise it for so much these days. If the closest comp is $50k less they better have one heck of a reason for asking more, something the appraiser will buy.

If they really need to get out you could do a short sale but those are a PITA.

When it comes down to it their are really only two types of sellers, those that want to sell and those that want to keep owning the house.

The Clk Man · #8 02-25-2010, 06:20 PM

Quote:

Originally Posted by Chad300tdt

Looks like plenty of room for GTGs too.

hey Chad, can you show young Tyler what a proper Man Cave looks like?

TylerH860 · #9 02-25-2010, 06:35 PM

Quote:

Originally Posted by Hatterasguy

Same here.

Anyway they are probably upsidedown. It doesn't matter what the seller wants the bank is only going to appraise it for so much these days. If the closest comp is $50k less they better have one heck of a reason for asking more, something the appraiser will buy.

If they really need to get out you could do a short sale but those are a PITA.

When it comes down to it their are really only two types of sellers, those that want to sell and those that want to keep owning the house.

The problem with this house is there is no comps. It is one of the nicest houses in town, nestled right on the Northern edge, right next to the elementary and middle school, and a bunch of acres. The closest one to it is a 1 acre lot home with 200 more square feet, newer, and needs no updating, has the whole modern stainless steel, granite countertop deal that people drool over, for $159k. Standard dinky 2 car garage though, which is what I have right now. Outbuildings are cheap, but it doesn't have the lot to support a nice 60x40.

The realtor seems to be a dud, as I left a message again at 9:00 am and she has yet to get back to me. Maybe she knows its a lost cause. I still don't know the details on the land that can be purchased with it. Real Estate in the area never had a bubble to burst, so there are few people upsidedown here. My guess is its original owners (or near to it) that are getting old but are still proud of the house. All I can do is speculate until Arelene calls me back.

Hatterasguy · #10 02-25-2010, 06:47 PM

Screw the agent look the people up and call them direct.

My rule if the agent doesn't return my call in 24 hours I go around them. I'll either call another agent if I just want basic MLS details, or I'll go call the people direct and tell them I can't get ahold of the agent so I'm talking to them.

Asking prices don't count, you need to find sold comps. Sounds to me like the house is worth $150k-$175k.

Land is worthless if you can't build on it or farm it. Useless land doesn't add to the value of a property.

If you can get a building lot out of it, you might be able to offest the cost a bit. But with house prices where they are you need to get the land for just about nothing to make anything.