Very Special Thread Of Real Estate Randomness

[Waldo]

Originally Posted by SassyLeo

Love this: http://www.100abandonedhouses.com/

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

[betenoire]

Originally Posted by Waldo

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

Detroit hurts my heart.

[Waldo]

Originally Posted by betenoire

Detroit hurts my heart.

Word. Hopefully it's only temporary and this dark time will provide an opportunity for amazing renewal in the coming decades. Sadly, Michigan is not really known for forward thinking any more.

[SassyLeo]

Originally Posted by Waldo

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

I know. It's the really old ones that get me

Originally Posted by betenoire

Detroit hurts my heart.

Yes

[Gayla]

I read something a little while back about a couple of groups that were trying to do somethings in Detroit. It was something along the lines of just closing down subdivision that had a high rate of abandonment and turning them back into rural/agricultural land. It was an interesting concept that, at least on paper, seemed viable.

[betenoire]

Originally Posted by Waldo

Word. Hopefully it's only temporary and this dark time will provide an opportunity for amazing renewal in the coming decades. Sadly, Michigan is not really known for forward thinking any more.

I dunno. 40 years of being fucked over by shady Mayors and police is a long time. It's hard for me to see hope when the people in power are the people who created the problem.

Plus, honestly, any solution that federal/state government would probably come up with would likely end up displacing many of the people who live there now - and I don't want to see that.

Anyway. Off to work.

[Waldo]

Originally Posted by betenoire

I dunno. 40 years of being fucked over by shady Mayors and police is a long time. It's hard for me to see hope when the people in power are the people who created the problem.

Plus, honestly, any solution that federal/state government would probably come up with would likely end up displacing many of the people who live there now - and I don't want to see that.

Anyway. Off to work.

To be fair, Chicago was an amazingly corrupt city for much of the 20th century. You could certainly argue that it still is and I wouldn't bet on a dog in that fight, but with the right alignment things can improve. I'll still hope.

[Gayla]

So since it's my very special thread of real estate randomness, I get to tell you random real estate stories!

I've had a number of buyers ask me if they really need to do a home inspection and my answer is always yes. Inspections are paid for by the home buyer. Often buyers are trying to keep their out of pocket costs as low as possible so while they may try to get away without one, I don't recommend it. Up until this week, my advice has always been theoretical but now I have a real, live story of why home inspections are so important!

A few weeks ago, a nice couple came through the ugly wallpaper house during one of my Sunday open houses and, hypnotized by my amazing powers of persuasion, decided that I should help them find the home of their dreams! A few days later, we found one they liked, submitted an offer and the offer was accepted. The next step is a home inspection.

They didn't ask if an inspection was needed because the house had been built in 1945 and could have had some issues. Little did we know the amount of those issues!

A normal inspection on a home of this size takes about 3 hours. The inspector goes through all of the major systems of the house, takes pictures, points out things to the buyers, makes sure stuff works like it should, etc. This inspection took twice that long and the majority of the problems were things that couldn't be seen just by walking through the house.

There were major issues with the electrical systems, the foundation, and water in the crawl space. He found significant damage from termites and carpenter ants. He found old asbestos tiles in the attic, live electrical wires behind the stove in the kitchen and plumbing problems in the downstairs bathroom. Everywhere he looked, that we wouldn't have, there was a problem.

Needless to say, they will not be purchasing this house. The $350 they spent on the inspection may have just saved them tens of thousands of dollars in future repairs.

[Gayla]

This is my current dream house. Clicky Clicky

[Sachita]

Originally Posted by JustJo

Yep...it's crazy. Luckily I bought an inexpensive house 9 years ago, so I'm fortunate in that I don't have to sell. If I did, I'd be screwed. The only offers I've had barely cover what I paid 9 years ago and the improvements I made.

The house we're buying has been on the market a little over 3 years. I can't even imagine how that feels. Mine has been listed since February...and I'm giving up for now. Maybe in a few more years... It's a good time for you to be buying though. You should be able to get an awesome deal.

And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.

I havent used Realtors in many moons but I've bought and sold many properties. My place in Adirondacks, the suggested listing from the one Realtor I did contact was a lot lower then what I got.

anyhow, when i decided to sell my place in Florida it was with 18 acres and unique property. I cant tell you how many were all over it. After 4-6 months of contracts people couldnt get loans for I decided to only do pre-approval, which worked but in the end they decided (the bank) they didnt want to risk rural property that size in the everglades. To make a long story short I finally just said CASH. You must have and prove you have the cash. I was sick of spending so much time showing and giving tours. A guy comes in and buys it cash.

The place I have now I found myself and did seller financing for the first few years then refinanced. In todays real-estate market I would search for seller offers. Get lots of pics, ask the right questions, locate the county GIS maps and reports, see what the value is, taxes, zoning and any permits that had been issued. Compare properties next to it and close by. This is easy to do once you know where you're looking.

Buy a place that is structurally sound. Hire companies that do nothing but inspect. What are they called again? brain clutter. It's like 200 bucks but if you get to the point of offer you'll want this for sure. Then take your time fixing it up and building equity, if thats possible today.

lol- ok final tip, always buy something you know you can afford worse case scenario. Don't rely on two incomes to pay for a house.

[betenoire]

I'm still semi-casually looking. There are three within walking distance of my work that I think look interesting/promising.

0.60 miles from work - I really dig that it has a loft bedroom

0.22 miles from work - I kinda hate corner lots, though

0.20 miles from work - this is my favourite of the 3. LOVE the kitchen!

[Medusa]

I'd love to tell some stories about the houses that Jack and I viewed while looking for a house in California.

I'll start with a little blurb about a house that was completely FULL of trash, dirty diapers, broken glass, and rotting food and the yard has FOUR broken down cars, a chicken coop, and about 100 mounds of trash piled all over the place.

It was built in the 70s, was next to an abandoned lot full of garbage, at the end of an industrial complex, and 2 blocks from railroad tracks.

They wanted over $400,000.

[betenoire]

Originally Posted by Medusa

I'd love to tell some stories about the houses that Jack and I viewed while looking for a house in California.

I'll start with a little blurb about a house that was completely FULL of trash, dirty diapers, broken glass, and rotting food and the yard has FOUR broken down cars, a chicken coop, and about 100 mounds of trash piled all over the place.

It was built in the 70s, was next to an abandoned lot full of garbage, at the end of an industrial complex, and 2 blocks from railroad tracks.

They wanted over $400,000.

God, how much does a NICE house cost in California??

My parents bought their house from the bank, the previous owners has been foreclosed on. I guess the previous owners had been renting it out or something - because there is NO way that people who actually owned the house would treat it like that.

They had a tonne of work to do. There were dirty needles and human feces on the floor, huge holes in the wall, graffiti, etc. Trash everywhere. They had to get these biohazard-ish suits to wear when they went in to clean it up. They got it for next to nothing, though - and since they did all the work themselves they didn't really have to put THAT much money into it. New flooring, drywall, and paint was really all that it needed. Well - that and removing of all the gross stuff.

My dad must really love my mom. My mother wanted that house for 10 years before they bought it - it was down the street from where me and my sister went to school and every time she went by she'd slow down and stare at it. When the house started to go to hell she'd rant for hours about "how could anybody treat that nice house so badly?" I guess when they found out it was for sale though the bank they went and looked at it and my dad was like "oh HELL to the no" but eventually gave it because it was mom's dream home.

It's actually a wicked cute house. Brick bungalow in an older neighborhood. Lots of trees. Too big for my tastes, though.

[Hack]

I live in Michigan. Granted, I don't live in Detroit, but I spend a lot of time there for work and for fun. I live 90 minutes to the west of the city, to be honest.

Ask most Michiganians about Detroit and you will get a lot of different reactions. Mostly, though, you will hear "it's not that bad."

Yes, a lot of asshat mayors in recent years (with the possible exception of Dennis Archer). A lot of police corruption, true.

And while there are entire sections of the city that are all but abandoned, there are also amazing, amazing parts of the city:

1. The Cultural Center District. The DIA is one of the best art museums in the country. And the African-American History Museum is superb. Not to mention the Max, home of the Detroit Symphony.

2. The Stadium District -- Comerica Park (home of the Detroit Tigers) and Ford Field (home of the hapless Detroit Lions) have spurred a strong resurgence in bars, restaurants, etc. I think there will be more good things to come.

3. Campus Martius Park -- an extraordinary public space in the heart of downtown, with the nearby Compuware Building, which has to be one of the most amazing high-tech office buildings I've ever been in. Campus Martius was recently named the top urban park in the US.

4. The Riverfront -- a lot of hard work has gone in to keeping the Detroit Riverfront PUBLIC, and not pimped out to office buildings and other private development. I'm very proud to have a small role in this through the William G. Milliken State Park, Michigan's first urban state park -- a 31-acre oasis in an urban setting, which is now connected to Eastern Market (another amazing Detroit institution) by the DeQuindre Cut, an amazing walking/jogging/biking trail that connects to sectors of the city. Oh, and by the way? The Detroit River is cleaner than ever thanks to a lot of cooperative environmental remediation. There are now people canoeing, kayaking and fishing on the river all the time. There is a healthy, diverse fishery in the river.

5. Mexicantown -- a buzzing neighborhood filled with great, authentic restaurants, bakeries and shops.

6. There is a thriving arts and music scene in Detroit. There are amazing bookstores. And most of the suburbs offer something cool as well.

I like Detroit. Yeah, it has that gritty feel to it, but the people are real, the food is diverse and good (some of the best Middle Eastern food in the country). There are more than 100 languages spoken in the city, indicative of its multi-culturalism. Don't write it off just yet. Detroit has lots of wounds to heal that go back to the race riots in the 1960s (if not further), but it is not quite down for the count.

Proud Michiganian,
Jake

[dixie]

[jenny]

Originally Posted by gayla

So since it's my very special thread of real estate randomness, I get to tell you random real estate stories!

I've had a number of buyers ask me if they really need to do a home inspection and my answer is always yes. Inspections are paid for by the home buyer. Often buyers are trying to keep their out of pocket costs as low as possible so while they may try to get away without one, I don't recommend it. Up until this week, my advice has always been theoretical but now I have a real, live story of why home inspections are so important!

...

Needless to say, they will not be purchasing this house. The $350 they spent on the inspection may have just saved them tens of thousands of dollars in future repairs.

I absolutely agree that inspections are essential; unfortunately, although I had one done, it didn't tell me what I needed to know. If the inspector could have looked behind the walls, he would have seen exposed electrical wires, cut beams, and all sorts of things that he would have warned me about. He couldn't see that stuff, however, and found some minor issues with the house I was buying, and so I moved ahead.

Four years later, during bathroom renovations, the beginnings of the problem became evident, when the ceiling was taken out and the beams up to the main joist were exposed -- and they'd been cut, then sistered with 2x4s. Under the shower pan was an exposed outlet. (Yes, an outlet, in the floor, under a shower. Go figure.)

Long story short, a builder who I've known for years came over, pulled some walls down and recommended that I get my kids out of the house if we had more than two inches of snow, because the roof was completely unstable. We planned a "remodel" which really was a complete rebuild, and seven weeks later, knocked the house to the ground.

What. A. Disaster. In taking down the house, we found things that were horrifying, and frankly, it's amazing the house didn't go up in flames prior to the demolition. Frayed, barely connected electrical wires running through the walls. Beams that were cut and didn't reach the joists they should have been attached to. No subflooring at all in the living and dining rooms -- just hardwood laid on beams, over a crawl space. (No wonder it was impossible to keep the house warm in the winter!!) The front wall of the house wasn't attached to anything at all -- literally, it was just sitting on the dirt... but that fact was hidden by the front porch. The list goes on and on...

I'm lucky... I now have a very safe, comfortable home, and nothing awful happened to my family. And of course, I can't blame the home inspector, as he clearly stated that he couldn't guarantee anything he couldn't visually inspect. So yeah, absolutely get a home inspection -- I wouldn't buy a house without one. But beware... there may be hidden issues you don't have any way of knowing about!!

[Gemme]

Originally Posted by gayla

This is my current dream house. Clicky Clicky

We have similar taste. I absolutely adore that home and Organic said I could buy it if I won the Lottery!

I'd invite you over for and if I did.

[jenny]

Real estate porn for old house lovers:

http://www.historicproperties.com/

[Queerasfck]

DIY cabin in the woods, for the low, low price of 57K. Only 130 square ft. but it has a little patio. Check out the slides.
And it's only about 6 hours from Voodoo Doughnuts in Portland!

[Waldo]

Originally Posted by jenny

Real estate porn for old house lovers:

http://www.historicproperties.com/

The only house on there in Denver is in my neighborhood. Less than a mile, right down the street from me. I pass it regularly. It's lovely but I don't think they'll get their asking price. They really over-improved for the neighborhood. Some of the details in the house are utterly stunning - but really the sort of thing you do only if money is no object and more often if you plan to stay in a house forever.