What A Bargain!

[DailyDi]

The house next door has been vacant for a while. it was $59k, then dropped to 49, 39 and finally sold for $24,000. The buyer put up new shutters, painted the walls and put in a new dishwasher and just relisted the house for $119,900

I thought the housing bubble burst? lol

[warpiper]

I wish I had the capital to flip houses.

Oh well, one day.

[square_duck]

Relisting the house for a certian price doesnt mean much. whats important is what the house ACTUALLY sells for. If it sat vacant for a long time before, more then likely it will be sitting for a while again...just watch the price drop....again.... Things like this happen for a reason....

[Letluvsrool]

$24K sounded absurdly low, then I noticed you live in Alabama. Here in SoCal 24K would buy you a mold-infested broom closet out in the Imperial Valley. Actual houses haven't gone for so little since the 1960s

[Bettypooh]

The new buyer may be sitting on it awhile if it dropped to $24K before it sold Nothing is worth more than you can sell it for though how well you market it does have some effect on that I'd be waiting till this happened again, then I'd grab it and rent it out. At $500 a month (and it might get more) you'd have the equity cleared in just 4 years- sooner if it rented for more. With it right next door you'd be easily able to keep an eye on the tenants so they didn't destroy it. Even if you got it under a mortgage, you'd be holding title in well under ten years. The guy I rent from started in a similar way about ten years ago and built a rental empire of 60+ houses. His monthly gross income is at least $21K and in ten more years he can sell out for at least $3M. And it all started with a few houses on the bad side of town he got for under $5K each. It's a lot of headaches but with that kind of income you can buy a lot of aspirin

Bettypooh

[BabyFergstar]

Our house is a bit of a fixer, but me and my wife got it for less than $10K...4 bed, 2 full bath, spare room (oddly shaped unfinished room where we keep the cat box), finished front porch...yeah, long time vacancy is a BITCH for the seller...LOL

[RC-db-UK]

hummmm i think thats the house i released a plage of termites in

[BabyFergstar]

No, no sign of termites...there is that occasional rattling in the rafters, and sure we can see our breath in the summertime, and MAYBE, just OCCASIONALLY we hear a disembodied voice tell us to GET OUT, or threaten to bring us before His Dark Majesty, but it's really quite nice...and every house has it's quirks, right?

[DailyDi]

$24K sounded absurdly low, then I noticed you live in Alabama. Here in SoCal 24K would buy you a mold-infested broom closet out in the Imperial Valley. Actual houses haven't gone for so little since the 1960s

Yep, i was shocked when I moved here. You can get a nice small house for 60 and a mcmansion for 150

[Guest]

Yep, i was shocked when I moved here. You can get a nice small house for 60 and a mcmansion for 150

mmmmmm a McMansion with cheese

[Horndog]

I'd like some fries with my McMansion.

[drynot]

Something similar happened in my little town when the jobs dried up a few years ago. My wife and I were underwater on our mortgage for a while but prices have clawed their way back so now most houses sit well above 100k.

Which is a mere pittance compared to what homes are selling for in oil boom country. Places such as Ft MacMurray and Grande Prairie have home prices in the 300-400-500k range. Thats just for 4 walls and a roof. The McMansions are 800k-1mill in some of these places....

Its nuts. Even with the high paying jobs that are out there you'd go broke just trying to pay down your mortgage. And watch out if the bottom falls out of the market and we have another financial crash.....

[BabyFergstar]

Yeah, all the good jobs went out of our town years ago too...we used to be a General Motors town...now we're pretty much a service industry stop on the way to Indianapolis.

[Loveable_guy]

To check the sale price history of most homes go to Zillow.com and do some research. To by nowadays without first researching the sale price history is foolish. In these parts of the country a four bedroom 2

[Dubious]

24k? Its april fools day already?

You live in the country side, as in far away from a big city?

Cause thats the only place one can find such cheap housing here and it has to be many many miles from a big town..

[BabyFergstar]

Actually, where we live, city houses are usually much less than ones in the country or just outside the city itself...if we could have found a house for less than $10K in the country, we would have jumped on it.

[pampers212]

The house next door has been vacant for a while. it was $59k, then dropped to 49, 39 and finally sold for $24,000. The buyer put up new shutters, painted the walls and put in a new dishwasher and just relisted the house for $119,900

I thought the housing bubble burst? lol

Let me know when he actually sells it at that price. I wonder if it was a forclosure?

[chad334]

I doubt he'll sell it for that price. But if he did. That would be a nice profit.

[dmavn]

sigh.. would have been something i could actually afford at 25k.. unfortunately the rent i can afford is 400$ a month and that is impossible to get around here. average runs about 1200.

[DailyDi]

Down here you can get a small house with a mortgage not much more Han $400

[foundationbaby]

My old house in Northern Cal sold for $250,000 in 2006 and in 2009 the same house sold for $88,000. The house had 3 bedroooms, 1 bath and a 1 car garage. My husband and I sold it before the housing market crashed.