Death of the 'McMansion': Era of Huge Homes Is Over

[AllosaursRus]

I just got my proposed tax notice in the mail the other day. $843.19 with no budget change or $800.96 if they do change it. These are up from the last/original owners taxes of $581.83 last year. Not as bad as I feared. I'll take 'em. 

heh! You don't even want to know what the tax is on 140 acres!

[BEG]

You know ... someplace else that doesn't have state income tax is Texas.  Ever thought about moving to Texas?

 

KC

Are you willing to take me in?

[Texacon]

Are you willing to take me in?

Hmmmm do you eat much? 

 

KC

[BEG]

Hmmmm do you eat much? 

 

KC

No, not at all. 

[Texacon]

No, not at all. 

LOL!  Ok, if you can put a good detail job on a Harley I guess we'll put you up.

KC

[BEG]

LOL!  Ok, if you can put a good detail job on a Harley I guess we'll put you up.

KC

I don't detail Harley but I would be happy to ride on the back of one.

[Texacon]

I don't detai al Harley but I would be happy to ride on the back of one.

That sounds even better.  Why wash one when you can be riding.  I like the way you think!

KC

[AllosaursRus]

That sounds even better.  Why wash one when you can be riding.  I like the way you think!

KC

Wait a minute! What happened to ass, grass, or cash, nobody rides for free?

I guess I must be "old school"!

[Texacon]

Wait a minute! What happened to ass, grass, or cash, nobody rides for free?

I guess I must be "old school"!

Did I exclude any of those??

 

Just kiddin' BEG.  I would take you for a ride just so you could visit Texas again!  I know it has to be hell living on the left coast.

KC

[debk]

Was this a foreclosed home Deb? Where is this?

Yes...it's already owned by the bank, but not on the market yet.

I posted the "good" pictures....the "bad" are really gross. It's in E TN.

My job on this one, was to go in, inspect the property and take lots of pictures - there were 62 on this one. Then do a report that's about 7-10 pages which among other stuff, includes for detailed comparison - 3 current lists and 3 solds from the last 180 days that match up based on several specific criteria, details of any damage, costs to ready for market and costs to bring the property to a "similar to similar" state with the comps, prices to sell within certain time frames, upload all pictures with descriptions.

I should have taken some more, but it was totally dark in a couple of places in the basement, and I don't go into dark rooms that I have no idea what might be in there.    I stick my arm in as far as I can, and take a pic, then lighten/contrast on my computer. And I wasn't about to touch anything in this house if I could help it.....it was full of spiders - lots of webs with egg sacs  , fleas, and other flying critters. The basement was open, for all I know there were rodents and snakes in there too.

Normally I would open kitchen cabs, refrigerator to check in them, to see quality, condition, what's left in them - I was afraid to open the fridge (I've done that before when they were full, and electricity has been off for some time  and the kitchen cabinets were broken and covered in mildew. In this case, I put down to clean thoroughly in order to sell, and $10,000 for a new kitchen - which would include cabinets, sink, faucet, floor, countertops, and appliances - which would all be needed to compare with comparable properties within a half mile.

When it's not going to be my listing....usually when I do an inspection, the house has already had a trashout done, and cleaning is either started or already done. It makes it easier to see the damage, evaluate what it will take to fix or if the "fix" needs to be done in order to sell.

It's very unusual to see a house in this price bracket...and the house's location....in this type of condition. This one needs new everything....siding, roof, etc., kit and bathroom floors, lots of drywall patching, 2 new bathrooms, new kitchen, heat/air, what few light fixtures were left were broken, interior/exterior doors, hardwood may be able to be refinished, but will need some patching, whole interior painted, replace the decks and put in minimal landscaping. The driveway is about 30 feet short of the garage!  It will need the plumbing and electrical inspected at the very least.

I estimated a bit over $53K, for materials and a combination of professional contractors and sweat equity. Depending on what the bank decides to pay to get it ready to market - which may reduce some of the rehabbing costs - and what the bank decides to not only sell it for, but what amount they actually end up accepting - a buyer could end up with a property somewhere between $20-30,000 over costs.   

[AllosaursRus]

Yes...it's already owned by the bank, but not on the market yet.

I posted the "good" pictures....the "bad" are really gross. It's in E TN.

My job on this one, was to go in, inspect the property and take lots of pictures - there were 62 on this one. Then do a report that's about 7-10 pages which among other stuff, includes for detailed comparison - 3 current lists and 3 solds from the last 180 days that match up based on several specific criteria, details of any damage, costs to ready for market and costs to bring the property to a "similar to similar" state with the comps, prices to sell within certain time frames, upload all pictures with descriptions.

I should have taken some more, but it was totally dark in a couple of places in the basement, and I don't go into dark rooms that I have no idea what might be in there.    I stick my arm in as far as I can, and take a pic, then lighten/contrast on my computer. And I wasn't about to touch anything in this house if I could help it.....it was full of spiders - lots of webs with egg sacs  , fleas, and other flying critters. The basement was open, for all I know there were rodents and snakes in there too.

Normally I would open kitchen cabs, refrigerator to check in them, to see quality, condition, what's left in them - I was afraid to open the fridge (I've done that before when they were full, and electricity has been off for some time  and the kitchen cabinets were broken and covered in mildew. In this case, I put down to clean thoroughly in order to sell, and $10,000 for a new kitchen - which would include cabinets, sink, faucet, floor, countertops, and appliances - which would all be needed to compare with comparable properties within a half mile.

When it's not going to be my listing....usually when I do an inspection, the house has already had a trashout done, and cleaning is either started or already done. It makes it easier to see the damage, evaluate what it will take to fix or if the "fix" needs to be done in order to sell.

It's very unusual to see a house in this price bracket...and the house's location....in this type of condition. This one needs new everything....siding, roof, etc., kit and bathroom floors, lots of drywall patching, 2 new bathrooms, new kitchen, heat/air, what few light fixtures were left were broken, interior/exterior doors, hardwood may be able to be refinished, but will need some patching, whole interior painted, replace the decks and put in minimal landscaping. The driveway is about 30 feet short of the garage!  It will need the plumbing and electrical inspected at the very least.

I estimated a bit over $53K, for materials and a combination of professional contractors and sweat equity. Depending on what the bank decides to pay to get it ready to market - which may reduce some of the rehabbing costs - and what the bank decides to not only sell it for, but what amount they actually end up accepting - a buyer could end up with a property somewhere between $20-30,000 over costs.   

Sounds more like the bank needs to find an enterprising construction worker willing to fix it himself! I could do this for a lot less than 53k if my labor was my own. it would turn out to be a pretty good investment in the long run. If the bank farms it out, somebody's goin' to lose money!

[PatriotGame]

I don't detail Harley but I would be happy to ride on the back of one.

Hi!!

My name is Harley...


(sorry...couldn't resist...)

[Freeper]

4 to 5 years ago people were buying homes in Henderson, Las Vegas & Pahrump without even looking at them in person first. Real estate offices had waiting rooms full of people trying to buy anything they could find.  This all resulted in some really good deals right now.

Las Vegas is a nice city with much to offer. In what other major city could you find a nice house for $105,000?

Hell 4 or 5 years ago 105k may have bought you a doghouse in the Vegas area. 
Back then houses were increasing in value as they were being built.

[debk]

Sounds more like the bank needs to find an enterprising construction worker willing to fix it himself! I could do this for a lot less than 53k if my labor was my own. it would turn out to be a pretty good investment in the long run. If the bank farms it out, somebody's goin' to lose money!

The bank will do the bare minimum required to market the property.

They will trash it out, clean it, mow the yard, tow the truck from the backyard. The cleaning should also include making sure that any mold/mildew is at least either wiped off, maybe spray with Killz. (as hot and humid as it's been this summer, and with some broken windows - there has to be some mold in the drywall, at the very least in the basement, as it appeared to have been wet down there)

For safety reasons, they may cap off any wiring needing it - but it's doubtful that the electricity would be turned on because it's unknown if the wiring is safe enough to do it. If I was the list agent, there's no way that I would turn it on.

They will do a pipe winterization, they always do if the house may be on the market after October 15.

After it's cleaned out, it may require a pest treatment to get everything killed off, but that won't be determined until after the cleaning and everything is hauled away. I know the siding has wood boring insects in it, I could see the damage, but unless the buyer gets a mortgage or asks for a termite treatment , one won't be done.

They will have to repair one door, because the house can't be secured otherwise, and the broken windows will be boarded.

Since the job will be over $1000, the bank will require 3 estimates. They always pick the cheapest.

In this market, a lender won't spend the money to do anything else in this price range. They will just price it to sell, and take the loss, particularly with the housing market as it is.

This house is on the low side for SF and price in it's designated mls market area. In the last 180 days, 185 houses have sold in that mls area ranging from $67,500 to $2,240,000 with an average time on market of 105 days. There are no other foreclosures - currently on the market - in that mls area. There are currently 278 houses(does not incl condos) listed in that area ranging from $97,000 to $19,000,000....only 21 between $97,000 and $150,000....there one at $97k, the next is $119,900.

For someone who can do the work themselves....they will either have a great house for themselves, a rental that will rent for $1000-1200/month, or a "flip". Due to it's location, a flip should sell within 90-130 days, maybe less. For someone who has to hire out, it will depend on how much they can do themselves and how much they can't....as to just how good a deal it will be.    

People who do trashouts can make some money. It can be a very, very, VERY nasty job. It used to be, that the trashout person could do whatever they want with what they remove. Now, if it's worth over $600, the trashout person has to tell the bank. Takes an awful lot of stuff to come up to $600 when it's used stuff. 

[AllosaursRus]

The bank will do the bare minimum required to market the property.

They will trash it out, clean it, mow the yard, tow the truck from the backyard. The cleaning should also include making sure that any mold/mildew is at least either wiped off, maybe spray with Killz. (as hot and humid as it's been this summer, and with some broken windows - there has to be some mold in the drywall, at the very least in the basement, as it appeared to have been wet down there)

For safety reasons, they may cap off any wiring needing it - but it's doubtful that the electricity would be turned on because it's unknown if the wiring is safe enough to do it. If I was the list agent, there's no way that I would turn it on.

They will do a pipe winterization, they always do if the house may be on the market after October 15.

After it's cleaned out, it may require a pest treatment to get everything killed off, but that won't be determined until after the cleaning and everything is hauled away. I know the siding has wood boring insects in it, I could see the damage, but unless the buyer gets a mortgage or asks for a termite treatment , one won't be done.

They will have to repair one door, because the house can't be secured otherwise, and the broken windows will be boarded.

Since the job will be over $1000, the bank will require 3 estimates. They always pick the cheapest.

In this market, a lender won't spend the money to do anything else in this price range. They will just price it to sell, and take the loss, particularly with the housing market as it is.

This house is on the low side for SF and price in it's designated mls market area. In the last 180 days, 185 houses have sold in that mls area ranging from $67,500 to $2,240,000 with an average time on market of 105 days. There are no other foreclosures - currently on the market - in that mls area. There are currently 278 houses(does not incl condos) listed in that area ranging from $97,000 to $19,000,000....only 21 between $97,000 and $150,000....there one at $97k, the next is $119,900.

For someone who can do the work themselves....they will either have a great house for themselves, a rental that will rent for $1000-1200/month, or a "flip". Due to it's location, a flip should sell within 90-130 days, maybe less. For someone who has to hire out, it will depend on how much they can do themselves and how much they can't....as to just how good a deal it will be.   

People who do trashouts can make some money. It can be a very, very, VERY nasty job. It used to be, that the trashout person could do whatever they want with what they remove. Now, if it's worth over $600, the trashout person has to tell the bank. Takes an awful lot of stuff to come up to $600 when it's used stuff. 

Who decides the value? To me, someone else's crap is worthless, yet could be worth $$$ to them.

[debk]

Who decides the value? To me, someone else's crap is worthless, yet could be worth $$$ to them.

Depends on what it is.

I have a trashout guy that I always use. He goes to the property, he sends me an estimate, I forward it to the bank, I get a yea or nay from them, I call my TO guy. He does the work, sends me a copy of his invoice and the "after" pics, and he sends one to the bank.

I don't know how the stuff itself is valued. The bank is only looking at pictures. I don't take pictures of every little thing in a house....I can't.

I do know that a lot of stuff left is junk and just gets trashed.

All kinds of stuff gets left. TV's, computers, furniture, appliances, tools are the usual big items. I had one where the guy left his big screen tv-the kind from about 10 yrs or so ago(he said it didn't work) and two big table saws. He told me I could have them, he didn't have a place to put them. M would have liked the saws...but we really didn't have a place for them either, or anyway to get them.

I did one house, that was my listing, the guy left a room full of computer towers, monitors, keyboards, and boxes and boxes of stuff to fix them with. That house was not trashed out. It was a big old Craftsman house, had a cellar, 1st and 2nd flr and a huge finished attic, awesome woodwork, but severely damaged, sold for $19,000. It never even made it to the mls, because the buyer saw my info in the window, called me, I called the bank. It helped persuade the bank that the city condemned it that day! City gives a list of items that have to be fixed in 30 days, or they start the process to tear it down. The bank would have had to fix everything. The buyer just had to show continued progress on fixing the issues to keep the City away.

I did another house, that about all the homeowner took was their clothes. Most of the furniture was left, all the appliances, tv's, computer, books, etc. They pulled everything out of the kitchen cabinets, threw it on the floor, along with about half the refrigerator...then either they or their dogs ....pooped - yep, pooped!!!....all over it all!!! Thank God it was in November and not July or August!!! Place was still full of flies and fleas.

There are times when I think I really need to buy a hazmat suit. 

[RobJohnson]

debk you have a very interesting job!

[BlueStateSaint]

All I'm gonna say, deb, is that I'm glad that NYS doesn't ask me to do residentials.  I have enough of a time with utilities and vacant lands.  Saw two black bears about 20 yards in front of the car Tuesday, in Greene County, while out doing vacants.  Small bears, and they were running full tilt.  But, I got a good look at both.