Real Estate Crash thread

[4matic]

Really a beige/sand colored home, so paint for sure. Everything looks in good shape and functional, but not up my ally, so that likely is covered bu your needs work comment. Big place for a 2 bdrm and it would be nice to pay less if the comps support it.

They applied a coat of paint and cheap carpet. All needs to be redone.

Caughlin Ranch is cold market. Realtor said prior to pandemic it was dead. Flurry right now will be over soon.

Friend here works for an auotappraisal company and he’s seeing more Reo

[muted]

"When the state opened on June 1st, along with the influx of visitors came a good number of people that are spending the summer here rather than in their home states. As well as people looking to relocate - these people for the most part had already decided on Montana as an eventual destination for a home - but the pandemic accelerated plans. "

-Bozeman realtor

[Skidog]

Landscape is $25k minimum. Flooring, lighting, and countertops. I’m estimating $100k to get it acceptable. Problem is it’s priced. Full value now. You can dirtbIke out the garage.

My deal going sour. Haven’t marked it pending yet. He wants permits that don’t exist.

if I recall correctly you said portions were not permitted. i think this will be your biggest hurdle? Got any friends at the inspection? Any good contractor friends that do a lot of work in the area? Sometimes they can swing the permits post depending on relationship. My bother in law is in good with the locals here so we got some likely passes with our reno, others may have not. Nothing big, but clearly a stickler wouldve made us fix them.

I would personally ask for permits too. Its a risk, even if you dont consider it one. I'd imagine any day they want the town could say get rid of it no?

[AdironRider]

Almost 800k in Reno feels like a decision that you would regret almost immediately.

I’d also get the permit issue figured out in your house. I know you think you can just explain it away, but in reality I think you are limiting the buying pool drastically. I know I wouldn’t touch it.

[Skidog]

Almost 800k in Reno feels like a decision that you would regret almost immediately.

I’d also get the permit issue figured out in your house. I know you think you can just explain it away, but in reality I think you are limiting the buying pool drastically. I know I wouldn’t touch it.

Exactly, any good buyer will do their due diligence here and most will walk. Unless of course the price is right and they are willing to deal with the permit issues post sale. This situation seems like its market priced, so I wish you the best of luck. Maybe figure out the permit deal, including costs, and reduce priced based on that? This is a tough one.

[Jax]

Pitkin and Eagle Counties are encouraging folks from out of state with a "Welcome Home" marketing campaign to spend more time or even permanently move into their second homes to help bolster the local economies.

Here in Steamboat, I met a lady last week who was holed up in the Bronx for 3 months during quarantine. After that, she sold her apartment, bought a bimmer, and is moving out west with no idea where she'll end up. She's literally driving around with intention of buying something, somewhere. Montana was next on her itinerary.

[glademaster]

We do retroactive permitting for work like 4matic's addition in my jurisdiction. Typically, we require scaled floorplans drawn by a draftsman (or yourself), but you don't need an architect, a survey (unless it is abundantly clear that the unpermitted work isn't near/in a setback), and a signed/stamped letter from a structural engineer who performed a site visit. You may also need photos or exterior elevations to show that the outside complies with any applicable P&Z codes.

Depending on the age and scope of the unpermitted work, we may or may not want to do an inspection as part of the process.

[The AD]

Woah, that's a textbook North Jersey Guido house if I've ever seen one. The sort of work that place needs is some Jewish Lightning.

Really? I've seen far more garish houses than this one.

[glademaster]

Just wait until 4matic puts a couple fountains in the yard.

[Mazderati]

Here in Steamboat, I met a lady last week who was holed up in the Bronx for 3 months during quarantine. After that, she sold her apartment, bought a bimmer, and is moving out west with no idea where she'll end up. She's literally driving around with intention of buying something, somewhere. Montana was next on her itinerary.

I empathize. Lots of cool places I've never even heard of out there. Taking a few months to drive around and check things out sounds good to me.

[sirbumpsalot]

We do retroactive permitting for work like 4matic's addition in my jurisdiction. Typically, we require scaled floorplans drawn by a draftsman (or yourself), but you don't need an architect, a survey (unless it is abundantly clear that the unpermitted work isn't near/in a setback), and a signed/stamped letter from a structural engineer who performed a site visit. You may also need photos or exterior elevations to show that the outside complies with any applicable P&Z codes.

Depending on the age and scope of the unpermitted work, we may or may not want to do an inspection as part of the process.

Why not play it forward and give your buyer a $100K break to deal with the permit problem and perhaps karma will give you that $100K off on the house you want in Reno?

[AdironRider]

I just think 4matic should do it and open up his potential buying pool. That would be like 5k worth of work in Jackson WY, which isn't exactly cheap, so even if it is 3x the cost in California, it is still pretty much a negligible cost at under 2% given the list price of the home.

[4matic]

Let sleeping dogs lie on the unpermitted. It is too close to the property line. It’s no big deal. The house is taxed as a 3/1 and it’s a 3/2. You could probably make it 3/2 at 1000sf just by filing at the assessors office. My tax record is wrong in The first place.

[4matic]

Almost 800k in Reno feels like a decision that you would regret almost immediately.

it.

Maybe. Reno is becoming big retirement destination. They are selling dozens of $800k new construction all over the place.

[El Chupacabra]

Maybe. Reno is becoming big retirement destination. They are selling dozens of $800k new construction all over the place.

That neighborhood you're looking at is expensive, and has been expensive relative to a lot of Reno. It's a short commute to downtown offices or anywhere in South Reno, so office professional types like it. It's a solid choice as a purchase area within Reno.

And for AdironRider, here's a pic of the abject shittiness of Reno, from my backyard. Nobody should move here, as it is a meth infested hellhole.

[4matic]

I like the area around Caughlin Athletic Club with the irrigated greenway.

[Skidog]

Let sleeping dogs lie on the unpermitted. It is too close to the property line. It’s no big deal. The house is taxed as a 3/1 and it’s a 3/2. You could probably make it 3/2 at 1000sf just by filing at the assessors office. My tax record is wrong in The first place.

No offense but it was a big enough deal to sour the offer that was made. My guess is it won't only be one.

I hope I am proven wrong and you get what you want out of the place.

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[4matic]

No offense but it was a big enough deal to sour the offer that was made. My guess is it won't only be one.

I hope I am proven wrong and you get what you want out of the place.

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75 year old homes have a lot of unpermitted work in my area. I have a backup offer and just had another showing for a full price + offer.

[4matic]

My agent said market starting to slow.

[glademaster]

When was the addition built?

[liv2ski]

Over the years I have done a boatload of home loans on places that were not 100% permitted. Most are a room addition and never seem to create any problems until the have plumbing in them, then the leaders get weird on non permitted plumbing if they get wind of it from the appraisal.
Years ago I bought a 3 unit rental. No issues with my purchase appraisal or refi appraisal. Then when I went to sell it the buyer said the studio wasn't permitted and wanted a price reduction to which I told him I was clueless, as it was not disclosed to me by the sellers when I bought it, nor did two appraisals call it out, so I told him to take a hike. He bought it anyways. So in crazy CA, you just never know what people will accept.

[4matic]

When was the addition built?

1960

[glademaster]

Don't be obtuse, the fixtures and finishes in that bathroom aren't from 1960.

If the addition were in original 1960 condition it would be one thing, but you've gone and further complicated things by doing more unpermitted work in a space that is an existing non-conformity. It varies slightly from place to place, but it is a good general rule that existing, non-conforming spaces can only be repaired/maintained, but not updated. If you want to update them you have to bring them into compliance and/or apply for a variance.

Given that, if the addition is encroaching on your setbacks as you said, I think you'll have a harder time finding a buyer. At that point, it's an encumbered property. Have you looked into applying for a variance with the city?

[4matic]

Whatever. You sound like Benny. Complain about everything

The bathroom would have been considered new construction and was done on that spec but since it was part of the unpermitted space I just did it.

The only real problem is it’s over improved for the area. Even if it was all permitted it would still cost me.

This house has been a lot like a hobby car. I’ll never get my money for the work I’ve done.

[4matic]

This dump is next to the railroad tracks and has 400sf of unpermitted space. Sold in a week.

https://www.zillow.com/homedetails/1...ource=txtshare