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Thread: Real Estate Crash thread
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07-11-2020, 10:28 AM #9576
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07-11-2020, 10:43 AM #9577Banned
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- In Your Wife
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I'm not complaining about anything, I'm just asking questions and giving you the perspective of someone who deals with this stuff for a living. And L2S is right, the unpermitted work isn't a big deal, but building a setback, particularly living space and not just a patio/deck, is dumb.
You had a great opportunity to retroactively permit and apply for a variance for the addition in the setback if you had gone to the city and gotten permit to do the bathroom.
There's a sucker born every day though, so you'll sell the place even with the encumbrances.
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07-11-2020, 11:02 AM #9578
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07-11-2020, 11:02 AM #9579
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07-11-2020, 11:12 AM #9580
Real Estate Crash thread
It also could have caused a review of the living space, a re-survey, and comments from neighbor which might have resulted in a tear down. Every licensed contractor, electrical or plumbing, said let sleeping dogs lie.
Doing the work was a financial mistake. So what.. I could have just left it hillbilly style but I chose to do the work. Even at a fully valued permitted price I still lose $150k in money spent on improvements. To sell it as a 3/1 1k sf is only $50k lower. So in essence, the buyer is paying $50k for $250k I’m improvements. Remember, this house has brand new guaranteed 50 year roof and solar.
Was I stupid to do the extra work? Say what you want.. my sell price is in a $100k dollar range regardless.
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07-11-2020, 11:22 AM #9581
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07-11-2020, 11:30 AM #9582
Real Estate Crash thread
The latest serious prospective buyer is older Indian couple. One career military, the other a cancer researcher. We told him about the livable space first thing. They are coming tonight for a light show under the pyramid. Every switch on the property has a dimmer. The guy was over the moon with the electrical.
This buyer reached out directly to my agent. He’s already implied the price. $800k. I’m good. They save $20k in realtor commission.
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07-11-2020, 12:20 PM #9583
The part I missed is that when it was done in the 60's and then later expanded by you it was legal to do and not in a setback. Our home was built in 1949 with a zero setback on the east side. With the new setback laws passed 40 years ago, an extension/addition off the garage would have to be 5 feet from the property line without a variance. We are assuming the same in your situation.
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07-11-2020, 01:20 PM #9584
Real Estate Crash thread
Young Viet American sisters were just here for a tour with their mom; in Spring clothes. I might have to extend my listing a few more days.
They took a big bag of peaches from the tree with them.Last edited by 4matic; 07-11-2020 at 01:48 PM.
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07-11-2020, 02:04 PM #9585Banned
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- May 2007
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- Sandy, Utah
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- 14,410
I don't doubt someone will buy it at all, I just suspect it won't be a simple road. Smaller pool of buyers willing to "risk" it. I mean you bought it right? They ain't making any more land.
Most improvements you do for you never pay off in $$$, but in the experience while you're there. Investment improvements are a different story, I'm sure you know this obviously.
Good luck with sale.
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07-11-2020, 02:32 PM #9586
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07-11-2020, 04:38 PM #9587
Redfin does direct to agent marketing now. It’s only in very limited release but it’s coming
https://www.redfin.com/direct
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07-12-2020, 07:17 PM #9588
Real Estate Crash thread
I have a good offer but they decided to test me. They approached my realtor to make the offer and save money. Realtor implicated the price and I chatted with the buyer. Agreed. Today I get the offer and it's $6k less. Not that big of deal but still.
My tax record and parcel information are strange. It says 1k sf, 3 bed 5 bath and 7 rooms. Obviously an error but what is that 7th room? The original house is 1k sf 3/1 with 6 rooms. We are going to the assessor office tomorrow to pull my card and see if it shows the extra room(s). If it does I have a couple options. I can try and get the square footage added or use the card to show the appraiser that the extra room is in the county record to be considered in the appraisal.Last edited by 4matic; 07-12-2020 at 07:49 PM.
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07-12-2020, 10:22 PM #9589Registered User
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- Mar 2009
- Location
- San Francisco
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- 150
We've been looking at Reno as well. Mostly Northwest and South.
Any insight into the difference in the public schools of those two areas (NW > McQueen, South > Galena), diversity/neighborhood demographics, etc. We have a 13 and 3.5 year old.
Also for MTB how are the neighborhood trails in that area (Galena, Thomas, Whites creeks)? Never ridden Peavine, which seems more extensive but curious how the local trails are.
Thanks in advance for any help.
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07-13-2020, 09:08 AM #9590
Northwest near McCarran loop or inside: more diverse neighborhood. NW in Somersett: less so, probably more like Galena area (white people). I lived in Galena about 8 years (near Galena high school), then moved to Galena Forest. Do you have specific neighborhoods you're looking at? For example, in South Reno: near Galena HS, or Damonte Ranch, or Arrowcreek/ Saddlehorn,...?
McQueen and Galena HS both have good reputations. I think Galena is considered slightly better - it may simply be because of more expensive neighborhoods feeding Galena, so richer (and perhaps more helicopter/ controlling) parents. A new middle school is under construction in South Reno, supposedly opening this fall, near Hunsberger elementary. If you're looking at the neighborhoods east of 580 (Damonte, Double Diamond), you'll be in the Damonte HS area, and there's a middle school next door too.
MTB: Peavine has a much larger trail network than what's immediately close to Galena. Peavine is all open, few trees, rocky, very hot in summer. Rideable pretty much year round, so long as it isn't right after a rain storm (clay). There's also a newish bike park near McQueen HS, which isnt completed yet, but is open to ride. (Kind of small, mix of easy trails and harder jumps.) Galena County Park has only a handful of trails, but trees and higher elevation mean rideable in summer, mostly all intermediate trails, with harder stuff higher uphill (some unofficial). Can ride from Galena all the way to Tahoe if you really want to, but it's a long way to ride.
If you live in NW, you're closer to North Tahoe trails and ski areas. If you live in South Reno, Mt Rose is close, and you have a longer drive if you want to go to Kirkwood or north Tahoe resorts. If in South Reno, the Carson City trails aren't far, and are rideable most of the time too.
If you are going to be commuting, try to avoid having to go through the 80/580 interchange during commute times, as it backs up.
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07-13-2020, 04:56 PM #9591
Went to a tour a few homes this weekend as part of the COBA 2020 Tour of Homes. Every house we looked at was over a mil, and they were already sold. Builders are living larger right now. Very, very large. Of course, same goes for all the sub-contractors. Lots of nice lifted trucks, with custom wheels pulling construction trailers around these parts. Get it while the getting is good...
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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07-13-2020, 11:37 PM #9592
Well, my place went for $785/sq ft. OK by me...
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07-14-2020, 06:16 AM #9593
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07-14-2020, 07:56 AM #9594Registered User
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- Jan 2005
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- Denver, CO
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- 1,620
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07-14-2020, 08:18 AM #9595
The 550 of extra space is considered a patio. So my house will likely appraise as a 3/1+. We’re hoping the assessor drawing shows extra rooms
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07-14-2020, 08:28 AM #9596
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07-14-2020, 08:33 AM #9597
Thanks.
Reality is $520 Sg Ft with the bonus space.
It's not over because appraisal likely won't make price. Buyers know I'm firm on price and said they'd make it up. I'll walk and relist it if I have to. VA maximum in Ca. is $780k so they know some cash is needed. The old lady buyer loves this house.
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07-14-2020, 08:38 AM #9598
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07-14-2020, 09:27 AM #9599
VA is $765k my county.
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07-14-2020, 02:03 PM #9600
All the realtors piling on to tell us they really earn that 3% and that a buyers agent is “free”!
Guarantee the same completely unethical realtors who will not pass on offers from a buyer looking for a rebate to the seller for no representation will do EVERYTHING possible to get that double commission. Buddy used this in a hot real estate market in Boston, he’d show up tell the listing agent he was unrepresented and would use them for the sale then get spoon fed the other offers on the table, and had one realtor actively lobbying his client to reject a different offer that was higher due to a lower down payment. That profession can’t die soon enough.
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