Update on homes with the lower price points…..From The Cromford Report
June 24 – For those first-time home buyers hoping to buy a single family home for under $200,000, they may want to hurry it up. New single family listings per month in this price range have been steadily declining since 2010 and have dipped below the level of sales for the past two months with June looking to follow suit. Very few single family homes have been built to add to supply for entry-level buyers as most builders have been placing their bets on multi-family for the past few years. Thus far in 2015, condos and townhomes accounted for 24% of new listings under $200k compared to 22.5% last year and 23% of sales compared to 21% last year. As supply in the single family market continues to restrict on the low end, condos and townhomes may become more attractive. However due to high percentages of investor-owned units, financing may prove difficult.
The smell would assault your nose a few blocks away…..The neighbors say this house had every kind of creature with fur that you could find in Arizona. Goats, ferrets, rabbits and of course Dogs and cats. HUNDREDS of animals.
It was the worst smell…..You would have thought the animals were still in the house. Every wall was covered in feces at least 6 ft off the floor. Every bedroom had a security door like you would see on the outside of a house to hold them in little rooms. Those were covered in feces too. The floors were sunken or just missing all the way to the floor board due to years of disgusting mess sat on top.
This house is located in Mesa, right off highway 60 and was listed for $50k. The price attracted investors like flies to flypaper. What a surprise they got when they went in for the first time……Unfortunately for them, they weren’t allowed to go in before bidding and last I heard the offers on the house were high above $100k. Not only was the house a mess, the house also had – no electrical wiring, no AC, no water heater, no windows, a major foundation crack and that’s just what I saw when I went in myself……
With an investor buying you know it was going to be a flip…….
So the moral of this story is…….that house will soon be on the market as a newly flipped house in Mesa.