Midcentury Modern

[RockRaines]

Depends on the finishes you choose, how many problems they run into when doing the renovations, etc.

 

If I know you, you aren't going to settle for some mid-line finishes, and so if you want to redo the kitchen, master bath, and basement, you'll probably need at least $75k-100k...

Good guess :-)

 

Yeah, the basement just needs to be re-done, adding a wet bar and whatnot, I am going to make it into a media room. The kitchen needs a complete rehaul and the master is mostly cosmetic. However like you said I want to elevate the quality because I'd like to sell it for a very high amount eventually. The location is just awesome. I am just out of my target area in the west loop but in a walkable, safe, quiet area.

[iamshack]

Market times have been around the 2 week area for nice places. Within 24 hours the unit in my building had almost 5 offers right away. You need to be ready to go. Which sucks.

 

I've changed gears and started looking at renos in good locations.

You ever watch HGTV or DIY? There are a few shows where folks buy fixer-uppers and then renovate them...Property Brothers and House Hunters Renovation are some good ones...you should check them out.

[Soxbadger]

Shack,

 

Then instead of making it contingent on appraisal, just make it contingent on financing? Its basically the same thing, but sometimes they are more willing to agree to that.

 

And theoretically you arent on the hook for the full contract, if you breach you are likely only on the hook for the earnest money. But that is a lot of risk if you dont have the actual ability to pay for it.

 

The other option would be to get someone to appraise it before you make the offer.

[RockRaines]

You ever watch HGTV or DIY? There are a few shows where folks buy fixer-uppers and then renovate them...Property Brothers and House Hunters Renovation are some good ones...you should check them out.

Addicted to them actually. Thats why I tried to keep my scope within the 90's builds because although it needs work, it USUALLY doesnt have those horrible issues they run into. (fingers crossed)

 

 

I like the bones and the space (2500 sq ft) with a two car garage and the location. I'm hoping that a decent reno with some more over the next 5 years makes it into that premium property.

[iamshack]

Shack,

 

Then instead of making it contingent on appraisal, just make it contingent on financing? Its basically the same thing, but sometimes they are more willing to agree to that.

 

And theoretically you arent on the hook for the full contract, if you breach you are likely only on the hook for the earnest money. But that is a lot of risk if you dont have the actual ability to pay for it.

 

The other option would be to get someone to appraise it before you make the offer.

Ahh, I missed what you were saying about the $10k...I should have picked up on that...

 

Yeah, we'll see what the little lady thinks about it when we go see it this afternoon...if she loves it, we may be putting our houses on the market soon...there is super-low inventory here so it certainly wouldn't take very long to get some offers.

 

Yeah, getting an appraisal would be great...maybe that is an option...maybe they will let us have an appraiser walk through it before making the offer, that way, they don't have to take the house to pending status while we wait for that figure to come in.

 

Thanks, Badger.

[iamshack]

Addicted to them actually. Thats why I tried to keep my scope within the 90's builds because although it needs work, it USUALLY doesnt have those horrible issues they run into. (fingers crossed)

 

 

I like the bones and the space (2500 sq ft) with a two car garage and the location. I'm hoping that a decent reno with some more over the next 5 years makes it into that premium property.

For sure...you are in a perfect spot to pull that off...I think it's very smart.

[bigruss]

Market times have been around the 2 week area for nice places. Within 24 hours the unit in my building had almost 5 offers right away. You need to be ready to go. Which sucks.

 

I've changed gears and started looking at renos in good locations.

Yea unfortunately Im not in any position to buy right at this moment, I still have 4 months on my lease and it would be tough to buy a place, pay this rent, plus buy the things the condo would need.

 

I would love to do a renovation, but where I live (Rogers Park) those properties are like 10-20K less than the fully renovated places (for 2-3 br condos). There's occasionally a house that comes up for under $200k but needs major money put into it, and you wouldn't be able to recoup that money most likely.

Edited April 5, 2013 by bigruss22

[StrangeSox]

Ahh, I missed what you were saying about the $10k...I should have picked up on that...

 

Yeah, we'll see what the little lady thinks about it when we go see it this afternoon...if she loves it, we may be putting our houses on the market soon...there is super-low inventory here so it certainly wouldn't take very long to get some offers.

 

Yeah, getting an appraisal would be great...maybe that is an option...maybe they will let us have an appraiser walk through it before making the offer, that way, they don't have to take the house to pending status while we wait for that figure to come in.

 

Thanks, Badger.

 

I thought Vegas had one of the worst foreclosure rates in the country? Has that mostly cleared out, or are the foreclosed homes just not coming to market yet?

[RockRaines]

Yea unfortunately Im not in any position to buy right at this moment, I still have 4 months on my lease and it would be tough to buy a place, pay this rent, plus buy the things the condo would need.

 

I would love to do a renovation, but where I live (Rogers Park) those properties are like 10-20K less than the fully renovated places (for 2-3 br condos). There's occasionally a house that comes up for under $200k but needs major money put into it, and you wouldn't be able to recoup that money most likely.

Yeah, plus new construction in Rogers is actually a very good value right now. Once you get close to the end of your lease the market may be saturated as well. Not bad timing at all.

[Soxbadger]

Shack as long as you dont mind my unasked for opinion, I have no problem giving it.

[RockRaines]

Shack,

 

At the end of the day if you would be devastated by losing that house I would pull out every option to get it. I went over budget for my condo in the west loop and there isnt a day that I regret it.

[iamshack]

I thought Vegas had one of the worst foreclosure rates in the country? Has that mostly cleared out, or are the foreclosed homes just not coming to market yet?

The banks are holding them back to raise market values.

 

I don't recall the specifics of it, but there was a law passed a few years ago which basically allows the banks to keep them on the books without having to count them as losses or whatever. So they are creating an artificial shortage in inventory by staggering the release of foreclosed homes to market.

[StrangeSox]

The banks are holding them back to raise market values.

 

I don't recall the specifics of it, but there was a law passed a few years ago which basically allows the banks to keep them on the books without having to count them as losses or whatever. So they are creating an artificial shortage in inventory by staggering the release of foreclosed homes to market.

Yeah, they don't count them until they're sold. Flip side is that they can't count upkeep costs (grass cuttings, property taxes, etc.) either. There's two houses on our block that have been empty for at least two years now without being put up for sale.

[iamshack]

Shack,

 

At the end of the day if you would be devastated by losing that house I would pull out every option to get it. I went over budget for my condo in the west loop and there isnt a day that I regret it.

Yeah, we're looking at every option.

 

I mean in the end, it is just a home...I do value homes and properties very highly in my spectrum of wants...I do feel like the right property seriously impacts your lifestyle, your family life, etc, which are directly linked to happiness...but at the end of the day, we could be happy together in my home for several years.

 

This is the ONLY home I have found within a reasonable price range that I would rather live in than my own home...the other one I showed pictures of before, of the pool and backyard, that one was awesome too, but it needed a ton of work and the woman is being unreasonable about her asking price...this one, it is just in such pristine condition, and so in line with the design that I like...it is honestly perfect in my eyes...but we have to deal with the hand we are dealt here.

[RockRaines]

Yeah, we're looking at every option.

 

I mean in the end, it is just a home...I do value homes and properties very highly in my spectrum of wants...I do feel like the right property seriously impacts your lifestyle, your family life, etc, which are directly linked to happiness...but at the end of the day, we could be happy together in my home for several years.

 

This is the ONLY home I have found within a reasonable price range that I would rather live in than my own home...the other one I showed pictures of before, of the pool and backyard, that one was awesome too, but it needed a ton of work and the woman is being unreasonable about her asking price...this one, it is just in such pristine condition, and so in line with the design that I like...it is honestly perfect in my eyes...but we have to deal with the hand we are dealt here.

Yeah, its hard. The good thing is you could be patient since you arent desperate. I've been priced out of a few in this hood (some went for 50-75k over asking) and patience has been the best virtue.

[iamshack]

Yeah, they don't count them until they're sold. Flip side is that they can't count upkeep costs (grass cuttings, property taxes, etc.) either. There's two houses on our block that have been empty for at least two years now without being put up for sale.

Yeah, I believe at some point a few months ago, there were only 3400 homes on the market or something, which was like a low point in inventory in recent history here. That began driving up prices. My home is now probably up 40% since I bought it in August of 2011, which was probably right at the bottom of the market. But now people are starting to get stupid about it, and listing their homes for like 2006 prices, which were ridiculous then and are ridiculous now.

 

I'm somewhat conflicted, because I feel like now may be the time to sell, but at the same time, this one house is literally the only one I think I would want to buy right now (within a reasonable price, of course).

Edited April 5, 2013 by iamshack

[RockRaines]

We have 40 on the market, around 30 have offers or are under contract in my target area. It's sick.

[iamshack]

Throwing my house on the market for an open house this weekend...see if we draw some quick offers...should be interesting.

[RockRaines]

The offer I put out was countered and they are completely crazy with what they think its worth. Their Comps are completely new larger places while their's is a run down fixer upper. Ugh.

[iamshack]

The offer I put out was countered and they are completely crazy with what they think its worth. Their Comps are completely new larger places while their's is a run down fixer upper. Ugh.

Gotta love that...they did counter though, which shows they at least are taking you seriously (even if they are nuts)...think you are going to re-counter?

[Soxbadger]

Lower your offer and give them comps you think are right!

 

lol

 

 

[RockRaines]

Gotta love that...they did counter though, which shows they at least are taking you seriously (even if they are nuts)...think you are going to re-counter?

Yes but very little increase. My comps are spot on. I need to gut half the place, so you can't use 2-3 year old updated comps.

[Y2HH]

Yes but very little increase. My comps are spot on. I need to gut half the place, so you can't use 2-3 year old updated comps.

 

What are comps?

[Soxbadger]

Im pretty sure they its comparisons.

 

Basically appraisals of "similar" properties to try and determine what the real price should be.

[RockRaines]

Im pretty sure they its comparisons.

 

Basically appraisals of "similar" properties to try and determine what the real price should be.

Right. Both a buyers and sellers agent use them to justify their pricing. In this case, this guy is f***ing crazy. The are the highest priced place anywhere near them and its beat to hell including puddles in the basement, I would have to drop in upwards of 100k to make it one of the nicer ones around. One of their comps was a place in the best part of the west loop, almost new, larger, and completely upgraded with everything from fixtures to heated floors in every bathroom. His place has been on the market for 170+ days and will still be there another 170 at his price.