sarge69 wrote:
I can't imagine a seller with this attachment to a home they grew up in. Been empty two years now and the surviving daughter has strong emotional attachments.
Contractor says a minimum of $250K to fix it up if the city doesn't condemn it first.
Daughter has it on the market for $400K and is firm.
Should I go for it ?
Sarge69
I just want some of the drugs that daughter is using! :-)
caknutsen wrote:
Not sure if this was a serious question, but if it was.
Restoration is along the lines of what I do M-F, but I do insurance funded work, storm, water, fire damage restoration.
In answer to your question, anything is possible, but what is the comparative market value in the surrounding area?
That 250k for restoration is a good chunk of $, was this a friend or just a contractor? If it was a friend I think I would walk away from the house. If it was a contractor that number can be easily reduced if you act as your own GC.
Only major hurdles on a house of this vintage are lead and asbestos, in which the abatement costs can be quite high.
Nice project house though
Not sure if this was a serious question, but if it... (
show quote)
Not sure this is a serious question, either, but this is certainly the place to go for real estate investment advice. :-)
I think your shots just scream HDR and would make the home a better bang for the buck with that extra "POP". lol..........
sarge69 wrote:
I can't imagine a seller with this attachment to a home they grew up in. Been empty two years now and the surviving daughter has strong emotional attachments.
Contractor says a minimum of $250K to fix it up if the city doesn't condemn it first.
Daughter has it on the market for $400K and is firm.
Should I go for it ?
Sarge69
No Sarge, I'll sell you mine for 300K and you will save a lot of money.
sarge69 wrote:
Special ? Don't I know it.
Sarge69
PS: Remember, I'm old school
Sarge69, whatever you decide, I hope it brings you many years of joy, and few termites.... :wink:
Our brains say we can do it, but our bodies say forget it!
sarge69 wrote:
Actually on Thomas St, in old town and very near the Blue Heaven restaurant.
Foundation needs work, complete roof replacement, siding redone in kind (wood), inside has water leakage from roof, carpets are terrible, walls are 1/8 inch cover. Contractor and Agent said to 'stay away. With the amount of work to be done ( if possible ) an offer of $200K would be tops.
Sarge69
Sarge, put the money into a good camera system. Go live on the beach.
Al
I would run as fast as my feet could carry me. Those ceiling leaks means there will be a mold problem in the house. Remediation can cost a fortune. I almost died from a mold problem under my house, so I've got experience.
We're passing on the house for 400K with 250K in repairs. Now wife is looking at a 350K here that has all appliances taken out.
I'm going to put in an offer that is low and tell the wife we are going to take the house in Ft Myers for 170K with 3 bedrooms and 3 baths and a pool alongside the golf course at Whiskey Creek. With the money I save, we can vacation in Europe for a decade.
Sarge69
Archy
Loc: Lake Hamilton, Florida
sarge69 wrote:
I can't imagine a seller with this attachment to a home they grew up in. Been empty two years now and the surviving daughter has strong emotional attachments.
Contractor says a minimum of $250K to fix it up if the city doesn't condemn it first.
Daughter has it on the market for $400K and is firm.
Should I go for it ?
Sarge69
Go for it...it's Key West................ :thumbup:
You might want to check out for sale homes in Truman Annex. They might be almost reasonable now.
rufus1
Loc: Winter Haven, Florida
Wife and I have look at property in the Keys.. In reality sound like a decent deal. Property values are very high in paradise.
In all honesty, I did not see any property under half a million dollars that was really worth what they were asking for.
The $400,000.00 house needs $250,000.00 in repairs if the inspection doesn't condemn it.
The $354,000.00 house has spalling ( cracks in the upper foundation near the roof ) all applicances have been removed, sidewalk being torn up because city wants to widen the road, house sits next to major construction to install a high water drain system and a few more things. Key West is bastardly hot in the summer and fantastic in the winter. I can't afford a summer home in a moderate climate. I'm actually hoping our offer is laughed at by the bank even if it is cash. Let the other 7 bidders have it. I'll buy the home I like in Ft Myers with 3 bedrooms, 3 baths, 1/2 acre of land and a pool abutting the 17th hole of the Whiskey Key Golf Course and I don't even play golf. LOL
Sarge69
PS: Wife will be devasted if we don't get it but secretly I'll be jumping for joy. Key West is a millionairs town.
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