At any rate, Dave found this house online that sold about two months ago. We're kind of stalking it because the two major housing sites (listed above) are saying that as of 5 days ago, it's on the market again. But, none of our local real estate offices have it as a current listing yet. It's possible that it is a home that went under contract and fell through after months of negotiations, or the buyer backed out, and being the steal that it is it's flying under the radar.
This is not necessarily a home that Dave and I would love. . .we're really looking for a simple, beautiful mountain property and not a mansion. But the investment potential on this one is pretty much irresistible. . .these bank owned properties are something else!
This is an unfinished new build in a neighborhood full of large high end homes. From what we can tell searching old listings online, it needs finish work in plumbing and electrical. . .and who knows what else. It is possible that there is no flooring or cabinets, but it's hard to figure out because the listings are cryptic (no doubt because this is such a steal that they would get flooded with inquiries by potential home buyers. What they are looking for are saavy investors willing to pay cash, not home buyers with tons of stipulations).
In any case, this home is on the market for $375,000.
Sounds pretty high for an unfinished home, right?
Not when you consider that this property was being built for sale as a $1,500,000 custom home.
All of those zeros are not a mistake, this is supposed to be a $1.5 MILLION dollar property.
$375K is a wee bit out of our price range, but goodness it's hard to resist this one. We talked about how neat it would be to live there for 6 months, tape a DIY episode of 'Cribs', do the finish work, and put it back on the market for $750K thus doubling our investment and giving us the cash we want to buy a house we love outright. Dave said he'd put it on the market well under value because it would then sell fast and we'd still make a ton of cash in sweat equity. I'm sure this home needs several thousand in finish work, however, so I'd be cautious about listing it 'too low'. I'm curious to see how this one pans out, it *would* be a fun investment, but this is not a place Dave and I would live indefinitely.
Fun to think about anyways!