Thread: Great Buying Opportunities

Now is a great time to buy a home if you feel financially stable thats for sure. This custom home below I inspected yesterday sold for measley 350K and is on 2 acres and about 3650 sq.ft. plus a 3 car garage. Buyer said the bank was giving out a special rate of 3.9% on it.

Originally was listed at 496K by the builder, but the bank is letting at go at a bargain for sure.

What will 350K buy in your hometown, I'd be curious.

rick

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My wife and i look at selling out and moving to your area at one time rick. But it was hard to get out of Calif. I saw so many home like that one.

If that home was on my 1/2 acre lot hear in Healdsburg Calif it would sell for 1.5 OR 2Mil easy.

Best

Ron

Originally Posted by Rick Hurst

What will 350K buy in your hometown, I'd be curious.

Probably the house I bought about 2 years ago for 425K..... at the time a smoking deal

In reality, it's probably worth close to the same as we paid. We bought in the dead of winter from a desparate seller. It's a 2500 sqft 1979 tri-level in one of the nicer suburbs in the Portland area.

It's tough to say what 350K would buy today since prices are such a moving target. But generally, in the Portland area it will buy a nice mid-range house. I'd say 2000+ sqft in an average neighborhood.

It's really tough to say because of so many variables - prices moving (downward) quickly, Portland has a HUGE variety of neighborhoods and prices, older house in 'trendy' neighborhood vs. newer in suburb.

I think in general houses are priced much higher in the Portland area than a lot of other areas and much higher than they should be. Our CAP rates on rentals are way out of whack and it's tough to get any positive cashflow from properties around here.

Whatever 350K buys here, it's nothing like the house in the picture.

When houses are selling, there are selling for about $125 sq ft around here. So the math says 350k divided by $125 is 2800 sq ft 2 car on 1/4 acre lot.

You said the house is 3650 sq ft so $456,250 on a 1/4 acre lot. Land prices vary from about $50,000 to $100,000 an acre. So add $100,000 to $200,000 for the land. $600-700 around here for the house in the picture.

3600 sf here (one around the corner for sale) on about a 1/2+ acre lot is in foreclosure, the last price I saw on it was $350k, could probably get it for $250k+.

One around the circle from us was for sale 3 years ago when we bough ours, probably 6,000 sf +/-, was originally listed at $950k, reduced to $850k, reduced again, and reduced to $650k about 3 months ago - just sold 2-3 weeks ago (guessing it went for around $600-625k). While it sets on only about a 1/2 acre +, it backs up to a creek with a wooded preserve area which is probably 250-350 ft deep between houses on either side of the creek (a house on one side of the creek cannot see the a house on the other side, heavily wooded between).

That house in that photo sure looks larger than 3650 sf.

That house and property would go for at least 2 to 3 million in the Boulder Colorado area.... land aint cheap here..b