Everybody wants the smoking deal AFTER it’s gone.
It’s ALWAYS the case. We just put a home into escrow and got 3 calls immediately afterward. Two of these callers were ready to submit an offer. I’m not sure why this happens… maybe Murphy’s law, or maybe because people want something that they can’t have.
Anyway, here’s the latest smoking deal that just fell out of escrow. And this isn’t just a “deal”, this is a stupid-rock-bottom-oh-my-gosh-how-good-can-you-get kind of deal.
Here are the details for 78840 Lima:
* 3909 sqft custom home in the Citrus.
* HOA Dues only $243/month for a private, golf course community.
* Detached 2 room Casita (and 3 bedrooms in main house).
* Front loaded private courtyard with custom pool and spa.
* Purchase price = $725,000 or $186/sqft. (Shortsale but we can get immediate approval.)
There are MULTIPLE comps that have sold across the street from this property within the past 6 months for over $250/sqft. The purchase price of these similar sized homes was $1,000,000 and $1,050,000. They both needed A LOT of work – much more work than this property needs. And this home does have the modern upgrades that most buyers look for like granite countertops, high ceilings and french doors that open up on both sides of the house.
So, what’s the problem?
The problem with this home is that it doesn’t show well. Its structure is very sound, but the interior is all white, the furniture and draperies need updating as do the hardware (like ceiling fans, door knobs and faucets). The toughest thing for me to get over, as the agent, is that this stuff is all so minimal when you compare it to the normal “fixer” property, which everybody says they’re looking for! The normal fixer typically needs structural improvements and major rehab work. Just adding darker color paint would improve this baby by leaps and bounds. Even though it’s a shortsale, the owner has still maintained the interior and exterior of the property including the pool and spa.
The hardest thing for 95% of buyers is to see potential of what a home can be, and unfortunately this deal will get passed by for many buyers for that reason. However, I know how it works… all the calls will roll in after it’s taken. I guess that’s how it goes, but this is a plea to the one person that reads this: consider this your warning! 🙂
And if you’re still not convinced, here’s the last fact: When the owner built this home in 1997, he spent over $800,000 in building cost alone (not counting the cost of the land). The price is now $725,000 for everything! And no, this is not an indication that prices are back to 1994… They are only in this case.
Here’s a link to the listing.