NEW HUD LISTINGS FOR 8-28-2009
▲ Click for ordered pics of this week's new listings!
Clicking on the small pictures below takes you to MCB's property page with the condition reports, as if you didn't know that.▼
1.
1431 14th Ave, Greeley: $127,000. 5 bed, 2 bath (listed as a 3 bed, 1 bath), 1400 sq ft over a full finished 1320 sq ft, 1925. First things first: This is an over/under duplex, and a legitimate one at that. The house is a stunning, big bungalow in dire need of exterior paint, and the basement unit is actually very adequate for a couple of tenants. The corner location is a double edged sword - on one hand the lot is MASSIVE and goes back much further than you'd expect. On the other hand, it is right on the corner of 14th Avenue and 15th Street (Greeley Central High School is across the street). The numbers would actually work to make this a cash flowing rental property, but the ultimate buyer for this is an owner occupant that simply wants to rent out the basement. Oh, there's some mold in the downstairs master bedroom. Speaking of which, here's the repair escrow info:| Remediate mold like substance | $275 |
| Repair furnace | $550 |
| Secure exposed wiring | $55 |
2.
2061 Beech Ave, Greeley: $81,000. 3 bed, 1 bath, 1614 sq ft (?), 2002. Again, I'm dubious about the 'finished' square footage. I'll put it to you this way, this place is a 4-level, and only half of the levels are finished. The kitchen is in decent shape and the master has a big ol' closet, but yes there is only one bathroom. And a very, very small deck. The garage is an oversized two car as well. Assessed for $100,192. Video walkthrough:3.
3604 Montrose, Evans: $67,000. 4 (or 5) bedroom, 2 bath, 958 square feet (1440, according to county records which is probably more accurate), 1964. First of all, I have no idea how HUD's appraiser lost track of almost 500 sq ft. or a bedroom. Secondly, I have no idea why the previous owners chose to put their toilet next to a window. Or do I? Fifth, this place is a good deal. Assessed for $93,159. Video walkthrough:4.
2400 Arctic Fox, Fort Collins: $168,000. 3 bed, 1.5 bath, 1202 sq ft (I disagree), 1981. Here's the bargain of the bunch. It could very easily be a 4 bedroom with the addition of a closet, and it certainly feels more like 1600+ sq ft. The house is in need of cosmetic repair, but it's limited mostly to paint and carpet. The exterior of the house is sharp and the neighborhood is awesome. Assessed for $181,200 but fixed up this is, in my opinion, more like a $200k house. Video:5.
2626 Ashland Ln, Fort Collins: $227,000. 3 bed, 2.5 bath, 1995 sq ft over 579 unfinished basement, 2007. Looking for a nearly move-in condition new house but don't want to pay a premium? Better yet, do you want to get in it for $100? Look no further than this Maple Hill monster. The layout may not appeal to everyone (Journey Homes initially called this 2-story a 3-level) as you'll encounter stairs any time you want a snack. It's hard to explain, so just check out the video. The HOA is $405 according to HUD, but I have yet to see that number on any other active listing (I've seen $400 and $500). So what makes it not TOTALLY move-in condition? EVERY SINGLE light fixture is missing. Assessed for $240,500. Walkthrough:6.
3324 West County Road 54g, Laporte: $80,000. 2 bed, 1.75 bath, 1005 sq ft, 1948. I was a little bummed about this place. As a converted duplex, it sucks. As a fixer upper it certainly succeeds, because it needs lots of fixing and lots of upping. There is only one kitchen, and both bedrooms are in one half of the building. Converted, you'd basically have a decent 1 bedroom unit, and a unit with 2 VERY small bedrooms. Then again, I also don't know who would would want to rent out either unit, unless you can find a professional barfly. HUD states the "subject is adjacent to tavern [The Long Branch] and fire station [Poudre #7]". Figure out where we are yet? This place is NW of the 54g and Overland intersection. And yes, this place is pretty much in the parking lot of the bar. You could literally crawl home and be eating a Hot Pocket on your couch in two minutes. And if you fall asleep with a lit cigarette, the fire station can be touched from the back yard. Bonuses: Chicken coop out back, overwhelming smoke smell, aforementioned proximity to the Fire Station as well as The Swing Station (just in case you find yourself wearing out your welcome at the Long Branch). Assessed for $125,500. Video walkthrough:7.
Relist: 2011 Birch Ave, Greeley: $59,000. 3 bed, 1 bath, 999 sq ft over 999 unfinished, 2002. This is a half-duplex in Balsam Village. It needs new carpet, paint and some minor wall repair, but it also needs kitchen cabinets. Has a 2-car attached garage. This makes last week’s extreme deal at 892 E 20th St Rd for $61,600 seem like even more of a killer deal, but since that one went under contract for $67,210 it kind of eases the pain. Assessed for $109,045. As a reminder: If these weren’t good deals, I wouldn’t be wasting my time. Scope the video walkthrough:8.
2437 15th Ave, Greeley: $73,000. 3 bed, 1 bath, 1233 sq ft, 1953. I just realized, I forgot to go to this place. Whoops! Assessed for $100,565.Price Reductions:
1.
31322 4th St, Gill: $108,000. 3 bed, 2 bath, 1432 sq ft, 1997. Except for the part where I had to drive to Gill, I really liked this place. The house is in move-in condition and it has a big fenced yard with two storage sheds. It is on public water but has a septic system, which may explain the berm in the backyard. Either that or they recently buried a whale in a shallow grave. Assessed for $47,124. Scope the video walkthrough:2.
116 2nd Avenue, Severance: $72,000. 1 bed, 1 bath, 1144 sq ft, 1900. Other than it's proximity to the new fire station, there's nothing redeeming about this joint. The yard was cool once upon a time but the house is just too run down. Somehow, the repair escrow made it under the $5000 max, but just barely. The appraiser could have basically just said "Replace everything yo. And the foundation has typical settlement." In fact, the cellar (which is surprisingly clean) is the best part of the house. Overall the house is fairly gross, and it's grossly overpriced. Seriously. Expect this one to be in our inventory for a long, long time. I predict an eventual sales price of $35,000. Assessed for $98,821. UPDATE: This is the first of many price reductions, and I still stand by my predicted sales price. Will anyone buy me lunch at Bruce's if I'm right? Scope the video walkthrough:Remember, the HUDs are a small part of what we do, and nobody does them better. But we have quite a bit of experience in all areas of real estate: resells, listings, short sales, REOs of all types, property management, income properties, etc. If you have any questions at all, just ask. We live and die by referrals, so any you pass along are appreciated.
That's going to do it once again, hope you enjoyed reading and watching! Suggestions are always welcome and I look forward to hearing from you if you are looking to buy OR sell! And if you know anyone that would benefit from our service and would like to receive notice when the HUD Report is updated, please contact me. Thanks for reading, have a wonderful week!
Crip Erickson
Broker Associate
Realty Executives
208 S College Avenue
Fort Collins, Colorado
970.988.5634 cell
970-221-3627 fax
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