Just Listed! I just came back from previewing the cheapest house in the MLS for San Ramon CA. It's the least expensive single family home with at least 3 bedrooms and two bathrooms listed at $525,000. It's an REO (bank owned property) and on paper it looks like a screaming good deal.
Before I got in the car I knew these things; The neighborhood, Newcastle, is located within walking distance to a sizable strip center with major grocery store, restaurants, fitness center, drug store, hardware store and more. Two homes have sold in this neighborhood since the first of the year. The average selling price has been $633,000 this year to date. One home was smaller and one was larger, so the average selling price might well be a good "market price" for this home. The home was built in 1988, putting it in the "modern" category and the size at 1,852 square feet would allow for spacious room sizes. There is a lovely home nearby that is pending sale that's been freshly painted inside and out, has a "4-year new" roof, updated kitchen with hardwood floors, granite, stainless steel appliances, newer carpet throughout...you get the picture. Just a lovely, lovely home that was priced at $629,000.
Now, back to the present. If you've ever walked into a twenty year old house where almost nothing appears to have been upgraded or enhanced, you'll know where I'm going with this. The Pergo flooring on the main floor looks good. The floor plan "works". The paint is old and scuffed, nails protruding from quantities of photos. The ceiling is stained in the living room under an overhang. I first thought it was potentially from an upstairs bathroom leak, but then saw a stain up high in the cathedral ceiling. Does the roof currently leak? The kitchen is original with tired oak cabinets and a tile countertop. The bathrooms are original and at least one of the drawers is broken. The carpet has been removed from one of the bedrooms. I heard another agent (the listing agent) tell his buyers that the cats had simply shredded the carpet, so they pulled it up. Problem is, the exposed floorboards show significant staining. Cats? Wonder what the other floorboards look like?
I drove away wondering whether this home is really a good deal. Upon reflection, it certainly is an opportunity for a buyer to choose their own enhancement and upgrade details such as paint & carpet color, even working with a kitchen designer for new cabinetry and countertops of their choice.
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