Jrj2820 0 Report post Posted August 13, 2006 Hi its been a long time since I have been back to post any topics and I have one that I need a little help with. I was in Miami fl last week and came accross a house where the owner has deceased and the kids are now selling the home.the valued range of the home is $256,400 - $341,867. The owner wanted to start me at $350 but from my walk through I saw that it needed updating (new windows, new roof and new appliances) it will only go for about $270-290 or average based on comps $286,700. I can get a contractor if needs be to do work on the house for without paying labor cost from what I have done so far the home can be bought at $270-285 and sold at $300-325 depending on upgrades.$20-40k in profit minus material if needs be. they have been holding on to this property for the past two years and are very motivated sellers.Estimate value on subject property is $305,238 3 2 2,142 7,500 $143 $41 1967 Sold Price Date Sold BR BA Home(sq ft) Lot(sq ft) Home $/sq ft Lot $/sq ft Year Built $292,000 03/31/2006 3 2 2,252 8,000 $130 $36 1967 $319,000 05/30/2006 3 2 2,025 9,064 $158 $35 1969 $271,000 06/08/2006 3 2 1,512 9,200 $179 $29 1961 $305,000 06/01/2006 3 2 1,727 9,120 $177 $33 1970 $290,000 07/11/2006 4 2 1,783 7,500 $163 $39 1970 $310,000 03/25/2006 3 1.5 1,952 9,625 $159 $32 1963 $250,000 01/26/2006 3 2 1,399 7,500 $179 $33 1957 $285,000 05/10/2006 3 2 1,745 7,500 $163 $38 1970 $275,000 05/11/2006 2 1 1,228 7,500 $224 $37 1969 $270,000 07/21/2006 3 2 1,855 7,500 $146 $36 1970 -- score Averages $286,700 -- 3 1.75 1,748 8,251 $168 $35 -- -- Maket appriciation of Miami, FL 33189 home area30 days 0.2% 1.5% 1 year 14.0% 21.0% 5 years 147.1% 181.9% its a great market Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 13, 2006 When you say "it's a great market", I have to ask "For who?"The market here has changed dramatically over the past six months or so. Inventory has quadrupled and buyers are definitely in control. Keep that in mind if you make an offer. If the heirs are truly motivated, low ball 'em and wait for a response. Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted August 14, 2006 I AM SENDING OUT A FIGURE TO THEM TODAY AND SEE WHERE IT HITS...... Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted August 14, 2006 $270-285 AND THISIS WITH OUT ANY ROOF WORK (REMEMBER I CAN GET THE ROOF REPAIRED WITHOUT ANY LABOR COST WHICH IS $5K ) Share this post Link to post Share on other sites
