FOR SALE: Updated Turn of the Century Bungalow

I just listed this property for sale:

This cute 2 bedroom bungalow has been freshly updated with two tone paint, new kitchen, and a new bath.  It has a large fenced back yard and is located less than half a block from the New Dee School site which will be completed in the next couple of years.  It is also close to schools, worship centers, and recreation.



This bungalow is 1278 SQFT and includes storage in the basement.  It has tall ceilings, original woodwork and vintage charm.

If you are interested in viewing this property, please CONTACT ME for an appointment

JUST SOLD! Eccles Historic District Turn of the Century Home

I just closed on the sale of this home.  The seller of this property was referred to me by some mutual friends. The home had previously been for sale at the $119,900 price point and had not sold.  After doing a market analysis, we determined that the home was slightly overpriced and we put the home up for sale at $114,900.

We received an offer within two weeks and placed the property under contract.  The seller agreed to a $113,620 price while paying $4,500 in buyer's closing costs.  The home required minor FHA standard repairs and I coordinated with my subcontractors to get this done for the seller.  Except for some awkward gestures from the buyer's agent, the transaction went very smoothly for my client.

Congratulations to my seller!

If you are looking to sell your home, CONTACT ME, and lets get your home on the market.

Agent Angst and Nonsense Negotiations

I recently engaged in negotiations with a real estate agent on a contract to sell a home.  The offer was FHA and the buyer asked for closing costs.  There was nothing unusual about this.  However, as we got further into the transaction some funny things started to occur.

First, we received no feedback during the due diligence period on repairs. The deadline for inspections came and went uneventfully.  

Then the appraisal was conducted.  Typically, FHA appraisers will find safety issues that need to be repaired.  That was so surprise.  We received a copy of the appraisal with the indicated repairs.  However, here is a copy of the addendum we received addressing such items:

I particularly like the comments about "the twisty things".  When the purpose of the addendum is to enumerate repairs, rambling on with vague descriptions of the work to be done or editorializing about the ease or difficulty of the work is inappropriate.  On top of this, the buyer's agent gave me a verbal laundry list of items the buyer wanted repaired too.  This addendum, and the agent's protocol, was so bad I had to write a new addendum clarifying what the seller would specifically repair.

  

As a courtesy to this out of area agent, I coordinated the repairs.  The appraiser also suggested an electrical inspection occur.  The electrician inspected the home and we fixed everything he cited.  We paid him for the repairs.  Finally, the appraiser came back and signed off.  We pressed forward to closing.

Fifteen minutes before the buyer signed her paperwork I got a call from their title company explaining that the buyer did not want to pay for the appraisal reinspection fee.  This is normally a buyer expense associated with the loan process.  They also did not want to pay for the electrical inspection.  I explained that we paid for the repairs cited in the inspection but the inspection itself was not a repair and thus a responsibility of the buyer.  The escrow officer was flummoxed.  I asked him why he was talking to me about this and why I had not heard from the buyer's agent since this request was outside of our agreed upon terms of the contract.  Shortly thereafter I got a call from the agent demanding my client pay these fees.  

The buyer's agent said the buyer could not afford to buy the home if we didn't pay these fees (just $200).  We told them that under no terms we would pay them.  We called their bluff and they closed.  

In all, this negotiation process followed by the buyer's agent was inappropriate. A quick review of the agent's work history reveals a sales log of only three transactions in the past year.  That is well below part-time status.  As we see with many real estate agents in the market, the low-sales part-timers know just enough to cause ulcers.  My client was grateful I kept the transaction on course and handled the details so it was a smooth experience for them.    

If you are looking for a full-time professional Realtor, CONTACT ME, and lets make your sales experience a smooth one as well.    

Nightmare On Robinwood Street: Gallery of Ruins

I was doing some reading this morning which referenced Detroit during its economic zenith in the 1950's.  That is hard for anyone to imagine today.  Yet, at one point Detroit boasted over 1.8 million inhabitants.  Today it hosts only 718,000 people.

So what does a 60% population decline do to your city?  It turns it to ruins.

Please take this stunning GOOGLE STREET TOUR of Robinwood St. in Detroit.  

This is a lesson for all of us in what can happen to cities who lose their economic relevance.   Since that relevance is a function of innovation and creativity, may we never forget to adapt to survive.

Just Sold! 1950's Breadbox Bargain

I just sold this home and will be partnering to rehab and flip the property.  It is located at 2982 Madison Ave. and is a 3 bed 1 bath home.  We purchased the home from an investor who paid $31,000 back in June  of 2012.  He had rented it out for a while and wholesaled it to us for $48,500.  Retail market value is around $90K-$100K in top condition...which is where this property is headed with our project.

Here is a video walk through of the property:



If you know anyone that wants to buy a gorgeous 3 Bed 1 bath Breadbox home with a 1 car garage...it will be ready in July.  CONTACT ME for details.

Ogden Temple Reconstruction Update: Steeple Up

Progress continues on the Ogden temple.  While the upper part of the edifice is still wrapped in scaffolding, the lower part has its granite exterior in place.  It isn't readily visible from the street unless you drive real slow and peek though the gates to catch a glimpse.

I have to give the church credit for keeping things discrete with ample privacy fencing.  It keeps gawkers like myself from being an annoyance to the crews at work.  However, one thing they can't hide with privacy fencing is the work going on with the steeple.

  
For the past week the crews have been applying the finish to the steeple on the ground.  Finally it was time to hoist it to its proper place.

By nightfall it was in place.  Here is the view now from my daughter's bedroom window:

It looks like work on the exterior is quickly finishing.  I am excited to see what finishes are in store for the interior.

Porches of Pity: Enclosed Porches on Old Homes

While working today I stumbled upon this scene on Orchard Ave. in Ogden.

Something doesn't look right about this home.  What could it be?  Well for starters this is a potentially cute side-by-side victorian era duplex.  However, in order to gain a paltry 40 SQFT in finished floor space, the front porches were enclosed (notice the bright white vinyl compared to the grey original cedar dutch lapboard siding).  What benefit there is to enclosing such a small space? I have no idea. 

It also should be noted that open porches were considered an additional living space in older homes.  Due to the lack of air conditioning up until the 1940's, porches were heavily used by their owners as a place to escape the summer heat trapped in their houses.  

This reminded me of another home with an egregious front porch set up in town:

This particular home had a grand front porch that was large in scale.  The home was probably built around 1900.  Well, sometime in the 1920's they bricked in the porch and added windows.  Then later they added a lean-to front porch on to that.  Now it looks like a bunker with a patio. Sigh...

What needs to happen in order to maintain architectural sanity, is for these front porches to be restored back to there open and breezy beginnings.  They were designed to work in harmony with the seasons; and, when they are used for that purpose, they can be a great asset to the home and homeowner.  Ours treats us very well.  

So, if you have an enclosed front porch on your home and are wondering how to bring it back to its original grandeur, CONTACT ME, and I will show you what to do.

FOR SALE: 3 Bed 1 Bath Craftsman Gem

For those of you looking for a highly affordable historic quality home in Ogden, here is your chance.  This home was completely redone in 2007.  The home has a new roof, new plumbing, new windows, a custom knotty alder kitchen, mission/tiffany glass chandeliers, a rebuilt front porch, and so much more.  

If the quality of this home wasn't enough, it is located just a half a block from the Ogden River Parkway, restaurants, entertainment, and new development downtown.  It is a great location!

The home has 3 bedrooms on the main level and a full bathroom.  There is storage in the basement.  The furnace is forced air and there is central air conditioning.  The home also has a two car detached garage.  

Here is a slideshow tour:

If you are interested in viewing this property, or know someone looking for an affordable high quality home, CONTACT ME and we can set up the appointment.

SHARKS: Weber County Realtors Charged With Fraud

In the real estate business, there are many excellent and morally upstanding agents.  However, there are always a few exceptions that seem to play too close to the foul line.  As our local newspaper reports, a couple notorious out-of-bounds market participants will finally have their day in court.  Here is the story from the Standard Examiner:

Six real estate figures from Weber and Davis counties have been charged with felonies alleging fraud in the sales of homes along the Wasatch Front.  The defendants conspired in tacking on bogus fees to transactions involving 13 homes from 2007 to 2010, according to the allegations.

“Defendants deceived and defrauded lenders, sellers and buyers who believed fraudulent, fictitious or invalid fees, costs and liens associated with the subject properties had to be cleared in order for the sale to close,” read the charging documents. 

Charged with multiple counts of second- and third-degree felony communications fraud and engaging in a pattern of unlawful activity, a second-degree felony, were...(click here to read the names)

Many of us in the business, including myself, wonder what took so long.  When I got in the business, I had my own run in with one of these folks who masqueraded at the time as a short sale "specialist".  I bought a short sale property this person had worked on.  Unfortunately, I got more than just the home.  The owner of the property wouldn't move out after I closed.  Why?  Well, they had been promised by the "specialist" that they could stay there, payment free of course, until a new home was found for them...even if the home they were living in closed.  Obviously, that was a bogus promise and I had to politely convince them to leave.

I know many investors who were wooed by the siren song of big payouts and easy money by this "specialist".  Of course, these folks ended up with broken credit or empty bank accounts.  Here is one horrifying example of this so-called specialist's track record.

Now that the word is out, I am sure more embarrassed folks will come forward with stories of their own losses and misery at the hands of an unseemly individual who poured honey in their ears.      

Charts Show Housing Recovery In Weber County

Inclement weather this week gave me some time to do some market analysis this week.  The charts are always full of surprises and here are a few:

The Ogden Valley resort property market has finally stopped its avalanche down the slopes of price decline. Our one-year moving average indicates that homes are selling around $100/SQFT.  One thing to consider in this figure though is how land is accounted for in sales.  The MLS doesn't give $/acre data on home sales so this trendline you see is here just a helpful benchmark.  Lots sizes vary widely in Ogden Valley and thus the $/SQFT will be specific to each property.  Nevertheless, our trendline does indicate the direction of prices are moving up, not down.  This is good news.  

Our next chart shows Ogden's East Bench Neighborhoods which are east of Harrison Blvd. and occupy the space between 20th and 36th Streets.  As you can see here, there is a very nice looking recovery going on in house prices.  House prices are approximately back to late 2010 levels.  This neighborhood is characterized by a high concentration of owner-occupied homes and above average household incomes.  

Finally we turn our attention to Ogden's Historic Core (aka. The Trolley District) which encompasses the vintage neighborhoods between Washington Blvd. and Harrison Blvd. and 20th Streets and 30th Streets.  As you can see, there has been a long and steady decline since 2008 with a sudden and sharp increase over the past year.  Part of this increase may be due to huge capital expenditures going on within this neighborhood to restore, rebuild, and redevelop this part of the city. 

The market is healing and the real estate business is returning to a "normal" state of affairs.  If you are considering buying or selling a home in today's market, CONTACT ME, and lets see what opportunity the market has in store for you.