Can we have a YIKES!
I am certain we can as 1 in 10 homes of the homes sold in Baltimore in the first half of the year were below $10,000. That is the price of a used car. Now these homes are urban foreclosures but at this price it is still ridiculous. Even in the worst neighborhood you probably could invest another $10,000 in repairs and have an positive income producing rental.
But either way these numbers have to be scaring the daylights out of everyone in the Baltimore real estate community.
One of every 10 city homes sold during the first half of the year — about 275 in all — fell in that price range. Twice as many sold for under $20,000.
Often foreclosures, these properties are usually in bad shape but seem like deals to real estate investors and the occasional hopeful owner-occupier — such as Wells.
“I don’t have to worry about trying to get a loan,” said Wells, 40, a bill-processing technician who works in Annapolis. “That was the purpose of me searching in that price range. I could buy something, pay cash, and I could live in it and renovate at the same time.”
Almost exclusively a city phenomenon — very few homes in Baltimore’s suburbs sold for less than $10,000 — it’s a market that has expanded rapidly. More city homes sold for less than $10,000 between January and June than in all of 2009 and 2010 combined. Dozens of city neighborhoods had at least one such sale this year. via the Baltimore Sun
Yeah, I'll give you a yikes! That is scary for some but a heck of an opportunity for others!
And I thought the Memphis market was bad with 12.4% of sales below $20K. Investors and speculators are buying everything they can get a hold of. While lots of RE professionals are making lots of money in the foreclosure/REO market, there seems to be little consideration given to the changing nature of our neighborhoods and the fact that we are becoming a renter nation.
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If it works out as he’s hoping, he’ll get a home that — post-purchase renovation included — won’t cost him more than $35,000. http://www.baker-street.co.za/commercial-property
Great information 1 in 10 homes of the homes sold in Baltimore in the first half of the year were below $10,000. That was great. For more information about homes for sale in White Marsh go to http://residentialrealestate-whitemarsh.com/ today.
I’m not sure how I feel about this. On one hand it’s nice to see people like the bill-processing technician in the story being able to buy ultra affordable housing; one the other hand nothing screams urban decay quite like a row of foreclosed, dilapidated houses selling for one-tenth their original value.
That is really crazy how prices have dropped in Baltimore. I am sure it is going to be a long long road to recovery.
YIKES! I would hate to own property in Baltimore. I really can't imagine a home being sold for less than most cars…that's just crazy.
Balimore what happened?? its so crazy to sold out in such low prices.
This is crazy. It's not entirely unexpected of course – the worst neighborhoods in Baltimore really are horrible. Going there as a visitor, it's not immediately obvious, but there are some awful areas.
Rock bottom price? It's a sad sight for property prices to go to that extend.
It's OK to invest more $10,000 after having a foreclosures for the same value. It's profitable all the time.
I used to live in Baltimore with my family and much of my family still lives there. It's bitter sweet really that homes are selling at such low prices. I definitely don't envy my family members who live there now.
Definitely a YIKES! This is hard to believe!
Below $10,000? If a had a chance I would really buy that place.
A prvoocative insight! Just what we need!
What many fail to realize that many of these townhomes are over 80 years old, years and years of decay. Many of these neighborhoods which include the faves of Fells Point and Canton always had Rat Infested issues for decades. No one in their right mind should be paying over 150K for these houses. To add these homes in baltimore are overpriced
A home I sold 2 years ago for $260k sold for $30k… thats crazy! Glad to hear its not just sarasota who's home values have declined to unheard of numbers.