The top group is homes that have been remodeled. Walls painted or sheetrocked, crown molding, 6-panel doors, new kitchen cabinets and granite (stone) countertops. Bathrooms have been completely remodeled and new dual pane windows installed. OR they are homes that are For Sale that are newer homes brought into the park since 2005. When I show buyers these homes they say “This does not look like a mobile home!” These homes command prices from $150,000 to $185,000 when they sell.
The middle group of homes are homes that have been kept in perfect condition by owners. Carpets have been replaced when needed and the flooring looks in top condition. Double Pane windows, upgraded faucets and cabinet hardware installed. Most have been painted inside and out. Kitchen counters have been replaced with newer Formica. These homes are selling between $80,000 and $120,000.
The third group of homes are the Fixers. Usually (not always) they are homes with good bones but have areas that need major improvement. These homes sell under $80,000 down to 3 homes last year selling for $25,000 each.
If you would like a list of homes that sold in 2011 and 2012 reply to this email and I will send it to you.
Next week I will talk about the disclosure requirements for a person who flips a home in Lakeshore Gardens. What needs to be done to raise the value from $80,000 to $139,500 in less than 2 years and what needs to be disclosed to the new buyer regarding EVERYTHING that was changed or improved – to keep the flipper (and their real estate agent) out of a lawsuit.
When you think of Real Estate think of Steve – Your Neighborhood Professional.