A Steal At $155,000
The home is located in Paterson, NJ. The seller is asking $155,000 and states that it's perfect for a first time homebuyer or investor. Perfect for what? I'm not exactly sure.
So what does $155,000 buy elsewhere? Well, if you were willing to move to the Memphis, TN area, you could purchase this home.
Or perhaps you might consider San Antonio, TX where $155,000 will get you this 3br/3ba.
Perhaps a brand new home in Macon, GA is more your style? It's $100 less than the Paterson home above.
I'd take my chances in any of the towns I posted over that wreck in Paterson any day. Is it any wonder that so many people are leaving this area? I hope this pictures give you some sense of the value of a home. Bubble in North Jersey? What bubble?
Caveat Emptor!
Grim
16 Comments:
Marin Pos started this but maybe we should have NNJ PoS. Just thinkin' out loud.
Thanks, I didn't know about the MarinPOS blog.
Marin POS Blog
grim
If anyone would like to start a NNJ POS blog, just respond or drop me a line, I'll gladly help out.
grim
I could cover NW Jersey. For NNJ PoS. I think it would be fun and educational.
Please start at NNJ POS Blog. I have some things I would love to get off my chest about the homes prices and pictures I've seen on the GSMLS website. Gheesh!!
Grim,
What do you say, another forum for venting. I'll set it up tonight.
Go for it, drop me an email at nnjbubble@gmail.com if you've got issues setting anything up.
There is enough fodder on gsmls.com and realtor.com to keep you busy for weeks..
grim
Please....you don't have to Paterson to view the the trash, just take a tour of some homes on the market in Montclair, West Orange, Maplewood and South Orange. It's just more money than your typical Paterson colonial.
I call it Third World Charm!
Any suggestions for the NNJ PoS blog? and is there going to be a specific geography?
metro,
drop me an email please.
grim
shivs,
Are you just trolling for some kind of heated response? Sure, I'll play.
If you purchased the house for $165,000 and made improvements worth $20,000, why exactly do you think that the home is worth $315,000?
$185,000 (the cost of the house plus improvements) adjusted for a year of inflation puts the price somewhere around $195,000, a far cry from the $315,000 you'd like to get for it.
grim
A fresh coat of paint and this house can be flipped for a $100K profit. :o
This bubble blog has always been great (love the price reduction pieces) and is now getting even better.
Yes please, an NNJ POS feature would be a hit to be sure.
I grew up in the tri-state area and have lived all over the US. Altho I love it out there, people are the salt of the earth, etc. etc., >there is one thing that I believe no other section of the country can out do that area on and that is, you guessed it, POS properties.
An interesting thing about POS tho, they can become instant POH (Piece of Heaven) properties. They only need to be priced correctly to go from POS to POH.
This seller needs to take a trip up to the Albany area-plenty of POH properties up there. The cities auctions them off by the thousands a couple times of year.
Starting bid= $25.00 and they sometimes go for as much as 1 or 2 hundred dollars.
This seller needs to understand the concept of competitive pricing and how to move property.
Good luck w/ the NNJ POS site- we've got it all over Marin! GO team!!!
The trash in the yard is another nice touch too.
Another thing this seller needs to understand: The more winters this POS sits empty, the POS-ier it's gonna get.
After acouple wintershe's gonna have to change it into a POH property whether he wants to or not.
shivs-
This elucidates the problem with bubbles> there will be as many people taking a hit on the way down as there were people striking it rich on the way up.
That's one of the dangerous things and it's starting to happen now.
If I were NEEDING to sell right now, I would forget about profits, let alone "big" profits, and cut my losses.
The losses will only become more pronounced as the months go by.
I pity needful sellers who get caught in the "huge profit mania" psychology.
They are the ones who will get hurt the most.
The days of huge profits are over.
The days of huge losses are right around the corner.
I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
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