Update - 5421 NE 25th down from $319k to $289k

This little bungalow was just re-listed with new photos (see the post here). The price is now down to $289k.

Dante asked if anyone wanted to make a prediction as to where it would sell, I'll jump in and say $249k, in April.

Anybody else?

Update - 5421 NE 25th Back on Market, now $319k

Back in July this little gem was on the market for $129k. It sold for $165k to a couple from West Linn, who have re-muddled it and put it back on the market for $319k$304k. (RMLS# 8099354)

It was in pretty rough shape back in July, this info was provided by Ron Ares: "Approach w/ caution, unstable flooring. Property will not qualify for conventional financing. " Ouch.

It has also had an interesting sales history:

07/29/2008	SW(Bank Sale)	2008112745	$165,000.00
06/23/2008	TR(Foreclosure Auction)	2008095071	$182,628.00
08/29/2006	SH (?)	2006171253	$45,341.00
04/27/2006	WARRANTY DEED	2006078573	$251,000.00
12/17/2001	SW(bank sale)	2002014876	$18,100.00

Here's a photo of the house as it sits today:

A couple things I noticed looking at the distorted photos (come on folks, don't you have someone in the office that can upload these things so they don't look like you're in looking in a funhouse mirror?) First, they put the new electrical service right smack dab on the front of the house. Would it have cost much more to keep it on the side as it was originally, so it's not sitting like a pimple on the house's face?

Second, check out that door opening? I'm all for open floor plans, but couldn't they do it without a big pillar in the opening? That just screams poor planning.

I'm also pretty sure those are not the "original hardwood floors" as advertised. I could be wrong, but when I see them stained that dark I assume they're trying to hide something. These look new to me based on the width.

To their credit the work was actually permitted.

At the current asking price that's a steep $282k per square foot. Pretty steep in this market, at that location. Good luck!

Thanks to Will for the update! Please keep them coming folks, if you're in the market or just see an interesting house, bad remuddle, outrageous flips, etc. send me the info and I'd be glad to feature it here.

Please Take the 70's Back!

This poor house (RMLS #8080271) might have been cute once, but it's not now.

Can't you add a second story without making it so ugly? Houses aren't supposed to wear hats.

And does the addition on the side need to look like a giant wart?

Finally, it's never a good idea to remove a beautiful fireplace and install a wood stove in it's place. Never.
I can only assume these were decisions made during the 70's, when it seems like all things real estate related fell out of the ugly tree and hit every branch on the way down.

Poor house.

Cute Bungalow in Need of Finishing Touches - 8907 NE Wygant

8907 NE Wygant, MLS # 8013014

A reader sent in this craigslist ad with the comment:

"More wide angle nonsense. And look at this hell pit! It's only 160K but has it come to the point where we excuse such a slum because it's "only" 160K?"

As usual I love the creative marketing:

"In need of finishing touches".

If a full kitchen and bathroom ceiling are "finishing touches", I'd like to see their definition of a fixer!

"Great investment opportunity, seller has just reduced the price significantly. This house is only $15,000 away from being completed. You could hold this as a rental and cash flow. Your payments could be around 1061.82 (based on 30 year fixed, 6% apr and loan balance of $150,000) and this could rent for more once done. At this price you have many options, you could possibly fix it and sell for a profit (comps out over $200,000)."

If 15k will finish it and make it worth $200k, why aren't they doing it? They'd realize an instant $25k profit. Probably because it needs more like $50k to finish it.

Also note the number of times "could" is used. 4 times? And Oprah could give me a Million Dollars. But I doubt she will. You could make money on this, but I doubt you will.

"Perfect for a savvy first time buyer looking to make some great sweat equity.Those are just a few ideas that you could act on, but first you have to see the place and write an offer. Call to schedule an appointment today before this opportunity is gone."

Savvy first time buyer = sucker.

Last sale was for $137k in May. They need $145 to break even, not counting carrying costs and money invested. Did they run out of money, or get in over their head?

A Stuning Remodel! 720 N Holland St.

This one actually made me laugh out loud. Good thing I wasn't drinking coffee! They're asking $350k for this gem.

Check out the stunning, vintage wood paneling? Looks like someone threw a new coat of varnish on it! And I gotta assume there are wood floors under the new carpet, they must be in horrible shape as they're not even mentioned.


And yet another example of Home Depot's finest cabinets.

Did they run out of money fixing the roof?

Definitely a re-muddle. Sigh.

Is the Wheelbarrow Included in the Price? - 5244 NE 18TH AVE

Here's my free tip of the day to all the realtors out there.

Your text might read: "No expense spared or corner untouched remodel." and "This your dream remodel"

But the first thing I notice in this photo is the dead lawn, and no landscaping. Which means I'll be investing in those as soon as I move in, or not if I've blown all my money on a deposit


The workers in the background above and the wheelbarrow, unfinished deck and crap in the driveway in the second shot scream "we just rushed through this and cut a few corners to get this onto the market before our financing runs out".

You only get one chance to make a first impression, the little details matter.

RMLS# 8020503