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Old 08-22-2019, 01:30 PM
 
Location: Ben Avon/Kilbuck
631 posts, read 233,206 times
Reputation: 244

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Quote:
Originally Posted by Copanut View Post
A person would have to be really stupid to do that. Like my sister in law who did exactly that.

It's not crazy at all, if it is a home someone really wants in a location they want to be in with nothing else that is similar then why not. They may need to move right now so why settle on various other things. I'd overpay $10k if it was a home I planned to be in 10-20years vs another situation where I'd be unhappy for a few years. You will likely make it up over your ownership. We had that happen once.



Technically the appraisal is wrong just not to the bank, it is worth that price since someone is willing to pay it but the bank isnt willing to risk it.
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Old 08-22-2019, 01:56 PM
 
Location: Great White North Hills
11,423 posts, read 14,334,332 times
Reputation: 9084
Quote:
Originally Posted by Knepper3 View Post
It's not crazy at all, if it is a home someone really wants in a location they want to be in with nothing else that is similar then why not. They may need to move right now so why settle on various other things. I'd overpay $10k if it was a home I planned to be in 10-20years vs another situation where I'd be unhappy for a few years. You will likely make it up over your ownership. We had that happen once.



Technically the appraisal is wrong just not to the bank, it is worth that price since someone is willing to pay it but the bank isnt willing to risk it.
Would you overpay by 100K? My sister in law was upside down for the 10 years she lived there. Homes were selling for less than building costs. Sometimes it pays to listen to the bank appraiser.
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Old 08-22-2019, 03:44 PM
 
Location: Ben Avon/Kilbuck
631 posts, read 233,206 times
Reputation: 244
Ok well I'd agree that is crazy in almost all situations unless you just have money to burn with millions in savings. Even then not smart but with that much $ you can afford to be crazy
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Old 08-22-2019, 04:05 PM
 
Location: Lebanon Heights
190 posts, read 290,914 times
Reputation: 121
Quote:
Originally Posted by Knepper3 View Post
I don't agree. Aside from the various costs/issues with any municipality setting up a licensing program or tax (a city transfer tax if under so many months of ownership??). I think there would be a great deal of issues trying to do this and in the end they might just cause flippers/rehabbers to look elsewhere thus not getting the revenue AND not improving the area.
That's a fair point. Basically, I'm just tossing out some conjecture based on the perennial problem of how do you protect markets from the unscrupulous or just plain inexperienced and incompetent. I assume the building permit and code enforcement processes are doing a lot of work here (assuming the rehabbers are getting all necessary permits, etc. etc.).

On taxes, yea nobody likes taxes. My perennial bugaboo is the reassessment of recent purchasers -- just looking for anyone else to share in the pain. More frequent reassessments is the easy solution. I guess I could get more taxes from rehabbers and long-term residents if we grabbed an extra 1% from anyone who sells a property for more than 200% of its assessed value (with the theory being that these folks have been getting a free ride for a long time, and they need to pay up on the way out)?!
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Old 09-03-2019, 05:33 AM
 
Location: Lebanon Heights
190 posts, read 290,914 times
Reputation: 121
Bumping this thread again for yet another Dormont rehab. This one looks more likely than the other to fetch this initial asking price. The rehab here represents what appears to be a very efficient turnarnound, with the rehabber purchasing the home from a bank for around 145k in just March 2019.

https://www.realtor.com/realestatean...6_M46790-50764
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Old 09-03-2019, 08:14 AM
 
Location: Pittsburgh, PA (lovely hills but no ocean...)
1,201 posts, read 645,615 times
Reputation: 1371
Quote:
Originally Posted by Doowlle34 View Post
Bumping this thread again for yet another Dormont rehab. This one looks more likely than the other to fetch this initial asking price. The rehab here represents what appears to be a very efficient turnarnound, with the rehabber purchasing the home from a bank for around 145k in just March 2019.

https://www.realtor.com/realestatean...6_M46790-50764
Nice home and still retains its original charm. I would have painted the white aluminum siding. Espy has the best homes in Dormont.
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Old 09-03-2019, 11:06 AM
 
Location: Polish Hill, Pittsburgh, PA
30,424 posts, read 67,742,069 times
Reputation: 16101
Quote:
Originally Posted by Doowlle34 View Post
Bumping this thread again for yet another Dormont rehab. This one looks more likely than the other to fetch this initial asking price. The rehab here represents what appears to be a very efficient turnarnound, with the rehabber purchasing the home from a bank for around 145k in just March 2019.

https://www.realtor.com/realestatean...6_M46790-50764
Quote:
Originally Posted by zalewskimm View Post
Nice home and still retains its original charm. I would have painted the white aluminum siding. Espy has the best homes in Dormont.
That home is lovely! I also like how they didn't tear down all the interior walls for this "open concept" fad that will be hard to "undo" if having individually-functioning rooms is trendy again someday (cough...flippers are ruining the historic housing stock in Lawrenceville this way...cough).

I realize a flipper wants to spend as little as possible to maximize their return. If I were to buy this house to permanently live within it I'd actually fully remove that second-story aluminum siding and try to restore it to whatever material was original to the home (ramshackle wood siding perhaps?)
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Old 09-03-2019, 11:39 AM
 
Location: Brookline
2,754 posts, read 2,084,549 times
Reputation: 3285
Quote:
Originally Posted by SteelCityRising View Post
That home is lovely! I also like how they didn't tear down all the interior walls for this "open concept" fad that will be hard to "undo" if having individually-functioning rooms is trendy again someday (cough...flippers are ruining the historic housing stock in Lawrenceville this way...cough).

I realize a flipper wants to spend as little as possible to maximize their return. If I were to buy this house to permanently live within it I'd actually fully remove that second-story aluminum siding and try to restore it to whatever material was original to the home (ramshackle wood siding perhaps?)
Might even be original shingles under there. I took the aluminum siding off the front eave of my porch, and there they were, with all original wooden details just waiting for a new coat of paint.

The only thing I do not like about that house is the open kitchen/dining room. They should have just utilized the original doorway that lead to the hall of the kitchen or perhaps closed it up and moved the trim over or something. Just seems very strange to have two doors side by side like that. Overall great job though.
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Old 09-03-2019, 11:44 AM
 
Location: Ben Avon/Kilbuck
631 posts, read 233,206 times
Reputation: 244
Yeah I think they did a great job keeping the original but still giving a modern feel people will like. I like an open floor plan but this still felt open. I actually felt like they did less to this home than the other but they might have restored all the woodwork and who knows what else. I agree on the white siding. I dont love the white and then aluminum makes it feel dated and cheaper. We have an addition which was white and I repainted white when we bought, that is my #1 project for next spring to get some color on it.
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Old 09-03-2019, 11:46 AM
 
Location: Ben Avon/Kilbuck
631 posts, read 233,206 times
Reputation: 244
Oh and maybe just me but I really don't like to color choice for the kitchen counter seating area. I love the fireplace green but don't love that blue right next to it
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