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Yep, and that is "well priced" for the market. Its crazy here.
The D.C. area is a "hot" market. I saw a map of median income in the United States by county an over half of the top ten counties were in the D.C. area. Lots of money chasing a limited number of properties.
The D.C. area is a "hot" market. I saw a map of median income in the United States by county an over half of the top ten counties were in the D.C. area. Lots of money chasing a limited number of properties.
You are correct. That is why I think your speculator is looking to grab someone from an urban area, like DC or NYC, to buy the house. Though it may not have been the most well thought out planning, there IS a very healthy market of people here who want to "get away" from the city and play farmer.
My neighbor is a prime example. He is an FBI agent and just bought a 30 acre tract of land in West Virginia where he wants to start raising pigs. This guy is about as far from agricultural life as you can possibly imagine but he has this fantasy of getting "back to basics." Whether or not he will follow through, he now owns a bunch of land in the middle of nowhere. Someone made money off of him.
This is the kind of fantasy I am betting your speculators are banking on. The house they built would be perfect for this guy-- unmarried, no kids, not needing a chef's kitchen, wants to get away from everything, cash to burn, etc. This may not be a huge market but believe me, it exists.
"They will not get a local buyer for this property."
They don't intend to. The hottest property in rural America today is 25 acres or more with a field, barn, patch of woods and whatever for a house. People are buying "bug out destinations" as fast as they can. I wish I had a dozen to sell. People in rural America don't understand it yet, but they will. Urban people have a deep sense of foreboding about what is coming and they don't want to be in an urban setting when it happens. My last four deals were cash deals on properties like this.
You are correct. That is why I think your speculator is looking to grab someone from an urban area, like DC or NYC, to buy the house. Though it may not have been the most well thought out planning, there IS a very healthy market of people here who want to "get away" from the city and play farmer.
My neighbor is a prime example. He is an FBI agent and just bought a 30 acre tract of land in West Virginia where he wants to start raising pigs. This guy is about as far from agricultural life as you can possibly imagine but he has this fantasy of getting "back to basics." Whether or not he will follow through, he now owns a bunch of land in the middle of nowhere. Someone made money off of him.
This is the kind of fantasy I am betting your speculators are banking on. The house they built would be perfect for this guy-- unmarried, no kids, not needing a chef's kitchen, wants to get away from everything, cash to burn, etc. This may not be a huge market but believe me, it exists.
Green acres is the place for me.
Farm livin' is the life for me.
Land spreadin' out so far and wide
Keep Manhattan, just give me that countryside
I think that the posters who think that somebody from "the city" is going to come along and buy this property for anything near the asking price are likely to be wrong.
.
The problem with such a list is the subjectivity. Your list of negatives, would be a list of mostly pluses for many. The house is wrong for locals and I agree that's not the buyer, but for a professional from Nashville (for example), it is perfect and all within an hour. If I was looking for a house in that area, i'd love this one. It looks perfect for me. Only one bathroom to clean, which is perfect for my wife and I, or if I want a guys getaway. A small kitchen to deal with since i don't cook much, not much to clean. I love the floor plan, very open and with a West coast, upscale feel on the finish. And then there are the old outbuildings, what a great piece of history. I wouldn't tear them down, but if i did there is a small fortune to be made in the weathered siding. My insurance company, a national one, doesn't care about these type of buildings with regards to rate, since they are not individually insured. The well might be good, we have no reason to believe its not. That leaves the septic as the only real issue. if im throwing down $400K+ for this house, I can easily afford a new septic, and there is lots of room for a new one too. besides, my plan would be to use this house as a guest house while i build my mcmansion up the road in the woods.
while i could built on a new lot, its always a hassle and what if its unbuildable or has some other unknown issue. here I get to come down on weekends, have a place to stay and watch progress, deal with issues etc. I seriously love this house and the price doesn't make me blink. Coming forma high real estate market, this looks like a bargain. I bet it sells in under one year, lets watch.
"They will not get a local buyer for this property."
They don't intend to. The hottest property in rural America today is 25 acres or more with a field, barn, patch of woods and whatever for a house. People are buying "bug out destinations" as fast as they can. I wish I had a dozen to sell. People in rural America don't understand it yet, but they will. Urban people have a deep sense of foreboding about what is coming and they don't want to be in an urban setting when it happens. My last four deals were cash deals on properties like this.
Exactly, this is what i'm talking about! And it is still a bargain price for safety.
On realtor.com it shows the bathroom is with the downstairs master bedroom. So the sleeper upstairs is out of luck LOL.
I cannot imagine why anyone would build a nice house like that in 2013 without at least another 1/4 bath upstairs.
380 sq if you include the price paid for the land (155k) Just the construction of the new house is around 230sqft.
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