Prescott Arizona Area Foreclosure News

If you read the last post, you saw a property listed in Mayer, which is about a 30 minute drive from my office in downtown Prescott.  It is a REO and is listed for $18 per square foot for 5683 sqft on 1.25 acres.

I gotten many calls from my investor clients on this listing and other folks too.  I went out there

today with a lovely young couple moving to Prescott in the radiology field.  Lots of jobs of here for medically-related talent!

This home was once interesting perhaps when it was built 25 years ago, albeit designed by someone under the influence of Albert Hofmann’s invention.

Stunning entry for A type personalities

You drive up to the property using the luxurious gravel driveway to the stunning front porch/(gazebo where the wood has rotted through).  It is on lockbox (two of them), but no real need to use that since their are open windows and doors if you choose. 

Opening the dry-rotted front door leads you into a lovely spanish-tiled floor and massive stone fireplace adorned living room.  You probably won’t notice the features though because of the smell of animal urine (a nice blend of mice, dogs, and cats, and who knows what else) is a little overwhelming when you it first hits you.

Nice first impression: Maintenance free pet

When your eyes clear and you can walk again, you can walk up to the stairs (please step over the dead rat on the stairwell, the smell killed him)  to a loft/family room which is adorned with a lovely carpet, grey in some spots, but mostly yellow in others.    The Hofmann inspired design really hits you here with hunchback of Notre Dame style low wood ceilings and useless 1/4 slump block stem walls.  

You’ll discover walking through the rest of the upstairs master suites, that if you choose not to demo this home, you’ll have your choice of most fixtures such as bathroom vanities, sinks, etc, because they are not there anymore.   As are most of the door frames, trim, and other helpful items.

You’ll go back downstairs quickly, because I’m telling you that lingering in the 125 degree heat up there is not ideal, especially since your nose hairs are now tingling.  Turn left and head to the kitchen, which again offers many opportunities for customization.

Kitchen has excellent drainage for hosing out

The bad news about one end of the kitchen floor is about 6″ lower than the other end…now I’m no structural engineer, but when you take a marble and it rolls so fast on a floor that it disappears into a mouse hole, then the foundation is a little challenged IMHO.

The good news is that Backhoes are only about $180 per hour…and this place is probably a one day job.

The rest of the home offers such luxuries as rodent infested and feces covered single car garage and workshop.   Make some loud noises if you go in though unless you like the sight of running rodents.

The lot however is quite decent and offers nice views of the Bradshaw Mountains, but is very close to the highway (you’ll get road noise).

Anyway, you know when you hear something is too good to be true, this is an example. 

I had a client argue with me that banks are dumping properties really cheap because of Obama, but in my experience a bank will only list a property that they are in hock for $250k, for $99k, is when it is worth that much.  To get to that price they had had probably 5 BPOs and were very reluctant to hear that the home is a POS teardown.  (Not Point of Sale).

For someone looking for a lot with utilities installed (septic/private water co.), then this might be a good teardown/remodel.  But there is no free lunch.  Sorry.  It’s worth $100k.

Folks, it costs about $130 per sqft to build anything in decent quality around here, land costs more than nothing…do the math.  Anything under $100/sqft in a decent area is probably in need of some TLC.  There are very few golden nuggets out there.  Just good deals.  Call me to find some today.