House hunting

What are the things that puzzle, enrage, delight and tickle you as you go about your life in Madison?
narcoleptish
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Re: House hunting

Postby narcoleptish » Wed Apr 19, 2017 10:33 pm

Ducatista wrote:and Casa Marbrisa in Mexico City. I'd slide into that crazy moat and just swim and swim until I died happy.

Image


Had never seen that one before. Very nice.

Here's my current favorite. Phuket Thailand. You can rent it. Yeah, there's a lot of white there but it works for me. And the ocean is so blue.

Image

http://www.telegraph.co.uk/luxury/trave ... la-review/

Here's an interesting one in Blue Mounds that I just came across.

https://www.johnsenschmaling.com/topo-house/

Ducatista
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Re: House hunting

Postby Ducatista » Thu Apr 20, 2017 8:45 am

narcoleptish wrote:I've seen predominantly white interiors that I liked but the draw of mid-century modern to me is the wood and the stone.

Same here. The wood and the stone, I mean. I'm dreaming about wood walls for our kitchen/cannibalized DR.

(And I have seen white that I like... but it takes a lot of discipline to make white serene and uncluttered. More than most people have.)

OMG that Thai rental. Six bedrooms, $2,500/night in low season, with full staff? With enough people, that's within the range of mere mortals. Incredible.

Ned Flounders
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Re: House hunting

Postby Ned Flounders » Thu Apr 20, 2017 11:18 am

Ducatista wrote:OMG that Thai rental. Six bedrooms, $2,500/night in low season, with full staff? With enough people, that's within the range of mere mortals. Incredible.

Foron road trip!

Beard
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Re: House hunting

Postby Beard » Fri May 05, 2017 11:55 am

I've been enjoying this thread, especially seeing the flippers trying to make a quick buck.


One such house is for sale in my neighborhood
https://www.zillow.com/homes/for_sale/M ... /2_p/1_fr/


It was a very small ranch that was purchased for $100k in July 2016. The flippers tossed on a second floor and gutted the inside. They started asking $450k but quickly dropped it to around $400k. On 4/25 they dropped it by another $500. Yes, $500.

Looking at the pictures it's clear that none of the materials are high, or even medium, quality and that the only thought that went into the design was, "let's make it bigger." Nothing flows at all. I'm not a fan of any of it but what really ruins it is the weird fake balcony off the top floor.

The houses adjacent to it are still $100k ranches that this one started out as.

This one's been sitting for a while and I anticipate it sitting for a lot longer unless the price drops substantially.
Last edited by Beard on Wed May 10, 2017 8:42 am, edited 1 time in total.

narcoleptish
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Re: House hunting

Postby narcoleptish » Tue May 09, 2017 12:20 pm

The $500 price drop is hilarious. Like there were possible buyers at that price point out there shaking their heads and saying, "If we can just get that monthly payment lowered by (literally) a couple of bucks."

The flippers do seem to have pretty standard design parameters, especially in the kitchens and baths.

Fennel will appreciate the ample venting over the range.

Here's the before: http://www.starkhomes.com/property/4996 ... a-WI-53716

fennel
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Re: House hunting

Postby fennel » Tue May 09, 2017 12:41 pm

Yes, gotta have good ventilation.

I definitely don't like the forlorn abandoned space above the kitchen cabinets. And carpeting? Nah. And — good lord — no basement! Maybe too close to the water for that, but at that price ...

Ducatista
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Re: House hunting

Postby Ducatista » Tue May 09, 2017 3:08 pm

Beard wrote:This one's been sitting for a while and I anticipate it sitting for a lot longer unless the price drops substantially.

I dunno... it's got this sought-after feature: "large walk-in closet with Lake Monona views"

narcoleptish
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Re: House hunting

Postby narcoleptish » Tue May 09, 2017 5:27 pm

Closet lake views are so five years ago. Master bathrooms on a bus line are where it's at today.

snoqueen
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Re: House hunting

Postby snoqueen » Tue May 09, 2017 5:52 pm

fennel wrote:Yes, gotta have good ventilation.

I definitely don't like the forlorn abandoned space above the kitchen cabinets. And carpeting? Nah. And — good lord — no basement! Maybe too close to the water for that, but at that price ...


The pre-flip ad says property is in rough shape, the before picture looks pretty dismal, and the details say conveyance to be by personal representative's deed which implies somebody died and the house was part of their estate. And it wasn't much of a house to begin with. Cliches about "good bones" do not apply here.

Why didn't the flipper just tear it down and build something structurally modern? I could never bring myself to buy a place with so many unanswered questions inside those old walls. Cold damp floors are the least of it. The closet with a view cracks me up.

Flipping a house where you start with a dry-enough basement and a reasonable living space and dress it way up is one thing. Starting out with a vacant cottage on a slab on low-lying land is something else. You are not saving anything, you're only disguising a bunch of problems and asking a sky high price for the result.

Anybody ever visit the Schluter Beach area after a lot of rain? There's standing water everywhere.

Ok, next house please. You flip 'em, we tear 'em apart.

Beard
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Re: House hunting

Postby Beard » Wed May 10, 2017 8:27 am

@snoqueen -

I agree entirely. This is a low area about a half block from Schluter Beach. The yards of the houses a few doors towards the beach are full of standing water after even a little bit of rain. Some friends of mine live about five houses in the other direction and are up a slight hill. Their house has a basement and they've not had water issues. The house in question sits pretty low so I can see why it doesn't have a basement. Still, how many people shopping for homes at this price point are going to be fine without a basement? I can't imagine many.

As for the closet with a lake view, I think that is just poor wording. I think they meant to say that the house has a walk in closet and lake views. From what I can tell from the pictures, there isn't a closet toward the front of the house that would face the lake. "Lake view" is a pretty generous term for this house. Check out the street view...


You might see a sliver of the lake when the leaves have fallen

Beard
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Re: House hunting

Postby Beard » Wed May 10, 2017 9:01 am

Here's another flipper in Monona


Purchased in June 2016 for $180k.

The initial asking price of $385k didn't get any bites and the price has now dropped to $369k.

It's a better thought out design than the Winnequah flipper posted above and the lot isn't going to be sitting in water after a storm. Still, based on the pictures, it looks like the materials used are pretty low grade. It also looks like the buyer will have to supply their own appliances.

I'm sure that there are flipped houses that are done well but I've really not seen them. Most appear to be cases of someone putting in the cheapest possible materials/updates and then asking insane amounts of money for the finished product.

Ducatista
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Re: House hunting

Postby Ducatista » Wed May 10, 2017 11:04 am

Beard wrote:As for the closet with a lake view, I think that is just poor wording.

Yup. That's what makes it funny.

Beard wrote:I'm sure that there are flipped houses that are done well but I've really not seen them. Most appear to be cases of someone putting in the cheapest possible materials/updates and then asking insane amounts of money for the finished product.

Of course. Flippers aren't in it just for the love, they're in it for the money. Getting the most return on the least investment is the whole point. It's not simple math, though — if they cheap out too much, they may shoot themselves in the foot. But the ridiculous asking prices make perfect sense, especially if they're in no rush to unload the property.

fennel
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Re: House hunting

Postby fennel » Wed May 10, 2017 6:28 pm

Burlington, VT established a speculator's tax in the 80s to put a damper on the speculation that was driving folks out of their homes. As I remember, if you bought and sold a residential property within a two-year window, there was a hefty tax on the sale.

narcoleptish
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Re: House hunting

Postby narcoleptish » Wed May 10, 2017 6:54 pm

I'm not really against flipping, I'm against bad taste and trying to play off a Menards/HD sourced makeover as some kind of high-end renovation.

Flipping a house is no different than fixing up any used item (car, bike, antique table, etc) and selling for a profit. When neighborhood prices (and taxes) start to rise in part because of high-dollar flips, I tend to blame the people who payed the ridiculous prices.

snoqueen
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Re: House hunting

Postby snoqueen » Wed May 10, 2017 7:08 pm

I agree. Sometimes the flipper saves a property, restoring it to use instead of to a landfill. We had a couple young guys perform just such a rescue in my neighborhood a couple years ago and they did us all a favor. A house had stood vacant for several years following the death of the elderly owner. By time the estate was settled (or whatever else was cleared up) it had holes in the roof and the inside was full of mold and critters. We figured it was a teardown. Instead these ambitious young flippers (I'd say carpenters, instead) cleaned it out, secured it, and restored it to liveable condition. It was nothing but a very modest two bedroom, and they added a connected garage and laundry/utility room, similar to other entry level houses in the immediate area.

They held an open house for the neighborhood before putting it on the market, we all toured it, and I personally thought they'd done a pretty darn nice job. Soon after, they found a buyer. The flippers said they didn't make all that much money this time but they wanted to find another place and use what they'd learned to do it again. I didn't see them as greedy or dishonest, but instead as entrepreneurial and practical.


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