Established Neighborhood – Great Value Buy…
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More, Better Deals From the Banks
Here is yet another deal that could be a perfect addition to your rental portfolio, or fix it and flip it to a first-time or move-up buyer.
This 3 bedroom, 2 bath home of 1,444 sf is in a good and established neighborhood in Whittier, CA. When you check the sold comps, you will notice that most of them are NOT “foreclosure resales”!
What does that mean? I’m so glad you asked! It means that this area is more stable and not dominated by banks slashing prices on foreclosures.
Let me add to that argument. What about the foreclosure pipeline? How many homes are going into foreclosure in this neighborhood? – You may be surprised: Over the past months new filings of NOD are up to about 4 times the level of 2006.
BUT – in 2006 there were only about 2 new NOD filings per month in the 90606 zip code. So, 4 times that is only 6 to 8 per month right now. Not really a big deal – that’s why it’s called an “established neighborhood” that looks like it will hold on to its value a bit better.
BTW: If you want to take a look at all active foreclosures in the area for yourself, just scroll down to the bottom of this article, and click the link to Free Foreclosure Search…
OK, here is a picture:
Halray Ave, Whittier, CA 90606
3 bedrooms, 2 baths, 1,444 sf 5,600 sf lot
I will post more pictures and a repair estimate later today.
Let’s run some numbers:
ARV (sold comps): $389,000
Assessed value: $581,000
Last sale: $500,000 (8/05)
Our price: $249,000 (64% of ARV, $75,000 below listing)
Act now, this one will be gone very quickly!
Email: tom.b@CaWholesaleDeals.com
Free Foreclosure Search – Click here!
