11/13/2008 12:26:28 PM

If this 620 sq ft place is selling for $200k in 5 years, we're all fucked.

11/13/2008 2:16:02 PM

Drunktyper -
123 Camden was partially renovated back in '03/'04 by the previous owner with updated plumbing, some new electrical work, and insulation. So on this particular one we redid the electrical service (box outside the house to provide enough power for the W/D, HVAC Unit, and new tankless water heater), we gutted the kitchen and replaced drywall where necessary. Sanded the hardwood floors after multiple layers of paint and carpet were placed on top of each other. Built the side deck entrance, closet, fencing, new cabinets, poured the driveways and walk ways, etc. My partner (read as business partner) and I did the majority of the work except P,M, and E (plumbing, mechanical, and electrical) as those trades require licensed professionals for the permits.

125 Camden, which if you drive by is the blue one on the right hand side. This one we had to completely gut due to wood rot and one small section of termite colony damage that had previously died long before our purchase. So with this one we did a portion of the framing work but hired out the sill work (jacking up the house and replacing the wood that connects the studs to the foundation) the P, M, and E was hired out as well for the same reason as 123, permits.

I'll be there the majority of Saturday and Sunday if anyone wants to drive by and take a peak.

My cell number is: 919.795.4403 if you need directions.

11/13/2008 2:17:37 PM

Double Post!

I would also be shocked if the home were worth $200k in five years. Prices inside the beltline have increased a steady 7% for as far back as I or anyone I work with can remember. So in five years a safe estimate would be: $135,000 or around the $215+ sq/ft range.

Keep in mind Raleigh did not see the huge boom the rest of the country did (Vegas, Miami, So Cal) so we have not experienced a huge drop either. That doesn't necessarily mean we'll see 7% increase this year but over the next 5 we should see an average increase of 7%/annum.

Back to the topic at hand. HOME FOR SALE WITH OWNER FINANCING OPTION.

11/13/2008 2:27:19 PM

Ok, $50k and I'll give you one of my BMWs.

11/14/2008 1:38:03 AM

well from the pics you posted and the pics at the wake.gov site, it appears you've done a lot of work, kudos to that. And if you can sell it for 99, go for it, kudos for makin a hellified profit.

You probably could have just bulldozed them houses and built a relatively larger one and sold it for more.

good luck though.

11/15/2008 4:28:27 AM

add a three car garage and a bonus room above the trailer and im all in at 180k

11/15/2008 10:34:09 AM