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Arlington Foreclosure

 
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PostPosted: Tue Oct 16, 2018 6:11 pm GMT    Post subject: Arlington Foreclosure Reply with quote

Went to a foreclosure auction at 1500 Mass Ave today. Vacant 2-family home in need of a massive amount of work, $200K+ I would imagine. Got bid up to $860K... I literally have no idea how this turns into profitable for anyone, but there were a few interested parties!

What makes Arlington so desirable???
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PostPosted: Tue Oct 16, 2018 9:29 pm GMT    Post subject: Reply with quote

Quote:
Vacant 2-family home in need of a massive amount of work, $200K+ I would imagine. Got bid up to $860K... I literally have no idea how this turns into profitable for anyone


I am guessing if a general contractor can keep the fixing cost low by doing the work himself and his team, let say for 100k at cost. Then the total cost will be 960k, and if they could sell each unit as condo for 600k per unit, you get around 200k profit quick.

I agree at current price, a quick flip for profit is almost not possible. But you will need to know even those shitty towns' 2bed condo is selling for 300k currently. The affordability is none exists in the housing market, with home price remains flat at the top, while mortgage rate getting back on the 5%.
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Elrond



Joined: 27 Feb 2013
Posts: 41
Location: Boston, MA

PostPosted: Tue Oct 16, 2018 9:58 pm GMT    Post subject: Reply with quote

Whoa I was at that auction too! I think the buyer may have thought he was getting a 3-family, but it's def a 2! The condition of that property was bad, but not the worst I've seen. Still going to need hundreds of thousands of dollars in work to make it at all nice.
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Elrond



Joined: 27 Feb 2013
Posts: 41
Location: Boston, MA

PostPosted: Wed Oct 17, 2018 9:01 pm GMT    Post subject: Reply with quote

I'm not really sure how it makes sense either, maybe making it into 2 really nice $700k condos? Maybe he wants to live in it and rent the other units out. The 3rd unit may not be buildable but he could probably find a tenant.
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BostonMarket



Joined: 01 Nov 2018
Posts: 5
Location: BOSTON

PostPosted: Thu Nov 01, 2018 11:55 am GMT    Post subject: Sounds pricey Reply with quote

Arlington is a great town with a good school system that is steadily improving.

I would imagine that contractor will revamp this property entirely and sell each unit as a luxury condo for around $700K each. I don't see how this would be worth it to sell it for less.
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