PDA

View Full Version : Home and shop



Fred_M
05-04-2007, 01:38 AM
For a couple of years in " The Home Shop Machinist" I have seen and advertisment for a home and shop. It's a 2500 sq ft machine shop and home.
It's near San Antonio. What's wrong with it? Why won't it sell? Any ideas?

pcarpenter
05-04-2007, 10:57 AM
I've wondered the same thing. There is no picture, so it could be pretty...ummmm.....rugged looking or something :) For example, the ad describes the facilities, but doesn't mention how many comodes or old refrigerators are in the front yard.

I think too, that you would have to find someone who wants to live there. I always viewed my shop building as an asset that may make the place sell some day. I could be entirely wrong....someone who has no use for such a building could look at it and say "gee....I'd buy it except for that 30x40 building adjacent to the house" Or "I think the house is nice, but I am not willing to pay the amount by which the outbuilding increases the value of the property."

At the very least, you have to ask how productive it is to keep paying for that ad. I suppose you could argue that you might find a retiree wanting a shop who had no ties to an area, but for me, I wouldn't say "Gee...I think I will move from Illinois to Texas to get a shop building"

Paul

applescotty
05-04-2007, 12:05 PM
Perhaps the owner is a serial killer, with a preference for machinists? The ad lures them out to his property, and they're never heard from again. :D

Scott

Wayne02
05-04-2007, 11:54 PM
I could be entirely wrong....someone who has no use for such a building could look at it and say "gee....I'd buy it except for that 30x40 building adjacent to the house" Paul
That's exactly the situation I'm in. The real estate people deduct value for the negative impact my shop building has on the property. People don't want a 1000sq ft. metal building next to their house, "it doesn't fit with the area". "On a 1/2 acre property like this people want large lawn and landscaped areas with attractive water features..."

cybor462
05-05-2007, 12:52 AM
Wow you hit a nerve with me. I also put up a roughly a 800 sq ft. metal pole building and when we went to get a refi the appraiser said the shop detracted value from my home as I too am on a 1/2 acre lot. I guess the chicken houses down the block and the dairy milking buildings and the pig slop buildings are worth more!:eek:

They have a much higher value. Strangely enough it does not affect the homes that are next door as one recently sold for more than anyone expected. Just my building hurts my value.:rolleyes:

C - ROSS
05-05-2007, 08:17 AM
Set your own price.

Value as well as beauty is in the eye of the beholder.

If you allow someone else to set the price you will be getting it in the shorts.

Ross

Your Old Dog
05-05-2007, 11:30 AM
Understand the motive of the Realtors. The sooner the house sells the faster they get paid. If they hold out for more money they wait longer but don't really get that much more in fees. They'll promise you anything to get the listing and then they want to lower the price.

This does not hold true in Caleeefornia. If you want $400.000 for your 130.000 house you would have to ask for about $325.000 so the perspective buyers can out bid the asking price ! LOL Houses out there in the shaky state are only worth that because consumers are willing to pay whatever the Realtor recommends.

Carld
05-05-2007, 01:51 PM
Appraisors use comparative pricing. That is, what is neighboring property selling for. If you have something unusuall they don't know how to price it and back away. We have the same problem with our underground home and shop and pole barn. Their eyes glaze over and they start stuttering, they still want to charge for the appraisal though. The only thing that helped us get a price is we knew him and he felt compelled to help us. We still could not get the kind of loan we want because there are no comparisons to use.

Fred_M
05-05-2007, 06:47 PM
Thanks for the input. It almost seems that people who have the facilities to do for themselves are almost outcasts.:D

bhjones
05-05-2007, 07:58 PM
Understand the motive of the Realtors. The sooner the house sells the faster they get paid. If they hold out for more money they wait longer but don't really get that much more in fees. They'll promise you anything to get the listing and then they want to lower the price.

I'm in Maine now but I grew up in Western Washington, in the Seattle area and north of there. Before we moved to Maine, my wife and I owned a home just off of Green Lake in the north end of the city. We owned it for a year, spent about 30K doing a renovation then put it on the market.

It was my experience that many Realtors were under valuing the listing prices. Our Realtor recommended a price that would have had us breaking even after the investment we'd just made. We had her list it about 25K over her recommendation and it sold for 5K over the asking price.

I had the impression that she wasn't going for quick sales (houses were all selling fast in that area, at the time), she just didn't understand the market and the changes taking place within in it. If we had held onto that house it would be worth at least 75K more by now, maybe more.

toolsrul
05-05-2007, 09:19 PM
Location, location, location.

joeby
05-05-2007, 10:55 PM
I was to an estate auction this morning. The two story house on a 75 x 150 lot needed work; but was ready to be moved into. Property was on a quiet side street. The auctioneer worked pretty hard and got $10,000 for it.

Last weekend I was at a business closing auction. Renovated store on 3.5 acres along a busy road only got a $91,000 bid. It's now standing empty and still for sale.

I think I need to find a way to relocate my property!

Kevin

Carld
05-06-2007, 12:52 AM
It's a buyers market in most areas now. Spencer Co. Ky was listed in the top 10 growing counties in the USA a few years ago. Now property is moving very slow if at all.

kendall
05-06-2007, 01:04 AM
There was an article last month I believe, that said that quite a few places went for well under $5k in detroit, most for about a 10th of expected.

I also know that there are several builders who are sitting on hundreds of unsold homes, one my son-in-law subbed for has 200+ that have been completed for over two years with no buyers.

it is a buyers market right now, too bad I'm a carpenter and no-ones building....

ken.

malbenbut
05-06-2007, 02:35 AM
Totally different in England average houses in my home county Northumberland range from 60,000 to 220,000, houses priced around 150,000 usually sell within a month. Houses in UK dont have much space or large workshops, workshops often less than a single car garage.Houses in lower price range dont have garages,I have never ever had a car in my garage (double) since I bought this house 26 years ago. At the moment it is a sellers market for any house and has been for the past few years.
(Double s to convert to $s)
MBB