Wow! I listed a property in the MLS via a flat fee listing service (housepad.com). The flat fee services are a post on their own, for this post, I wanted to discuss the very active market that we are seeing.
The listing went into the ML on 3/24. This project turned out very well and has a fantastic location. The property for sale is at 30 Lombardy St, Lancaster, NY. We have an asking price of $154,900 which compares favorably to other properties in Lancaster that are on the market. There are couple of other renovations within a mile that are in the $169,000 – $180,000 range. This is a complete renovation that we started last spring. We were going to try to knock it out quickly but decided to take our time and bring it to market in the spring once it was clear that we would miss an August / September date.
In the first 3 days of the listing we had 7 showings with 2 more scheduled. The feedback has been terrific and we have received multiple offers (verbal at this point, paperwork in process). What surprised me is the level of activity given my perception of the mortgage market. I suppose that there is always a qualified buyer. Whether it be a cash buyer, or a well qualified buyer with a mortgage from one of the local banks.
In any case, we will be selling this terrific renovation at a fair price to someone who is looking to be in the Village of Lancaster. More than half of the showings are from those who stated that they absolutely want to be in this part of the village.
The following is a nice house in a quiet neighborhood on the south side of Broadway in the Village of Lancaster. There are clearly some updates needed in this home. I renovated a property about 2 blocks down the street and was able to exit that for about $130k. Based on the location, and size, there is no reason why this couldn’t fetch $100k+ with a nice renovation.
This is a nice single family home that would be a great starter home. Certainly less expensive than renting. With the $8k tax credit, this is a BIG discount in a nice area. The home is walking distance from everything. It isn’t large (3 Bedrooms, 1 Bathroom) and only about 1200 square feet, but if they layout is right that is not bad.
Lancaster NY House for Sale
One thing that I like about this property is the garage behind the house that is accessed from the side road. It is close the the neighbor and on a small lot, but it has the nice village feel that so many subdivisions get away from.
Visit: Lancaster NY Home for Sale
There aren’t too many true “online real estate auction” sites around. There is one that I keep coming across. The site is Williams & Williams Auctions. They offer a true auction format that allows you to place online bids in real time on properties. This isn’t the case for all properties, but it is designated when it is.
A friend picked up a house in Lockport last year on this site. I think he ended up paying $14,000 for a home in a decent neighborhood. It was obviously a gut job, but for the price, that was justified.
Check out the site for yourself. Buyer Beware!
NY Real Estate Auctions
