Living In Pike.com

I was a bit surprised when I compiled the sales for July. We are down 46% from July last year. It seems that had it not been for the Federal Tax credit, which ended April 31st, the numbers for earlier this year would be completely different. Originally you had to close before July to get the tax credit. They extended it to September. My experience tells me that if you can’t close on a house in 2 months, chances are you will never close on it. It will be interesting to see what the rest of the year brings.

I also previewed a condo today in the Villas Of Oakbrook which is located at about 59th and Georgetown Road. Again the listing sheet and pictures caught my eye. I have seen many condos at the Villas Of Oakbrook over the years. This one appeared to be completely updated. New floors, new stainless steel appliances, new kitchen countertops, new high standing vanities in the bathrooms and completely neutral. It comes with a one car garage and a fenced patio. I think it is the best condo I have ever seen in the Villas of Oakbrook. If you want more info and/or like to see it, call me at 317-319-9012. Tim Lord

I previewed (me by myself, without buyer) a house in Huntington Pointe this morning. Huntington Point is located at about 71st and Lafayette Road. A very popular Pike Township community. The listing sheet had caught my eye. The pictures showed something that should sell fast. A 2 story, 4 bedroom, 2.5 bathrooms and full unfinished basement (man cave). It was in excellent condition. These are the kinds of houses I like to preview in Pike Township. The laundry room on the first floor had nice cabinets and a large utility sink. Kitchen comes with all appliances and has a center island. The master suite comes with a large closet, dual sinks, stand up shower and garden tub. The back of the house had a large wooden deck and a good sized back yard. As a added bonus, it had great curb appeal. It is corporate owned. It is listed by my company. If you want more information and/or like to see it call me at 317-319-9012. Tim Lord

Yesterday I had time to go look at 2 interesting properties that caught my eyes on the BLC (Brokers Listing Cooperative). Everyday I get reports showing me new and changed listings in Pike Township and these had just come up.

6430 Cotton Creek Court – This property is located in the community of West 86th Street. What caught my eye was the price which was $259,900. Typically prices in West 86th Street range from $500,000 to over $1,000,000. This property is bank owned and was just listed. When I arrived to preview it, there was a workman there. My first clue. After asking him 20 questions it seems that the finished basement had flooded with 4 feet of water. He did not know how long it had sat like that. He had just pumped out all the water. I went downstairs and looked. It was a mess. You could see the water marks up the sides of the walls and how it had damaged the drywall. Mold was beginning to take over in some spots. My first thoughts were that it would cost $50,000 to put it back in marketable condition. The rest of the house was in good condition with a few minor cosmetic problems. When I got back to the office, I looked at the listing again. They had attached a bid which showed what they were going to fix. It was just going to gut the basement and take out all the mold among a few other related things. The total cost of the bill was under $14,000. Amazing…although you could buy the house “as is” right now, you could probably wait until the work was done and buy it at the same price or maybe $14,000 more. You would get an unfinished basement which could be finished. Anyway you look at it somebody will get a good deal in my opinion.

6054 Hollingsworth Road – Most people think of Hollingsworth as the main street through Crooked Creek Villages. There is another Hollingsworth just west of Georgetown Road between 62nd and 59th. That is where this house is located. It is also bank owned and just listed. I had know of this house for years. It had been at one time a Bed and Breakfast. During 2003 it had been up for sale at $689,000. Now it was up for sale at $270,000. That is what caught my eye. The other thing about this property had been that the owner a couple of years ago wanted to split up the 4.16 acres and re-plot it. He wanted to be able to sell the plots and let the buyers build on it. This never happened. Now it sits empty. I had wanted for years to see the property and never had the chance. Now was my chance. First off, it is the oldest property (built in 1854) that I have ever seen in Pike Township. It has a stately curb appeal and all in brick painted white. There are several out buildings including a 2 car garage (looks like storage barns) with what looks like a living area attached. In the back yard there is also another building that looks like a living area. Away from the main house is another barn. When I walked in the front door the first thing I noticed was the odd looking floor. It was a hard wood floor but not put together well. There was a bedroom off the living room with full bath. There were other large rooms on the first floor that were either sitting rooms or dining areas. There was a good size kitchen that had been updated but in my standards, not well. It did not seem efficient and there were exposed venting toward the ceiling. Upstairs there were 4 bedrooms, 3 with full baths and one with door leading to a common bathroom (door from hall). There also was a good size laundry room upstairs. There was a good size unfinished basement but I only made it to the bottom of the basement steps. None of the floors in the house were level (did not expect a house built in 1854 to now have level floors). It will be interesting to see what this house sells for and what it will be used for in the future.

The Bass property at 8150 Michigan Road sold for $130,000. Apparently a Doctor bought it and is going to have his office there according to the Auction Company. It will require extensive work but won’t be torn down.

Yesterday I had the opportunity to see the old Bass home at 8150 Michigan. It has been sitting empty ever since Ryland started building Northpoint around it. The property is so overgrown it appears to be a jungle. You can hardly see the house and out buildings from the street. The house and property is going to auction on July 26th. The auction will be held at the property.

In 2003 it had been listed as commercial property and the price was $375,000. In 2006 it was listed as residential property at $299,900. The price was reduced several times during that 16 month listing until it reach $199,000 without any takers. The last listing was done this month and started out at $130,000. Currently the listing has a $1 list price which is typical of an auction listing. The unofficial word is that the starting bid will be $130,000.

What do you get for $130,000? First off, the Indiana Historical Society and the Indiana Landmarks Foundation (to my knowledge) is not going to let this house be torn down. It will have to be rehabbed and used as a residence or a very low end commercial business. Is this possible? I think yes. For a 1930 house, it is in very good condition. It does need extensive updating, a lot of cosmetics and some repairs. Originally it was built closer to Michigan Road. Several years ago it was moved to the center of the 1.7 acre lot on a much better foundation. Because of this you don’t see any stress cracks or slanted floors in the house. The house is very solid. Actually a new roof and gutters have just been installed. The worst problem I found was some water in the basement. I believe this was caused because at the time there were no gutters and rain water would fall off the roof and hit the foundation wall, seeping into the basement. With gutters and downspout control, this problem could possibly be fixed.

A commercial business? It is possible. It would have to be something like an attorneys office or a insurance office, etc. Something low key with very little traffic. Something that would have very little effect/impact on the surrounding Northpoint neighbors. A few years ago a developer wanted to tear down the house and build two new buildings. One was going to be a dentist office and the other a dental lab. This proposal got stopped dead in it tracks.

Auctions are interesting and I am going to try an be there for the fun. The first job for the new owner will be clearing the jungle.

Tremendous Deals!!!

Lakeside Manor West – Ranch, 3 bedrooms, 2 full baths, 1196 square feet and 2 car garage. Needs paint and carpet and general cleanup. Bank Owned – Sold As Is. $69,900 Went pending in 3 days. Personally toured.

Lake Forest in College Park – 2 story condo with 4 bedrooms and large loft, 2.5 baths. 2608 square feet and 2 car garage. Bank Owned – Sold As Is. $111,900 Went pending in 9 days.

Eagle Trace Village – 2 story, 3 bedrooms, 2.5 baths and loft, 1739 square feet and 2 car garage. HUD Owned – Sold As Is. $75,000 Went pending in 46 days.

Stratford Glen – 2 story, 4 bedrooms, 2.5 baths, 1714 square feet and 2 car garage. Bank Owned – Sold As Is. $69,900 Went pending in 59 days.

Crooked Creek Villages – Ranch, 3 bedrooms (split), 2 full baths, 1494 square feet with 2 car garage and FULL unfinished basement (another 1494 square feet). Built in 1996. Good condition. Just needs cosmetics. Corporate controlled – Sold As Is. $80,000 Still available at this posting. Personally toured.

These are just some of the low prices I have seen in the past 2 weeks. It appears that HUD/Banks are clearing out their inventories probably due to the huge supply.

Would you like to know when houses like these hit the market? Email me at tim@LivingInPike.com with the subject “I want to know” and I will send you every day the HUD/Bank owned houses that went on the market the day before. I will even send you the ones where the price has been dropped. (Please allow two business days to be added to emial list)

From time to time I will tour and review the homes (here at LivingInPike.com) that I think are the best bargins and tell you why. If you are interested in seeing any of the homes, call me at 319-9012 and I will arrange it.

The house that Laura and I saw on April 14th in Traders Hollow has just had the list price dropped from $995,000 to $899,900. A drop of over $95,000. I Wonder if they read my review. (See below)