Living In Pike.com

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.