The expression "throw and see what sticks" is best demonstrated in this listing.
One doesn't have to try hard to figure out that some of the most inept creatures run the Real estate market. See this listing: https://www.zillow.com/homedetails/705-Peach-St-Floresville-TX-78114/78921338_zpid/?
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Everything is weird about that listing. It’s under the tax valued, which would mean a steal in NV where the actual value is usually 2-3x the taxed value. It’s also listed for the 2017 value which seems like a steal.
I have no idea what the land is worth or if there are any decent comps. $100k can easily by you a livable home on 1-3 acres in Midwest small towns but it wouldn’t buy you 1/8th of an acre in in some “affordable” markets.
The sad part is someone is or was living there very recently. Hopefully someone buys it and either fixes it up or replaces it. Those girls in Indianapolis definitely save some homes in worse condition, sometimes paying more than $100k.
Quote from @Bill Brandt:You are right! It's weird. Except that it's very common in RE listings all over the Country. The agent has no clue about what's going on around them and should've found a different carrier where other people [the sellers] are not hurt by the agent's "unsuitability" for the job.
Everything is weird about that listing.
You are in a different market. This listing, in the market where it's listed, is worth no more than $30K at most.
carrier
Career. Not Carrier.
I agree with Bill! It's sad to think someone has been living there. As a fellow investor and REALTOR® here in San Antonio, TX, I concur that the listing is nowhere near its market value. I hope that property gets taken care of, and the people living there are headed towards better times.
You see people living in places like this all across rural America.
WOW! I actually reside in Floresville, now I need to take a field trip out there! Really sad to see this.
Here's another "throw it and see what sticks".
I've been seeing a lot of this lately.
