Hi all. I'm an out of state investor looking at some properties on Roostock in the Verona area. I was just curious what the overage DOM is for properties in that area. One of the places I'm looking at is over 400 days. I've done as much due dillegence as possible on the property so far as looking at schools, crime stats, 'driving' the neighborhood in Google Earth etc. I've also reached out the realtor who hasn't responded. I did go to the tax assessment page which gave the house a D grade and condition of average. I wasn't quite sure what that means because I couldn't find any description of grading on the assesment page. Anyhow I'm just wondering if anyone here can give me thoughts on how long homes are taking to sell in the area and what the grading is all about. Both of those things make me feel a bit nervous about the property.
I'm not sure the grading means anything as they rarely reassess houses and they never enter them. I looked up a fabulous house near me (that Fred Rogers lived in) and it's grade is "X" so I have no clue what the grade letters mean either.
I can't tell you much about Verona except it's not currently "hot" to my knowledge. It's between the city and a very desirable suburb (Oakmont). I think the school districts may be the difference between prices of Oakmont and Verona.
The average days on market in the metro area is something like 60 days. So 400 days is probably a warning sign of something but could just mean overpriced/motivated seller so impossible to give guidance there.
@Phil Anderson thanks for the info. I'm going to have an inspection contingency so if there is some major issues I'll be able to pull my offer.
Verona - school district is not the best. There some areas of Verona like just west of a particular road and all houses just sit. I looked to build a portfolio there like 3 blocks from the golf course. The golf course has been closed and now low income housing is coming there so lot of us didnt decide to pursue it.
you may want to go down there and then speak to the locals and get news. I didnt know it myself and my contractor when talking to a local car repair shop heard this news. On further research and have more of my ppl on ground researching we found its true.
Good luck with ur research.
@Amit Shenoy do you happen to remember which golf course closed? I'm trying to see if the home I was looking at is near there. A quick Google search didn't help me find the closed golf course.
Will speak to my ppl on the foot tomorrow give me a couple of days to report back.
I just saw this thread and wanted to follow up with you to see how everything worked out. Did you purchase the property? Do you have any additional questions? I grew up very close to Verona and do a lot of work there as well. PM me if there is any way I can help!