What are people expecting to buy Grays Ferry Properties for?

Question

Hey Everyone!

I have seeing an influx of Grays Ferry Properties as Point Breeze has become overwhelmingly competitive for investors that are not already established in that area. That being said, purchase prices for distressed properties are setting higher. I have been getting pushback from  investors who are stuck from the prices from a year or two ago.

Getting a pulse from my investors out there!

Roughly what are you expecting to pay for a property that needs a full gut, 1,200 sq ft, 8.5  foot basement, and 16 foot frontage in Grays Ferry?

Irfan Raza · Answer

I think Grays Ferry has a range of pricing as well.  Farther North demands higher than towards the south.  I have purchased a few properties in the area, all less than the $100k mark.

Jared Bourjolly · Answer

I totally agree on the 80k-90k price range.  I remb the days when you could buy a lot in PB for 15k and they were pretty much giving them away in grays ferry.  I never thought Grays Ferry would jump in prices as much as it has.

Steve F. · Answer

The numbers are not there yet to pay much over 90k. Especially if you venture far south, or far west. It's amazing though how quickly prices have shot up in less then two years there.

Michael Campbell · Answer

I have not bought any properties in Grays Ferry but my offer wouldn't change whether it's MLS or off-market.

Comps for a nice rehab in Grays Ferry are typically mid-200's, rehab will be 75-90k so I would be looking to pay 80-90k based on those numbers.

If you are selling to a buy and hold investor they may be willing to pay a little more than I would.

Jimmy O'Connor · Answer

@Michael Campbell How are you picking up those properties? Direct to seller?

Michael Campbell · Answer

For me about $80-90k