Hi Folks. I went out last week and did a photo shoot for a property I sold back in late 2005. It sold for $170,000. Now it's a pre-foreclosure Short Sale and will be going on the market for around $50,000.
When I first listed this property back in 2005 the owners were so proud of it. It was their little peice of paradise and it was in immaculate condition. It was purchased by an Investor in September of 2005 By early 2006 the market had crashed and this house has sat empty ever since.
The difference between what it looked like then and what it looks like now is striking. Sad.
What does it say about a real estate market when I won't even place my sign in the yard?
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Wow - -that is certainly sad -- and beyond this one home like this it shows how soooo many are on the market and how they have deteriorated.
It says a lot about the sellers. I KNOW times are rough, BUT you (the seller) must also take some responsibility for the mess you're in. To do this to a house is a shame!
That is just heart breaking. Perhaps these type of pictures should be sent to the banks and the politicians to actually put a "face" to the suffering that we are all experiencing.
Well Hun...
It says our signs are too pretty for the properties :)
TLW...ROAR!
How depressing! I don't like those kind of before and after photos.........
What a shame. What would the house list for if it hadn't "lapsed" in appearance? Curious.
BB - so - I understand the fencing around the pool - but does it have a roof too? many of the investors we are seeing this happen with did not understand investment properties took maintenance -they thought that the tenant or the property manager would take care of the property and they would just sit back and collect the dough so to speak - when a home sits vacant it needs attention and when the dough is not rolling in these homes are the last to get attention
what a difference 5 years makes!!!!
BB,
If you posted side-by-side photos of me from 2005 and now... But I'd still put my sign on the property. Yes, I want folks to know that I sell all types of homes - plus I want the neighbors to know who is helping to end the "vacant nightmare" they've been stuck with!
I agree with Thesa. So many investors have no idea that houses require maintenance by them. We have one of those here. Man her rentals are horrible.
BB, OMG that's terrible. I can't imagine how the neighbors feel have to come home and see that mess! Yikes.
BB - That is so very sad. The difference between a loved home and one very Un-Loved.
Bryant, I have seen the same situation over here a few times. I don't blame you for not placing a sign on it. I am amazed that after it was vacated that the pool was not drained and screened. That is some nasty stuff. I showed a HUD house on wed that had mattresses on the floors and the appearance of what looked to be an opium den.
50K you say.....hmmm, for a pool home. shoot me over the mls# please
Bryant,
This is the type of opportunity FHA-203k is ideal for!
Bill
Broken dreams made manifest in the state of this unloved property. So sad. Here's hoping the next person who buys it can restore it to its former glory.
Bryant - I see this a lot down here in south Florida. There is one area of Deerfield that got hit particularly hard. It's very sad.
Hi BB - That is truly sad! I wish more people understood their options before they lost their properties. I just found out that a gal who used to work with my husband let her house go into foreclosure, thinking she had no choice (we hadn't heard from her in over a year). And I thought I was letting everyone know about short sales and how many people had been saved by them. Too bad.
This is sad. I just visited a couple of foreclosures today and you see the "nightmare" up close and personal. Dashed dreams, dashed hopes all embodied within the empty four walls. "If these walls could speak..." - actually - they do.
OMG! That is a HUGE difference! I assume they couldn't afford the upkeep, then didn't care once they knew they were going to lose the house, and the recent freezing temperatures would have finished off the remaining, living grass and foliage.
From the desk of David Dee,
BB, that is a striking difference! Looks like it went through a war.
The properties up my way aren't this neglected, but I'm seeing investors buy these properties for very little and flip them for a profit now up here. Hope the same is happening in your area. I know your inventory of short-sale and foreclosures is much higher in Florida.
Time is not a vacant house's friend, especially in Florida. The mold and mildew issues abandoned homes present can make them unmarketable properties. What asset managers see is a file, what we see out there in the trenches is reality- the two appear to be very different. Sending them photos of their foreclosed treasure may be a real eye opener.
Wow, what a difference, that is really scary what can happen in 4 short years to a home that isn't being loved. By the way, get you wife a hobby, she is starting to scare me!
Bryant, very striking. Kind of shows why we are having some problems in this market. Not sure if I would call the present owner an investor, maybe a devestor!
WOW!!! what a shame, no wonder investors are charged with higher financial restriction. I am sure the family that once took a pride would be sad to see the condition of the property.
Those photos certainly tell the story of the greed that took over the market. The investor looking to do a quick flip and take advantage of an anxious buyer that probably shouldn't have been looking for a home or at l;east a home priced out of their reality. Hopefully, whomever gets it next will put it back into the shape is had 5 years ago.
Wow. Pictures are truly worth 1000 words. It's amazing how quickly something nice can deteriorate like that when someone abandons it.
Talk about before and after photos! Thanks for taking them at the same angle...I hate when people shoot from totally different angles and expect us to easily see the differences (although in this case it wouldn't be hard)...I hope your previous seller doesn't see the photos...it would break my heart if it were my home.
What a total bummer. I thought that our stats were bad, but down to less than 30% of what they paid. Wow!
That is sad and it speaks to our market here.
Now with a little elbow grease, a tanker truck filled with chlorine and a tractor and sod or grass seed for the yard, this baby will be back in her glory. A smart investor should leap and hold. What is the rental rate for that neck of the woods?
The photo really does say it all.
Many years ago the house next to us was the best maintained in the area. After a couple of different owners and a few years it was the worst.
We have since moved.
Bryant,
The most striking thing is .. that it is not striking. It became so common, and so many agents could have shown similar pictures. Unfortunately...
How very sad and it is similar to what many of us see too often. I second the idea that these photos should go to the bank and the politians (though I don't think either cares).
A photo say's it all, amazing. Such a beautiful place--but looks like a little TLC by the right buyer and the neighbors will be proud of their community again.
Hi BB! OMG, that is NOT the kind of before-and-after shots that you like to see, is it? I'm sure the interior was even worse. A house NEEDS someone to love it; what a striking difference when someone doesn't.
Okay... now that I have picked my jaw off of the ground, I can type a response. That is really shocking. I wonder if this was a Rental for a little while before it was placed in foreclosure. I have seen quite a few rentals go down the tubes and I'm really shocked at the big difference after only 5 years.
An hour a week would have made a drastic difference. Now it looks like the home the creepy old lady lives in in the movies. LOL
$50,000 you can buy a nice parking stall here for that.
Yes, sad. And you know what other thought fluttered through my mind? Comparing that property owner's bank statements or credit score side-by-side then-and-now would probably be equally heartbreaking. Sigh.
So sad. I bet those previous owners would be crying seeing this. What a shame.
BB, I referenced this post in one of my posts and I hope I did it right! Loved this post, and wanted to illustrate that people can really trash a house.
I've often been amazed by how quickly a property can go to pot. This photo essay though tells it like no words can. The difference is remarkable. I actually think it's a great marketing tool - it's very possible to get that house back up to snuff for a lot less than $100K.
These pictures really do illustrate our current market don't they? I have another photo shoot that I'm going to post tlater this week that will make this place look great. Who knew real estate could be so depressing?
BB - pretty telling photos. I have seen so many homes that clearly were wonderful jsut a few years ago and now are castoffs. It's very sad. And depressing for the neighbors, no doubt.
Jeff
That is so sad and it's the sign of the times right now. I'm sure the neighbors are not happy about it.
Graphic illustration of the depression and despair that happens as a home heads into foreclosure.
Wow that is amazing and just a crying shame. I am just stunned looking at the photos (:
What some changes! It is all too common. I have seen photos from the MLS when I have done BPOs later and the changes are dramatic - and sad!
BB - I see that happening here in North Florida every day. It's sad to see a property just go down like that. Hopefully the next person that buys it will see the little piece of paradise that it could become again and fix it up.
I was driving by some properties today with this same scenario. Formerly beautiful homes that now sit sadly and silently, waiting for things to get better. Then I got back in to the office and coincidentally I saw this post.
Wow - That really paints a grim picture. Seeing the same thing in Herndon and Sterling Virginia all the time.