OlderThanMe Posted January 2, 2007 Share Posted January 2, 2007 Investments... I scored a Maxima N47 today at the JY for $39...they sell for like $200 Quote Link to comment Share on other sites More sharing options...
BillZ260 Posted January 2, 2007 Author Share Posted January 2, 2007 Well, regaurdless of the house being tourched by a homless dude or whatever, it's going to cost me about 6k to get the lot leveled legal like. Should be done w/ in the week. No insurance but I think it worked best this way. There is some funny stuff going on in the couple of square miles, has been for like 15-20 years. People forced out of their homes, then the homes are cleared and lots left vacant. There are probably 6 holding companies that own like 80% of the 2 square miles this lot is on the edge of. There is alot fo development going on so in 20 years it could be worth something. We'll see. Quote Link to comment Share on other sites More sharing options...
randy 77zt Posted January 5, 2007 Share Posted January 5, 2007 my brother sells real estate-when it comes to local land scams you would be surprised at the bs that goes around.the city will hold you responsible for keeping the lot clean and free of weeds.might be better to try to sell out if you can get a good price.it might be a good idea to find out what the real story is behind all those vacant lots.good luck Quote Link to comment Share on other sites More sharing options...
BillZ260 Posted January 17, 2007 Author Share Posted January 17, 2007 I've heard some stuff about the other lots, basically I think there is an investment firm that has multiple holding companies that have all the lots under their many similar company names. They have been buying the lots up for like 20 years or so. About 2 Years ago the city voted for a Vision 2025 down town rejuvination project, and I'm betting that by 2025 some of that land is going to be worth a good chunch of $$. Quote Link to comment Share on other sites More sharing options...
Michael Posted January 29, 2007 Share Posted January 29, 2007 Everyone seems to be ecstatic about real estate these days - or was that oh-so-2005? I might be biased, but it seems to me that here in the Midwest the economy has been lethargic since the 1990’s. The coastal/southern/urban boom in real estate left most of the Midwest (with the exception of pockets of affluence, such as Chicago) largely untouched. But the 2006 downturn has affected us in the Midwest, just as it hit Boston and D.C. and the bay area. It’s analogous to the 1990’s stock market boom: plenty of stocks remained flat in the 1990’s, but they tanked in the 2000-2002 bear market right along with the former highfliers. My point is that an investment real estate play in a small Midwestern city sounds really risky, unless you have insider connections in the real estate industry. Who are the investors behind that fabled “Vision 2025†to rejuvenate the city? Can that hypothetical urban renewal project really pan out without an influx of high-end jobs to buttress the tax base? Could an old urban neighborhood be gentrified without an influx of yuppies? Why would the yuppies, techies, wealthy retirees etc. want to move there? How is the downtown itself doing - are rents rising, occupancy rates solid and new buildings being put up, or is the place just sort-of puttering along, blipping up with the major’s latest pep talk and sinking again with the latest news of another factory closing down? What about the overall demographics of the region - how has the population changed in the past 5 or 10 years? My recommendation would be to consider selling the property. Quote Link to comment Share on other sites More sharing options...
BillZ260 Posted February 2, 2007 Author Share Posted February 2, 2007 Thanks for the input Mike. The house is GONE and the lot completely cleared as of Yesterday. It cost us (my brother and I) 6300 which included the Sewer Cap, Removal of house, garage and slab, basement, and the backfill of the basement. They ended up clearing more trees than they wanted but it's ultimatly what I wanted. Taxes are like 350/year so I think we are going to sit on it for a while. No reason to sell now that the liability is gone. The lot next to it is for sale and is basically an asphalt parking lot. I'm going to make a lowball offer and see what I can get it for. If not for an investment, for a possible future shop for myself, which may or may not be a commercial deal. Will see what the cards lay out for me Quote Link to comment Share on other sites More sharing options...
jbk240z Posted February 3, 2007 Share Posted February 3, 2007 Yeah, good idea. Buy the asphalt lot and then build a shop where the house was. Good luck. Quote Link to comment Share on other sites More sharing options...
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