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real estate in my backyard

December 10th, 2009 at 10:15 pm

So during a slow period at work today I happened to check out to look at houses for sale in my city. Wouldnt you know I ran across the listing for 1 of the townhouses located directly behind me.

These are a set of 3 buildings- each divided in half to create a side by side townhouse. They were built to look craftsman, and finished being built in 2008.

Only 1 unit sold for around $330k- the rest didnt sell and are vacant. The builder went into foreclosure and not much activity has happened with them.

The unit I came across is listed for $178k. It has granite countertops/slate tiling/2400 sq ft/3 bd/2.5 bath and a garage.

It's a good deal. I know BB and I were interested in buying a rental property recently but ultimately didnt because of a cash shortgage. We have been saving to fix that- and have almost 3k saved. Not enough to buy a property but we are on our way.

My mind goes to it because it is such a good deal. But I dont think it would collect enough rent to cover the mortgage/insurance/taxes due to location. Mostly college kids or low income people rent around here and I dont think neither population has the means to cover inflated rent due to jacuzzi tubs and granite counters.

Of course BB and I could move into it and rent out our unit. It is located directly behind us. But leave the house?! I think it would take more than slate and modern conviences to get me out of my house. But in fantasy world I sure would love to have a garage, an upstaires balcony, a dishwasher! and to spread out in 2400 sq ft.

Oh that would be nice. But not nice enough. I love my house. I need to forget this townhouse- it is a great deal for someone else to buy.

10 Responses to “real estate in my backyard”

  1. milehighgal Says:

    Oh I do this, and I get sooo tempted. Also it's amazing what you can get in foreclosures these days. But you have to remind yourself that you made the right and the best decision for you at the time with your house, and focus on that. Because the grass is always greener!

  2. boomeyers Says:

    It doesn't hurt to keep an eye on it. It may go down even further. Some deals out there are just amazing!

  3. whitestripe Says:

    mmmm, i know the feeling. we have been checking out blocks of land. obviously not as tempting seeing as all it has on it is a bunch of trees lol, but still. milehighgal is right, the grass always seems greener. but it's not! you have a GORGEOUS house, and it wouldn't take that much to add a dishwasher and other creature comforts when you get the chance. Smile

  4. DeniseNTexas Says:

    What a pretty place! I think I'd keep an eye on it..just to see what it does. One never knows. Smile

  5. Broken Arrow Says:

    Wow, can I just say that that is a great deal? It's a great deal! Granite countertops/slate tiling/2400 sq ft/3 bd/2.5 bath and a garage? For $178k?


  6. gamecock43 Says:

    BA- move to Savannah! You can live right behind me! We could be friends!

  7. Ima saver Says:

    That is a good deal. To build a nice new house now, it costs roughly $110 per square foot, not counting the land.

  8. Broken Arrow Says:

    Gamecock, I laughed at that comment. Yeah, if it wasn't for the children and the fact that I don't need that big of a house, I wouldn't mind being your neighbor.

    Assuming you don't mind an old, crotchety man with a cane living behind you grumbling about how the young whippersnappers today are all spoiled with their MTV and stuff. Well, I'm not old and don't need a cane yet, but that's what's I aspire to anyways. Big Grin

  9. gamecock43 Says:

    lol. sounds like a good end goal BA. Smile

  10. whitestripe Says:

    lol - BA you just reminded me of that movie Gran Torino. Big Grin

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