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  #1  
Old 11-02-2009, 07:46 AM
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While skimming thru some Banking news today, I found this article and thought is was worth providing;

"Hopefully, none of the homes auctioned on the weekend in Barrington, Illinois required an FHA-backed mortgage: the bids started at one dollar. The sleeper town is located 30 miles from Chicago and some of the homes are being released by the city in order to prevent demolition. According to the local NBC affiliate, Barrington hopes the homes could be refurbished to historic charm, but the town’s citizens were not convinced. Nor were investors. Or anyone else.

No one placed a bid and not a single house sold."


somedays ya just can't Sell anything, no matter the price - just wondering if the "Land" in that area is worth.......$1.00
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Old 11-02-2009, 07:57 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Interesting thought! What is the cost of clearing the land? How much are the taxes?
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  #3  
Old 11-02-2009, 08:00 AM
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I wonder if there were any haz mat concerns? Asbestos, lead paint, etc. I am sure that this was due to out of town appraisers undervaluing purchase appraisals.
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Old 11-02-2009, 08:06 AM
Restrain Restrain is offline
 
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Cost of acquisition plus cost of renovation greatly exceeding cost to purchase a livable, competing property. Plus, you've probably got 2-3 years of taxes and penalties. Liability probably greatly exceeded return.
  #5  
Old 11-02-2009, 08:18 AM
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Can you submit a negative bid?
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Old 11-02-2009, 08:19 AM
leelansford leelansford is offline
 
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Barrington is a "big $$" community and land, in general, is NOT cheap. Barrington is NOT "Detroit".

I suspect that in this particular situation, we're missing some important details .
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  #7  
Old 11-02-2009, 08:44 AM
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Something not right. Like has been said, big big dollar area.

Just south is Barrington Hills, Ill. Super big buck area.

Bobbie and I do many equine clinics and sold many high end saddles in the area every year. Not uncommon for a person to have a $1M horse barn on thier property with a $10M home.
  #8  
Old 11-02-2009, 09:32 AM
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Quote:
Originally Posted by leelansford View Post
Barrington is a "big $$" community and land, in general, is NOT cheap. Barrington is NOT "Detroit".

I suspect that in this particular situation, we're missing some important details .
The important detail is that they were historic homes or older homes preservationists wanted to keep. The bids were to start at $1 but the buyer had to incur all expenses to MOVE the home somewhere else.

http://www.dailyherald.com/story/?id=332461&src=13

Last edited by Obsolescent : 11-02-2009 at 09:41 AM.
  #9  
Old 11-02-2009, 09:58 AM
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Quote:
Originally Posted by Obsolescent View Post
The important detail is that they were historic homes or older homes preservationists wanted to keep. The bids were to start at $1 but the buyer had to incur all expenses to MOVE the home somewhere else.

http://www.dailyherald.com/story/?id=332461&src=13

Just a few extra thousand dollars to move it and few extra thousands dollars for a lot.

In todays world those preservationists are living in a dream world.
  #10  
Old 11-02-2009, 06:10 PM
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Talking

Oh my, how things change with a little more info. - sorta like the appraisal field....heh, heh

To bad the first article forgot to mention the "Move" / the "Time Line" involved, perhaps the MOST important factors noted.

The real question is; how much Value is there in this type of scenerio, when the Total Costs will most definitely outweigh the end result. Interesting, but not in this market and can't tell to much about the houses, but they don't appear to be "pre-1900" - not exciting to me.

Anyway, it was a little different fun for a Monday.....
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