Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: jhelstab on November 30, 2010, 03:26:19 AM
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Winning bid of $10,950.... anyone what that property is worth?
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there were 8 bids on this property.... must be someone with an idea of it's value.
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If it helps get conversation rolling i found a waterfront property in the area of similar size on the MLS listed for $230,000.00. Since 162 South Dr is a corner lot and not a waterfront property, I would Imagine it's worth 50k less??
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I assume you're so curious because you're the winner? Be Honest and more people will respond. And thats a poor comparison. It is worth significantly less. Waterfronts are a different universe.
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I understand it's worth significantly less, it is the only property I could find to compare it to. I will have to have it appraised, until then I was hoping to hear some opinions on it's value. Perhaps its worth approx $130,000??
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I understand it's worth significantly less, it is the only property I could find to compare it to. I will have to have it appraised, until then I was hoping to hear some opinions on it's value. Perhaps its worth approx $130,000??
Ask a local real estate agent, then you need to find a buyer......
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I will have to have it appraised, until then I was hoping to hear some opinions on it's value.
jhelstab
I don,t know what it is worth, but let us know what you find out. It is always good to hear a success story.
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Thank you for the support. I will likely be wholesaling the property for quick(er) sale, and to attract investor buyers.
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Without knowing the area, I just had a look on GeoWarehouse. It appears that vacant lots (non-waterfront) in the area over the past year have sold between $17,000 and $38,500. The one at $38,500 was a second tier vacant property which might be similar to 162 South Dr. None of those sales were on South Dr but were on Vernon Line and North Dr. The assessed values on the vacant lots seems to be in the $25,000-35,000 range. In 2008 the vacant property two down from 162 South Dr (140 South Dr) sold for $12,001 and it is also a corner lot, second tier. Again, I do not know the area, just providing the info that is found on geowarehouse.
I used PIN#48125-0193 as found on this site as being the PIN for this property....if I am incorrect please let me know and I will gladly pull some more info for you.
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It would be very unusual for a property that attracted 8 bids with the highest tender under 11k to be worth much more than 20k or so. I don't think that we can expect returns of 10 or 20 times your investment in this game. If you double your money you have done fine. If you triple, great. But don't expect to make 150k on a 11k investment. Also, don't be surprised if your property does not sell as quickly as you might like. Good luck on your sale.
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Thanks for the info, I can see that the market is dictating a more honest price. Lets hypothetically say that the values of the land (not lakefront) were unknown, and the lake front properties are selling for around 200k. Would you be inclined to think that the non-lakefront properties selling at 100k less seem reasonable?
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The assessed value of the property is $36,500
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In my experience the TAX assessed values can vary greatly from the fair market value in either direction.
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I think that saying that a non-lakefront property would be 100k less than a lakefront property in the same area would be much too broad of a statement to make. It can vary greatly depending on area and supply vs. demand. The other thing that needs to be pointed out is that when you are trying to put a value on a property to be sure to use similar properties and to use sold comparables as opposed to looking at properties which are still for sale.
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Yes that is why my statement was purely hypothetical, proper evaluation calls for similar properties sold in the same area within the last six months. Through my hypothetical situation, I was trying to identify if perhaps the 'non-lakefront' property is undervalued.