Ontario Tax Sale Property Forum
Tax Sale Forum => Announcements => Topic started by: Ion on December 12, 2006, 01:12:22 AM
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5711 Theresa St., Niagara Falls.
The city told me that there is some lien on property.
I did the Title Search and there does not say anything about lines. The owners are dead since 2002 and there is an Unsafe Building Order and a classification as a biohazard. Other order was issued to disconnect the hydro. Looking on documents I figured out there were four junky cars, parts for cars and tire, which were removed probably by city. I guess that the liens are for removing the junk, but I didn't see them. A clerk told me that building was on the schedule to be tear down.
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It's actually a beautiful home in an amazing area, but unfortunately it was a crack house, which had broken pipes - creating lots of mold. Now, the fire guy is on a spearhead to get the property torn down. But there's no tear down order, just a whole bunch of work orders, which would require perhaps tens of thousands of dollars of cleanup (environmental - as there are needles and blood stained clothing in the building); it's considered a biohazard.
If you had some deep pockets, you could lowball the the offer (not many people will bid on it), pay the cost for the environmental cleanup, then rake in some possible markup on resell.
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So what is the over/under we're going to bet on this one going for? I still have a feeling that some big bids might come in (none of which will come from me).
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Crack houses and marijuana grow ops are the UFFI homes of the 21st century. They will always carry that stigma - no matter how good a clean-up job you do. The first thing that prospective buyers will think of when they find out (and they will, or they will sue you afterwards for not disclosing) is ... 'are my kids going to get aids from accidentally coming into contact with something that got left behind', the second thing is ...' am I going to be awoken some nite by a vagrant junkie at my door who still things they can get high here'.
The safest way to deal with this sort of building is to tear it down completely and build something new that makes a statement and looks totally different. You have to have big pockets to do that. Best thing for these buildings is for no one to bid, and let the City take it and tear it down, and then sell the lot as surplus municipal property.
I don't think there's any money to be made on these deals boys (and girls). This is not a psych job, you won't see me bidding on this one, but you go ahead and have fun - it will be a story you can tell your grand-children.
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This house is an interesting property. if you've gone to see it, you'll realize the street is actually a nice one, and the house looks like somehting you could "fix-up". This house raises some interesting concerns and potentialy huge costs, but there is also the potential to rake in some huge coin if you want to gamble. - If you can put in a low-ball offer and then fix it up with minimal costs. However, do not underestimate the power of the city to force the new owner to tear down this house as there was a house approx 10 doors away that the city just forced to be torn down that was shown on TV, a couple of weeks ago when they discussed that Toronto apartment building that was A GROW-OP . I bet my bottom dollar however, that some (unknowing) sole will bid potentially 50, 60, 70k 9maybe enen more wanting to ensure they get it) on this place not fully knowing the details, and only going by what they saw when they drove around and looked at the place they thought they could "fix-up". Wow, this is one property, I'm dying to find out the bids for, and then see what they do with it?
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Well it's certainly worth more than that crap property in Halburton that went for 80k!
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Apparently this place has mould floor to ceiling. All utilities have been shut off for 4 years. The neighbour says the house was left to the son of a couple who passed away. He blew everything on drugs and is currently in jail. However, they do still get junkies running through the yards trying to get to the house. There are strong recommendations from city officials to stay away from this one. Huge bucks to be spent in environmental testing to bring it up to par. I agree....it will be interesting to see what happens.
Does anyone know about 2 additional commercial lots on Stanley and Kitchener??? THey are on a different website and not listed with the city.
L
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News just in for all those betting on the Theresa st property.......
1) Lundy lane- 25, 000
2)Huron - 23, 000
3)Theresa st. $96, 500. ------- CAN YOU BELIEVE IT!!!! - I sure hope this person was informed and knew something we didn't!- People think tax sales are always a good deal, what's with this tax sale mania? first it was Bob Lk, now this?? Supposedly, there were more people out to watch the tenders opened today, then they recall ever having in the past.....
all I can say is WOW...???
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Wow! Are prices usually this high? I checked the assessed value for the property on Lundy's lane & it was only valued at $4000 below what the city was requesting. And the one on St. Theresa, I did a title search & it looks like a lot of trouble.
I am new with the whole tax sale which I came across accidentally. I really enjoy reading all your responses/suggestions. My real intentions is to hopefully get a waterfront property for a bargain a dream I thought was impossible but now might be.
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I'm at a loss on this one. The houses in the area are going in around the 150-180K range. I don't see how you could make this worth while. I'm guessing this will be like opening a gift Christmas morning, only to find out it's a really ugly sweater that you can't return.
For their sake I hope I'm wrong.
L :o
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I'm not sure that I've seen a geniune steal from a tax sale this year. It's turning into something like a local town auction where people get overexcited and overbid on everything.
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The property on Theresa is showing on the MLS system that it was listed for sale at $169,900 and sold on November 17 for $86,500 the closing date was set for December 8th. I went by the house myself and was considering putting in an offer for $30-40K but thought the property needed to much work, and would more than likely come with more suprises than I was looking for.
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Niagara Investor
I'm confused... might this be a different house you are refering to, as I am quite certain it sold yesterday in the tax sale.
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Niagara Investor is correct I have the listing the buyer pulled out at last minute
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What would be the target profit range, that someone would be looking for, if purchasing a place like Theresa?
Thats not to say im considering it in the slightest, but curious of your thoughts
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I would look at the value of the land and the cost to remove the existing building.
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I would think the"Target Profit Range" is totally dependent on each individual some may be happy with 5% others want to double their investment.
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Perhaps the city listed that property with a real estate agent and they withdraw it from the market in the last minute (before tax sales). The municipality prepared bait for a big fish.
If you have some real estate friends they can tell you the history of the property.
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Perhapse the buyer wasn't an investor at all, and simply wanted the house Dad was born in etc. and saw this as his opportunity? If it was big and old, there may have been some history in it we don't know about. And finally - if organized crime/drug dealer etc. was behind the former use then perhapse someone has something to hide that is worth far more than the buying price of the house.
With its proximity to the border etc. a hide house could be quite valuable to a smuggler/drug runner type. Not that I am saying the buyer was either of these, but it is a thought.
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The seller that had the property listed with a real estate agent was the son. He was given the property about five years ago from his parents and totally let the place go. From what I was told the house was never actually a grow house, there was water and fire damage which amounted to the copious amounts of mould (not to mention all the broken windows). I am a real estate agent in the area, if anyone ever has questions regarding property in niagara feel free to send me a message.
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If that is fact, might the city of Niagara Falls be in trouble, as interested bidders were put off by tales of "grow-house", pending "tear-down" orders, etc? Sounds like scare tactics to me.
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Just want to say "adieux", as cannot keep wasting time logging in, then re-logging, then re-logging in, then being messaged that my time expired while trying to login yet again, when I've been on the board 7 minutes. I have sent emails to Rob, with no reply. Thanks to Rob for putting it up, I will keep coming in as a visitor, but will not post any more. Merry Christmas to all, and see you at the sales. HAD TO LOGIN AGAIN TO POST THIS!
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Ernesto, don't know why you are having such a big problem. I never log in unless I am going to do a posting, and when logged-in have never been automatically logged out. In fact there have been times when I have forgotten to log-out, and come back on a day later to find that I am still logged-in. Oh yeah, and I am on dial-up, so slowest speed you can possibly not want.
It seems to me that the problem is likely with your server or your computer. I suggest you go to an internet cafe, or the library and try logging in on their computer and see if it makes a difference.
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same here I'v never had a prob. In fact thise sight is in my favorits list and when I click on it I come directly to the unread posts allready singed in.
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ErnestBidder, There is an option when you login to set how long you want to remain logged in. I assuming you have set this and you are experiencing the problems you described. it sounds like you may have a corrupt cookie. I've run into this problem previously on other sites. Clearing your cookies could solve the problem.
I've never received any of your email, but certain filters might have prevented this. The best way to ensure a response is to use the forum mail. You can access it by clicking on the icon under my name.
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hi guys, i bought this house, my grandfather buried a lot of gold in the basement which is why i bidded so high.
i'd be happy to answer any other questions. i'm currently posting this from the basement - it's mouldy in here. if anyone would like to drop by please do, the fridge doesn't work but i did buy some groceries so there will be cheese and crackers for all.
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This is gettin' better'n pirates of the Carribean - and I love a good ghost story.
Please let us know how it works out.