Huron - Ripley

[MikeS]

Anyone have any thoughts on 12 James St in Ripley? Perhaps some of the more experienced can shed some light?

Seems to be an over pay?

[pjdd]

Doing the math yes they probably paid to much. It sounds and looks like they wanted it so bad they would  pay above and beyond. I have seen this before and I been quite puzzled. ie Hamilton last year Burris Street?

[Pfm1011]

minor question...what did they pay?

[pjdd]

13 Tenders sold for  :-\61,525

[MikeS]

I was at just over half the winning bid and I thought I was on the high end....it's frustrating but I guess thats the game

[MikeS]

Doing the math yes they probably paid to much. It sounds and looks like they wanted it so bad they would  pay above and beyond. I have seen this before and I been quite puzzled. ie Hamilton last year Burris Street?

Is there something about the Burris buy that I'm missing? It seems like a good one to me? Title issues etc?

[Pfm1011]

What condition were Burris and the ripley pieces in?

[MikeS]

Ripley home looked rough but structurally sound just by exterior visual but I can imagine what the interior was like. It was also occupied which could be a massive headache to deal with. I figured $40k to bring to marketable condition, so with a value of about $115k wouldnt leave alot on the table in the end

Burris also looked rough(just by google maps drive by). again, $40k but with a value of about $190k seemed to be worth it

[Pfm1011]

Burris paid 103 and unless the roof collapsed you can make it real nice for 50K and some sweat. a fresh reno might command 200+ on that street

The guy (BTP) who bought burris and king st that sale pays high prices but is not a fool ( I havent met him so he could be a raving looney but his buying isnt)

  It appears he simply wins with a big bat  ( these are the guys we all hate) and although the margins may be less then some it is still a very healthy profit. (takes money to make money) . In that last 2 to 3 years he  has holdings in Niagara , hamilton and  Northumberland and probably more

 I presume he is renting out king and burris as they arent for sale.  If he is on here as a lurker ,  Unless I am missing something..damn nice job in cobourg 06.

[MikeS]

So we agree Burris was a nice buy....but I still think James St in Ripley wasnt so

[Dave2]

Unless I am missing something..damn nice job in cobourg 06.

As the local wolf always get interested when someone tells me about the big one that got away (from me.)  Of course it is easier to justify when I realize that it occured a couple of years before I joined this esteemed group.Still looking to find a way to support my own boat accessories (the young ones with the almost non existant bikinis) (although fortunately for my hide the new   boat I sprung on my wife today is 10+ years old and a 15 horse power outboard won't allow me to keep pace with PFM's craft.)   

The issue with these properties is lack of servicing which according to Cobourg Planning when I checked today will not likely happen anytime soon and the costs of which would be prohibitive for this buyer alone.  We are probably 5 - 10 years away from servicing these lots and basically the town's position is no servicing no building permit.

That makes the total cycle time for a return 10 - 15 years which is more then I want to wait.  Interesting enough I picked up a lot adjacent to my house last year for same price for same reason (by direct purchase).  Even had a well and an entranceway.  

There was another set that went  recently in same general area by tax sale that will take longer as a road way over two main railway lines has to be constructed.  In this case I have heard estimates of 20 - 25 years.