Niagara Falls

[Ion]

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.

[gap]

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.   

[speedfreeksteve]

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).

[Frank]

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.

[minden]

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?

[speedfreeksteve]

Well it's certainly worth more than that crap property in Halburton that went for 80k!

[lesley]

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

[minden]

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...


 

[Newkid]

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.

[lesley]

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   

[speedfreeksteve]

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.

[NiagaraInvestor]

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. 

[minden]

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.

[brooksy]

Niagara Investor is correct I have the listing the buyer pulled out at last minute

[JohhnySweet]

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