Need Advice, How much would you pay?

[Loudelectronics]

Well I think I have found the house that I want. It has allot of potential. It is in Souris right on the river. Asking price is 139900. They wont come any lower then 138000. The house is small, 780sqft. It has a basement, all finished. It is nicely decorated with new flooring. Structurely it is good, but has some problems:
Broken picture window
All windows are very old, need replaced, none close properlly
Water damage to drywall under windows in two bedrooms. Painted over
Leaky Kitchen faucet
Eaves are in bad condition
Fascia is rotten
Shingles need replaced
Crack bathroom sink (not leaking)
Shower door is broken
Broken glass in front door
Doors to deck are swelled and do not close with out a body check
Cabinetry is very sticky to open
Countertops in kitchen are painted

The lot is almost and acre in size.

http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d2%26Mode%3d0%26vs%3d1%26rlt%3d %26cp%3d%26pt%3d0%26mp%3d0-0-0%26mrt%3d-1-0-0%26Beds%3d0-0%26Baths%3d0-0%26f%3d%26ft%3dall%26o%3dA%26of%3d1%26ps%3d10%26p tgid%3d1%26pro%3d8%26ci%3dSouris%26st%3d%26zip%3d&Mode=0&PropertyID=5546701

[MudKing]

Wow way to much money for a house that size, And the work that has to be done is going to drain your bank account , If it was me I would pass IMO

[Loudelectronics]

Keep in mind it is also a recreation property. The river is full game to water sports.

[yamarider]

Seems pricey for 700 sq. ft.
The next listing for a hobby farm seems like a better deal for only 10 g's more.
Forgot about the river front. Hard to say without seeing it. Can you put in a dock? How deep is the water in front? How much waterfront?

[JB]

Hard call LE........it does need some TLC, but it looks like it is in a good location. The market is still crazy right now, so to me, it seems like they're taking advantage of the price range they can get, but it has potential. If they were to come down a fair bit more, it would be reasonable. They need to be shown the work and costs required to get the house back to good living condition. I think they already know what;s involved, and maybe a solid low ball offer would work..lol Hard to say what to do here, with the market being as strong as it is right now.

Maybe Househunter on the site could give some advice here.:cheers: :cheers:

[Taz]

I have to agree it seems to pricey for a house that size and needing that much work. HouseHunter should be able to shed some light on the subject.

[Xxploder400]

Dude are you planning to build on when kids show up??? You will have o fix everthing and still have a rough time flipping it in the end...especially for a profit. Try and think further into the future as far as space.....sounds like its a nice spot....but is it worth the 35-50 for an extension??? Especially in Souris? How log has it been for sale...that should tell you something that the experienced home buyers already know. Just a thought.

[Bigolebuck]

The Red River flows right past the back of my house the house is about 900 sq.ft(+ full finished basement) with a 1/2 acre yard,15 minutes from winnipeg and its worth about the same as that one.I would guess that the realestate agent told you they wouldn't go lower then 138k,right?If your serious about the house make'em an offfer of $105k.Makes all the difference when the offer is on paper.

[Loudelectronics]

The river is deep and a dock can be put in. There is actually a dock there. the shore front in 75' long.

As far as space goes, There is lots to grow. I can add a garage to one side and biuld back and up. So there is definatly potential for growth when the time comes. It just hit the market officially today. But the realator told us about it on sunday. We made an offer of 125000 on paper and countered with 138000. We then offered 130000 pending they fix majority of the windows and such. They kept there 138000. Personally I think the realotors are out for blood in souris right now. They think the market is better then it is. There are alot of houses for that and more. Just not on the river. All of them need new windows and shingles. Thanks for the input guys. I appreciate it. keep it comming.

[GrizzleyPeg]

So the market is quite hot in Souris? Is this likely to be a long term situation, like are there jobs or retirement or some other factor that makes Souris a market that will continue to hold value? Can you get some price comparisons that will assure you that you are in the right ballpark? Any chance those repairs might run beyond what its worth puting into the place? An acre sounds good, and its nice to be far enough from the river that shifting and erosion are not a problem, but how desirable are these lots? And is 75' width x 4 hundred something the kind of way you want an acre? To me its the width that gives it the value, and its good to be far enough from the river for structural reasons, but I wouldn't really value it like a full acre. For instance, if you tore the place down and rebuilt from scratch would it be worth it? Any vacant lots available on the riverfront, or tear-downs so you could build? Also, talk to a local bank manager. Ask them what they think of that kind of square footage. Here in Winnipeg for instance, some banks like B of NS won't touch houses below a certain square footage as they are harder to resell.

[King Of Bling]

Also make sure it doesn't flood. Are you on high ground?

[Maxter]

The price is awfully steep @ $138,000 considering all of the water damage. These peeps are just listing the house now and are playing big on it being a river lot. How does it compare to other houses of similar size not being on river property? That would give you an idea just how much your paying for the river property. You will pay a premium for the water front, and due to the size of the lot, it is obvious that someone may be interested in buying the house for the river front lot, tearing out the old house and building new. I would anticipate that you should expect to spend an additional $30,000 to replace windows, redo the kitchen, roof, soffit & fascia and repair all of the water damage in the roof & walls around the window areas. The fact that the deck doors and cabinetry are sticking suggests that there may also be a lot more water damage than you think. This building is shifting and a building of that vintage should not be moving at all. The finished basement looks rather recent in the pics. I am suspecting that it is covering up some problems. The more I read what you say needs work (and it appears that you have given it a good look over) the leerier I get. That sure is a real nice looking lot though, and one sure could build a nice home on it later when finances permitted. Souris is a nice town and I can see no reason that it wouldn't continue to have good real estate values in the future.

[HOUSEHUNTER]

k, first off I dont work in the souris area , and not sure if the market is increasing or not , but this is what I do know, river property anywhere is hot, and expenive, if you want it it'll cost ya.

A) price does seem a bit high due to the same realtor sold 238 ****son a 1408 sq ft bungalow, riverfront, updated everything, vaulted ceilings, att garage for $ 126,000 from a list price of $129,500 in 09/16/2005.

Which works out to be $89.4 per sq ft

B) also sold 76-4 th st, a 972 sq ft bungalow, riverfront, for $ 125,000, also in 2005

which works out to be $ 128.00 per sq ft

there is an active waterfront listing showing up in RM of ARTHUR for $97.oo per sq ft, so an aveage price per sq would be $105.00 per sq,

But in all cases the smaller sq feet generates the higher price, so i'd say that house would sell for around 100 -120 pending amount of homes for sale at sale time

just incase the realtor never shared this with you;

250 ****SON
ROLL # 132499
LEGAL # 8-6-21030
LAND VALUE $ 30,200
BUILDING VALUE $52,000
TOTAL ASSESSED VALUE $ 82,200

CALL ME IF YOU NEED MORE AMMO.....
JERRY CULLETON 757-4222
ST.ANDREWS REALTY

[HOUSEHUNTER]

Ps. You Can Also Ask The Realtor To Disclose Any Problems That She Knows Of , And Get Your Insurance Broker To Run A Check On The Property If Your Concerned Of Any Flooding In The Past, I Also Checked To See If The House Has Been Sold In The Last 20 Years And Zero, Same Owner, But A Private Sale Would Not Be In My System .

Good Luck

[SwampDragon2682]

Holy crap! Homes are cheap up there, at least that is. If we sold our house, we be able to buy at least 2 of that. Average house 3/2 is $250-300k in US currency. Not sure of square footage though.

[GrizzleyPeg]

As I'm sure Househunter can appreciate, properties are so unique that what something is worth is really what someone will pay for it. This can create a great variation in property selling price depending on an interested buyer and the circumstances. In other words, its impossible to really predict resale.

I'd certainly insist on the sellers completing a vendors disclosure statement which must be to your satisfaction, and make the contents of the disclosure statement part of a warranty that survives closing (typically paragraph 10(e)(iv) of offer to purchase). That way if they knowingly fail to disclose water intrusion with the intent to mislead you, you can sue them. But bear in mind that its far better to be properly informed (ie thorough professional inspection of a property) than to simply have a possibly uncollectable or impractical right to sue.

Just to let you know that I'm not talking out of my hat here, I am a lawyer that practices primarily in real estate.

[Bubbles]

Home Inspection....have it done, worth the $$$ will save you later. I don't know If Holmes on Homes does Souris, but get as many eyes through it as you can, more opinions in this matter helps!

[Critter]

stay away,don't be lured in by the location,from what you've described it sounds like there is alot of water damage lurking underneath everything,that is a very bad thing,and very expensive trust me

[Loudelectronics]

Got some skinny on the house tonight from some locals. They paid 84,000 for it 2 years ago. I talked to the realator tonight and she justifies selling it for 139000 because she has sold other houses for about the same. It really did not make sense to me but it sure made sense to her.

Househunter I think I should give you a call. I will see if I can get ahold of you tomorrow.

[Slipperypete]

You gotta love small town living, in our hamlet there are plenty of houses for sale.The highest priced one was built in 1987 3 bdrm attached dbl garage on a double corner lot . Asking 50k. Probably get for 45. My cousin loves to hunt, fish etc. bought a small house here cheap did some renos, and has one hell of a cabin.

[rubberknob]

a house on netley creek (river front) just sold a little while back for 139 000. And it wasen't on even a half achre. The house wouldn't be worth more than 40 000. So just for water front your lookin at 100 000 plus what ever home is on it. I guess if yah want water front you'll have to pay! Just make sure there aren't any flooding issues, and I would be a little concerned on how much water damage the home already has. I bought my first home in winnipeg for 84 900 (2000)and sold it 5 years later for 126000. The market is so bad right now, you get too much for your home and you pay too much for your next home.

[Wolf]

You gotta love small town living, in our hamlet there are plenty of houses for sale.The highest priced one was built in 1987 3 bdrm attached dbl garage on a double corner lot . Asking 50k. Probably get for 45. My cousin loves to hunt, fish etc. bought a small house here cheap did some renos, and has one hell of a cabin.


..and that would be where ?? :D

[bigbear]

Well, it's funny this topic came up as LdyBigBear and I are going to look at a house on Saturday in the Oak Lake area on 1.5 acres in the country. The house is 1,100 sq. feet, 2 bedroom. They're asking $35,000 for it. That said, kinda makes me wonder what we're gonna be looking at. (pictures can be decieving) As for the price of the Souris river front home, I'm familiar with the community as I spent a lot of my summers as a kid there, and it's a great community. However, I tend to agree with the others when they say it is way over priced, especially considering the repairs you'll have to make...that you can see. Good luck with your house hunting.

[Slipperypete]

Oakburn Mb. 10 minutes south of Riding Mtn Park. Home of the Best Quad derby north of the 45 hwy.

[Grizzly SE]

I would check to see if any of the work done on the house, like the finished basement, were inspected. It seems to me that anyone that would paint countertops is capable of hiding lots of inperfections. Have to watch where people cut corners. One house I had the previous owners didn't install electrical boxes in walls or ceilings. The wire was just sticking out the hole in the walls and the light fixtures were screwed into the walls or ceilings. Way,way,way against code and a fire hazard. Don't take anything for granted, alot of butchers out there trying to make a buck.
Becareful
Just my 2 cents.

[bigbear]

Well we looked at the place in Oak lake.....yikes...call in the dozers and let's start from scratch.........nuff said, the hunt continues.

[Loudelectronics]

Well we got them down to 130,000. I dont think they will go any further then that. We talk to an appraiser and that is what he said it would go for.

[JoeCool]

Well we got them down to 130,000. I dont think they will go any further then that. We talk to an appraiser and that is what he said it would go for.But it doesn't have to "go" to you, if you are concerned let it go. It sounds like "you" will paying a premium for the aesthetic value of river property that has previously not been a major factor in that community. It will also be up to "you" to recoup that premium if and when you sell (often unexpectedly due to work or other pressures). Will it be a profitable situation? That would be the $60,000 question. Good luck with your decision.

P.S. by mid-week I will be an owner of waterfront property here in Warren, likely only last for a few weeks but if I could get a premium for it, I would bet the wife will let me sell...