Wednesday, October 29, 2014

FOR SALE: Big Brick Ogden Triplex

I recently listed this triplex for sale located at 452 5th St. in Ogden, Utah.

The building was constructed the early 1940's and consists of three units.  One is upstairs, one is on the main level, and one is in the basement.  The main level unit has two bedrooms with the upper and basement units each have one bedroom. The units are approximately 900 SQFT each and have an accompanying garage bay in the rear of the property.

The home has three electrical meters but the entire building is heated via radiant heat.  The boiler is fairly new and located in the basement.  The owner pays for gas and water expenses while tenants pay for their electrical service.    

I put together a double-speed video walk-through of all the units and the property so you could get a feel for the floor plan, condition, and use of space:

Overall, this property would make a good investment for both new investors or seasoned investors looking to add to their portfolio.  The building generates $1850/mo. in rent and generates an annual return-on-investment of 9.62% after all expenses including property management.

If you are interested in this property CONTACT ME for current pricing and details on income and expenses.

Thursday, October 23, 2014

JUST SOLD! Renovated Historic Victorian

I just closed on the sale of this listing with a client:

We listed this property the last week in June for $144,900.  The property had been recently renovated from top to bottom and included granite counter tops, three new bathrooms and a more open floorplan.  Previously, the home sat vacant for many years while waiting for much needed improvements.  The improvements arrived, the home was marketed, and we began to get showings.  

After marketing the property for a couple weeks it became apparent that we were priced a bit too high.  We dropped the price to $139,900 to entice some more buyers.  A couple months passed as we received a moderate amount of showings.  Then, after Labor Day, we began to see increased activity.  We received an offer that my seller accepted but the buyers were unfamiliar with old historic homes and were uncomfortable owning a home with a rock foundation.  After the first buyers cancelled their contract, I was approached by some other buyers interested in the property.  A week after the cancellation, we had a new offer of $136,000 submitted to the seller with the request that the seller pay $4,800 in closing costs.  

The seller accepted this offer.  The buyers also used a $5,000 Own In Ogden grant to help facilitate the purchase.  The contract period was uneventful.  There were some minor nip and tuck repairs that needed to occur.  Once those were finished, my clients concluded the transaction very swiftly.

Congratulations to both my buyers and sellers!

If you are looking to sell your home, or perhaps you are looking to upgrade to a your next home, CONTACT ME, and lets make your next real estate experience a great one.  

Friday, October 10, 2014

VIDEO: Turning A Multi-Plexed House Into A Home Again

Ogden is the home to one of the largest inventories of historic quality houses in the western United States.  It was a railroad boom town up through the 1950's.  This boom, along with the economics of the depression, had an effect on many of the larger homes built at the turn of the century.  Due to the demand for housing, many of the larger homes in the community were divided into multi-unit dwellings.

While convenient at the that moment, altering the fundamental design of these properties had a negative effect on the neighborhoods that hosted them.  Also, since the structures were not originally intended for this purpose, the significant maintenance and upkeep required became a drag on owners and thus handicap the normal improvements you would typically see invested in properties over time.

Fortunately, Ogden is reversing this trend one house at a time.  One of my listings was formerly a "triplex" and is now for sale as a single family home.  However, when the home was remodeled prior to going on the market, the "units" were not eliminated.  Market feedback told us that this was a major impediment.  So, we took some measures to correct the problem.

Here is before and after video of the remodel work completed while eliminating the units:

These changes should make the home much more marketable.  If are thinking of selling your home and you need help figuring out how to prepare your property to sell, CONTACT ME, and lets make your home market-ready.