Run… Now… to the houses on that street that are NOT listed with an agent/broker. Get an “Option to Purchace” at the present, fair market value, from all all of the owners who will sell to you.
While your at it, concider making offers on the houses on the next street(s) over (the ones that back up to these newly listed houses) because commercial lots are often more usefull (read valuable) if they are deep lots.
Check with a Realtor or the courthouse to find out the MAILING addresses of the listed property owners. Some of them might be out of town or out of state, motovated owners.
Entire neighborhood selling? - Posted by Matthew Chan
Posted by Matthew Chan on June 21, 1999 at 23:36:50:
Today was a very hectic day between calling on the Sunday FSBO’s, mortgage brokers, and farming a few areas until sundown.
I encountered something very interesting. There was an entire street full of abandoned houses. At first, I was ecstatic because I though they were junkers ripe for the plucking. It turns out it bothered me so much, I simply knocked on the only house that wasn’t abandoned and it turns out that the whole street will be widened so all the owners have left the properties. So I solved one mystery.
However, within a half mile radius of that area, there must have been nearly 20 houses (no exaggeration here) that was being listed by the same RE Broker company. It looks like there is a mass exodus from the area. The funny thing is it is an older area where development is growing and a rejuvenation of the area seems to be occuring. Why would so many houses be put up for sale at the same time by the same broker company? Has anyone seen this phenomena? What causes this?
Tomorrow, I intend to find out why by asking the listing broker if something strange is going on.
Maybe there is a train system or a new road being built too close to the property. The noise and vibrations could be a real problem. I saw a story on the news in Philly that a whole block of homes were
falling apart because they build a new off ramp from a major highway. The vibration from all the cars and trucks were shaking the homes apart.
Re: Entire neighborhood selling? - Posted by Matthew Chan
Posted by Matthew Chan on June 22, 1999 at 18:06:51:
Well, I think I may have found the reasons. A couple of shacks being put up for sale were going to cost $1.5 million each! Needless to say, it isn’t the houses that is valuable, it is the land. Apparently, there is a high expectation that much of the land will be zoned Commercial. One Realtor called me back and asked if I was an investor and was pretty mum when I asked more specific questions. He nearly hung on me. I got the message, loud and clear.