Up next the Sacto Gem otherwise known as "Bumtown." Four bedrooms if you count the illegal and dangerous garage conversion. Three bedrooms without. Two bedrooms if you accommodate the homeless guy. I don't know about you but I'm picky. When I buy, even to rent out, I always ask myself "If things get really bad, could I live here?" I call this the Landlord versus Slumlord test. I'm sorry as I know some readers live in Sacramento but this one doesn't pass the Slumlord test. I have no use for this personally although I freely acknowledge the societal need for such hovels. Personal price; Minus $50,000. This only so I could fix it up and rent it out and cover the ownership costs with an endowment from the remainder.
Rational market price: $185,000. Replacement cost.
Current market price: $240,000. Market is still insane.
Eventual sales price: $212,000. Won't sell to one of the insane last greater fools.
44 comments:
FIRST motherfuckers !!!
; p
Rational price in my book says about $120,000. And WTF is up with the squater?
125K based solely on a crap neighborhood, poorly maintained exterior (judging from the pix) and the size and such.
The problem is everyone is leaving Sacramento.
www.youtube.com/watch?v=8G8u1ErQTO0
Looking @ comps in SE and NE portland... Uuuh... $139,900-142,500
@Subsonic
Yeah, they're all moving to Oregon
Steph, do you still call them Californicators? That was the word last time in the early 90s when the best selling bumpersticker was "Welcome to Oregon, Now GO HOME!"
I think there's a little to much epicaricacy with the low numbers. Sacto is still a real city, too large to fail in the common parlance. It also is a Capital city meaning it won't be allowed to fail. As long as Prop 13 is intact and the levees aren't ignored these stuccoboxes from perdition are not going to go this low. If I were forced to pay $125,000 my ROI would be 5.5% based on flat asset values. Inflation isn't going lower so ownership appears to be an inflation hedge as well.
Don't get carried away with the moment.
bob dawg, that's not nice. that house has a lot of potential ... as a crack house or meth lab.
tony, it's not nice to call homeless bob a squatter. That implies he squats somewhere ... like say in the living room, and leaves a "surprise" on the carpet.
Comps in Wilmington NC 125-150K
What's illegal and dangerous about the garage conversion?
@Ogg
Maybe it's the danger of having seepage through the cement pad, where all the bodies are buried.
@Dawg,
The only thing I call them is "GET THE HELL OUT OF MY WAY!"
Ogg for a caveman asks a very good question. [groans emanate from the audiece as they (correctly)suspect Robert is about to preach].
Garage conversions are profoundly dangerous and anti-societal. I'm not engaging in hyperbole here. Garage conversions overload sewers, schools and roads with no cocomittant increase in offsetting revenues. Garage conversions are a sfety and heath concern as they not only lack proper permits and presumably construction quality but emergency response personell are unaware of the true situation in a call. Even energy use and utility costs are negatively impacted.
[preach off]
"californication" is title of a rather nice song by the Red hot chili peppers.
"it's the edge of the world and all of western civilization"
Casey just posted this pic of his meeting with his CPA last night, on his flicker account. I guess he was actually telling the truth for once. I think the guy in the background may be his BK attorney:
Meeting With CPA
"Garage conversions are profoundly dangerous and anti-societal."
Also very redneck/white trash and there is no better way to kill resale value.
I live in the Detroit area and that shit is a no no here.
lol VG!
As for garage conversions, if you read Casey's post on that and even the previous owner's comment, both agreed that the house was a little odd, and that the value of the house actually went down because of the garage conversion. Might as well build an outhouse and call it a guest cottage. Electricity, plumbing and even the walls are probably sub par.
Here is a little beauty in what is statistically the WORST zip code in Phoenix.
http://tinyurl.com/yq2vmm
Highest crime rate in the whole city, 175K?
-jbjbj
@ Rob Dawg
I assume you are referring to illegal garage conversions. Garage conversions if done correctly and with permits obtained can be without the faults you listed.
@ v
Tinkerbell is a hoot there!
Yes, of course illegal conversions.
@ lol,
Around here to object to garage conversions is a racist [anti-brown] position. I've been successfully combating that perception but it takes years at the very least.
Dammit! "v" that was a Firestone Double Barrel Ale you made me gack up my nose and all over my keyboard. Hilarious photoshop my friend.
Well Casey bought into it so more than likely it is illegal, anyway, trailer boys have another comment up, those guys try way way too hard to be funny.
The Trailer Park Boys
February 15th, 2007 at 3:59 am GOOOOOOD MORNING CASEY!!!!!!
I AM AN EARY RISER!!!!!!
SWEEEEEEEET!!!!!!!
ALL HAIL THE GREAT CASEY-HAIL! HAIL! HAIL!
Think positive thoughts and good things will happen.
I am very proud of you today. You have now completed step 2 of “The Big Dirty” by having the auction postponed(sweeeet). Never mind all the haters, because sometimes I would rather be lucky than good.
Now tell the truth, did you Really sell your soul to Satan, because thats the only way this could have happened.
You have won this battle so get that short sale done and move on.
Step 3 of The Big Dirty is next-”Keeping out of jail and screwing the IRS”.
We will be sending your new packet out as soon as that check clears and you take care of the other check that bounced.
By the way, did your wife like the flowers we sent??? Ogg and Homey are the ones you need to thank.
Have a great day and remember snow is our friend.
Julian-The Original Trailer Park Boy
Trailer Flippin Guru
Seminar Guru
Best Friend to Ogg, Homey da Clown and Casey Serin
Re: The trailer park boys...
harde frickin' har.
@ Dumbfounded:
I agree with almost all of your point. I do think that even a legal garage conversion is likely to reduce the house's value since, as has been pointed out on IAFF, most people want a garage more than they want another bedroom.
Personally, I'd keep the garage. A caveman can only scrape so much ice off his car before he just can't stand it any more. It's gotten so that I prefer my bike for short trips on icy days because it's so much less hassle.
@ Rob:
Could you expand on your comment on emergency services?
That house is teh Ugly.
Whether the garage is "converted" or not, it stick off the front of the house like a giant growth, like some kind of parasitic house twin that needs to be hacked off by a plastic surgeon. The bathroom looks like its the set for a movie about heroin overdoses, and the red fence and missized, misplaced windows call to mind the Branch Davidian compound.
In this town (Upstate NY) that's a $130K house, *maybe* (depending on the structural and what school it feeds to). It is about the age of my house, and before the Scary Conversion was probably about the same size, but has about 1/3 the charm and none of the usability ( Does it have a basement? Laundry facilities? Any storage? Is this the one he listed with a realtor? What does the MLS look like on it?)
@ogg: Remember, this is California, where the sun shines every day and no one is ever rained or snowed upon...
I, too, would pick a functional garage over a 4th bedroom in a house that size. I pulled my car out of my garage this morning and backed it past the piles of snow on either side of my driveway, and once again paused to give thanks for my attached garage... and the snowblower that it also shelters!
V, that was just wrong (and awesome!)! LMAO You really should warn people that it was a joke. I nearly scared my hubby to death cracking up out of no where! Do that again and you owe me a hubby (or at least new undies for him lol)!
kerriella
@ OGG
Yes, OGG good hunter. Garage better to keep big catch mammouth meat in. Garage hold many rocks too.
Check out IAFF
someone's been drinking guru koolaid again.....
L'il Casey has a new post up. It'll really crack you up, it's his funniest yet.
"Good Things Are Coming…
Was too busy making connections and identifying opportunities today and didn’t get a chance to check up on the NM foreclosure or send the short sale packet. Will attempt again tomorrow.
I get bogged down by a lot of these small details sometimes. Dwelling too much on my negative situation and on the debt that I’m in only slows me down and keeps me down longer.
I must be focusing on bigger better things that will help me make a comeback as an investor / entrepreneur. Only 20% of the stuff I do is really going to matter anyway according to the 80/20 rule. I am learning to identify and focus on the 20% with better accuracy and learn to procrastinate the 80%. You call it laziness but I call it efficiency.
My whole situation is really a blessing in disguise. The connections I’m making through the blog have been truly amazing and I’m just beginning to identify all the available opportunities.
The lessons I’m learning are priceless. I hear most successful business people go through an average of 3 bankruptcies / big failures before making it. I’m in the process of getting my big mistake(s) out of the way early in the game.
Thank you all my supporters for all your support and encouragement. I would not be able to go on without it. And thank you all my critics for your constructive feedback which keeps me out of trouble and helps me see things from different angles."
If this is real - which I doubt - this is the most deluded person i've ever seen.
I still call fake. He's found his new scam, so he feels confident.
Opinons?
I see the boy has fresh horshshit about "making a comeback" and "good things will happen soon."
Casey is all troll all the time now. Nothing but recycled phrases he knew used to drive page views.
I'm not buying it at all.
BTW, are my eyes deceiving me, or does Casey wear gloss on his nails? Look closely at the latest Jamba Juice picture. I've never in my life had shiny nails like that.
YO YO YO ITS HOMEY TIME
YO ROB DAWG!!!
Damn!!!! It iz colder than muh ma fuckin number one bitches ass here!!! A brudda ain't supposed ta be in dis here here cold climate, ya know what I'm sayin ?
Anyhow, here iz da 411 I got on da New Mexico crib taday. The weather wuz much bettah an' muh ma fuckin posse got out o' da hotel.
@ Casey kat,(I know ya read every one o' muh ma fuckin posts, cuz dat iz how ya find out what iz going ta happen ta you), here iz da 411 on dat crib. My posse had uh nice jive wiff uh very fine young lady- Ms. Santoro- she werkz fo' da Special Master Robert Doyle'soffice in Boulder, Colorado. They iz da lawyers dat iz handling da sale o' da New Mexico crib. You knew dat, right Casey kat? You know, da crib ya lied about on da application under penalty o' perjury dat ya lived dere? The crib dat ya did da illegal cash back at closing on outside o' escrow?
Did ya know Casey kat dat da Special Master'soffice didn't know about yo' website? I figured ya could use da traffic so muh ma fuckin posse gave dem da site address. Did ya know dey didn't know about yo' other houses, an' all da other scams dat ya been up ta? Well, well, afta muh ma fuckin posse finished explaining ta dem all about ya Casey in detail, dey seemed uh little shocked.
Lordy, Lordy!!!! A miracle then occured right afta muh ma fuckin posse talked ta dem. Did any o' ya notice da City o' Rio Rancho hit on IAFF taday fo' da first tyme? I bet ya all missed da hit from da Special Master'soffice in Colorodo, cuz ya weren't looking fo' it an' da name iz not an easy one.
The crib iz set ta be sold at auction again. I be not going ta say when cuz I be not going ta give Casey kat any he`p or do his fuckin werk fo' him. Casey kat, if ya wants mo' 411, page her yourself at 719-634-4868. She iz waiting ta hear from ya. Your file number iz 06-63139.
@rob Dawg an' brothas else dat gives uh damn,
I suggest all o' ya peeps page da Special Master an let dem know what iz da truth about Casey kat. Get they email an' fax number, an' send dem whatever ya gots on Casey kat.
Things should start ta git real fun from here fo' ya, Casey kat. I told ya ta dat if ya didn't start telling da truth I would.
Love,
Homey
PS. Casey kat, why dont ya just turn yourself in an' save us all da tyme an' money? Ya' dig?
Ok... I am getting a feeling that 'DA' in Homey DA Clown is more like..
District Attorney..!!
Casey's file number even!!!
Shit for brains writes:
I am learning to identify and focus on the 20% with better accuracy and learn to procrastinate the 80%. You call it laziness but I call it efficiency.
LOL LOL LOL ROFL LOL ROFL FOTFL LOL LOL LOL ROFL LOL!
@ BJ
I had that feeling the very first post of his I saw. He sure has the inside track it seems. That jive speak is just to hide a very well educated person I think. Awesome! This ought to crank up some heat, hehehe Speaking of heat, I got a $23,000 margin call today. I think I need to pack some tomorrow..
Go Heavy!
I hear most successful business people go through an average of 3 bankruptcies / big failures before making it.
BULL SHITTAKE.
$72,000 with homeless dude
$55,000 w/out homeless dude
Homeless dude raises value
I hear most successful business people go through an average of 3 bankruptcies / big failures before making it.
And with any luck Donald Trump will go bankrupt again.
@savlaoh:
"Remember, this is California, where the sun shines every day and no one is ever rained or snowed upon..."
That depends on where you are in California. There isn't much snow or ice in Sacramento, but there is usually a lot of rain in the winter. There are farily big floods every few years, and the levee system is expected break down some day the same way that the New Orleans' levees collapsed, except it will probably be an earthquake during a flood that does it. The results will be similar, though.
So, yeah, some parts of California gets rain and snow and stuff.
However, unfortunately, neither one of Mighty Casey's houses are close to the expected flood areas. One is in a ghetto out close to a dump ground, east of a closed military base. The other is in another ghetto near a mall that has been slowly going out of business for years.
Those houses don't need garages for the weather. They need garages to keep cars locked up.
Homey, I think I love you. You go on with yer bad ass!
Hi Rob,
First time posting here. Great site! I've posted on KC's site a few times.
KC's last comment really cracked me up. Comeback, indeed! Come back from what?? Or, TO what? He's been a worthless scam-boy all his life!
Hey, does anyone know the status of the NM property? Is it now "Bank Owned"?
Also, what's up with that "CPA" advising him on the corp. credit scam? Any CPA worth salt is going to know that's illegal. I'll betcha that "CPA" is just another scam-artist out to fleece our little buddy.
Later,
BillFromPVB
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