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Category Archives: real estate

Looking for a real estate deal?

Of course you are… everyone is.  Maybe not everyone, but there are a lot of people that are looking for good deals in real estate in Gwinnett County, GA, during a buyer’s market… which is basically what we are in right now.

While looking for something semi-related, I ran across some interesting and possibly good deals out there for the right buyer.  These are basically unfinished, brand-new homes.  The builder apparently didn’t make it, and the bank has these things on their hands.

The ones I concentrated on are all finished on the exterior… except for landscaping and final doors… and a couple need replacement windows.  Possibly some other exterior repair on some as well…

The interiors are a different matter.  At the very least all of them need flooring, cabinetry, paint, fixtures and appliances.  Some also need HVAC, electrical and plumbing finish work and drywall repair. In each case, I would expect to see $75k or so to get these done and ready to live in.

Since the builder is no longer viable, I would assume that these are without any sort of warranty.  And just to be clear, these are NOT move-in ready.  In fact, as a very inexperienced construction estimator, I would guess that it would take 60 days to get into one of these after getting the work started.

On the flip side, the prices for some of the larger homes are around $250k.  Keep in mind that the ARV (After Renovation Value) of the homes should be in the $400k to $500k range.  So, one could expect that in a couple of years their $350k investment ($250k house + $75k renovation + $25k in stuff that always comes up) could yield $50k or more in profit.

That isn’t to say there aren’t challenges… the subdivision is not very built out and I don’t think the amenities are in.  The HOA doesn’t exist.

Another interesting point… all of the homes I went in had very tall garages.  With the right changes to the garage doors, I think that lifts could be installed in at least one spot of each garage.  One of the plans also had an unfinished bonus room over the garage… Interesting!

And my buddy Ken Cook at Novation is working up some special financing plans for these properties.
I noticed that several of the homes had gone under contract in the last few days…. don’t wait too long.

New Listings…

Busy Florida street
Image by lrargerich via Flickr

Things have been pretty busy around here.  We have been rolling out some new listings…

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Beautifully Upgraded Townhome Just North of Alpharetta

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Image by lane.bailey via Flickr

Just north of the extremely popular city of Aplharetta is Cumming, GA.  It is much more laid back, and also features lower Forsyth County property taxes.

It also is the home of this beautifully upgraded townhome.  It has all top of the line fixtures and features.  Looking through the photos you might notice the granite counters, stainless steel appliances, oil rubbed bronze lighting and plumbing fixtures and crown mouldings.  The first floor has all hardwoods, while the second and third floors feature luxurious wall to wall carpeting.

The first floor is very open, an entertainer’s dream.  With the open kitchen looking out to the great room and dining areas, the area is light and airy.

The second floor features the wonderful master suite with its luxurious bath.  Aside from the dual vanities, there is a generously sized jetted tub and a seperate shower done in tile.  There is also a large walk-in closet.  The laundry is also on the second floor, between the bedrooms.  At the other end of the home from the master suite is the guest suite.  it also has its own private bath and walk-in closet.  Both bedrooms are generously sized.

The top level is completely finished.  This was an option for this floor plan, and increases the square footage to almost 2800 according to builder data.  It has its own full bath, and would make an excellent office, teen suite or media room… or if could be perfect for many other uses.

There is a two car garage as well. Visit this home’s website for me details.

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590 Baltimore Ave in Lilburn… now available

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Image by lane.bailey via Flickr

I actually took the listing last week and got it set up.  The website is now up, although it is still getting some more tweaks and additions.

590 Baltimore Ave, Lilburn, GA 30047 is being offered at $400,000.  And it is an exceptional property.  Four bedrooms, three and a half bath, and two 2 car garages.  There is a full finished basement.

This is a really cool place, and there isn’t anything else like it.  From the long winding driveway through the three acres to the house surrounded by woods and the creek, the house transports you to another place.

But it is only minutes from the center of Lilburn, US 29, I-85 and much of the drivers of economic growth in Gwinnett County and the Atlanta area.

Visit the website.  Enjoy.  If you have any questions, don’t hesitate to give me a shout.

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Talk About a Deal…

Construction of the Techwood Homes project, ci...
Image via Wikipedia

While running a quick search for a friend, I ran across a few interesting listings…

There are a few deals out there that stop me in my tracks for a minute.  Some catch my attention because they are priced well below the competition… and they don’t need more work that the deal is worth.  Others grab me because their condition is amazing, and they are still priced competitively.  Finally, there a few that reach out because they are unusual… in a good way.

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