Kansas City real estate agents like to talk about an upswing in the market or even a renaissance after the bottom fell out U.S. Housing market more than a few years ago.
However . . .
TAKE A LOOK AT A KANSAS CITY EAST SIDE HOUSE SELLING FOR LESS THAN THE COST OF A USED CAR!!!
Admittedly, the Bellefontaine Ave. address isn't the most posh section of Kansas City but the price for this home is essentially worthless and reveals that Kansas City real estate is still in crisis in the urban core and beyond.
In this instance, the KC = Detroit guy might have a point.
ReplyDeleteThe nwinning bid may also be responsible for back taxes, unpaid fines, etc., and who knows if this house is even habitable as it is, so this may not be the bargain it appears to be.
ReplyDeleteLocation, Location, Location!
ReplyDeleteExactly, 6:46. What you see in the pic is probably the best part of the house. It will only cost the buyer $70,000 to make it habitable.
ReplyDeleteLet we need section 8 housing because no one an afford a house. Loser Section 8 renters probably destroyed this neighborhood 20 years ago
ReplyDelete$900.00 to live amoungst the NIGGERS?? Hell no, the price is waaaaay too high. Even $90.00 would be prohibitive.
ReplyDelete". . . reveals that Kansas City real estate is still in crisis in the urban core and beyond."
ReplyDeleteHuh? Tony, like other commenters have mentioned, there is much to know about this particular house before we can jump to such a broad conclusion.
All you have is the address and a picture.
How long has it been vacant? What kind of shape is the roof in? The foundation? The plumbing? The electrical wiring?
Does it need painting or siding? Does it need new windows? Are the bathroom fixtures in good shape?
How many bedrooms? How many bathrooms? What's the size of the backyard, if any?
What kind of flooring does it have? Carpet? Hardwood? What kind of shape is it in?
Does it have a basement? A utility room? Laundry hook ups? I would also presume that the water heater needs replacement.
Does it need a new furnace? What kind of A/C? If you have to put in a furnace, you might as well put in central air at the same time.
Is there termite damage? Mold damage? Dry rot?
In other words, there could be lots of reasons why this house sold for $898 besides "Kansas City real estate is still in crisis in the urban core and beyond."
Especially "beyond."
Geez, 7:54, you put way too much thought into that.
ReplyDeleteBucking for a gig with HEDFC or something?
You can put a million dollar home at 38th and Bellefountaine and it will still sell for less than $900!
ReplyDeleteKevlar siding ups the value.
ReplyDeleteIt will cost more than $70k to make it properly habitable. And then it won't be worth more than $50k. Herein lies the crux of the problem east of Troost.
ReplyDeleteNicer parts of KC metro are recovering very well. The real estate bust hurt poor areas the worst, as all recessions always hit the poor the worst.
Eastside Kansas City and 1945 Nagasaki are comparable.
ReplyDeleteThat's not true, 8:29. Houses in that neighborhood sell all the time.
ReplyDeleteAs a matter of fact, there are lots of people making a pretty good living buying up these kinds of properties cheap. They will either rehab them putting in their own sweat equity, or they will salvage what they can.
This could very well be a house that has already been stripped down and the buyer is more interested in the lot.
Who knows? Tony certainly doesn't.
10:11 you are so funny. funny, OMG.
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ReplyDeleteKC is a toilet in need of a flush.
3:18, if it's a 1.6 gallon Al Gore-water-saving toilet, flush twice.
ReplyDeleteIf Al Gore were in it, I'd rig it for a constant flush.
ReplyDeleteAl Gore is a fat liar.
ReplyDeleteTony, five minutes worth of Internet research revealed that this very same house sold last year through this same last-ditch Internet auction site for $600.
ReplyDeleteSo applying the same "logic" that led you to post that the entire KC housing market is in a slump because of the auction sale of this one house, it might be possible to conclude that the housing market must be booming because this house increased in value by 50 percent in a single year.
Of course, that is just as ridiculous as your original ass/u/mption.
It was also revealed that this home, in addition to an iffy location, is small (960 sq. ft), sits on a tiny lot (4,000 sq. ft.) that isn't level with virtually no back yard, has two bedrooms and one bath, has a shared driveway and no garage, was built in 1916, and the entire neighborhood is crammed together with no sideyards, as was the way these things were built in 1916.
We might also guess that the price was depressed further by a very obvious problem visible from the outside (such as roof and/or foundation), and that the buyer a year ago discovered more problems which is why he dumped it back on the auction site.
That expensive for Niggerville!
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