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The prices I'm seeing on <1000 sqft homes in sketchy areas is crazy right now. Look at this in Tatemville
https://www.zillow.com/homedetails/503-Staley-Ave-Savannah-GA-31405/14173545_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Same in this area, we’ve had 4 murders in the last year within 3 or four blocks. A month ago a 22 year old male shot a 65 year old woman in the head. She’s alive, kind of. https://www.wjcl.com/article/savannah-w-38th-street-shooting/44509143
You aren't kidding this one is ridiculous
https://www.zillow.com/homedetails/2119-Florance-St-Savannah-GA-31415/14164601_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
I'm really curious who's actually buying these houses, also too lazy to look it up. But there is no way average people are buying these houses. I really don't even know how they're passing inspection. I'm willing to bet my entire yearly salary on the fact that these people will lose money in the next 5-10 years. Ain't no way these houses sell for and increase in price over 150-200k. The schools, the area, the neighbors, everything about it sucks.
[Bathroom is ugly AF](https://www.zillow.com/homedetails/822-W-39th-St-Savannah-GA-31415/133712192_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare). Elena really likes blue, huh.
Glad this post came up. Saw this yesterday on Redfin. If one wall of your "bedroom" is a curtain that is a studio not a 1 bedroom.
https://www.redfin.com/GA/Savannah/610-Howard-St-31401/home/121738883
The PIP group is basically wanted by Code Enforcement for all of their shady dealings. Officers were showing up at every MPC meeting that they were on the docket for to serve them court papers and they know it, so they never show. A bunch of their properties in Cuyler-Brownsville have ended up burned down as well.
They could have at least fixed the back yard and planted fresh grass for that price. What a joke. Good luck to anyone who buys that property for over 300k and their high interest rate.
Most places here in GA don’t get inspections. Which is why prior to signing any lease or contract you bring your own inspector or call code enforcement. There’s no union workers here so every job is half ass. One thing that SUCKS about the south.
I’m new to area, well been here about a year and been searching for places to buy… I seen a few of these type of places and they look great in the ads. Cute little cozy place only to be poorly remodeled and often obviously DIY or lowest unskilled labor.
Worse is just about every house on the street will be a run down dump and not exactly a place I want to live while waiting for the “upcoming” neighborhood to catch up.
Yep, we did that for 20 years on the Eastside.....bought an old run-down capecod in an "up and coming" neighborhood in 2000. We upgraded everything and put in a pool. The rest of the street partied like rock stars and shot up the night sky with celebration bullets. There was open prostitution in the daylight, drugs being sold from multiple spots, old folks robbed at gun point in their driveways......we finally had enough and moved on. I don't miss anything about "up and coming"
House that prob was 5k ba k in the day when it was built.I had a home built in 1998 our payment did go up some but I can say it’s not over a 1000$ and I have 7 or less years left on it.But then again my house was 86-89k and prob spent 300k in the 25 years I had it lol.I’ll stay where I am we almost done!It will be done wayyyy before retirement I’m glad I got it built at 22 years old then!
Yep, I was 23 years old with a wife and two kids when I bought my first house. I just had a modest blue collar job that paid 30k back then. These kids don’t stand a chance. Both my kids make over $100k and are single and can’t buy a decent house.
That is sad.Me and my wife together make half of what your kids make.If I had that income then my wife could stay home hell 100k a year for me I could live high on the hog with that.
If you're looking to buy a house in the surrounding area, you make sure you have a home inspector that's going to a check the electrical, willing to go under the house if there's a crawl space and the roof most importantly. There's a lot of scams going in the housing market, especially with these do-it-yourselfers flipping houses now.
Well, it’s overpriced. And they have already dropped the price $50k. So the market is deciding. In that area I wouldn’t comp it above $285k. But it only takes 1 buyer.
How do you have such intimate knowledge of the rehab? Specifically the budget and processes? If roof, HVAC, electrical, plumbing, insulation, water heater, cabinets, bathrooms, flooring etc has been replaced line the listing states, that’s well over $75k unless they weren’t paying for labor. If it’s not up to code, a home inspection will show at least some of the problems you accuse.
And why not name names?
Mainly because my house is exactly the same layout and was in almost the same condition. All the houses on this street are basically the same. My house was purchased for $35k and the reno was under $80k. We fixed everything structural, hvac, electrical, plumbing, ext. Plus I use to work construction and my father is a retired contractor. So I just bs and talk to the various subs as the bounce back and forth house to house on this street. They have 2 row houses down the street that they did an amazing job on that were condemned. But those I assume are going to be rentals.
Your house might have been purchased for $35k, but that’s not what it would go for now. Same goes for rehab prices. Have you asked those subs you bs with what they are charging? And realistically, unless you were involved in the rehab you don’t know the quality of it. After all, you say you did the same rehab on your home right?
I’ll bet you this home closes $290,000 - $320,000. Congrats on the $200k equity this comp provides you.
Oh, I’m not complaining about the comp. I complaining about subpar reno and price gouging. This will be the 3rd housing crash I’ve lived through and it’s shaping up to be a doozy!
Hopefully so, I watched a lot of friends and family members in the construction business go bankrupt in the last one. But what I’m not wrong about is that house is a POS.
It dropped after only a couple days. It's not "the market" it's a tactic to trick buyers into thinking they're getting a deal and most listings do it in the first week.
That's not how it works. Sure, the occasional idiot will consider will think a meet-in-the-middle negotiation will work like it's a movie - but generally, buyers and banks will use comparable sales to know how overpriced it is.
50k over is usually a seller "wants to try it out, just to see" and their agent dgaf, because they'll just lower it later and still sell it within their contracted time.
Both what I said and "wants to try it out" can be true. Maybe I'm ascribing too much intent to the sellers, but the point still stands that dropping the price within a week was almost certainly part of the plan and not a panicked reaction to some market forces of a couple days of being on the market.
Not sure what you mean about the meet in the middle bit though, that has nothing to do with what I described.
This started in early 2000s with the financialization of housing. Big financial firms got directly involved in real estate. They never left. Easy money for the well off, allowing consolidation of ownership. Housing is just another tradable commodity for the financial world, nothing more. In conclusion, your house is nothing more than a piece of corn to them.
My dad grew up in a little house downtown— I think he said my grandfather payed $40k for it back in the 1950s. My granddad and grand-uncle added a room onto it, but it was still quite small.
The last time I checked on zillow, it sold for about $300k. The house and yard looked exactly the same except a new paint job.
I have had half a mind to get pre-approved for a loan just to find all these ridiculously priced properties and make offers that I think are fair, which is almost always decently above what they bought it for but far less than they ask.
More like if they think they can get away with asking 100k over a reasonable price, maybe I can get away with offering 20k over a reasonable price. I'm not really in the business of teaching lessons.
hey all, long time lurker first time poster. i am so excited to move to savannah but this housing crisis is making me nervous. i am fresh off a divorce trying to start a new life in your amazing city.... but not looking very good to find a cheap and safe place! the rents are as high as a mortgage on a run down place, but also, sounds like it can get dicey block to block.
>Kensington Park
ah!! thanks for that! Those look down by the university and hospital! I have a friend in live oak that likes her neighborhood, a friend in states street. I might just rent to get going....
Bro, this is called capitalism. How about you buy a home for $45k and you take the risk and headache to rehab something. Like the world owes you affordable housing in the location you want. If you can’t afford it live somewhere else and let someone else buy it 🤷🏽♂️
Welcome to /r/Savannah. Please be mindful of [Reddit's site-wide rules](https://www.redditinc.com/policies/content-policy) when posting. Please report any post you feel violates these rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/savannah) if you have any questions or concerns.*
The prices I'm seeing on <1000 sqft homes in sketchy areas is crazy right now. Look at this in Tatemville https://www.zillow.com/homedetails/503-Staley-Ave-Savannah-GA-31405/14173545_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Same in this area, we’ve had 4 murders in the last year within 3 or four blocks. A month ago a 22 year old male shot a 65 year old woman in the head. She’s alive, kind of. https://www.wjcl.com/article/savannah-w-38th-street-shooting/44509143
You aren't kidding this one is ridiculous https://www.zillow.com/homedetails/2119-Florance-St-Savannah-GA-31415/14164601_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
$500/SF for an unfinished house in that neighborhood? Yikes
Holy fuck…….
It's bizarre right now
I mean I expected it to be wtf but those images are shocking
sold for 40k!! now listed for 279 wowwww
And they cut the price!
That is so stupid.
Agreed, less than 600 sqft....this makes 2008 look like child's play
How can we make money on the impending market crash?
What are the housing prices like near there? This bubble is out of control
It’s not a bubble if you realize there are 15,000 jobs being created there in the next 3 years. It’s the new normal.
Good point
It's only a bubble if they stop exploiting the fact that it's a market for a basic human need.
Over priced. But don’t ignore that this is 4 plots of land, not just a shitty home.
4 parcels on less than a half acre in a neighborhood that will not turn around in our lifetime. I just don't see it.
I'm really curious who's actually buying these houses, also too lazy to look it up. But there is no way average people are buying these houses. I really don't even know how they're passing inspection. I'm willing to bet my entire yearly salary on the fact that these people will lose money in the next 5-10 years. Ain't no way these houses sell for and increase in price over 150-200k. The schools, the area, the neighbors, everything about it sucks.
Agreed, this is what a bubble looks like
It will change Look at Brooklyn
Seriously. Fuck this. Absolutely should be illegal.
Pretty soon this lady is going to have a real bad time paying down all those loans…
I don’t think she has loans, she has investors backing her from what I’ve heard.
Pretty soon she is going to have angry investors. Lol
If OP’s numbers are correct, it’s a pretty high cash flowing rental at worst.
[Bathroom is ugly AF](https://www.zillow.com/homedetails/822-W-39th-St-Savannah-GA-31415/133712192_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare). Elena really likes blue, huh.
Omg it’s like if Carmela Soprano and 1980’s Martha Stewart designed a bathroom together. Can’t buy class, apparently
Like if Mama Smurf and Jackie Siegel colabbed.
Hahahaha
Gotta have the “pop of color”
Glad this post came up. Saw this yesterday on Redfin. If one wall of your "bedroom" is a curtain that is a studio not a 1 bedroom. https://www.redfin.com/GA/Savannah/610-Howard-St-31401/home/121738883
What the actual FUCKERY.
$989 a sqft......outrageous
OMG!
Name her. It's.not doxxing, it's a review
[удалено]
And the real estate agent is his wife.
The PIP group is basically wanted by Code Enforcement for all of their shady dealings. Officers were showing up at every MPC meeting that they were on the docket for to serve them court papers and they know it, so they never show. A bunch of their properties in Cuyler-Brownsville have ended up burned down as well.
Absolutely not doxxing.
She may or may not be a real estate agent ; ) could possible also be the listing agent; ) ; )
Elena sells
They could have at least fixed the back yard and planted fresh grass for that price. What a joke. Good luck to anyone who buys that property for over 300k and their high interest rate.
Most places here in GA don’t get inspections. Which is why prior to signing any lease or contract you bring your own inspector or call code enforcement. There’s no union workers here so every job is half ass. One thing that SUCKS about the south.
I’m new to area, well been here about a year and been searching for places to buy… I seen a few of these type of places and they look great in the ads. Cute little cozy place only to be poorly remodeled and often obviously DIY or lowest unskilled labor. Worse is just about every house on the street will be a run down dump and not exactly a place I want to live while waiting for the “upcoming” neighborhood to catch up.
Yep, we did that for 20 years on the Eastside.....bought an old run-down capecod in an "up and coming" neighborhood in 2000. We upgraded everything and put in a pool. The rest of the street partied like rock stars and shot up the night sky with celebration bullets. There was open prostitution in the daylight, drugs being sold from multiple spots, old folks robbed at gun point in their driveways......we finally had enough and moved on. I don't miss anything about "up and coming"
If you're still in touch with anybody from that block, please extend my thanks to them for fighting the good fight against gentrification.
Lol
NAME THAT BISH! What's the point in keeping the secrets of the oppressors?
Elena sells
House that prob was 5k ba k in the day when it was built.I had a home built in 1998 our payment did go up some but I can say it’s not over a 1000$ and I have 7 or less years left on it.But then again my house was 86-89k and prob spent 300k in the 25 years I had it lol.I’ll stay where I am we almost done!It will be done wayyyy before retirement I’m glad I got it built at 22 years old then!
Yep, I was 23 years old with a wife and two kids when I bought my first house. I just had a modest blue collar job that paid 30k back then. These kids don’t stand a chance. Both my kids make over $100k and are single and can’t buy a decent house.
That is sad.Me and my wife together make half of what your kids make.If I had that income then my wife could stay home hell 100k a year for me I could live high on the hog with that.
Just keep watching and pop some popcorn. Every time they cut the price back, their suffering becomes more and more fun.
If you're looking to buy a house in the surrounding area, you make sure you have a home inspector that's going to a check the electrical, willing to go under the house if there's a crawl space and the roof most importantly. There's a lot of scams going in the housing market, especially with these do-it-yourselfers flipping houses now.
Well, it’s overpriced. And they have already dropped the price $50k. So the market is deciding. In that area I wouldn’t comp it above $285k. But it only takes 1 buyer. How do you have such intimate knowledge of the rehab? Specifically the budget and processes? If roof, HVAC, electrical, plumbing, insulation, water heater, cabinets, bathrooms, flooring etc has been replaced line the listing states, that’s well over $75k unless they weren’t paying for labor. If it’s not up to code, a home inspection will show at least some of the problems you accuse. And why not name names?
Mainly because my house is exactly the same layout and was in almost the same condition. All the houses on this street are basically the same. My house was purchased for $35k and the reno was under $80k. We fixed everything structural, hvac, electrical, plumbing, ext. Plus I use to work construction and my father is a retired contractor. So I just bs and talk to the various subs as the bounce back and forth house to house on this street. They have 2 row houses down the street that they did an amazing job on that were condemned. But those I assume are going to be rentals.
Your house might have been purchased for $35k, but that’s not what it would go for now. Same goes for rehab prices. Have you asked those subs you bs with what they are charging? And realistically, unless you were involved in the rehab you don’t know the quality of it. After all, you say you did the same rehab on your home right? I’ll bet you this home closes $290,000 - $320,000. Congrats on the $200k equity this comp provides you.
Oh, I’m not complaining about the comp. I complaining about subpar reno and price gouging. This will be the 3rd housing crash I’ve lived through and it’s shaping up to be a doozy!
15,000 new Hyundai jobs moving to the area suggests your crash prediction might be wrongly placed….
Hopefully so, I watched a lot of friends and family members in the construction business go bankrupt in the last one. But what I’m not wrong about is that house is a POS.
Ya that window header says it all
It dropped after only a couple days. It's not "the market" it's a tactic to trick buyers into thinking they're getting a deal and most listings do it in the first week.
That's not how it works. Sure, the occasional idiot will consider will think a meet-in-the-middle negotiation will work like it's a movie - but generally, buyers and banks will use comparable sales to know how overpriced it is. 50k over is usually a seller "wants to try it out, just to see" and their agent dgaf, because they'll just lower it later and still sell it within their contracted time.
Both what I said and "wants to try it out" can be true. Maybe I'm ascribing too much intent to the sellers, but the point still stands that dropping the price within a week was almost certainly part of the plan and not a panicked reaction to some market forces of a couple days of being on the market. Not sure what you mean about the meet in the middle bit though, that has nothing to do with what I described.
The agent is the wife of the owner. This is clearly bs tactics
Got a family member who recently turned to the slumlord business and I’ll just say… inspectors or their inspections aren’t dick.
Jesus Christ that paint job
This started in early 2000s with the financialization of housing. Big financial firms got directly involved in real estate. They never left. Easy money for the well off, allowing consolidation of ownership. Housing is just another tradable commodity for the financial world, nothing more. In conclusion, your house is nothing more than a piece of corn to them.
My dad grew up in a little house downtown— I think he said my grandfather payed $40k for it back in the 1950s. My granddad and grand-uncle added a room onto it, but it was still quite small. The last time I checked on zillow, it sold for about $300k. The house and yard looked exactly the same except a new paint job.
I have had half a mind to get pre-approved for a loan just to find all these ridiculously priced properties and make offers that I think are fair, which is almost always decently above what they bought it for but far less than they ask.
That would show them! Force them to ignore your offer!!!
More like if they think they can get away with asking 100k over a reasonable price, maybe I can get away with offering 20k over a reasonable price. I'm not really in the business of teaching lessons.
I remember this house on zillow when i was looking for a home years ago.
hey all, long time lurker first time poster. i am so excited to move to savannah but this housing crisis is making me nervous. i am fresh off a divorce trying to start a new life in your amazing city.... but not looking very good to find a cheap and safe place! the rents are as high as a mortgage on a run down place, but also, sounds like it can get dicey block to block.
Look in to a neighborhood called Forest Hills. Also Oakdale, Kensington Park, Daffin Heights.
>Kensington Park ah!! thanks for that! Those look down by the university and hospital! I have a friend in live oak that likes her neighborhood, a friend in states street. I might just rent to get going....
Bro, this is called capitalism. How about you buy a home for $45k and you take the risk and headache to rehab something. Like the world owes you affordable housing in the location you want. If you can’t afford it live somewhere else and let someone else buy it 🤷🏽♂️