Columbus HUD Homes

Are you curious to see what HUD has in store for you this week?

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On today’s HUD homes map you’ll find a very interesting mix of homes.

First of all, there’s another HUD listing in Upper Arlington on Wickliffe Road. This is a really gorgeous cape cod with a fenced yard. It is listed for $162,000 FHA insurable.

There are 3 more homes over $200K in Grove City, Lewis Center and Worthington. The last one has been around for a while and is available to all bidders.

Do you prefer the $100K range?

Then take a look at this huge ranch on Watt Road in Gahanna or Red Coach Lane in Reynoldsburg.

Finally, the Bexley HUD house at Ardmore is back on the market at a list price of $218,000.

Listing Statistics

Total homes available: 171 (last week: 159)

Owner occupants: 94
All bidders: 77
New listings: 35
Sunday deadline: 21
Relisted/Price reduced: 38

Median Price: $73,600 (last week: $70,000)
Average Price: $76,196 (last week: $73,173)
Highest: $218,000
Lowest: $9,000

Homes less than $50,001: 55 (last week: 49)
Between $50,001 & $100,000: 74 (last week: 74)
More than $100,000: 42 (last week: 36)

The bid deadline for today’s new listings is Monday May 31, 2010 – Memorial Day. I will be in town – so call me at 975-9650 for some great house hunting!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

All 6 Columbus HUD homes I previewed a week ago are in contract (see the bid results at the end of this article).

The market is really booming right now. Many people try to submit last minute offers on HUD homes to grab their share of the Federal home buyer tax credit. This frenzy will be over on Friday, April 30, 2010. That’s the deadline for having a firm purchase contract signed and ratified.

The Bexley HUD home at Ardmore Road sold for more than $200K. Even the tiny, 1,200 sqft Blacklick HUD home at Lamesa Drive is now in contract for $112K that’s 7% above list price.

There is one notable exception to this deadline. If you are a military Veteran, this tax credit is still available for you until the end of 2010.

Will this be the end of the real estate recovery?

I don’t think so. People will continue to make offers on homes, get financing and close their purchases. With interest rates below 5% buying Columbus houses is very affordable.

Without the hype surrounding the home buyer tax credit lower offers will be accepted by sellers. If you missed the deadline for the tax credit, you may well lower your offer by $8,000. I believe you’ll have a good chance of getting it accepted. HUD has been very flexible with owner occupants.

The end of the tax credit could actually mean the beginning of even better HUD homes deals.

Now let’s take a look at the 6 featured Columbus HUD homes that went in contract earlier this week:

893 Military Dr, Galloway, OH
4BR/2.5BA 1,915 sqft Asking $150,000
Offer accepted on 04/26/10 for $153,112 - 2% above

2558 Harborridge Ct, Galloway, OH
3BR/2.5 BA 1,742 sqft Asking $120,000
Offer accepted on 04/27/10 for $99,999 - 17% below

4378 Knoll Crest Dr, Grove City, OH
4BR/2.5BA 2,196 sqft Asking $105,000
Offer accepted on 04/26/10 for $105,009 - asking price

173 N Ardmore Rd, Bexley, OH
4BR/2.5BA 1,939 sqft Asking $218,000
Offer accepted on 04/26/10 for $201,000 – 8% below

438 Lamesa Dr, Blacklick, OH
3BR/2.0BA 1,212 sqft Asking $105,000
Offer accepted on 04/26/10 for $112,000 – 7% above

8246 Creekstone Ln, Blacklick, OH
4BR/2.5BA 2,012 sqft Asking $160,000
Offer accepted on 04/26/10 for $143,515 – 10% below

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Columbus HUD homes are available in excellent school districts all over Central Ohio. Today’s previews include HUD homes in New Albany, Worthington, Bexley and Pataskala.

The first 3 homes are listed for only $112K each, while the other 2 come at a price tag of around $210K.

Why is there a $100,000 price difference? As they say in real estate: location, location, location…

3061 Kola Way, Columbus, OH
3BR/2.5BA 1,349 sqft Asking $112,000 Near Easton

605 Keltonhurst Dr, Pataskala, OH
3BR/2.5 BA 1,132 sqft Asking $112,000

1062 Grandon Ave, Bexley, OH
2BR/1.0BA 1,125 sqft Asking $111,500

6989 Bucktrout Pl, Worthington, OH
4BR/2.0BA 1,708 sqft Asking $215,000

5909 Blaverly Dr, New Albany, OH
3BR/2.5BA 2,091 sqft Asking $210,000

Call me at (614) 975-9650. Offers are due on Sunday May 2, 2010!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

You’ve got to see it to believe it! A Single Family HUD home in Bexley sold for only 62% of asking price, which is about 50% of fair market value for this property, and a Duplex in Olde Towne East sold for over 500% of asking price, which is also about 50% of fair market value.

Let’s take a closer look at these two Columbus HUD homes:

956 College Ave, Bexley OH 43209 is a 4 BR home in a nice Bexley neighborhood where property values are around $185,000. It was listed for $143,000 on 8/14/09 and has not found a buyer till almost 4 weeks later. Why? The property has problems: the foundation is damaged, there is standing water on the basement floor, the plumbing leaks and more. Well, whoever got the offer accepted essentially got it for ½ price. Way to go!

931-933 Oak St, Columbus OH 43205.  Now, this one baffles me. The property is a smallish double in Olde Towne East. The street is quiet, with many remodeled brick homes and mature trees. Value of this double, once fixed up, could be around $185,000 as well. So far so good.

What I don’t understand is this: why would somebody bid $80,000 on this property if it has been in contract twice before for $49,999? Doesn’t this seem like overkill? The owner occupant buyer potentially could have saved $30,000 for repairs if he/she had researched this house on our blog!

Don’t get carried away with the bidding frenzy. Call me before you make an offer! I can give you my best guess on what any given property might sell for based on previous bids! I keep an archive of bidding histories of relisted Columbus HUD homes in our private database. You can’t find this information anywhere else, because NHMS removes this information from their website for all active listings. 

I love nothing more than helping one of my buyers snag a terrific deal!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

During the past 2 weeks HUD was busy listing new properties. NHMSI added 21 Columbus houses this week, bringing their total inventory reserved for owner occupants to 70, while only 13 Columbus HUD homes are available for all bidders.
 
This will probably change when Sunday’s bidding deadline expires and some of last week’s new HUD listings open up to investors. You may remember they added 31 new homes a week ago.
 
For once, the spotlight is off the Grove City area and we have many Columbus HUD listings on the East Side, including one in Bexley on 956 College Ave, 2 in Gahanna, one in Blacklick, 4 in Reynoldsburg and 3 in Pataskala. We will feature a few of these homes in the next couple of days.
 
One Columbus neighborhood you may want to check out is Independence Village. This large subdivision is located just east of Brice Road and south of I-70 in the Reynoldsburg ZIP Code and the Groveport-Madison school district. HUD Homes are listed between $60K and $80K in that area. The subdivision was built in the 80’s and offers a nice variety of Columbus houses in different sizes, styles and price ranges.

Listing Statistics

Total homes available: 83 (last week: 66)

Owner occupants: 70
All bidders: 13
New listings: 21
Relisted/Price reduced: 49
 
Median Price: $75,000 (last week: $75,000)
Average Price: $76,359 (last week: $78,892)
Highest Price: $187,000
Lowest Price: $6,000
 
Homes less than $50,001: 27 (last week: 21)
Between $50,001 & $100,000: 34 (last week: 25)
More than $100,000: 22 (last week: 20)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!  

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650