Columbus HUD Homes

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

Technorati Tags: Bexley, Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings, Old Towne

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

Technorati Tags: Bexley, Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings