Hi Angie, the tax records show that the address at 100 Cynthia Loop only sits on .5 acres +/-. It is currently assessed at $105,500.00 but the median sales price for the area in the past three months is $88,000 and the parameters of the data are home sales within a 2 mile radius and type of construction is manufactured housing. SFR does mean single family residential and that has more to do with the zoning than the type of construction i.e. manufactured housing, or site built. I can provide you with detailed market conditions that will help you plan the sale of you house and set some reasonable expectations that are tied in with comparable sales and adjusted for your mom's superior features or inferior features. You can expect professional work and professional results.... more
There are arguments for both sides, but you have to decide which side outweighs the other. I own rental properties and represent investors. I am currently looking for and recommending buying rentals right now. The reasons are that even though we might see a little more drop in value, I don't think it is going to be that much more here in Albuquerque, although the west side will probably take more of a hit than the east side. If your partner wanted to cut and run, why didn't he sell last summer? I think most of the drop is in now and we will begin to stabilize. We are also at the bottom of the interest rate valley, so if you have a locked low rate loan on the property (or can get one) , then holding it is a great inflation hedge - which I expect simply because the value of the dollar can not hold with the printing presses on overtime! It may not be this year, but it is coming, and what better way to be prepared than to have a locked loan under 6%, giving you plenty of flexibility. You can hedge against inflation with precious metals, but real estate can also work. I also happen to think the rental market will remain pretty strong and then housing demand has no choice but to eventually return - the brakes have been slammed on production (building) in this country, while household formation has not changed much at all! As the recession recedes, families will not be doubling up as much, and there will be a noticeable pent up demand that must be satisfied, which can not be satisfied over night - it will take time to ramp residential production back up. So, in my opinion, if your partner wanted out, he should have done so before before last year - before riding down this much. If you have good tenants willing to stay another two years, I would surely hold that house - you might even consider buying your partner out so he can pack it all in and run for the hills (if he's right, we might all wish we did that). Call me anytime to discuss in more detail. Best of luck to you CRM!
Oh yeah, the new appraisal guidelines are causing some issues, but they will be ironed out - they should definitely not play into the decision of whether or not to hold this property in any way!... more