Home Buying in Salem>Question Details

CJ, Home Buyer in 97301

Why are the homes on Eola Drive so cheap?

Asked by CJ, 97301 Tue Dec 6, 2011

We drove past them today looking for for sale signs and taking notes. The view those houses have on the ridge today was amazing. It was like being in an airplane except it as just their front yard of clouds. Mt. Jeffersonan MT. Hood Visible with an amazing sunset. I thought these homes would be in the millions. Is it the depression of the housing market or because they are stting on top of a bright red earthquake zone? Trying to get a grip on the local market. Thanks!

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Answers

7
Which area of Eola are you referring to? If it where i am thinking, the homes on the top of the hill are typically at a higher price point that the average Salem home. Are you relocating from a different area? Alot of times, buyers will be shocked by the price difference between similar homes if coming from a different part of the country. I am a real estate broker in Salem or. Please give me a call with any other questions. Trevor Scharer 5038813455
1 vote Thank Flag Link Tue Dec 6, 2011
If it is the homes I am thinking about you are looking at older homes in a depressed housing market. I personally live just off Eola and love the area, but house prices are dropping around me.
1 vote Thank Flag Link Tue Dec 6, 2011
Eola/West Salem Hills is not a bright red earthquake zone, but they are in a slide zone. Just FYI
0 votes Thank Flag Link Thu Aug 16, 2012
Correction, you could do a rehab loan on this home. 203k etc.
0 votes Thank Flag Link Tue Dec 6, 2011
CJ. I know this area well. The view from that hillside even gets better with no clouds. This home is definitely one that needs work, but could be an incredible deal for someone that is willing to take that on. Also, this listing is cash only, so listing price is most likely affected because it likely will not qualify for financing. Please email me directly at Trevor@PaperboyProperties.com if you interested in this home or any others. Thanks.
0 votes Thank Flag Link Tue Dec 6, 2011
Thanks for your answers, folks. To be more specific, I am talking about the houses on Eola Drive, on the western edge of West Salem boundaries at Eaol Drive, 35th Ave, and Aster st.

I know the one home up for sale says its needs TLC, but zillow puts the home price of the others, and the recently sold, lower than I would have thought.

I did come from a different market, Madison, Wisconsin. There are zero homes on a hillside above the clouds there. Haha. But we are also looking up in the Portland market. It makes sense to me that homes in Salem would be cheaper, I just thought homes with such a wonderful view would be a little but cushioned from that phenomenon. But, that is why I am asking the questions and you guys are the professionals.

So basically these two factors contribute to my perceived-low valuation: different market with a trend of falling prices? Thanks again!
0 votes Thank Flag Link Tue Dec 6, 2011
Do not know but love your picture!
0 votes Thank Flag Link Tue Dec 6, 2011
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