Home Selling in 02738>Question Details

Susan, Real Estate Pro in Tucson, AZ

My family inherited a cottage that is steps from an association beach but is small, rustic and doesn't have views. Would you sell it as is or?

Asked by Susan, Tucson, AZ Sun Mar 4, 2012

rebuild? Over the years, all the cottages that line the beach have been replaced with modern homes and of course are worth more - from $500,000 and up. Should we do the same? We have a hard time paying the taxes as it is, and would likely have to sell it if we replaced the building. What could we expect in terms of ROI? The property is probably worth $350,000 as is. Thanks for any advice.

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9
Sell it as is, rebuilding will be difficult and costly as well as tedious and stressful. Unless you are going to keep it sell it like it is.
0 votes Thank Flag Link Mon Mar 5, 2012
If you are having a hard time paying the taxes, I am not sure you could afford rebuilding.

Anything in any market will sell for the right price. Get a Comparative Market Analysis done and see what the as is price for the home.
0 votes Thank Flag Link Mon Mar 5, 2012
Susan,

The number of homes sold in Marion in 2011 vs 2010 is up. As long as sellers are realistic with their asking price, the buyers are out there.

Pat
0 votes Thank Flag Link Sun Mar 4, 2012
Thanks for all the responses. We had a CMA done about two years ago, but I'm sure things have changed a bit since then. It's a small lot - a tenth of an acre - but if we built up (need to go up on columns anyway) we'd have amazing views. So it's special in that sense.

Condition is, well, old but my family has done some upgrading over the years. It's got original knotty pine paneling, old wood floors and an upgraded bathroom, but the kitchen is original and not very efficient. And there are drainage issues, as we're facing a marsh (unbuildable, luckily). Most people who could afford to buy there would see it as a tear-down, although it's quite charming to us. The value is in the land.

Anyone care to describe the current market in that area?

Pat, I'll give you a call tomorrow - thanks.
0 votes Thank Flag Link Sun Mar 4, 2012
Susan,
It would help to know the condition. Would love to help you determine market value. I am very familiar with Marion and have sold homes in Marion and surrounding area. Please call me direct.

Pat Waldon, GRI
Realtor
Jack Conway & Co.
508-737-6353
0 votes Thank Flag Link Sun Mar 4, 2012
Anna...that is a very logical way to approach the situation and makes a lot of sense!

Amy
0 votes Thank Flag Link Sun Mar 4, 2012
Susan,

I would sell it as is and run with the money. You are in AZ and to over see a project like this requires time and money.

Unless you have someone you trust implicitly with a project of this nature and your money I would not even consider it.

Rehab a property is one thing. To build new is another. Your returns are proportionate to the risk and it appears theres a demand for it in its present condition.

If you were in a position to enjoy it after you rebuilt it, my answer would of been different. The one who pays the most is the end user. Good luck
0 votes Thank Flag Link Sun Mar 4, 2012
Susan, more information would need to be available to draw reasonable conclusions. Local zoning regulations and setbacks requirements would need to be studied to determine the best use for the property. Once you determined the greatest potential "build out" of the property you could make some reasonable decisions regarding ROI.

Good Luck

Richard F. Power
J. O'Gara Reatly
Marshfield, MA 02050
0 votes Thank Flag Link Sun Mar 4, 2012
Consider inviting a few local agents from different realty companies and ask for a cma, comparative market analysis; review the data, ask opinions and go from there; cma's are provided free of charge by most agents.
0 votes Thank Flag Link Sun Mar 4, 2012
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