Thread: Huge modern house and 22,000 sq foot shop on high traffic road... dirt cheap

Both of these properties actually belong to my mother, who is getting on in years and just needs to get rid of them. The house is in one of the best neighborhoods in Sanford, NC and in an "estate" setting in it's own right. At this point she'd consider $385,000 for the place...which, for 5,500 sq ft super nice top quality brick house, on 3 acres seems insanely cheap for what it is, to me. Almost a shame I like where I am so much as otherwise I'd buy it myself.

This must seem jaw drop cheap to folks in California especially. Note there is no "catch" to this...it really is that nice of a house and the neighborhood really is super nice. The only catch is that it's in Sanford, NC which has 12 percent unemployment and real estate is just not selling. Caterpillar just expanded there so maybe things will perk up a bit soon, but she's tired of waiting. (in fact Caterpillar leased mom's shop building for years, but now doesn't need it due to their own building expansions)

The shop was originally a building supply, on a high traffic road, 3 phase power, loading docks and ground level, huge two story offices, showroom, 22,000+ sq feet for a pidley $450,000... or lease it (ignore rate on website) Last appraisal was $700,000. To see both properties, click below link.

Harry Thomas Real Estate - Home

Note there is a video walk thu that shows the surrounding neighborhood, driveway walk down from road entrance to house, and some inside the house.

Contact me at procyon@charter.net if you have questions or want to inspect.

(and yeah, the warehouse building pix are way too small....working on that... )

Originally Posted by Milacron

This must seem jaw drop cheap to folks in California especially.

Yes, it is. You can't buy a tear down in my area for that price. People will pay more than that for an empty lot with NO building on it, or even with a building they would need to tear down completely. You just can't find them though...

I would love to have something like that, with your own loading dock...oh my...and 3 phase power...that is pretty outrageous for what we see out here.

On the map it's about 50 miles from RTP. That should be the primary target for buyers, IMO.

Great looking house, would love to see some pics of the shop/dock/etc...

Don, I see now that the house and shop are at different addresses...too bad it's not together. That in itself is insanely cheap for commercial property. Would have been cool if 3 phase was at the house...:-/

Curious though, on the house. How much does someone need to pay for property tax per year on a home like that ? I realize it's based on the purchase price, but I was curious what the percentage is for the tax rate approx.

Also, can the property be re-assessed ? In California, even though our property is high initially, our taxes are locked in and only fluctuate for the local bills which are passed, and that gets assessed to our taxes. We only get re-assessed when we modify the home and they use some type of system that is based on the purchase price it seems. The taxes are also problem in California, in the sense that any homes that large are extremely expensive. Could be several million in most of the bay area, easy. Since the taxes are based on the purchase price, even people that could theoretically afford an expensive home, might not be able to given the property taxes. In NC, the property taxes on that 5500 sq.ft. home are based on the sell price. This kinda relates to another thread you had posted on where one would pick for retirement for a given set of financial criteria and space needed. Taxes are key for the long term. Not an easy question to answer as a whole. That relates to sales and income tax as well. California is high in that regard for what you get size wise on property and sales tax is high as-is income compared to other states.

Don"
Hope your mother's health stays good and her remaining years are full of joy. And the property looks like the front cover on Southern Living magazine! Surely, your email will be collecting serious interest.

Originally Posted by stuball48

And the property looks like the front cover on Southern Living magazine! Surely, your email will be collecting serious interest.

Sorry to say, not a single email from here on either property. I know it's tough when you see screamin deals on such things but simply like where you are living now. I wonder if eBay would be worth a shot ? Cost would be about $150 a month for each property on eBay.

E-bay would be a waste of money and time I think. It would only attract real estate people to try and get you to sign up with them.

If your goal is to sell it rather quickly then what you need is an appraisal without a commitment to sell.

When the market was tough in Florida (spring 2009) we sold our house on our own. What we did is we approached a real estate estimator (got a referral from a mortgage broker).

This mortgage broker told us to offer this person $200 for an estimate on what our house would sell for within 60 days. That's exactly what we got without any other strings attached and it gave us the right price to ask to sell our house. We actually sold it within $1000 of this estimate and within 3 weeks. We sold it ourselves with a simple for sale sign on our front lawn.

You can't go with an estimate for a listing real estate agent because they will always quote high to get the listing.

Originally Posted by Milacron

Sorry to say, not a single email from here on either property. I know it's tough when you see screamin deals on such things but simply like where you are living now. I wonder if eBay would be worth a shot ? Cost would be about $150 a month for each property on eBay.

Hi Don, If I was ready to "retire", I'd take a serious look at your mother's place, that's very nice. Actually, my mother lives in Beaufort (her whole family was from there, and I was born there). I live near Raleigh and have several friends down in Sanford. It's getting way too crowded around here for my preferences, and up till now I've avoided creeping Cary annexing my house +1 acre. It's amazing how a few miles affect property demand and prices, one can't hardly get a ~3000 sf McMansion and 0.15 acres around here for that price any longer.
If it's not too much of an imposition, I'd like to stop by and see your "collection" when convenient when I'm down in Beaufort visiting sometime. I hope you get some bites on the properties. Regards, Charles

Don:
One thing that helps sell homes in this area is an updated listing of improvements made on the home---I know she will, not likely, get what she has invested in improvements but a couple of "attention getters" might get a looker or two. With that property all you need is a "nudge." Is the air conditioning,, heating, wiring, termite protection, roof,--- in need of repair or in excellent shape. Folks can spend a large sum of money just dealing with one "upgrade." Having read lots of your post on other subjects, I would think that this property is "ready to live in" or you would have listed any negatives.
Any way to sell the shop building and property it is on seperate from the home? Around here, if property has a shop building and the shop is sold with home, it brings nothing over the value of the home. Last Saturday went to a local sell of 3 bedroom home on two acres and it had two nice ship buildings---40' x 80'---concrete floors, 12 ft roll up doors, bathrooms, and gas heat-----all sold for $115,000. I hope to hear a good report on your mother's property.

Originally Posted by stuball48

Any way to sell the shop building and property it is on seperate from the home?

That question makes no sense. Did you look at the links to the property or just read the title of my topic ?

Originally Posted by Milacron

That question makes no sense. Did you look at the links to the property or just read the title of my topic ?

You might want to change the thread title as I first read it as the same property until I read the whole post. Might want to add "two properties" to the title.

Originally Posted by traditional-tools

Curious though, on the house. How much does someone need to pay for property tax per year on a home like that ? I realize it's based on the purchase price, but I was curious what the percentage is for the tax rate approx.

Also, can the property be re-assessed ? In California, even though our property is high initially, our taxes are locked in and only fluctuate for the local bills which are passed, and that gets assessed to our taxes. We only get re-assessed when we modify the home and they use some type of system that is based on the purchase price it seems. The taxes are also problem in California, in the sense that any homes that large are extremely expensive. Could be several million in most of the bay area, easy. Since the taxes are based on the purchase price, even people that could theoretically afford an expensive home, might not be able to given the property taxes. In NC, the property taxes on that 5500 sq.ft. home are based on the sell price. This kinda relates to another thread you had posted on where one would pick for retirement for a given set of financial criteria and space needed. Taxes are key for the long term. Not an easy question to answer as a whole. That relates to sales and income tax as well. California is high in that regard for what you get size wise on property and sales tax is high as-is income compared to other states.

Actually, in my part of NC -- 30 miles from the property Don is advertising -- property taxes are based on an assessed value, without regard to the sale or purchase price. I believe that is true state wide. The property is re-assessed periodically (I've forgotten if it is every 5 years or every 10 years here where I am -- but I know that varies depending on which county or city.)

trying to sell a house on a machining forum and then bitching about the responses makes about as much sense as, well, trying to sell a house on a machining forum.

Originally Posted by vanguard cycle

trying to sell a house on a machining forum and then bitching about the responses makes about as much sense as, well, trying to sell a house on a machining forum.

For my curiosity, where do you perceive I am "bitching about the responses" ? Also note this is a house with a larger than normal garage and the ad included a seperate 22,000 sq ft building.

Originally Posted by awake

Actually, in my part of NC -- 30 miles from the property Don is advertising -- property taxes are based on an assessed value, without regard to the sale or purchase price. I believe that is true state wide. The property is re-assessed periodically (I've forgotten if it is every 5 years or every 10 years here where I am -- but I know that varies depending on which county or city.)

Yes, this is what I was curious about. In California, even though our housing prices are probably the most expensive in the country, the value is held from the time of purchase. it is locked in at 1%, but ends up higher as other local taxes get assessed onto one's taxes, such as schools, public service, etc..but the base price is always the same based on 1% of the purchase price. Oregon does reassess as my sister lives up there, and their taxes are about 1.5% of what they assess it at.

We do get re-assessed in California if we remodel, but they have some type of formula that bases it off your purchase price, and it ends up at a similar cost per sq, if I remember correctly. I'm not sure how that formula works, but often comes in a LOT less than people are expecting. Keep in mind this holds true for all remodels, so even in the case where an owner tears down the entire structure except a single wall, gets re-assessed based on the purchase price, AFAIK.

Originally Posted by vanguard cycle

trying to sell a house on a machining forum and then bitching about the responses makes about as much sense as, well, trying to sell a house on a machining forum.

Just because the irony is killing me, which do you think makes less sense - posting a free classified ad for bench top mill on the margin of hobbyist quality on a guy's site then going out of your way to twist his nose about how he uses his own site to market some real estate, or owning, operating, moderating, and administering a site and using that site to market real estate with business potential?

Originally Posted by ChipChaff

Just because the irony is killing me, which do you think makes less sense - posting a free classified ad for bench top mill on the margin of hobbyist quality on a guy's site then going out of your way to twist his nose about how he uses his own site to market some real estate, or owning, operating, moderating, and administering a site and using that site to market real estate with business potential?

Or bitching about bitching ! Esp when the "bitching" is not really bitching !

it was a joke Milacron but you guys are too cute.
seriously though, don't get your collective undies in a bunch on the interwebs, its just not worth it.

Big Mil - now you're bitching about bitching that wasn't bitching about bitching that wasn't bitching. I'd just seen his little bench top mill and then checked this post and saw his dig on your ad and the juxtaposition struck me as hilarious. If I thought he was just bitchin', that would hardly be news around here. Glad it was a joke. Wasn't trying to draw blood and my knickers ain't in a twist. Thanks too for the info and clarification on the Deckel table.

$428,000 in San Jose buys a 1100 sq. ft. house on a street you would not want to live on. A 5600 sq. ft. house across the street from me just sold for $2.5 mil on a 14,000 sq. ft. lot, had multiple offers. Still San Francisco is more expensive than San Jose.

Still wish we had the 90 acre rose nursery in Los Gatos, CA. I wonder what the land would be worth today?