Sept. 22, 2011

$100,000 real estate deals; Bellingham and hyper-local markets

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$100,000, Seems this is the magical price that buyers think will get a good deal. Without fail, I receive numerous calls for buyers looking for a home and even better, a home near the water or with a water view for $100,000. I suppose this would be an easy assumption based on the national news that weekly reports the fall of real estate prices in the U.S. and an increase of foreclosures. But, what's happening on a national level is not what is happening here in Bellingham, WA. Real estate is hyper-local meaning each community has its own market that can and will differentiate from the national market. Another way to put it, what $100,000 will buy in say Phoenix, AZ or Detroit, MI is VERY different than what it will buy here in Bellingham,WA. Also, keep in mind that Bellingham is a waterfront city as well as a few of her suburbs (Blaine/Birch Bay). Waterfront or water view real estate, being in high demand, is pricey and therefore will hold its value.

Let’s take a look at what this price will fetch in a few markets across the nation:

Phoenix, AZ - a large variety to  choose from  (Trulia median sales price  is $109,000)
Los Angeles- will buy you a 2B/1B 860 sq.ft home in South LA or Condo ( Trulia median sales price $296,000)
Miami- a studio condo, 490 sq.ft or small home (Trulia median sales price $161,000)
Detroit- 3+ B/2+ B brand new home on large lot ( Trulia median sales price $62,000)
Tulsa, OK - Tulsa offers a large number of homes to choose from ( Trulia median sales price $198,000)

Here is a sampling of what $100,000 property looks like in Bellingham, WA:

 

      

Most of these are small 1-2Bed/1Bath and in need of repair. The one on the very right is a 3B but is on a very busy road here in Bellingham.  If you are serious about investing or purchasing property and are “handy” and know a thing or two about making repairs, then yes, I can find you something.   There are many a “fixer upper” in this price range. Or if you don’t want to be near the city and prefer to be way out in the county like Deming or Maple Falls, I know I can find you something here too.  But if you are looking for a rock bottom deal on a well constructed and well maintained home within the Metropolitan area of Bellingham or waterfront or water view, you’re going to have to up the ante.  The average price range for a modest home in Bellingham  ( 3B/2b 1500-2000 sq.ft) is 276,600..

The average price range for a waterfront home in Bellingham is $775,000.

$255,000 Waterfront

And at $255,000 , this is one of Bellingham's best waterfront buys.  It is out of the city limits, and needs much work.  What we call a " tear down".

So as you can see, $100,000 depends greatly on location and market.

If you would like more information on Bellingham Homes for Sale, Bellingham's real estate market or if you are considering selling your home and would like additional information on what your property's value is, contact me  direct at 360-303-3898.

I look forward to helping you whether you are looking for investment property or a residence for yourself.

 

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