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I went looking for a house about four years ago. That was in 2013, a full 5 years post recession. I was surprised to see how many foreclosures were still on the

I went looking for a house about four years ago. That was in 2013, a full 5 years post recession. I was surprised to see how many foreclosures were still on the market. I asked my realtor to show me, despite his misgivings about possibly buying a foreclosed property. It was pretty much exactly how the article described it. I looked at about five or six lower priced large houses (5-6 bedrooms, 4-5 bathrooms, in the 4-5k ft range) and all were the same. They were all totally run down. Gutters falling off, carpets destroyed, holes in walls, kitchens in total disrepair. All kinds of stuff were left behind like there was a fire and the owners just fled. My realtor also pointed out a few of the houses where the workmanship of the house was way below where it should be. The houses were built quickly for the boom. Corners were cut and it was clear even after five years, the houses would need a ton of work. One other thing the article didn't touch on was the huge availability of retail and commercial space. There's a bunch of suburbs around where I live where businesses went under during the recession and nothing has filled those buildings yet. Retail is the same thing. There are businesses that either moved out or closed shops and those spaces remain empty, almost ten years after the recession.

maxerickson 9y ago
I would describe 4000 square feet as enormous. 2000 square feet is plenty of upkeep if you aren't paying someone to do it.
- at-fates-hands 9y ago
  It was and I was surprised at how far the costs of houses in that range had come down. I guess the balance of the cost of work needed, essentially then pushed them back into the proper range. As you noted, the upkeep would've killed me. I ended up with a 2500 sq ft mid century modern that was in rock solid condition that I got for a steal. I haven't had to do anything substantial in the last five years. Some things will be due in the next three years (windows and HVAC) but otherwise, it's been easy to maintain.
Gargoyle 9y ago
I'm on the edge of Sacramento, and retail especially is still dead across the board in this city. Commercial has picked up, but it's the seat of one of the largest governments in the world. Drive around from downtown to way out here, though, and you'll see an extremely high vacancy rate for retail. And it's clear that it's been that way for some years. Given that residential has a shortage and commercial is booming, I don't know if retail is ever coming back, ever.
nsporillo 9y ago
> They were all totally run down. Gutters falling off, carpets destroyed, holes in walls, kitchens in total disrepair. All kinds of stuff were left behind like there was a fire and the owners just fled. Great opportunity to renovate and get everything done the way you want it? Dilapidated properties should cost much less, so you can use those savings to renovate. Updated floorplan, drywall, electrical, plumping, windows, floors. Everything designed exactly how you'd want things. - Open floor plan- efficient use of space. Tons of storage. - Enough electrical outlets where you need them. - Cat6 ethernet ran to every room. - Proper insulation and quality windows for energy efficiency. I guess if you don't want to wait 2-3 months for a renovation, then you'd want to avoid these properties. But after watching enough Property Brothers it's something I think would be great.

maxerickson 9y ago

I would describe 4000 square feet as enormous. 2000 square feet is plenty of upkeep if you aren't paying someone to do it.

at-fates-hands 9y ago
It was and I was surprised at how far the costs of houses in that range had come down. I guess the balance of the cost of work needed, essentially then pushed them back into the proper range. As you noted, the upkeep would've killed me. I ended up with a 2500 sq ft mid century modern that was in rock solid condition that I got for a steal. I haven't had to do anything substantial in the last five years. Some things will be due in the next three years (windows and HVAC) but otherwise, it's been easy to maintain.

Gargoyle 9y ago

I'm on the edge of Sacramento, and retail especially is still dead across the board in this city. Commercial has picked up, but it's the seat of one of the largest governments in the world. Drive around from downtown to way out here, though, and you'll see an extremely high vacancy rate for retail. And it's clear that it's been that way for some years. Given that residential has a shortage and commercial is booming, I don't know if retail is ever coming back, ever.

nsporillo 9y ago

> They were all totally run down. Gutters falling off, carpets destroyed, holes in walls, kitchens in total disrepair. All kinds of stuff were left behind like there was a fire and the owners just fled. Great opportunity to renovate and get everything done the way you want it? Dilapidated properties should cost much less, so you can use those savings to renovate. Updated floorplan, drywall, electrical, plumping, windows, floors. Everything designed exactly how you'd want things. - Open floor plan- efficient use of space. Tons of storage. - Enough electrical outlets where you need them. - Cat6 ethernet ran to every room. - Proper insulation and quality windows for energy efficiency. I guess if you don't want to wait 2-3 months for a renovation, then you'd want to avoid these properties. But after watching enough Property Brothers it's something I think would be great.