What is for sale on the Russian River for less than $170,000?

Yesterday I visited a home that is listed for sale on Hwy 116 just outside of Monte Rio.  It is located between the town of Monte Rio and the Northwood Golf course.  Not a lot of building in this area due to the terrain but there is an alcove of four homes that are nestled above the road.  The home I visited is a two bedroom, two bath with a garage on the market for $169,900 and is bank owned.

The home is in realitively good shape with newer Pergo floors in the living room and bedrooms.  The lot is spacious and has some sun.  Most remarkable to me was that once inside the home, the street noise was not evident.  Thank goodness for dual pane windows.

Just last October, we listed and sold a one bedroom, one bath cabin with no usable land that looked very nice but needed some foundation work.  It sold for $186,000.  While the low end of the market is very active throughout California, there are still places that the prices are less than a year ago.  Take a look at these videos and see what is listed at under $170,000.

This video is of the outside in front.  The other houses are adjacent along the road but all to the left of the house.   It appears that one of the neighbors may be using the parkings space while it is vacant.  I mentioned not knowing how much of the property is included.  From the country records, it appears that the lot is over 7,000 sq. ft.  so most of the land should be a part of the lot.  http://www.youtube.com/watch?v=T1mbSXHDH4A

Inside of the home is very light and has good energy.  http://www.youtube.com/watch?v=ggGmzdh27UE

The back yard appears to have been completely fenced for a dog enclosure.  There is a gate at the entrance to the deck that could be closed to provide a fenced area for a dog that includes the back area and the deck with the doggie door at the front door.  Actually this is the only door to get in and out of the house.  http://www.youtube.com/watch?v=MeEm4VkZpCM

There are other properties in this price range but they are either deep in the redwoods, have no land or are in terrible condition.  This has been on the market 17 days and so I doubt that it will last very long.   There are often teaser prices put on properties these days.  What is a teaser price?  Pricing a property well below what the current market value is.  Listing agents will do this to get many lookers and hope for a bidding war that drives the prices up.  I don’t think that this is a teaser price as there are 47 active listings in the area for less than $300,000.  In the last 6 months 61 have sold.  14 are currently in contract .  This appears to be priced to sell.

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July 2009


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