Auction at 1408 Morse St NE. Courtesy Thalia Wiggins.
WOW! 1408 Morse Street NE was sold on the auction block today, just a short time after an investor purchased the property for $210k last month. The opening bid was $250k, and the neighborhood news network says the final bid was a whopping $340,000 for a home damaged by fire in 2007, open to the elements, and gutted. Another person reports on Twitter that she heard it went for $330k.
And, after tacking on a 5% buyer’s fee for the auction, that’s a heck of a lot either way. Talk about a good hoodwink.
From the real estate listing, here’s what the inside looks like:
I commend whoever perpetrated this gloriuos hoodwink! And I wish it was me
Crazy, 1429 Morse St NE sold for 372K and really only need cosmetic work. I wonder how much 1413 Morse St NE sold for recently, it was listed at 525K and I know it sold for over that…
[...] Fire-damaged shell in Trinidad sells for $340k. [ToT] [...]
[...] Fire-damaged shell in Trinidad sells for $340k. [ToT] [...]
The photo doesn’t show obvious fire damage. Looks like it just needs finishing- maybe 80K or even less and it’s ready to flip or live in.
Have you been inside? Neighbors say there’s significant damage from the fire, including roof issues.
Still, though, the buyer spent appx $360k for essentially a shell. If you spend 80k on renovations, and project a sale price of $500k (considering the smaller lot and yard size), that’s about 60k in profit, before real estate seller fees. Take out that 6% of 500k, and you have a slim profit margin that isn’t worth most investors’ trouble.
[...] Of note, this is right across the street from the vacant home that someone spent about $365k on at auction recently. [...]