We woke up to (more) snow in Cleveland. Not to worry, word on the street is that it will let up some time today.
On the housing front, two foreclosures in the Green Rd. area last week were snapped up by savvy buyers. One was listed at $84,000, and the other at $52,000. Buyers wondered about the difference. Both were three bedroom, 1.5 ba houses. Both had detached garages, both small back yards. Both were decent in side. The higher priced one (Milton Rd.) was cleaner, nicer, has a large and nice family room with built-ins, the other (Baintree) had a small, somewhat junkier family room, but also had a walk-up third floor (unfinished as of yet). The main difference is that the asset manager at the respective banks chose different prices! Each time the bank holds a property, they get three price opinions (the BPO or Broker Price Opinion) and then they price from there. Baintree has traditionally sold for less than Milton, and in this case, that remains true. It's been a slow but steady trend in our neighborhood to see 1 foreclosure at a time. This is the first time we've seen two at once. I just hope they go back on the market promptly and get sold at decent prices.
As far as the actual houses go, it will be interesting to see what the re-habbers do with them. Top notch jobs with granite? Somewhat cheesy jobs with el-cheapo carpeting? Wait and see. Better houses are definitely still moving.
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