Squaw Valley Real Estate – New Listing MLS# 20130086

Squaw Valley’s real estate market had a new listing hit the market today. We would like to talk about the new listing located at 1739 Sandy Way, asking $750,000. This home had 4 bedrooms and 3 bathrooms and spans over 1500 sq ft according to the assessors county record. However, at one time the garage was converted into a bedroom allowing for more square footage which is not part of the assessors square footage number. Currently there is no garage. This home was built in 1962.  The last time this home sold was in September of 2009. It was sold as a short sale for $640,000.  The current owner has gutted the interior of the home down to the studs, making the home uninhabitable. Therefore a buyer would be unable to obtain a conventional home loan on this property at today’s historically low interest rates. A buyer must be a “cash” buyer or they might be able to get a construction loan. However, this is a lengthy process requiring the submittal of plans and permits and then the interest rates are not as low. The outside of the home had new siding added and a new roof in 2010, but the windows are original.  One benefit of having the home ripped down to the studs? The sky is the limit for what can be done. It is a beautiful, over-sized lot.

In our professional opinion this home is slightly overpriced. Seven homes have sold in the past year for under $700k that are habitable. Obviously the benefit of being a buyer today are the historic all time low  interest rates available for purchasing. Unfortunately, a buyer will not benefit from this.  The million dollar questions is, “after putting a few hundred thousand dollars into this 1962 home, is it a million dollar home?” This lot is a rare chance to own a property on the west end of Squaw, but it is best viewed as a lot rather than a house as you would be better off tearing the house down and starting from scratch than trying to rebuild around old bones.

 

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