The reason I am wondering is I happen to be looking at a listing for a home: MLS#358901
The home is located at 3423 E Illinois Ave, Fresno, CA 93702.
This is a small 2 bedroom 1 bath home with 808 sq. ft.
According to the listing information given this home "was totally redone by Housing Authority. Sharp, clean, newer carpet and paint in and out."
Public records that we have access to through our MLS (and which I consider to be generally accurate) state it was purchased by the Housing Authority (it actually reads City of Fresno) on 3/23/2010 for $106,696.
Please note that this is the price they paid PRIOR to totally redoing the house. I dont know what the remodel cost were but given that it was GOVERNMENT WORK my guess is it wasnt cheap. So, add the purchase price and then - being conservative - I will add $10,000 for the remodel. That puts the total investment at $116,696.00. Add in the realtors commission for selling 6%, plus closing cost (I'll add 1% for closing) and we have an additional $6300.00 --- bringing the total cost to $122,996.00.
Now, lets assume that the home sells at the full ask price (NOT LIKELY) and do the numbers:
Total cost to Housing Authority: $122,996.00
House Sells for full ask price of $90,000
= LOSS OF $32,996.00
....of course we are not factoring in the cost of the city administrators that were paid to oversee the purchase, the contracting process, and the sale.
TYPICAL GOVERNMENT WORK!
If these figures reflect the actual transaction numbers, and I think they do; only I think the loss will be greater because the house is likely to sell for closer to $75,000 then $90,000 ---> my question is : WHO THE HELL IS MONITORING THIS CRAP???
How many farking bad loans and money decisions by the City of Fresno are out there? The city guaranteed the loan on the Metropolitan Museum and they closed their doors.
I trust that you - the reader - know that when the government farks up, its you and I - the tax payers - that pick up the tab.
Ok, I know I have been absent from the blog scene but I just read an agent's comment on an MLS listed home that compelled me to hit the keyboards.
The comment: "VERY cooperative and creative seller"
My questions to the agent would be, if the seller is so cooperative how come the home has been on the market for 664 days? How come the price has only been reduced by $27,500 in that time?
For those looking to sell in Fresno - its a TERRIBLE market for selling.
For those looking to buy - its looking better (provided you have cash or can get the financing)
Here's a look at our market stats for the last 24 hours:
Price reductions have been increasing substantially.
Ax May Fall on Tax Break For Mortgages
SNIP:
"The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits."
_________
Should homeowners and investors lose the tax deduction they now enjoy they would have to recalculate the value of ownership. I dont think it would bode well for property prices and it would certainly reduce the amount of disposable household income putting downward pressure on consumer spending during already frugal times.
The housing market in Fresno is still fraught with foreclosures, posting the nation’s 15th-highest rate in the third quarter, according to RealtyTrac.com.
That means the market there is saturated with available homes, right? Not quite.
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Help For Buyers and Sellers in the Fresno CA Real Estate Market. We serve Fresno, Sanger, Selma, Folwer, Kerman, Reedly, Kingsburg, Hanford, and Squaw Valley. Members of Fresno and Kings County MLS
Howdy!
My name is Randy McAtee, but I often go by “Lazarus” and folks ask me why Lazarus?
Simple: Lazarus is the name I was given when I was baptized into Christ in the Orthodox Christian Church (which happened to be on Lazarus Saturday) Thus, Lazarus is my Christian name.
I am married to wonderful woman (31 years) who is the mother of our six children: 5 boys, 1 girl. We have been blessed
with 5 beautiful grandchildren and still have 3 boys living at home with us. Speaking of home, we have lived in the same home in a great northwest neighborhood for 21 years. I am a native Californian, born and raised in Marin County.
I dropped out of college and am still wondering what I want to be when I grow up. Prior to marriage I was doing mission work in Mexico ( I do speak some Spanish amigo) and was a puppeteer. Marriage and the subsequent offspring forced me to get a real job :(
I have been a California licensed Contractor (in good standing with zero complaints and zero law suits) since 1988. My license classifications are B, C2, & D65 — which means I am a General Contractor with specialty licenses in Insulation & Acoustical, and Weatherization and Energy Conservation. My license # is 555829.
I enjoy trading stocks and consider myself a micro-cap miner, i.e. I specialize in finding small companies with huge growth potential. Little secret: I have made far more money trading stocks than I have selling real estate.
In 2007 I took up photography and many of the pictures on my site were taken by me. I currently shoot with a Nikon DX200 & DX300 using an assortment of lenses. Not to brag, but the real estate pictures I take when I list a property are top quality. On occasions I do photo shoots for other agents. You can view a sample of a home I shot here.
In 2002 I got back in touch with my inner Puppeteer and built an entire Punch and Judy Theatre. I built the puppets, the props, the stage 
- everything- I even sewed all the little outfits myself. It took me 6 months. In 2006 I got frozen shoulder and have been unable to perform until recently (regained 90% range of motion in 2009).
This is my 8th year in Real Estate and in May 2006 I opened my own brokerage: Lazarus Realty. My license No. 01357881.
I enjoy being self-employed and independent. I don’t like it that public opinion of Realtors is low. I’m highly critical of our industry, since its one of the few industries where one can take some online courses for 2 or 3 months, pass a test, and then call themselves professionals.
I hope that you will find some useful information on my blog. Whether your a friend, former client, prospective client, or a real estate agent feel free to comment or contact me anytime.
AND… if you need the services of a knowledgeable, honest, and reliable Realtor© in the Fresno area - CALL ME: 559-301-1647
Randy “Lazarus” McAtee - aka The Blogging Broker
WHAT CAN'T I DO?
Atten: Randy "Lazarus" McAtee
Dear Randy:
Just a note to thank you for all of your help and expertise in previously selling my 7 -Units on Fairmont Avenue in Fresno, and your recent help in finding the right home for me in the Fresno area at the lovely "Stonebridge".
After meeting with you, I felt very comfortable and recognized your ability to represent me as a seller, and now as a buyer.
Presently living in a 45-Unit Condominium Comples in the Bay Are for 27 years and being on the Board of Directors, many as Treasurer, I have dealtwith many different Realtos and Title Companies due to sales and purchases in this building. I have also owned apartment houses over the years. I recogniz your ability to dot all of the i's and cross all fothe t's, which is very commendable.
Thanks you again. Should I need future help, you will be the person I will call and you are the one I will highly recommend.
Sincerely,
H. K.
_____________________________________________
To: Lazarus McAtee
Lazarus Realty
Fresno, CA
Dear Lazarus,
We just wanted to express our appreciation to you for the outstanding job that your company did for us regarding the sale of our home. We appreciated the knowledgeable advice received in preparing and pricing our house for sale. Also, the frequent and timely communication with us throughout the whole process from listing to closing was excellent. In today's very difficult housing market, we were so very glad to have listed our home with Lazarus Realty. There are many details involved in getting a house from listed to sold, so please accept our thanks in getting our house sold in less than two weeks!
Obviously, we would not hesitate to recommend Lazarus Realty to anyone looking to buy or sell a home. Again, thank you!
Sincerely,
Eric & Yoly Miller
___________________________________
Lazarus I want to thank you on behalf of my family. You have helped us in many ways. You helped us to find our home. When times were hard for my family I did not know who to call. But for some reason your name came to mind. I made a call to you. We were in alot of financial trouble and we were close to losing our home.
You helped us find a way to get through a tough time. You loaned us the money we needed to catch up on our mortgage and that gave us time to find a way to keep our home. Not too many people would loan money out of their own pocket. We did not know when we could pay you back, and I think you might have known there was some risk. But you gave from your heart. And I am very happy that we were able to pay you back.
We are still in the same home and with your help and some answered prayers we are making it. I dont just see you as a financial adviser, I also see you as a friend and an answer to our prayers. When we did not have a place to turn to, we were led to you.
I just want you to know, If you ever need anything please call me and I will do my best to help.
Thanks Lazarus.
The Torres Family
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