slowloe

I looked at a foreclosed townhouse yesterday. Per my realtor, it sold for $300K when new in 2005, the bank loaned $270K on it, and it is listed at $215K. It's got some really spooky looking water damage inside that suggests either the roof, stucco walls, window sealing, or plumbing has been leaking for a while. He told me to run from it. What happens to a place like this? My guess is no individual buyer is going to risk buying into it even at this amount. A builder might see it as a fixer upper, but it might not be worth his effort either in an already sluggish market. Just as a what if, let's say they give up and it goes to auction and ends up going for much less, then could it be worth it for a would be owner to fix up?

Are you referring to the ones at Dowling & Polk?

I went past there a couple of weeks ago and I swear they are replacing the stucco with brick. I say that because the north wall appears to have brick where there wasn't any before. I will try to run by for a look later and take a picture.

We're thinking of buying one of the dowling & polk townhomes. does anyone know anything about these? did the builder go out of business? why so many foreclosures? what's the deal with the fake stucco in this post? all i've seen is brick. on hcad it looks like east side lofts were supposed to be in the burned and broken building right across polk on dowling.