Yes, you read that right, I’m selling the Abode. No, not this blog, you silly thing. Who in their right mind would want to buy a blog that gets very few visitors?
Nope, I’m selling the house I live in. Why, you ask? Couple of reasons actually, well… maybe more than a couple but here are the highlights:
- Got my pink slip from my job. I’ll be out of work at the end of July. (no, it wasn’t a surprise, so no biggie)
- Mrs. Aewl and I originally came here for four years with plans to move back to Florida. (it’s been eleven!!!)
- It’s a lot of work for someone who is getting to be a bit old.
Anyways, a few weeks ago, a younger couple that we know came and looked at the property and since we like them quite a lot, we gave them a discounted price on the place. How much of a discount you ask? Before I get to that, let me fill you in on a few things. The property has four houses, a mobile home, a barn, 10 acres of field, an irrigation well with water rights, and is a total of 15 acres. You might be asking yourself, just how much is that worth, but let me tell you a little secret about property.
LOCATION, LOCATION, LOCATION!
If the property was located in California, and I’ve seen all those flipping shows where they buy an 800 sq/ft house for $200,000, throw some paint on it, replace a few things, add some lights and throw down sod grass that will die in a month because California is running out of water. Then they turn around and sell it for $450,000. So if by some miracle, this property was located in California (and I’m glad it’s not as they have a lot of batshit crazy people there, including my brother, but more on that later), I could probably get 2 to 3 million for this place.
Heck, if this property was located 10 miles north of where it was, I could get an extra $200,000 for it. Anyways, we estimate conservatively that it’s worth about $300,000 to $350,000. That’s only if we spent about $20,000 in improvements.
So the offer we gave to the young couple is $270,000 on the condition that it is “AS IS” and that the closing date won’t be until the end of August. Heck of a deal if I say so myself. We decided on that figure because we wanted to clear at least $100,000 on it. No, we don’t owe anything on the house, but we do have about $40,000 worth of notes payable’s on it. Oh yeah, the property is half owned by my brother who lives in California. So half of the profit from it goes to him.
A quick digression here about my brother. It took quite a few decades, but we have both agreed that it’s okay to visit for about a week with each other. Any more past that and we both just want to kill the other.
I called my brother a week ago and told him about the offer. Stating that we came up with the $100,000 figure because that’s what he said last year he wanted. Sure we could get more, but I’m not greedy and selling it “AS IS” is a whole lot easier. He then claims that he didn’t say he wanted $100,000. He claims that we said we would only sell it if we got $150,000. SONOFABITCH! Mrs. Aewl and I got the sneaking suspicion that he will kill any deal just because he doesn’t want to sell. Meanwhile, we toil away at all the work that HAS to be done every year and he just sits over in California and enjoys sitting on a potential nest egg.
Two can play at this game. IF he kills the deal, then we’ll give him two choices. Buy us out a current market rate and we will then move to Florida and he can manage the property. Or, we move to Florida and take out a mortgage on the property in order to buy a house in Florida and he can manage the property. Either way, we are going to Florida. I highly doubt that he would ever move from his beloved California back here to New Mexico, so how the heck he would be able to manage the property is beyond me.
The young couple went to the bank for a pre-approval yesterday. We should know in a few days if they got it, but they are pretty confident. The young man fell absolutely in love with the property when we showed it to them and the young woman really liked the idea of having rent houses pay the mortgage.
We are keeping our fingers crossed that they do end up being able to buy us out and also that my brother doesn’t kill the deal.