Are Grow Ops the new 'fixer-upers'? Another property more than 40% below assessed value

Years ago, before real estate became speculative investments, homes were considered 'money-pits' - a dark void that sucked all your money.

And a starter home was the quintessential money pit.

As our market turns, and properties languish on the market, will former grow-ops become the new vehicle for those wishing to enter the market on the cheap and improve the home through renovations?

I say this because with properties languishing, those less desirable properties are really starting to slash their asking prices in order to find a buyer - any buyer.

The last is the above pictured 5 bedroom 3,854 square foot house.  Located in Maple Ridge at 24243 - 101a Avenue the assessed value of the home is $530,000.

But the home is a former grow op and there is some fire damage.

In the past this property would have long ago been snapped up.

But in the new reality that is the Lower Mainland market, the house sits unloved and unwanted by speculators.

And because of that the asking price continues to drop.

This week another reduction brings the asking price down to $299,900... or 43% below assessed value.

Is it a stretch to imagine it selling for $265,000 or less? (that would be 50% below assessed value). Or even $200,000 - $250,000?

At the start of 2012 that suggestion would have seemed completely outrageous, even for a fire-damaged former grow-op.

Now it's all about "how low will it go."

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Email: village_whisperer@live.ca
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