What To Do with These Foreclosures in Milton?
categories: Foreclosures, Milton Real Estate
In these "everyone wants a foreclosure" days, I often feel like one of those tornado chasers in the Great Plains, except I’m chasing deals and not funnels. Well, this week it felt a bit more like chasing funnels. I went into a couple of foreclosures that were complete disasters. In fact, the entire 14-homes neighborhood is something of a disaster.
In case there is anyone reading who is looking for serious rehab opportunities, there are actually three opportunities in the neighborhood officially known as Blue Ridge Plantation, but locally just called Alpha Woods located off Thompson Road in Milton. (There is no signage on the neighborhood marquee, which should be your first clue of trouble.)
15455 Alpha Woods Drive. This home is victim of neglect. It sold as a foreclosure back in 2006 for $560k and probably never recovered from that experience. The whole house needs gutting, windows replaced, new kitchen, the works. There is a pool that I’m not sure the frogs will even live in.
Overall, the floor plan is not bad; it is just a lot of work; and it is a great lot. Listed at $460k. I wouldn’t pay more than $250k for it and was wondering if the bank might actually pay someone to get it off the books. This home gives the expression "you can’t give it away" serious meaning. For a full gallery of pictures of this home, CLICK HERE.
15475 Alpha Woods Drive. This home is victim to filthy people. They were de-trashing the house when I walked through: piles of clothes, trash, broken everything. A neighbor reported that the residents had been seen collecting limbs to use as firewood during the winter if that gives you any clue. The exterior of the house is probably in better shape that 15455, but you’re still looking at a total interior redo. It is not officially on the market yet, but should be in the next week or so.
100 Thomas Creek Court. Arguably the nicest house in the neighborhood (picture on the right), this home is reported to have appraised for $1.7M, but what do appraisals mean any more? They have been trying to sell it since last November at $1.6M. It is listed now as a pre-foreclosure for $950k. I have no reason to think this house is trashed or damaged. What is hurting it and every other house in Blue Plantation is the trashed/distressed properties. Smart money waits for this one to become a full-blown foreclosure and get further discounted.
15450 Alpha Woods Drive. Then there is the guy at 15450 who has been trying to sell for the past year. He started at $775k and is down to $699k. That they put a large electrical substation next to his property didn’t help matters…that and the fact that the house at 15455 is across the street.
What I’d really like to do with this neighborhood is start over. That’s right, knock the houses down and rebuild. Or maybe even have the City of Milton buy the properties and tear them down and reserve the land as open space or park land, which is much needed in Milton. There is an adjacent 60 acre track to the east of 15450 and 15475 that has frontage on both Thompson and Hamby roads that would make a great city park. The city could buy the whole thing for about $5M I bet and solve multiple problems at one time.
Then there is the question of the small sheep farm on the first lot in Blue Plantation, most certainly Milton’s only active lamb producer. That is part of the charm of the area. Maybe we could use the sheep to clear some of the land. Now that would be using all your assets!
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