We now have a total of 10 flooded and gutted homes that have closed according to the Southeast Texas MLS.  Most of these homes went under contract fairly quickly as soon as they were listed in the MLS.  The average number of days on the market is 20.  

The flooded and gutted home to get the highest sales price so far is a 3522 square foot home in NW Forest.  It sold for $111,000.  Most homes are selling for about $30/SF.  Several factors contribute to the sales price such as has it flooded before, what flood zone is it in, how much water the home got.  

When I checked this morning there were 72 flooded and gutted homes listed for sale in the MLS.  If you are curious to know what the value of your home is in the current market let me know.  I'm happy to provide a professional, no obligation market analysis of your Southeast Texas home.  

Sincerely,

Diane

I got a call this morning from a Tram Road resident who had questions about what is required to start rebuilding his home.  He had heard he had to have a "Dry Certificate".  

It is a RUMOR!

Neither Jefferson or Orange County are requiring a "Dry Certificate" or "Mold Inspection" to get a building permit.  This is a screen shot from the City of Beaumont, Texas Disaster and Recovery information page.

You can access the City of Beaumont Disaster and Recovery Page HERE.     You can access the Orange County Permit Page HERE.

Both Orange and Jefferson County are allowing the Homeowner to act as their own general contract for Hurricane Harvey related repairs.  Both Counties have waived the fee for permits. 

FREE ADVICE

Before you rebuild hire a local reputable company to come out and take moisture readings for you.  There are several local home inspectors who are offering this service for around $300-$400.  The moisture level in your studs should be below 15% before you put drywall back up.  

No County requires this moisture test but if and when you ever sell your home a potential buyer will want to see it.  It will be well worth the $300-$400 when it comes time to sell your home.  If you need the name of a local inspector who can do the moisture test contact me.  

Sincerely,

Diane

About 6 weeks post Hurricane Harvey the number of flooded and gutted homes coming on the real estate market in Southeast Texas continues to grow.   We are also seeing the first of these flooded and gutted homes start to be sold - go under contract.  There are currently 12 homes under contract according to the SETX MLS.  

What is the value of a "flooded and gutted" home? 

• Prices are still all over the place.  
• Of the 12 that have gone under contract $54.95 was the highest price/SF (asking price) 
• $179,900 is the highest priced home to go under contract.  Located in Hillbrook Estates in Orange.  (This is the asking price not sales price.)
• The median price of the homes that are pending is $50,000.  
• The lowest price/SF of these pending homes is $15.52

The market is still trying to establish a value of what these flooded and gutted homes will sell for.  Many of these sales are cash purchases.  Lenders are starting to bring construction loans into the market but they are still hard to get.  If you are thinking about selling or buying a flooded and gutted home contact me for a more detailed analysis of any home in Southeast Texas.  

Sincerely,

Diane

• The number of flooded and gutted homes to go under contract is now up to 4.
• The number of flooded and gutted homes listed in the MLS is now up to 45.

The chart above shows the average price per square foot of the flooded and gutted homes that are listed and the 4 that are pending (under contract).

The real estate market is just beginning to show what investor buyers are willing to pay for a flooded and gutted home.   From everyone I've talked to the opinion is there will be a lot more flooded homes for sale than there are buyers for them.  So for sellers my advice would be put your home on the market as soon as you can.   Price it aggressively to attract the investors that are buying.  Or take your time and fix it up.  The market analysis' that I've been doing for people show most are much better off fixing the home and selling it fixed rather than "as is".

If you would like a market analysis "as is" and "rebuilt" to help you decide what is best for you contact me.  You can reach me on the blog or call, text my cell.  

Sincerely,

Diane