I got into the real estate business primarily because I love architecture and how homes are situated on the land, and also because I really enjoy seeing the potential in homes--what they could be with some or a lot of remodeling.

 

I have come to realize that the vast majority of home buyers cannot imagine what a home could be. They see only what the home is at the moment. I'm not sure why. Typically, when a home that needs repairs comes on the market, it has very few if any buyers who are  interested.

 

For example, a home just came on the market in a prestigeous neighborhood in Bellingham. Ten years ago, it was on the market. It is around the corner from where I lived at the time. I wanted to buy it then because it looked like a diamond in the rough. It wasn't practical for me to buy it at the time. But someone else saw the potential. The home underwent an extensive remodel. The result was beautiful.

 

Now it's back for sale. It has been through rough times. It is bank owned. Like many foreclosures, it has been trashed. Fixtures are gone, one whole room is gutted, appliances are gone, There is deferred maintenance.

 

The home is priced as a teardown--the value in the home is completely discounted. It is a very solid home that needs repairs. However, nearly all buyers don't have the imagination to see what the home could be. So it may end up being torn down. Too bad; it is a lovely home with many fine upgrades.