WITH RECORD LOW HOUSING INVENTORY, DISTRESSED PROPERTIES ARE IN DEMAND
City managers hate them, neighbors worry about their effect on property values and real estate agents don’t want to deal with them. I’m talking about hoarding houses—domiciles where owners have accumulated so many possessions, including trash, useless items and even pets, that the home becomes unsafe to live in.
However, many of these homes (which are typically priced at the lower end of the pricing scale) are becoming increasingly popular with investors as the residential housing inventory in Maricopa County continues to shrink. Investors can pay cash, quickly close escrow, then “fix and flip” these properties that can realize a 15-25% profit. Even young families who have the cash and can look past the structural damage caused by hoarding and neglect to appreciate the property’s potential, can rehab the home and turn a profit after living in it a few years.
To learn more about the demand for hoarding and distressed housing in metro Phoenix, scroll down to the news article in the Oct. 11 Phoenix Business Journal. I was interviewed by the publication about my work assisting families, estate administrators, elder law attorneys and social workers in hoarding and distressed housing cases, family advocacy and court-appointed and probate situations.
As a side note, contrary to what you see on TV, it can take months and years for hoarders to clean out their homes whether they hire a commercial cleaning crew or do it themselves with family members. It takes a great deal of family support and counseling to work through this devastating disorder.
[pdf-embedder url=”https://www.craigmernitz.com/wp-content/uploads/sites/22/Phx-Business-Journal-10-8-19.pdf” title=”Phx Business Journal 10-8-19″]