Sequim investors cannot find great deals on homes in Sequim.  They are literally unable to find good investment properties to buy with cash.  You would think that in this recession that there would be many homes at incredible bargain prices, and that Sequim investors would be swooping in to snap them up, but such deals do not seem to exist in our market.  Why is that?

Sequim Investors Get Skunked

The headlines around the country for quite a while have been all about the large numbers of foreclosures flooding the market, the crashing housing prices, the home builders going bankrupt, and the mortgage debacle.  Stories are told again and again about the guy who bought a three bedroom home in Vegas for $75,000, or the couple who bought a four bedroom mountain view home on 20 acres in Arizona for $225,000.  Stories abound.

So why can’t Sequim investors find these extraordinary deals?  They don’t exist in Sequim.  Nor do they exist in Port Angeles.  It sure seems like they should, but they don’t.  I have cash buyers waiting for me to find an extraordinary deal.  Try as I might, and I look at a lot of homes in the area, I have not found a home that a Sequim investor could buy, put $20,000 into it with their own labor, and re-sell for a profit.

Sequim Investors Say Where Are The Deals?

Some might think there are many homes for sale, and there are, but not the kind that can be resold within six months for a profit.  Sequim buyers, and this means retirees from outside the area, are not interested in 1970′s style homes with a split level floor plan, or an unusual floor plan, or a home in an unfavorable area.  Investors won’t touch these kinds of homes, because they cannot sell them.

If I could find a post-1990 three bedroom, two bath home with a normal floor plan, a roomy kitchen with plenty of cabinet and countertop space and about 2,400 square feet on a nice one acre lot with a mountain view of some kind, one that needed some remodeling and cosmetic work and could be purchased for about $185,000, I could sell that to an investor in a heartbeat.  He would put about $20,000 to $30,000 into it, lots of labor, and resell it for $240,000.  That would work, but believe it or not, this kind of investment does not exist.  There are homes like this, but the owners want $240,000 for them now, and that leaves no room for investors to profit.  Unlike many areas in the country, the bottom of the Sequim real estate market never fell dramatically.

Sequim Investors Disappointed

While this news has been disappointing to Sequim Investors, it is actually a sign of stability and strength in the Sequim housing market, and this bodes well for sellers as well as buyers.  Buyers won’t find the steal of the century here, but they will buy a home in a stable market and that is a good thing.  Sequim investors may have to look to Vegas or Phoenix to investor their money, and even that will be fraught with significant risk.

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Chuck Marunde is pleased to announce that he acted as a Buyer’s Agent in the sale of another home in Port Angeles.  This home is a four bedroom, two bath,  two story home with 2,600 square feet on a Port Angeles city lot.  It’s a nice neighborhood.  This home is a Bank of America foreclosure and was listed at $177,000 and sold for $128,000.  Don’t expect to find many deals like this.  This was one of the best prices I’ve seen in this area.

Port Angeles Home

You can search for both Port Angeles homes and Sequim homes for sale with one of the best online MLS search sites, and it requires no personal information or registration from you:  Sequim Homes for Sale (includes Port Angeles).

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The massive Port Angeles Walmart Supercenter is open for business.  The new supercenter was built in the same location of the old K-Mart that went out of business.  The center is surprisingly large.  The size is not so obvious when you drive into the parking lot, but as you walk into this Port Angeles Walmart Supercenter, you realize that it might be a good idea to have a golf cart.  Unless you intend to walk a couple of miles for exercise, you will want to make sure that you don’t need items from opposite ends of the store.  If you thought the Sequim Home Depot or Sequim Costco is big, think again.  Both of those stores might fit inside this Walmart Supercenter.

Port Angeles Walmart

Port Angeles Walmart

The Port Angeles Walmart Supercenter is welcomed by some locals and cursed by others.  It is the continuing battle between the big box store and the small local businesses owners.  It is a very real battle, and Walmart has an extraordinary advantage when it comes to buying large volumes at big discounts and passing those discounts on to consumers in ways that local businesses cannot.  While many of us as local business owners want to and do support other local businesses, sometimes the decision regarding our own finances pulls us into Walmart.  This is true especially in this recession, and it is also the reason this Port Angeles Walmart Supercenter is already very busy.

Port Angeles Walmart Prices

A simple example will perhaps make the point.  I do most of my grocery shopping at Sunny Farms in Sequim.  This is an incredible family owned organic grocery store, and just about every single item I purchase there tastes substantially better than the mass produced and processed foods at my local Safeway.  Of course, QFC is a few levels above Safeway in terms of quality food, but so are the prices.  The prices at Sunny Farms are higher than either of those stores, but the quality is substantially better, too.  Sunny Farms has an organic cereal that I really enjoy called Autumn Wheat by Kashi.  It is over $6.00 a box (17.5 ounces) at Sunny Farms, but this exact same cereal is sold at the Port Angeles Walmart for $3.50.  I was surprised they even carried it, but at almost half the price.  I admit I buy several boxes of it at Walmart to save a lot of money.  You can bet that Sunny Farms’ own wholesale purchase price of this cereal is more than Walmart’s retail price.  This is why a small business cannot get into a price war with Walmart.

I’m certain that many will be shopping for Christmas gifts at Walmart.  Local businesses continue to close, and I observed another business closed and empty in Port Angeles yesterday.  Local businesses are going to have to be creative and grab ahold of technology and Internet marketing to survive and thrive.  They cannot and should not try to compete on prices.  Walmart will win that battle every time.  The battle must be won on quality, customer service, and other levels.

If you haven’t seen it already, you’ve got to see this massive Port Angeles Walmart Supercenter just for the shear entertainment.

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Port Angeles has some great restaurants, as does Sequim.  One of my favorites is a classy restaurant named the Chestnut Cottage.  If you like a really great lunch salad with some of the tastiest ingredients and freshest, you’ll love the Cobb Salad.  Look, I’m a bachelor, so I’m no Chef or gourmet of anything, except Lattes (short, double shot, extra hot), but I know an incredible salad when I eat it.  Let your mouth water at the thought of fresh salad greens, tomatoes, onions, still hot bacon pieces, Avocado, slices of hard boiled eggs, chunks of Roquefort, and croutons.  All very fresh, and arranged on a plate like a picture in a magazine.  Well, you get the idea.  For those among you who are visiting and looking at real estate, I highly recommend a mid-day break at the Chestnut Cottage for lunch.  And to help you recognize it when you drive into town, I took this photo from my Android cell phone.  By the way, if you are my clients, I buy my clients lunch here when we are looking at property.

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Friday rush hour traffic in Port Angeles doesn’t last long, but it does bring back memories of bumper to bumper traffic on I-5, I-405, and if you’re from L.A., this will be nothing.

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Interested in Port Angeles land for sale in a great subdivision?  There may be a large inventory of existing homes on the market, but many retirees from California and elsewhere are not finding that perfect home with the kitchen just the way they want it, or with the right floor plan.  Some who find a home with an acceptable kitchen and a reasonably acceptable floor plan often do not like the location.   So do what some retirees are doing.  Buy a lot in the perfect location and have a quality home builder create that perfect home for you.  Here is a subdivision developed by one of the areas premier developers and home builders.  Take a look at this Port Angeles subdivision by clicking on the image below.

For another view see Port Angeles land for sale.

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