We've seen record sales in the over $10mil market (which I will say is a small market probably compared to NYC, Miami, LA, SFO, SEA).My thought is the biggest risk seems to be 8+ year and older homes in the suburban markets, that have not been updated and over $1mil. 

On top of that, there's a bill working it's way through the state to add an additional sales tax on real estate.

As an owner I do understand the annoyance of this, especially if you were to back out of the deal and then having to deal with the issues of tenants worrying they'll be displaced, mismanaged upon sale, etc.

If I 1031 I get to further delay the taxes even upon sale. 

Vacant for 15 years, been for sale for years, MLS How did you finance this deal?

I had previously focused on investment sales and have not dealt with leasing much.

If the proceeds from the sale has to go towards her nursing home expense, like Bill said, it has to be sold at market price. 

No one is developing them it's too niche. it's more of a local developer type product but they are high cash flow and very low cost to operate and setup and you can pull out a lot of cash from refinance or sale. very little development. just focus away from rural markets you don't want to compete with overnight trucking. 

I am currently completing the pre-licensure course for my MLO license, aiming to become a mortgage broker specializing in primarily non-QM/hard money products, along with some conforming loans.

For my clients, I give them sale values as-is, after renovation, and expected rents if they decide to keep after renovation.