29 Grossett
The recent sale of this Riverside house for $2.7 million demonstrates that, if you want to wait, and you can sometimes get your price from a buyer who just has to live on your street or in your neighborhood. Although its selling price was a cool million less than its original asking price several years ago, there were some of us who felt it was still over-priced – the assessment of $1.8 seemed, to some of us, closer to its value.
But “some of us” were wrong and the seller was right. Had he listened to me he’d have lost a $1 million. So it shows what I know. Sometimes I’m right, sometimes wrong. I do believe that, by steering my buyers away from this house at its asking price I did them a service but clearly one buyer agreed with the seller’s opinion of value and in real estate, one buyer is all you need.
How would you feel about a 2 bedroom ,updated, nice property, purchased for 1.2 in 2000…assesed at 1.7 and for sale at 2.1?
Just curious??
I think, without knowing its location and whether that location commanded a premium, that I like $1.7 more than $2.1
Any thoughts on the two houses currently for sale on Hope Farm Road? Just curious what you thought of location and the price at which you see value in these houses…
a fairly crummy looking colonial at 14 hope farm went fro around 3.4MM a few months ago, if that is any help, but should provide comparison. It is a nice street.
The Riverside sale ‘looks’ ok relative to assesment – Chris you should remind folks that assesment is 70% of estimated fair value – according to zillow the house is 5000 sq ft, so sounds right if it is a bit dented.
I also meant to add that, even though the builder paid $3MM, I will be hard pressed to believe he will sink more than $3 or $4 million into the building, so anything in the $9-10 million (or more if he can find a sucker) is a home run. Power to him if he can pull it off/.
Mike, I do keep reminding folks that the assessment is 70% of the perceived value as of 2005. But from 2007, when the average house was selling for 2.1X that assessment figure to now, when we’re approaching a ratio of 1, we’ve obviously lost quite a bit. I think that, as a general rule, a good starting point for estimating value as of today is that 70% figure, and then move up or down depending on quality of house and location.
Hey Mike
Define “fairly crummy” ? I suppose you spent a good deal of time looking at the house- inside and out- and with unrivaled brillance figured that 14 Hope was “crummy”…oh, for a nice street…value is generally found when one can look beyond the warts and capitalize on what others are missing..oh, but you know that
Chris,
I looked at this one while house hunting. If memory serves me right, the house had extensive fire damage and was “rebuilt” to impeccably poor architectural standards..the kitchen floor has a “peak” down the middle, and the flow was, well, not there…as you said, all it takes is one sucka…
I agree with “out looking in”. The house was rebuilt to a very poor standard. The house has awkward points inside and the basement has a water issue.
On a different note – what’s the story with 65 Edgewater?
Looks old and like it would need a lot of work to update… also worry about flooding in that part of OG… and no garage at all is pretty awful…. any color anybody has would be helpful.
Thanks.
I love 65 Edgewater and I think it’s getting pretty close (well, closer) to a great deal. I am prejudiced because my own house and Pal Nancy’s are directly across the creek from it, so we know and love the creek and life along it.
The house is old but in good condition and it does have a garage, albeit a detached one. It’s on 0.45 acre so in that zone you’d have all the room you needed to build a new garage, add on to the house or do whatever you want. Edgewater is a great street and this is the best house on it. In fact, call me and I’ll put in a bid on it for you!
in response to comment on 14 hope, by crummy I meant that the outside of the house is very plain and pedestrian looking. Nothing 50G couldn’t fix. I still like the neighborhood.
what is a great deal at 65 edgewater?
I’m not sure, Mike – it’s definitely a land value deal, even though I like the house, so what’s a half-acre on the Creek worth? I’d guess somewhere around $2.25 – $2.5, tops, so anything below that might constitute a “deal”.
wow, didn’t realize a 1/2 acre down there is worth that much. impressive.