They’re back

348 Sound Beach Ave

 

A number of spec houses built in ’07 that were rented out when they failed to sell are coming back on the market. As far as I can tell, time has not improved their market value. 

This one on Sound Beach Avenue for instance couldn’t get $3.950 and was finally rented in July, 2008. It’s been back up for sale for a month and today was reduced to $3.399. I have no knowledge of the seller’s financial arrangements and thus don’t know whether the rent was carrying this house for the past two years, but an increase in market value has obviously not occurred.

6 Comments

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6 responses to “They’re back

  1. Anonymous

    Anything on the spec house on Maple, close to Church, it was on the cover of GT last year with female builder? rented and due to come back on market?

    Thanks

    • 63 N. Maple, I believe – down in hole on a busy street with much more modest homes immediately behind. Same story – rented out when it wouldn’t sell and now it’s back. But it’s still in a hole, the street’s still busy and the houses behind it haven’t changed so …
      UPDATE: Started at $5.1 in ’08, dropped as low as $4.4, rented out last year and came back April this year at …$5.1! It’s already taken its next price cut, to $4.950. We’ll see what it fetches after its next rental, I suppose.

  2. Anonymous

    I am afraid you got that right……House will probably sell at $3 after 3 more years of rentals.

    Thanks Chris

  3. out looking in

    YOU HAVE ME CONFUSED…I can’t connect the “up in value” comment with the original px…was it $2.95?

  4. No, it started at $3.950 and today, after being rented out for a period, it’s down to $3.399. My point was that, if the builder hoped that pulling it off the market for two years would see an increase in its value, he’s been disappointed.

  5. out looking in

    stock index futures on the brain! thanks Chris..i cant even spel Dowe Jowns