Open houses from yesterday

There were several of note, and here’s one:

 

14 Edgewater Drive

14 Edgewater Drive

14 Edgewater Drive, $1.995 million. To be honest, this is a tough one to evaluate so far as pricing goes. It’s a really beautiful house, completely redone and expanded at a superb quality level. But it’s small, very small, and I’m a little taken back at $2 million for this size, on Edgewater. That is not to say it’s over-priced because I’m not at all sure that it is. I’ll be watching to see what the market tells us.

By the way, listing agent Ellen Mosher has done a very wise thing by addressing the flood plain issue in advance. She (well, the owners)  had a survey done, with an elevation certificate, obtained a flood insurance quote ($3,600 current, $4,500 locked in for at least the next two years), and has all that information ready to hand for buyers. It took a while for agents and owners to recognize the implications of the new regulations, but Ellen’s approach is the smart one and one that we’ll start seeing more of. Get the information before listing a property, and let people know what they’re dealing with. Uncertainty kills deals, not facts.

24 Comments

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24 responses to “Open houses from yesterday

  1. Anonymous

    Following your thread: ” Did I say that the market was heating up”….and this property does not sell within a week(?) or two (?), when should a buyer anticipate a price adjustment? Or said differently, when should the seller adjust the price if it doesn’t sell ‘quickly’ in the OG/Riverside “hot” market?

  2. Toonces

    I love this house – it’s a great house for a family and a superb one for down sizers too. Gorgeous. I bet they get close to this amount because it is done so beautifully.

  3. AJ

    Isn’t that about at the same price as the one in Edgewater from several months ago that was on the water but high and dry right across the creek from you?

    • There was one, but that was a land sale – in fact, the blasting of ledge is going on as I write. That’ll be a $5 million house when done, whereas this one is what it is – not a spare inch of room for expansion. So again, I’m having a hard time pegging the right value for this one and will just wait until it sells to find out.

  4. Anonymous

    Love the style and finishes on this house, I think they did a great job. Any idea who did the work on it? We looked at some houses on Edgewater years ago and they were so chopped up and small but it’s amazing what a difference taking down some walls / small addition makes. It’s encouraging what you can do with some creativity and money, I bet that was a pretty expensive renovation.

  5. Anonymous

    Can’t tell from photos- is kitchen high end appliances/cabinets?

  6. Anonymous

    This house is listed at 1,500 square feet…at $2m this works out to be about $1,300 a square foot. That’s manhattan prices and to me way overpriced.

    • Toonces

      Th house is listed at 2286 sq feet, not 1500.

    • Anon

      Don’t know where you got square footage number , but it’s 2,286 plus partially finished basement (350 sq ft)

      • Anonymous

        Wonder if the basement gets water? every basement in that neighborhood does unless they waterproofed it.

        • Anonymous

          It looks like they put in basement systems waterproofing and sump pumps- and it looks far enough from the water… Pretty sure they are fine.

          • The addition (west) is, if I remember the map Ellen showed me, 11′, the main house is 12′, making it non-complying with the new regulation but fully complying when it was built in 2012 (2011? Something like that), so the dreaded “50%” rule does NOT include the cost of all the renovations. That leaves a buffer of probably several hundred thousand dollars to do things to the house over the coming years before it would have to be jacked up to whatever new standards exist at that time.

        • Anonymous

          The 50% rule applies to all renovations on file. Meaning ones that have been permitted….really up to the buyer to investigate the amount left for future work to be done allowed by the town. My guess is that its max’d out.

          • No, there are different rules for measuring the 50% rule, depending on when the building was compliant. I wouldn’t dream of telling you what those exact rules are because even the town doesn’t know. What a mess, brought to us by our own P&Z.

        • Anonymous

          I hear there is no time/date/grandfather on 50 rule.If the town knows about it, then it counts.

        • Anonymous

          Nope, 50% rule is based on ALL permits filed, unless they did work with out a permit. Compliant regardless, if there was a permit filed then it counts. There’s no different rules or compliance issues. If it’s filed with the town then it falls under the rule. Yes agreed P&Z is so confusing on this!!

  7. anonymous

    Obama took his Bic pen in hand today and signed a bill that would prevent insurance companies from raising rates for residents in flood zone areas. Seems all a democrat has to do today is say “I can’t afford that” and Obama waves his magic wand to force private companies to bend over.