The sellers paid $875,000 in 2012, and put in another $700,000 before selling last week for full price ($1,400,000). I thought they might get a little more.
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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They lost money even thought they bought in 2012? How is that possible?
$700k remodel? One tub? Square toilet? Did daddy “pay” his kid $80k/yr to “supervise” the reno while attending design school?
As a golf adjacent homeowner I can also add that near the tee boxes is not only no protection but is a disruptive issue as loud foursomes might as well be on your yard. We hear conversations from the tee box of the prior hole but are spared the chatter from the nearest down in the baranca.
In summary $800k in 2012 to $1.4m is 120% appreciation and -20% modification.
How is that possible?
Be careful when you over-improve.
If you never sell, it doesn’t matter. But if for some reason you do, well then…..
This was filmed at the end of June when things were still a bit frothy.
They found the buyer during the first week on the market.
Do we have our flag planted at the edge of the plateau with this one?
It has many trigger attributes. High price. Over improved. Maxed out for lot and footprint. Then there are the general economic cycle aspects.
“$700k remodel? One tub? Square toilet? Did daddy “pay” his kid $80k/yr to “supervise” the reno while attending design school?”
Awesome post.
The pics from the $875,000 sale:
https://wp.me/a6BN9G-kkq
Do we have our flag planted at the edge of the plateau with this one?
Yeah, pretty much.
These are the types that will keep selling for a premium just because they have the appearance of not needing any work. The single-story-no-fixes product will have an audience with the senior buyers (55+) for a long time to come.
But the end of June was the last chance to get out without a hassle. Though this one is unusual that they wouldn’t at least try to cover their costs – agent sold it to them in 2012 so the trust must have been there. Very smart to price to sell – doubt they could get $1.4 again today.
> But the end of June was the last chance to get out without a hassle.
I sure wish there were a savvy blog someplace where the host and or comments could have earned everyone. 😉
Honestly thought the pics from original listing was almost as nice. Would’ve done ok just sitting on it. Probably would’ve got $1.2
Agree – this had to be planned as a forever residence, and something unexpected happened.
The Pool was already there.. paint, flooring, bathrom&kitchen remodel still don’t equate to $700k.
$232 sq/ft to remodel? You can build for that much.
I am glad I was not the only one wondering where $700k went when watching that video. I think I need to start getting into home remodeling as a side gig lol
Maybe they used quality grade materials vs contractor grade material from Home Depot/Lowes? Still, you don’t want to become the most expensive house in a neighborhood that doesn’t support that level of extravagance. Penny wise, pound foolish.