House similar to ours for sale 2 doors down......

[TBM]

...and they are delusional if they think it worth the asking price.

It was built by the same builder as our house, at the same time, but it turns out that the only thing similar was that it used to have 2 buildings connected by a porch.  They enclosed the interior porch and where you would have stepped out into the yard/courtyard, they added a room.  It still has the stucco walls from the exterior of the house (which is weird),  is cooled by a ceiling fan, has a skylight too, and has some stained 'pool table felt green' carpet.

The living room is narrower than ours and has a bay window thing going on with a weird fireplace in there.  I think the ceiling might be lower than ours too.  The rest of the house is very traditional ranch style floor plan, (center hall, small bedrooms and small bathrooms), and the kitchen is like something out of a 1960s motel.  Actually, the bathrooms made me thing of that too.  The room that is the equivalent of my studio was what they called the master bedroom, but it had no bathroom (first one of these homes that I have heard of without plumbing to that space) and is all the way across the house from the nearest bathroom, so...no.   It had a nice built in with space for a huge tv though, and would be a great living room or family room, but I am not sure that it has heat or air conditioning.  

The realtor thinks it will sell super fast and that it needs very little work.  My neighbor and I were raising our eyebrows at that one.  One bathroom shower was recently replaced because of a plumbing issue, but every other surface in the house needs something, and most need more than just paint.  They changed what little they had that was remotely interesting about the house and then let all of it go without maintenance.  It smelled horrible, and they had been in there cleaning all weekend. 

I didn't even want to walk through it, but I know someone who wants a home  from the same builder and expects to do some upgrades, so I felt like I needed to scope it out for her, but I think this house is probably not what she is thinking.

They are asking a little more than we paid for our house a year and a half ago, but honestly, a year and a half ago we weren't sure that we hadn't overpaid....we were kind of desperate and it was worth it to us and we knew that there were things that needed work.   Our house was at least liveable with new floors, cabinets and fresh paint.  Even if none of that stuff was our taste and was mostly cheaply done, it wasn't disgusting and we could have lived with it without fearing for our lives. lol

[bunnymendelbaum]

Do you think they are basing it on your house even though it is not a true comp?

[downtoearth]

Did you tour it during an open house? I totally do that in our neighborhood. It sounds like quite the project house. You guys interested in fixing it/restoring it to it's glory?

Real estate is weird - most of the houses in our neighborhood and back in our first house's neighborhood in another state are valued WAY above what they were at the height of the housing boom in 2007ish. It's crazy actually. I don't know if that is everywhere, but it sure seems like we have another boom right now. We are actually contemplating selling our CO house b/c it's valued at 60k over what we paid 10 years ago.

[TBM]

Oct 28, 2014 10:14:51 GMT -5 bunnymendelbaum said:

Do you think they are basing it on your house even though it is not a true comp?

I have no idea what they are using as a comp.  There have been other houses sold in the area, but it is an apples to oranges kind of thing.  Those houses were not as old and didn't look like decrepit shacks. lol

Oh yeah....my neighbor just reminded me that our lot is bigger than theirs too.

[TBM]

Oct 28, 2014 11:48:19 GMT -5 downtoearth said:

Did you tour it during an open house? I totally do that in our neighborhood. It sounds like quite the project house. You guys interested in fixing it/restoring it to it's glory?

Real estate is weird - most of the houses in our neighborhood and back in our first house's neighborhood in another state are valued WAY above what they were at the height of the housing boom in 2007ish. It's crazy actually. I don't know if that is everywhere, but it sure seems like we have another boom right now. We are actually contemplating selling our CO house b/c it's valued at 60k over what we paid 10 years ago.

My across the street neighbor and I went over Sunday because there were people there, but it was the owner and her friends.   She had moved to Michigan last year and her son and his family were renting it.  She was weird and wouldn't let us look (her friend that we had met outside had thought it wouldn't be an issue), but she said we could come back on Monday since I told her that I knew someone interested in buying a house by the same builder as ours.   I asked to see it so that I could give the woman the idea of the layout to see if it was something worth her coming to look at.   She gave my number to a realtor who called when he was going to the house to put the sign up, and said we could stop by. 

We need to finish this house before we think of taking on a project house, and if we did take one on, it would not be a house that is overpriced like that.

[lavender444]

I thought the same thing about 1 1/2 years ago when flippers came in and put a house on the market for a huge amount over what we thought it would go for. They got it. That prompted us to list our house for even more and ours sold quickly with multiple offers, too. I was shocked.

We bought our new house in December. The people across the street with the same floor plan and similar quality finishes just listed their house for almost 100k over what we paid, and they are already under contract. The market is insane

[msmerymac]

Does the listing say it's move-in-ready or did the realtor basically tell you that?

[mrs.jacinthe]

You just inspired me to look at Redfin. There's a house in our neighborhood (across the street from the pot house, if you recall my posts about that) - same size house, smaller lot, extra 1/2 bath ... (albeit approximately 110 years newer). They want TWICE what we paid for our house. It's a nice house, sure. But DAMN.