House hunting

What are the things that puzzle, enrage, delight and tickle you as you go about your life in Madison?
Beard
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Re: House hunting

Postby Beard » Sat Dec 29, 2018 6:17 pm

Beard wrote:
Beard wrote:
Beard wrote:
The price keeps dropping. It's now at (a still unrealistic) $410k.


Still dropping... It's now at $374,900


Still dropping...It's now $359,900


Still dropping...
$349,900

snoqueen
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Re: House hunting

Postby snoqueen » Sun Dec 30, 2018 1:28 am

"Seller is very motivated" is realtor-speak for "they'll go even lower in a heartbeat." Something has gone way wrong here.

These flippers are in over their head and I almost feel sorry for them. Almost.

frankiewhalen
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Re: House hunting

Postby frankiewhalen » Sun Dec 30, 2018 10:37 am

They own another home a few doors down the street. Probably need the cash for whatever they are doing to that one.

Beard
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Re: House hunting

Postby Beard » Fri Jan 18, 2019 3:33 pm

frankiewhalen wrote:They own another home a few doors down the street. Probably need the cash for whatever they are doing to that one.


They must have gotten a deal on materials/appliances because both of the La Belle houses now have virtually identical interiors.

408 La Belle was purchased for $244k in early July. It's now being listed at $369,900.

401 La Belle is still available at $349,900.

They learned something about pricing from the first house. Instead of listing the new one at 77.1% above what they paid they are only trying to increase the price by 55.1%.

Beard
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Re: House hunting

Postby Beard » Fri Feb 01, 2019 8:55 am

401 La Belle has a pending offer. I wonder how much below $349k it sold for.

gargantua
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Re: House hunting

Postby gargantua » Sat Feb 02, 2019 3:49 pm

Beard wrote:401 La Belle has a pending offer. I wonder how much below $349k it sold for.

Let's see who's guess comes closest. I'm going with $325,000.

snoqueen
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Re: House hunting

Postby snoqueen » Sat Feb 02, 2019 8:40 pm

gargantua wrote:
Beard wrote:401 La Belle has a pending offer. I wonder how much below $349k it sold for.

Let's see who's guess comes closest. I'm going with $325,000.


I'll guess $319,000.

Beard
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Re: House hunting

Postby Beard » Fri Feb 08, 2019 8:51 am

...and the price is starting to drop on La Belle house #2. $10k cut. Stay tuned for further drops.

snoqueen
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Re: House hunting

Postby snoqueen » Fri Feb 08, 2019 9:41 am

Beard wrote:...and the price is starting to drop on La Belle house #2. $10k cut. Stay tuned for further drops.


I like this quote from the realtor's blurb at your link:
"All work completed by licensed contractors."

Are they getting too many questions like "did you guys remodel this in your spare time?" which leads to a second question about the quality of the visible work.

And the wording is careful. You can do a lot of remodeling in your spare time and get professionals to finish the last bit and sign off on it once they look everything over. Many people do this on their own homes.

I'm not saying there's anything wrong here, except the asking price doesn't appear to be attracting offers and you wonder what's going on. is the price just crazy, or doesn't the work done on the house stand up to scrutiny?

Beard
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Re: House hunting

Postby Beard » Fri Feb 08, 2019 10:25 am

snoqueen wrote:
I like this quote from the realtor's blurb at your link:
"All work completed by licensed contractors."

Are they getting too many questions like "did you guys remodel this in your spare time?" which leads to a second question about the quality of the visible work.

And the wording is careful. You can do a lot of remodeling in your spare time and get professionals to finish the last bit and sign off on it once they look everything over. Many people do this on their own homes.

I'm not saying there's anything wrong here, except the asking price doesn't appear to be attracting offers and you wonder what's going on. is the price just crazy, or doesn't the work done on the house stand up to scrutiny?


My guess is that it is a little of both.

Interest rates have gone up considerably in the last few months, making the high prices that homes were selling for in the summer completely unrealistic. Buyers are going to want lower prices if they are going to be taking out a 5% loan.

Both of the La Belle houses have the same materials/appliances. It looks like they got deals on things. The "This house is being flipped" vibe is VERY strong in pictures and I'm guessing even more obvious in person. As we've discussed previously in this thread, flipping and quality rarely go together.


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