House hunting

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

Postby frankiewhalen » Sun Nov 25, 2018 8:38 am

A ranch home that recently sold nearby is being remodeled. Through the front window the disappearing wall can be seen.
For my kitchen remodel, I will admit that I went with the gray paint (light for upper cabinets, dark for lower) cupboards, and brushed nickel hardware, but that is because I felt it accentuated my blue tile backsplash and other blue highlights. I kept the white appliances, the cupboards go all the way to the ceiling and have smooth doors, and I did not put the microwave over the stove. I have used a microwave over the stove, and it is dangerous when you are fixing a meal using multiple appliances.
The bathroom was done in warm tones; copper, chocolate brown, tan.

Beard
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Re: House hunting

Postby Beard » Fri Dec 14, 2018 10:15 am

Beard wrote:
Beard wrote:Question of the day: What do you think is a realistic price for this flipped house?

Here's what it looked like when it sold for $245k in June.

Less than two months later it looks like this and was listed at $435k.


$435k was obviously not realistic; the price has already come down $15k and is sitting at $420k. The Zillow estimate is $362k.

.


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


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

snoqueen
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Re: House hunting

Postby snoqueen » Fri Dec 14, 2018 10:43 am

Allowing for the fact nothing beats an actual physical visit, Zillow's estimate algorithm is usually pretty realistic. Flippers ought to take notice.

jman111
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Re: House hunting

Postby jman111 » Fri Dec 14, 2018 10:58 am

In light of the rising interest rates, stagnating wages, market (and political) volatility, and evolving attitudes regarding home ownership, are flippers finally seeing the end of easy money?

Beard
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Re: House hunting

Postby Beard » Fri Dec 14, 2018 11:27 am

jman111 wrote:In light of the rising interest rates, stagnating wages, market (and political) volatility, and evolving attitudes regarding home ownership, are flippers finally seeing the end of easy money?


I've noticed that things are sitting longer now than they would have even a few months ago. Interest rates have to be a big part of that. Couple that with some of the insane prices that people think that their houses will fetch and I'm not surprised that things are cooling off.

The flipped house above must be getting close to the, "Oh sh*t, we're barely going to break even" mark. The house was purchased for $245k and is now listed (but will it sell?) for $375k. Even the lower end materials that the flippers were likely using cost money. That cost is going to eat into the $130k difference between purchase price and current selling price.

gargantua
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Re: House hunting

Postby gargantua » Fri Dec 14, 2018 10:50 pm

I don't know what to think. Assessed fair market value for my house is $396k. A virtually identical house down the block from me listed at $440k. It had no updates, and in 3 weeks sold for $446k. I'm told we live in a hot neighborhood. Houses are still going fast around me (near west-Hill Farms).

Beard
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Re: House hunting

Postby Beard » Mon Dec 17, 2018 9:58 am

Beard wrote:
Beard wrote:
Beard wrote:Question of the day: What do you think is a realistic price for this flipped house?

Here's what it looked like when it sold for $245k in June.

Less than two months later it looks like this and was listed at $435k.


$435k was obviously not realistic; the price has already come down $15k and is sitting at $420k. The Zillow estimate is $362k.

.


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

snoqueen
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Re: House hunting

Postby snoqueen » Mon Dec 17, 2018 1:20 pm

And the Zillow estimate has magically become $339k. Apparently it knows something we don't.

Keep in mind a lot of the slowdown is seasonal. Few people want to be moving in mid winter unless they're desperate. In maybe March, in a normal year, you start to see listings pick up for spring and the price structure for 2019 takes shape. Of course, if we don't have a winter this year that conventional wisdom could be out the window.

Meantime, now might be a good time to low-ball that greyed-out ranch at 401 La Belle in Monona, because I'm sensing desperation.

Beard
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Re: House hunting

Postby Beard » Wed Dec 19, 2018 11:40 am

Meanwhile in other Wisconsin towns $300-400k gets you...

Appleton
$339k
$369k

Neenah
$355k
$389k

Oshkosh
$339k
$395k

Wausau
$304k
$369k

I wouldn't trade Madison for any of these places and some of the homes aren't my style but, jumping jesus on a pogo stick, you can get a LOT for your money.

Henry Vilas
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Re: House hunting

Postby Henry Vilas » Wed Dec 19, 2018 11:43 am

It all comes down to the truism of location, location, location.

Ducatista
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Re: House hunting

Postby Ducatista » Wed Dec 19, 2018 12:53 pm

Beard wrote:Wausau

My niece bought an 8,000 sq ft midcentury palace (it even has a name) on tony East Hill in Wausau for a pittance. Walking distance from downtown, and her westward view across the Wisconsin River Valley is spectacular. But you're still in Wausau.

Marvell
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Re: House hunting

Postby Marvell » Wed Dec 19, 2018 1:45 pm

Ducatista wrote:My niece bought an 8,000 sq ft midcentury palace (it even has a name) on tony East Hill in Wausau for a pittance. Walking distance from downtown, and her westward view across the Wisconsin River Valley is spectacular. But you're still in Wausau.


A bucket of shit for half-off is still a bucket of shit.


- My brother.

Ducatista
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Re: House hunting

Postby Ducatista » Wed Dec 19, 2018 2:00 pm

Marvell's brother wrote:A bucket of shit for half-off is still a bucket of shit.

Ha! I wouldn't call it a shitbucket. Especially at sunset, or as a thunderstorm rolls in from the west.

But yeah.

Beard
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Re: House hunting

Postby Beard » Thu Dec 20, 2018 12:23 pm

I don't know why I keep doing this to myself...


Fond Du Lac
$350k

Two Rivers
$350k

Ducatista
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Re: House hunting

Postby Ducatista » Thu Dec 20, 2018 2:20 pm

Beard wrote:I don't know why I keep doing this to myself...


Fond Du Lac
$350k

What! On an acre lot, no less. This is kind of mind-blowing to me:

Image


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