Wednesday, June 24, 2009

It sold for HOW much?

What follows is the remains of a post regarding a recently sold home. The listing agent has demanded that I take down the picture and the address as she believed it maligned her client and the house. In the interest of good business relations and honesty, I have omitted the details and left the remainder of the post.

This is [address and photo of property removed at demand of listing agent]. It just sold. It is a tudor-style 3+2, 1748 square feet, 7000+ sf. lot. It was okay. The kitchen was big but needed a lot of work. It was in average condition. It listed for $545,000 which I thought was a good price for the size/condition.

It just reported sold for $585,000. What? Why? And what happened to the appraisal? I am seriously astonished it sold for this much.


  1. carlivar8:02 PM

    We sold this house. I may have some answers for you, though in respect to the buyers' privacy I won't go into too much detail.

    First, we gave the buyers a fairly generous credit towards certain repairs. The "official price" remains $585k though I guess. Conveniently, that means commissions are unaffected. What's up with that? I'm planning to ask our Realtor.

    Second, though the kitchen indeed needs work, you can't (easily) add size. We're told a kitchen that size is quite a rarity in Burbank at that price range. For amateur chefs or just folks that like to entertain in the kitchen, this was a big plus.

    Third, lots of little things made it attractive to the right buyer. The built-in doggie door on the sliding patio door for example. Or the rear alley access with electric, remote-controlled electric gate and parking for two cars. A room already ready to go as a nursery. Ethernet AND coax in most rooms. Original refinished hardwood floors. Restored original 1920's wood trim (beautiful). Great neighborhood. Etc.

    With interest rates at most likely all-time lows (in retrospect) I would imagine the buyers didn't feel like the premium was worth losing out on a house they felt was perfect for them. It seemed like a win-win scenario to us.

  2. Anonymous12:32 PM

    Well- it just goes to show that there is still one you-know-what born every minute.

    Here's wishing that the next one buys with you!