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.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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.
ReplyDeleteFirst, 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.
Well- it just goes to show that there is still one you-know-what born every minute.
ReplyDeleteHere's wishing that the next one buys with you!