Repeat offenders: December 2009 Archives
I wonder who the first part of this "new" listing is directed to. 1419 Cottage Street, a cute overpriced cottage that failed to sell last year, is back on the market for a lower, still-too-high price. The specs, as a reminder:
The agent helpfully confirms this is the same property one may have seen last year (emphasis mine), which saved me a couple of minutes. Thanks!
was close to the then-asking price (screenshot taken today, 12/23/09):
The price has come crashing down to $619,000 and claims to be a great value, even though the renovations are still not finished. Note to agents and sellers: "less than I paid" does not equal "great value" to other people.
On a per-square-foot basis, $480 / sqft is a full $130 / sqft more than the going price these days, which in your case translates to about $170,000. In other words this property should be priced around $450,000. Sure, the agent claims there's a full floor's worth of square footage available, but 1) it's not verifiable unless you look at the permit status and 2) the work isn't finished yet. Expecting a $130 / sqft premium in advance for the promise of square footage when the next owner will have to fork over extra money to be able to live in that square footage is moronic.
So welcome back and happy holidays, little house. Happy new year, too.
3 bedrooms, 2 bathrooms, 1,289 sqft, 5,000-sqft lot, built in 1895, MLS(r) #40442977, $619,000 ($480 / sqft)
The agent helpfully confirms this is the same property one may have seen last year (emphasis mine), which saved me a couple of minutes. Thanks!
Yes, this one was on the market last year. New low price and additional work to the finished basement. Square footage will be approx double with some extra work. Quiet neighborhood. Great value.The Zestimate a year and a half ago... (screenshot taken in Spring 2008; note the owner-inflated estimate):
was close to the then-asking price (screenshot taken today, 12/23/09):The price has come crashing down to $619,000 and claims to be a great value, even though the renovations are still not finished. Note to agents and sellers: "less than I paid" does not equal "great value" to other people. Property History for 1419 COTTAGE St
| Date | Event | Price | Appreciation | Source |
|
|---|---|---|---|---|---|
| Dec 21, 2009 | Listed | $619,000 | -- | EBRD #40442977 |
|
| Aug 17, 2005 | Sold (Public Records) | $700,000 | 13.4%/yr | Public Records |
|
| Aug 09, 2002 | Sold (Public Records) | $479,000 | -- | Public Records |
On a per-square-foot basis, $480 / sqft is a full $130 / sqft more than the going price these days, which in your case translates to about $170,000. In other words this property should be priced around $450,000. Sure, the agent claims there's a full floor's worth of square footage available, but 1) it's not verifiable unless you look at the permit status and 2) the work isn't finished yet. Expecting a $130 / sqft premium in advance for the promise of square footage when the next owner will have to fork over extra money to be able to live in that square footage is moronic.
So welcome back and happy holidays, little house. Happy new year, too.
Miscellaneous