House of the Day: 42 Sherman Revisited
We’ve featured this place a couple of times on Open House Picks since it hit the market in the middlle of the summer at $1.35 million and frankly we’re a little surprised that it hasn’t sold yet. Not that it’s a steal at its current price of $1.3 million, but it’s got lovely details and…
We’ve featured this place a couple of times on Open House Picks since it hit the market in the middlle of the summer at $1.35 million and frankly we’re a little surprised that it hasn’t sold yet. Not that it’s a steal at its current price of $1.3 million, but it’s got lovely details and sits on our favorite block in Windsor Terrace. Is it the fact that it’s only three stories high? Or maybe a sign of tougher times for FSBOs in this market? What do you attribute its failure to sell to?
Homepage [42Sherman.com] GMAP P*Shark
Open House Picks 8/4/2006 [Brownstoner]
Open House Picks 10/6/2006 [Brownstoner]
This house raises a question I’ve been thinking about for some time. I don’t know that it is answerable, but here it goes.
For houses that need significant renovation, how should the “windfall” of price increase after renovation be split among the buyer and the seller. In other words, if the equation is
(Value House if Perfect) – (renovation costs) “?” (sale price of house)
Should the “?” be greater than, less than, or equal to.
Seemed like last year the asking prices of the houses were certainly greater than the price of a renovated property minus renovations costs. Are we at least equal now?
I respect the seller’s decision to go FSBO, but I think s/he is doing the property a disservice by a) not posting a good basic floor plan, b) showing so few photos, and c) pricing this property so aggressively. Rather than a photo of an overgrown backyard, I want to see more detailed interior shots. To echo several other posters — if you’re going to as a premium price, show us why the place is worth it. Stage the property. Make it look beautiful and warm and inviting. Otherwise, the steep price tag makes it easy for a prospective buyer to just skip right past it.
1:27 — I hear what you are saying about the asking price. However, this house, renovated well, would go for much more than $1.3, imo.
If a similar house sold for 1.2 about 18 months ago, as “mimimi” says, then this should not go for more than 1.1 at the very most. The asking of 1.3 reflects what it would currently be worth after a total renovation, not before.
It’s sounds like it’s worth about a million considering it likely needs a total gut renovation costing at least 300k. What’s the point of spending that kind of money without getting something great?
Not showing photos of bathrooms and kitchens can only mean one thing — they suck.
The one that sold for $1.2 something was also in need of total renovation. I think they are still working on it actually.
Ive never seen a well renovated and restored limestone on this block for sale EVER. From what I can tell, people buy these houses and then die in them. That should speak to how great the block is but all the sales are always in desperate need of repair.
There are similar houses on other blocks but not quite as nice and not limestones that are selling for about this in liveable condition. So the question is..how much will someone pay to live on this block and the period details?
Three words, price, price, price.
12:52 — I don’t think you price estimates are correct. Haven’t seen a move-in condition house come up on this side of the block in a long time.
A house a few down from this in similar condition sold for $1.2 or $1.25 about 18 months ago.