Report: Bidding War in the South Slope
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking: “They had an open house over the weekend and then did a…
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking:
“They had an open house over the weekend and then did a ‘best and final’ offer session – essentially asking everyone to submit their best bid. The format was such that the bidders had no idea what anyone else had offered. The brokers, Lisa Taylor and Wassim Fakhereddine, naturally all the while whispering in everyone’s ears that were being outbid, never showing any cards, watching as the offers soared. Talk about causing a frenzy. 7 bids submitted in a day, 10 total.”
The 20-by-30-foot two-family wood frame house was asking $959,000 and the winning bid was $1.25 million, according to our correspondent. Questions remain: Did the 100-by-25 lot make the property seem that much more valuable, or did Corcoran’s whisper campaign play a big part in whipping bidders into a frenzy?
12th Street Listing [Corcoran] GMAP
Sky obscured by flying pigs
the only ones quoting high renovation $$ are contractors and architects who want to jack up rates.
150K and thius house will be great
I think people are confusing renovation with enlargement. 1:18, does your cost estimate include an addition? I’d guessing most people wouldn’t pay over a million dollars for a 20×30 footprint on a 25×100 lot just to throw in a new kitchen and bathroom.
Spending 600K on renovation of a 1200 sf house would make you a fool.
Anyone who thinks it takes that much money to renovate this space is beyond ignorant.
I am 1:18 and I’ve been inside and I am married to an architect who was at the open house with me.
1:18, I love the people on this site who speculate how much it would cost to renovate without having been inside it, let alone bringing an engineer or architect.
1:13, if it went into contract, it would be on their website on their very extensive list of recent sales. Not there. Maybe you’d like to share your info source? I live one block over and certainly have not seen anything recently selling for this kind of price – not in teardown shape, anyway.
GHB, believe it or not, houses are going for around that in South Boston (note: I am not talking about the South End). My point is that the real estate madness is everywhere.
I wouldn’t mind seeing a few Irish gangsters prowling around amid the strollers… spice the nabe up, a bit.
I love the people who think this place needs 500-600k worth of work. You could spend 150-200 and make it great. I’ve done this kind of work on 2 brownstones now. For example, landmark windows this size run 1000 per. So that’s 5k. (moron!)