Details: 3 bed/2 bath 1,548 sq ft house, 6,750 sq ft lot, "updated", "remodeled"
Description: Beautiful updated Traditional in Sunset Park. 3bd/2ba home in highly desired neighborhood & Grant school district. Light & bright, w/ wonderfully open floorplan. Remodeled kitchen with stainless steel appliances, solid wood cabinets and granite counters opens to DR & step-down Fam. rm leads to large backyard w/ brick patio & grass. Hrdwd flrs throughout & frplc in LR. New copper plumbing, new electrical, new roof & windows Fantastic detached bonus room. Long driveway will accomodate 3 cars
Previous Purchase: 6/21/05 - $1,225,000
Listing History: 1/10/10 - $1,279,000
Reduced down to - $1,149,000
SOLD: 9/30/10 - $1,100,000
The description mentions upgrades...I'm thinking they were done before the 2005 sale. If I am wrong about that then the rollback is larger.
Assuming I am correct, this is an apples to apples situation where we see a decline of a little more than 10% from the mid 2005 price. HEY, that gets us into mid-2004 or so! I admittedly have not been spending a ton of time blogging lately but I expect many more mid and early 2004 rollbacks to come and I will be watching to see if we finally get some more weakness.
Problem is that the buyers overpaid in 2005 (the price per square foot was off the charts), so a discount doesn't represent true 2004 values. The house is divided down the middle - on the left are kitchen, living room, and 'dining area' which is also a walkway to the back of the house. On the right are 3 small bedrooms, all are small, all need updating.
ReplyDeleteAdvice to the new buyers: hold onto it for a while or you'll end up with a loss on it as well.