Thursday, February 15, 2007

House Number The 2nd: REVEALED! (Y1/M10/D15)

Okay, at long last, here is the "transitional neighborhood" house I wrote about earlier. It was purchased at $655k just six months ago, when the front looked like this. The current owners took out that tree. Changed the garage door (at an estimated cost of $1,000). Added a redwood fence to the yard perimeter and switched out a metal security door for a redwood security door and added a little intercom buzzer to make it look like this:

Once you come through the security door, you are in a little courtyard which originally looked like this. There are nice French doors that open into the front bedroom, the living room (pictured), and the kitchen.

The current owner built a nice redwood pergola to cover the courtyard, and he added a little koi pond with fountain.

Heres how the kitchen looked originally. It was clean and in good shape. The current owner took at that wall to open up the space but it resulted in moving the washer and dryer into the garage, which is slightly less desirable.

But notice that the counters, cabinets and appliances are all the same.

Here's what the backyard and deck looked like when he bought it. He added a nice little redwood pergola here too.

I have to say that his improvements were all lovely. Unfortunately, they didn't increase square footage and none of the changes actually upgraded the kitchen or bathrooms in a meaningful way. Which basically means that the appraisal of the home was not improved by his changes and the market price for this neighborhood actually dropped during the few months that he owned the home. Nevertheless, he wanted an additional $40k for the home. I offered to pay an additional $10k over what he paid, even though I had serious misgivings about the neighborhood and even though this price would've been the highest ever paid for the neighborhood. He refused and now the house has been delisted. Either he has pulled it (a smart move if he is planning to wait for spring) or he actually found a buyer who cares very little about actual market value. Time will tell.

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