lazygood4nothinbum
Thinks s/he gets paid by the post
- Joined
- Feb 27, 2006
- Messages
- 3,895
just call me mary, quite the contrarian, as i am considering raising the price of the inherited house as south florida continues to fall. after cutting my price by $350k, not even a low ball offer in 365 days so why not not sell at a higher price. where would i put the money now anyway? the stock market? i don't know witch is scarier.
i really do want to sell but it just isn't happening so here's the deal and then you tell me what to do:
location location location: high end area of high end town (so not my style). parents paid $165k in 1980 (possibly $10k too much based on other sales i've researched, but mom just had to have that screened-in waterfall & pond by the pool.) at that time, though this area was built out, there were still vacant waterfront lots within this city while now there are none.
city & area income & character:
city medium income $60k
immediate area medium income $90-$120k
immediate area income $250-500k between 5-9%
immediate area income over $500k between 6-9%
number of brand name neighbors (names you would know), at least three that i know of. in the town? innumerable.
number of sex offenders in the zip code: 4
quiet street in quiet area with easy access to shopping, landscaped highway through town and to interstate.
protected moorage & very easy walk to beach and excellent park
extremely well funded town forever upgrading
city and area house prices:
city (houses & condo) medium $433,500 in 2005 up from $230,200 in 2000
target zip code (following information on deepwater houses from mls):
jan 2006: 40 houses for sale average $5,780,800 medium $4,800,000
feb 2007: 22 houses for sale average $5,326,400 medium $4,950,000
jan 2008: 36 houses for sale average $4,615,300 medium $2,900,000**
(**though house prices have dropped considerably, i imagine most of that last figure is mostly due to the mix of what's for sale.)
within this zip code, inherited house is in the 2nd best area. the better area houses for sale start at $2.9mm & go up to $20mm. the lesser area houses now asking $895k and go up to $5mm.
within our association, the last house on a dry lot sold for over $500k. there is only one other deepwater house for sale near my price then the price jumps to $1.25mm and north. i've had mine priced at $947,500 (the lowest priced house in our association), right about where the county has me taxed and at hearing they refused to lower their appraisal. the other house at my level is asking over $1mm yet has 20 ft less seawall, accomodates only a very small boat due to that & their property's configuration and looks out onto a four-story condominium building. they did however add a new roof and redid the kitchen which i think was a waste as all the older houses in this association are considered tear-downs. while i have no intention of doing likewise, i do need to keep their improvements in mind in considering my price.
the last house to sell in our association has 20 feet more seawall than mine, went for $950k in two weeks this past summer when the owner found out he had only months to live. with no heirs he just wanted to spend his cash. that house is now back on the market asking $1,250,000.
an identical house on an identical property as mine two houses down sold late 2006 for $1.35mm. since torn down, the replacement is pictured below.
i've examined sales histories of some neighbors' houses to get an idea of what sort of compounded interest might be expected over the years and these figures follow (approximated):
1978 $110k to 2004 $775k (7.8%) to 2005 $1mm (35%) avg over 27 years 8.7% (this corner house was then torn down & rebuilt as shown below).
1972 $55k to 1977 $85k (9%) to 1992 $260k (8%) avg over 20 years 8%.
1983 $190k to 1986 $244k (9%) to 1992 $300k (4%) to 2005 $1.2mm (11.5%) avg over 22 years 8.75%
1988 $244k to 1999 $550k (7.6%)
1984 $230k to 2000 $590k (6%)
1977 $125k to 1989 $390k (10%)
1969 $57k to 1971 70k (11%) to 2007 $950k (7.5%) avg 7.7% over 38 years (this is our neighbor who found out he has cancer per above).
1979 $155k to 1987 $277k (7.7%) to 1997 $400k (4%) to 2006 $1.57mm (16%) avg 9% over 27 years.
1984 $225k to 1987 $247,500 (3%) to 1998 $700k (10%) to 2003 $1.4mm (15%) to 2005 $1.56mm (5.5%) avg over 21 years 9.6%
now for the pretty pictures to get an idea of the neighborhood and then you can tell me what i'm supposed to do with all this. how would you price this property? would you try to sell now or wait another year or more? thanx.
here is the front of my teardown
interior shot of kitchen
dock & "backyard"
new house being built on identical property per above (guessing 6k sq ft)
corner house per above (is about 7500 sq ft replete with every option)
i really do want to sell but it just isn't happening so here's the deal and then you tell me what to do:
location location location: high end area of high end town (so not my style). parents paid $165k in 1980 (possibly $10k too much based on other sales i've researched, but mom just had to have that screened-in waterfall & pond by the pool.) at that time, though this area was built out, there were still vacant waterfront lots within this city while now there are none.
city & area income & character:
city medium income $60k
immediate area medium income $90-$120k
immediate area income $250-500k between 5-9%
immediate area income over $500k between 6-9%
number of brand name neighbors (names you would know), at least three that i know of. in the town? innumerable.
number of sex offenders in the zip code: 4
quiet street in quiet area with easy access to shopping, landscaped highway through town and to interstate.
protected moorage & very easy walk to beach and excellent park
extremely well funded town forever upgrading
city and area house prices:
city (houses & condo) medium $433,500 in 2005 up from $230,200 in 2000
target zip code (following information on deepwater houses from mls):
jan 2006: 40 houses for sale average $5,780,800 medium $4,800,000
feb 2007: 22 houses for sale average $5,326,400 medium $4,950,000
jan 2008: 36 houses for sale average $4,615,300 medium $2,900,000**
(**though house prices have dropped considerably, i imagine most of that last figure is mostly due to the mix of what's for sale.)
within this zip code, inherited house is in the 2nd best area. the better area houses for sale start at $2.9mm & go up to $20mm. the lesser area houses now asking $895k and go up to $5mm.
within our association, the last house on a dry lot sold for over $500k. there is only one other deepwater house for sale near my price then the price jumps to $1.25mm and north. i've had mine priced at $947,500 (the lowest priced house in our association), right about where the county has me taxed and at hearing they refused to lower their appraisal. the other house at my level is asking over $1mm yet has 20 ft less seawall, accomodates only a very small boat due to that & their property's configuration and looks out onto a four-story condominium building. they did however add a new roof and redid the kitchen which i think was a waste as all the older houses in this association are considered tear-downs. while i have no intention of doing likewise, i do need to keep their improvements in mind in considering my price.
the last house to sell in our association has 20 feet more seawall than mine, went for $950k in two weeks this past summer when the owner found out he had only months to live. with no heirs he just wanted to spend his cash. that house is now back on the market asking $1,250,000.
an identical house on an identical property as mine two houses down sold late 2006 for $1.35mm. since torn down, the replacement is pictured below.
i've examined sales histories of some neighbors' houses to get an idea of what sort of compounded interest might be expected over the years and these figures follow (approximated):
1978 $110k to 2004 $775k (7.8%) to 2005 $1mm (35%) avg over 27 years 8.7% (this corner house was then torn down & rebuilt as shown below).
1972 $55k to 1977 $85k (9%) to 1992 $260k (8%) avg over 20 years 8%.
1983 $190k to 1986 $244k (9%) to 1992 $300k (4%) to 2005 $1.2mm (11.5%) avg over 22 years 8.75%
1988 $244k to 1999 $550k (7.6%)
1984 $230k to 2000 $590k (6%)
1977 $125k to 1989 $390k (10%)
1969 $57k to 1971 70k (11%) to 2007 $950k (7.5%) avg 7.7% over 38 years (this is our neighbor who found out he has cancer per above).
1979 $155k to 1987 $277k (7.7%) to 1997 $400k (4%) to 2006 $1.57mm (16%) avg 9% over 27 years.
1984 $225k to 1987 $247,500 (3%) to 1998 $700k (10%) to 2003 $1.4mm (15%) to 2005 $1.56mm (5.5%) avg over 21 years 9.6%
now for the pretty pictures to get an idea of the neighborhood and then you can tell me what i'm supposed to do with all this. how would you price this property? would you try to sell now or wait another year or more? thanx.
here is the front of my teardown
interior shot of kitchen
dock & "backyard"
new house being built on identical property per above (guessing 6k sq ft)
corner house per above (is about 7500 sq ft replete with every option)
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