Last night I was showings homes to some clients that I went to high school with. I knew that his tastes were eccentric to say the least. The list of homes he sent me included some odd ones.
The one that stuck out the most was a condo on steroids.
Somebody got the brilliant idea to take two condos next to each other, tear out the walls, and make it one big condo. How big? 7 bedrooms. 7 bathrooms, Over 6,500 square feet of finished living space.
The showing only took an hour or so. It wouldn't have taken that long, but we got lost. Twice.
There were a total of 8 exterior doors in this monstrosity. I don't even know how many windows there were. Can you imagine the heating and cooling bills?
Oh, then there was the price tag. $300,000. This is over twice the amount of the average sales price of other condos in the area that are almost all 3 bedroom, 3 bathrooms, and 2,000 square feet. The average sales price in this subdivision is between $120,000 - $150,000.
The highest price condo that sold in this subdivision in the last 3 years was $155,000, and that was a 4 bedroom, 3 bath, 2,100 square feet condo.
How the heck is this thing going to appraise???
Then there are the taxes. $7,000 annually! Of course it had no exemptions on it, but even after exemptions it will be extremely high.
My clients were intrigued by it, but thankfully they didn't buy it.
It was extremely over priced. Even if they got it for $200,000, it would be tough to sell in the future. There aren't may families that are in the market for a 7 bedroom 6,000 square feet condo.
I'm not saying that a family shouldn't buy a weird or odd home. If they absolutely love it, don't plan on moving for a LONG time, and don't mind taking a loss and being very patient when it's time to sell, then go for it. Otherwise, just go buy a "normal" home.
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