The Sad Victorian

I love architecture, and it hasn't always been that way.  Before I started my career in real estate I couldn't have told you the difference between a 2-Story Contemporary or a Victorian and honestly I couldn't have cared less.  These days though things have changed, I love to drive around and look at houses that have unique architecture.  I love to see the amazing things that people have done to bring a lot of these older homes back to life.

The other day I'm just perusing the MLS, and I come across what looks to be an amazing Victorian.  Its everything that you would want in a Victorian, 3-stories tall, has a red all brick facade, steeply pitched roof lines, and a large deep lot for the area.  It's very well priced at $275,000 even though the area isn't the greatest, its very close to Downtown Salt Lake and within walking distance to mass transit. 

I call the agent to see if I can go have a look and he lets me know that the entire home has been "gutted" and is down to the studs.  At first I think, that could be bad, but then I think of the cool possibilities this house would have.  It's in an area that I could make it a live/work space, it has a large front room that would make a great office, and I could basically lay it out how I want.  $275,000 sounds a little steep at that point but I still want to check it out.

Since the home isn't in the best area and is vacant I call one of my friends that is also a Realtor to come and check it out with me.  There have been way too many sad stories of Realtors losing their lives going through vacant homes recently, so I figure its better to be safe then sorry.  Plus I will get another opinion on the house.

We get to the house and the picture didn't do the house justice, and not in the good way.  Let me put it this way, it was built in 1891 and I don't think any of the owners had replaced a thing, it was a patchwork of temporary fixes on top of temporary fixes.  We get inside and its a lot of the same but the layout is great and there are a ton of possibilities.  We each start taking tabs on the costs as we walk through.  This house has soooo much potential, but it is also so far gone.  By the end we are each thinking repair costs are going to run at the minimum $150,000 on top of the $275,000 purchase price bringing the grand total to $425,000.

Now, we have a street in Salt Lake called South Temple.  It is nationally recognized for its large Victorian houses and huge stone churches.  If this house was on South Temple it would rake in $800,000+ after it was fixed up.  Literally 6-blocks to the South and that same house would only garner $350,000 - $400,000 fixed up.  Basically its not a money maker and potentially a huge risk.  The sad thing is that $150,000 will probably only take care of the basics on a house that could sap up so much more money and be so much more of a house.

This is the moment I usually tell my clients not to fall in love with a house, there are plenty out there and we'll find the one for you.  Well now I'm the client and I've fallen in love with this house.  I can envision it restored to its original grandeur.  I can envision my little office, and living in the area.  This is the house that I could live in for the rest of my life.  Well the reality kicks in and I realize that I'm not the millionaire that I need to be to make this happen and I need to walk away.  Like a little kid I kick at the dirt, shove my hands into my pockets, and walk away, quietly muttering one day maybe, one day.

Bryan Maynes - Realtor

Dwellings Real Estate

801.631.7530 - Phone

maybry@wfrmls.com - Email