House Metamorphosis

Is there a house in your community that you have marketed in the past and/or have shown repeatedly over the years as it changed ownership? There is a particular home in my town that keeps calling out to me, saying "please find me a new owner who will take good care of me and make this their permanent home"!

The year is 2004. I was the listing agent of a cute little cape cod that was worn and in need of updates but decorated nicely.  It was just after the market peeked and I had difficult sellers who did not want to accept that prices were stabilizing and perhaps falling. They were banking on their projection of strong market gains while nobody knew that very soon ahead real estate would spiral out of control. I did warn them that the market was stabilizing but they wanted their pie in the sky. I listed the property at 369K, it sold after 130 days and several price reductions at 320k. Not bad, considering the sellers paid 225K in 2002. But they were very mad that I did not get "their" price - like a 100k profit in 2 years time was something to sneeze at?

In 2006 the buyers fell into financial hardship and put the house back on the market at an initial price of 379k, eventually reducing it to $345. Well, as the previous listing agent I knew they were trying to recoop the closing costs that were packaged in to the 320K sale (contract price was actually 335K), And, they needed to have enough to pay for Realtors fees. A sale never occurred. The homeowners signed on with a new agent after they apparently consulted with the bank about a short sale. The initial price on the new listing was 330K. Eventually, it went to foreclosure and the price was further reduced to 285k.

What a deal. I knew things were bad, but I either got a great deal for the sellers in 2004 or the market really declined. Now way! So, I just so happened to have a buyer in this price range to show it to. I thought I would score my buyer a deal! But, I smelled mustiness before I even opened the door. Inside was not a pretty picture. The pipes had burst and the home was being sold and marketed as a handyman special. What a pity. Now, my buyer was handy - but not this handy.

April, 2008 - the home is back on the market at a price of 345k. Seems the person who bought the handyman special might have done a nice job after all. It was obviously bought for a flip. I just so happen to be showing it today. I feel like this house just keeps calling out to me! Maybe eventually I'll sell it again!

   New Kitchen