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Old 08-29-2007, 08:45 PM
 
112 posts, read 151,496 times
Reputation: 26
Default How much would you offer in this "buyers" market?

Brick house was bought in the beginning of '06 for approx. 350K as a flip

Buyer renovated it, added 2nd full bath on 2nd floor and gutted upstairs so house was 2 bed/1 bath at time of purchase now is 4 bed/2 bath, approx. 1500sq ft, with finished basement. Buyer rented it for short period time (i have no idea why) so now has some minor cosmetic issues (new kitchen with wood cabinets now have some knicks and scratches, new carpet has some stains). Excellent condition outside, roof has 3 layers.

What would fair price be to offer now in current market conditions? Currently listed at 475K been on market 3-4 months...

Thank you for your input
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Old 08-29-2007, 08:50 PM
 
Location: Clayton, NC
242 posts, read 733,455 times
Reputation: 116
You probably need to provide the area where the house is for folks to provide some insight. For reference, I am selling a 2400 sq ft High Ranch 5 Br/3 baths in Nesconset and currently have it listed for 450k which we actually believe to be on the fair to low price range for this area and the house size, etc. in hopes of selling quickly.
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Old 08-29-2007, 08:53 PM
 
112 posts, read 151,496 times
Reputation: 26
Oops..guess that would help! It's in RVC...
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Old 02-03-2013, 02:22 PM
 
Location: Planet Earth
1,168 posts, read 728,291 times
Reputation: 1213
400k
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Old 02-03-2013, 03:34 PM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
2,626 posts, read 2,350,585 times
Reputation: 1889
Quote:
Originally Posted by gwenrn View Post
Brick house was bought in the beginning of '06 for approx. 350K as a flip

Buyer renovated it, added 2nd full bath on 2nd floor and gutted upstairs so house was 2 bed/1 bath at time of purchase now is 4 bed/2 bath, approx. 1500sq ft, with finished basement. Buyer rented it for short period time (i have no idea why) so now has some minor cosmetic issues (new kitchen with wood cabinets now have some knicks and scratches, new carpet has some stains). Excellent condition outside, roof has 3 layers.

What would fair price be to offer now in current market conditions? Currently listed at 475K been on market 3-4 months...

Thank you for your input

What the person paid for it before your potential purchase is of no import unless it is very, very recent and it was a straight flip with no alterations. Even then, it is the $$ the seller is looking for and his grip on reality in addition to whether he is simply trolling for a bite or is actively looking to sell. The only way to fairly answer this is to check the comps for a like home in the neighborhood. The house is sold as is and by your own statement, the problems are minor. So unless the carpet and cabinets are really a mess, no dice there either.

Does the roof leak or are you just stating that there are 3 layers of roof? It must be delivered free of leaks and that is it. I doubt seriously the 3rd layer is even a negotiation point, but you can always try for a few dollars reduction and see where you go.

If you do your homework you should be able to come up with a reasonable number. Bear in mind that RVC is a decent school district so a home there may be a little pricier than a similar home in another area.
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Old 02-04-2013, 04:56 PM
 
89 posts, read 100,741 times
Reputation: 43
Quote:
Originally Posted by nuts2uiam View Post
What the person paid for it before your potential purchase is of no import unless it is very, very recent and it was a straight flip with no alterations. Even then, it is the $$ the seller is looking for and his grip on reality in addition to whether he is simply trolling for a bite or is actively looking to sell. The only way to fairly answer this is to check the comps for a like home in the neighborhood. The house is sold as is and by your own statement, the problems are minor. So unless the carpet and cabinets are really a mess, no dice there either.

Does the roof leak or are you just stating that there are 3 layers of roof? It must be delivered free of leaks and that is it. I doubt seriously the 3rd layer is even a negotiation point, but you can always try for a few dollars reduction and see where you go.

If you do your homework you should be able to come up with a reasonable number. Bear in mind that RVC is a decent school district so a home there may be a little pricier than a similar home in another area.
Decent school district? Top 5-7 on Long Island..just sayin..
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Old 02-04-2013, 05:26 PM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
2,626 posts, read 2,350,585 times
Reputation: 1889
Quote:
Originally Posted by glags11 View Post
Decent school district? Top 5-7 on Long Island..just sayin..
No implication meant there, I actually lived in RVC for 3 years so I know all about the district. Too bad the attitude of the majority of the people living there doesn't match the schools reputation.
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Old 02-04-2013, 05:46 PM
 
1,083 posts, read 765,808 times
Reputation: 919
Go to mlsli.com and look at "sold properties" for your area. You can also go to mynassaproperty.com and, in addition to tax and other property information, you can also find sales history for homes in the neighborhood. Agents on Long Island are saying the market is improving and more people are turning out for open houses. Nevertheless, the home you cite was last bought at or near the height of the market, so don't assume it's worth a whole lot more even with the upgrades.

The selling agent can also give you "comps" for the area, but, of course, she's not likely to be unbiased and is trying to get the most money for the homeowners.
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Old 02-04-2013, 06:10 PM
 
Location: Long Island,New York
8,059 posts, read 7,705,034 times
Reputation: 2291
Why don't you check some of the comps?
Check what homes are selling for in the town on Find Real Estate, Homes for Sale & Houses for Rent - REALTOR.com®
and
Find a home in Nassau, Suffolk & Queens | MLSLI.com - Long Island Real Estate
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Old 02-04-2013, 06:53 PM
 
2,630 posts, read 1,891,117 times
Reputation: 1692
OP is from 2007 and never came back. Hardly think checking comps is pertinent now. Another fine thread bump by Mr. B.
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