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Houses on Suffolk have historically been tough sells. It's just kind of in the middle of nowhere. I think it's a one-way street if I'm not mistaken.
114 4th - I have a feeling that sitting for this reason - GC is one of those places where most of the pool of buyers know each other, because so many people grow up and return there to settle down. That house had a major problem come up several years ago (when it almost sold for well over a million). The owners took the house off the market and fixed the problem. BUT, I bet a lot of people are shying away from it because they heard of the previous problem. Their loss. That house is a great buy, with low taxes, and will most likely sell to someone with no ties to GC (therefore they won't hear about the prior history) and they'll fix it up (it's just dated). I know someone who is very familiar with that house and they just can't believe it's sitting - this person knows houses and says it's a gem. That area will always hold it's value because it's a numbered street.
I agree that houses that are updated and staged are being snapped up, but most especially in the under $800K range. Buyers are looking for value, and in GC, that's where the value is. People still aren't that interested in paying $700K for a million dollar house and then adding their own updates. Whereas that was the M.O. 5 years ago, now people just want to move in and be done with it.
Houses on Suffolk have historically been tough sells. It's just kind of in the middle of nowhere. I think it's a one-way street if I'm not mistaken.
114 4th - I have a feeling that sitting for this reason - GC is one of those places where most of the pool of buyers know each other, because so many people grow up and return there to settle down. That house had a major problem come up several years ago (when it almost sold for well over a million). The owners took the house off the market and fixed the problem. BUT, I bet a lot of people are shying away from it because they heard of the previous problem. Their loss. That house is a great buy, with low taxes, and will most likely sell to someone with no ties to GC (therefore they won't hear about the prior history) and they'll fix it up (it's just dated). I know someone who is very familiar with that house and they just can't believe it's sitting - this person knows houses and says it's a gem. That area will always hold it's value because it's a numbered street.
I agree that houses that are updated and staged are being snapped up, but most especially in the under $800K range. Buyers are looking for value, and in GC, that's where the value is. People still aren't that interested in paying $700K for a million dollar house and then adding their own updates. Whereas that was the M.O. 5 years ago, now people just want to move in and be done with it.
Twingles,
Can you tell me what the issue was at 114?
Ohhhh, DM me too, me too, please... Been watching that house closely. Couldn't figure why it's sitting. My first reaction is, something is seriously wrong with it.
114 4th on the market just over a year and asking has been cut 19%
124 4th is coming up on 2 years on market, asking has been cut a total of 15%
3 Keenan sold in 7 months at 15% off ask.
Not putting a lot of stock in asking prices other than the possible psychological effect. I can only assume that the Keenan house was able to overcome its location and lack of charm (and windows) by being newer and in less need of updating baths, kitchen, etc. The 4th street houses may also be expensive to heat and un-insulated.
Sellers wouldn't like reading this but I think 114 will need a 6 handle to sell and 124 will need a 7 handle. Both will need somewhere between $1-200,000 in updates and value to buyer is still iffy given the job market and mortgage availability continuing to keep downward pressure on the market. Houses that need less updating will likely move faster and at better prices despite other negatives (not a lot of people with classic good taste anyway) to access the school district and amenities.
Me, I'll take 4th street when prices get to where they should be, which is essentially 2001-2 prices, un adjusted for infaltion.
51 Hilton and 121 6th also nice older houses on/off the market for a couple years, brick and stone so less insulation issues but other updating and proximity to commercial property and RR tracks keeping owners form getting the cool (2007) mill the brokers promised in 2009-10
Actually the 114 4th street is going to cost around 250k+to update. It needs a complete overhaul, with the exception of the roof being new, not much as been updated in a very long time. Charming home with great potential. A good buy for someone with time and the cash to fix up.
Houses on Suffolk have historically been tough sells. It's just kind of in the middle of nowhere. I think it's a one-way street if I'm not mistaken.
114 4th - I have a feeling that sitting for this reason - GC is one of those places where most of the pool of buyers know each other, because so many people grow up and return there to settle down. That house had a major problem come up several years ago (when it almost sold for well over a million). The owners took the house off the market and fixed the problem. BUT, I bet a lot of people are shying away from it because they heard of the previous problem. Their loss. That house is a great buy, with low taxes, and will most likely sell to someone with no ties to GC (therefore they won't hear about the prior history) and they'll fix it up (it's just dated). I know someone who is very familiar with that house and they just can't believe it's sitting - this person knows houses and says it's a gem. That area will always hold it's value because it's a numbered street.
I agree that houses that are updated and staged are being snapped up, but most especially in the under $800K range. Buyers are looking for value, and in GC, that's where the value is. People still aren't that interested in paying $700K for a million dollar house and then adding their own updates. Whereas that was the M.O. 5 years ago, now people just want to move in and be done with it.
Would you mind sharing with me what the problem was? I've seen the house and can see the potential it could offer. It's a great house.
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