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Old 02-01-2017, 03:57 PM
 
5,633 posts, read 5,355,378 times
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I'm originally from Memphis, and my family still lives there. Just for fun, my wife peruses real estate websites looking at houses. She was looking at Memphis yesterday, and came across this listing.

It's a small, old ranch house on Mendenhall. Location isn't bad, but it's not amazing. House is certainly nothing special. But, they're asking $1.5 million? Is there an oil field underneath?

Is there any story behind this that anyone may know? I did find that five houses in a row, including this one, banded together about 14 years ago to try to sell as a group, but that's the only info I can find on it. No other house around it has sold for more than $400,000.

Just found this really odd...
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Old 02-01-2017, 04:49 PM
 
Location: Seattle
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OMG, the interior is garish. If the owners are as out of touch as their decorating, then that's probably the culprit.
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Old 02-01-2017, 04:59 PM
 
Location: Denver CO
24,204 posts, read 19,191,156 times
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There's an active thread right now in the real estate forum about showing a house furnished vs. unfurnished.

//www.city-data.com/forum/real-...noccupied.html

This is an example of a house that should be shown unfurnished. I would never make an offer on that house, because I would never be able to tell what condition the actual house was in, when all you can see are the current owner's possessions!
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Old 02-01-2017, 06:23 PM
 
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It looks as if anything that ever went into that house never came back out! Makes me want to take a load of stuff to Goodwill tomorrow...

I suppose it only take one buyer to like it, but I suspect it's gonna be on the market for a while. With a tax value of $80,800 that makes the county's appraisal value $323.200....so it's only priced a mil or so over that...
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Old 02-01-2017, 08:05 PM
 
159 posts, read 157,147 times
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That's just got to be a mistake. What other explanation could there be for that price?
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Old 02-01-2017, 08:28 PM
 
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I dunno.....it was originally listed at 1.5M, then reduced to 1.3M. If they had made a mistake entering the price they would have caught it then.

I'd love to hear what the RE agent has to say!
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Old 02-02-2017, 08:20 AM
 
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Looking back at Google Street View, this house has completely changed exterior appearance every few years. In 2007, it was dark and had lots of trees. A few years later, the yard was clear, and the house was smurf blue with a simple gate. A few years after that, the house was white. And now it's brown and stone with a large gate in it.

Something tells me this owner highly overvalues his property, especially seeing the way it is decorated. The street view from 2014 says it was for sale by owner. Seems like he's been trying for a while.
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Old 02-02-2017, 08:56 AM
 
Location: Denver CO
24,204 posts, read 19,191,156 times
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Quote:
Originally Posted by samiwas1 View Post
Looking back at Google Street View, this house has completely changed exterior appearance every few years. In 2007, it was dark and had lots of trees. A few years later, the yard was clear, and the house was smurf blue with a simple gate. A few years after that, the house was white. And now it's brown and stone with a large gate in it.

Something tells me this owner highly overvalues his property, especially seeing the way it is decorated. The street view from 2014 says it was for sale by owner. Seems like he's been trying for a while.
Interesting!

I think it looked nicest in 2007, without the fence.

And another interesting thing - not to say Zillow zestimates are all that accurate, but as of the end of 2015, it was valued at around 500K, which seems not unreasonable. Then all of a sudden it went up to over 2 million in June 2016, eventually dropping back down to 1.5 million. I can't image what would have triggered that huge increase, but it certainly doesn't seem as if the owner has realistic expectations. And at least according to Zillow, they've been trying to sell since 2013, at price points that are all over the place.
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Old 02-02-2017, 10:57 AM
 
737 posts, read 1,915,892 times
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The owner of that home is mentally unstable. It's a well known house in town, he has tried to do FSBO for many years, with daily signs and flags all over the yard. Guess he's found a realtor to deal with it!
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Old 02-02-2017, 11:56 AM
 
5,633 posts, read 5,355,378 times
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Quote:
Originally Posted by CristenS View Post
The owner of that home is mentally unstable. It's a well known house in town, he has tried to do FSBO for many years, with daily signs and flags all over the yard. Guess he's found a realtor to deal with it!
I was wondering if this might b the case. Something just seemed really strange here.
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