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Old 09-10-2017, 02:22 PM
 
3,532 posts, read 2,995,004 times
Reputation: 6324

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This is my former home that my brother stole from me. He sold it 3 months ago for 140k (assessed at 200). The flippers have it listed for 300k but didn't update any systems, the hvac is 18 years old.

I don't think it was smart to go 5 bedrooms, I would have gone 4, making the 3 uppers into 2 bigger with larger closets and 3/4 bath instead of a 1/2. I'm still not sure how the basement bedrooms are legal since the Windows aren't big enough to escape.

Anyway, I think it's overpriced for the area, 5 bedrooms is unusual and I don't think it's worth more than 240k. I haven't lived there in a few years but has the area price gone up that high?

https://www.trulia.com/property/5030...nster-IN-46321
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Old 09-10-2017, 09:44 PM
 
Location: The New England part of Ohio
23,903 posts, read 32,215,880 times
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Quote:
Originally Posted by hellob View Post
This is my former home that my brother stole from me. He sold it 3 months ago for 140k (assessed at 200). The flippers have it listed for 300k but didn't update any systems, the hvac is 18 years old.

I don't think it was smart to go 5 bedrooms, I would have gone 4, making the 3 uppers into 2 bigger with larger closets and 3/4 bath instead of a 1/2. I'm still not sure how the basement bedrooms are legal since the Windows aren't big enough to escape.

Anyway, I think it's overpriced for the area, 5 bedrooms is unusual and I don't think it's worth more than 240k. I haven't lived there in a few years but has the area price gone up that high?

https://www.trulia.com/property/5030...nster-IN-46321

It's a nice, solid house, and deceptively large. I live in Ohio, and that would be over priced for here.

The basement is legal in most places, because it isn't intended as a bedroom. If it's a living space, then there's a problem.

How did your brother steal a house from you? That's terrible!
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Old 09-10-2017, 11:39 PM
 
3,532 posts, read 2,995,004 times
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Originally Posted by sheena12 View Post
It's a nice, solid house, and deceptively large. I live in Ohio, and that would be over priced for here.

The basement is legal in most places, because it isn't intended as a bedroom. If it's a living space, then there's a problem.

How did your brother steal a house from you? That's terrible!
The square footage includes the basement renovation. It's only 1200 sq ft upstairs. The rest (carpeted area) is the illegal basement. They added 2 bedrooms down there and if you look, the windows are high up and way too small to get out. I don't think it's legal. You have to have a door in there or a window of a certain width and the bottom of the window has to be a 44 inch maximum off the floor. Those windows are too high and small.

I took my career off track to care for my grandma (who raised me) and the deal was that she would give me the house, I paid the taxes, put $ into it, etc. It was done 17 years ago. Then I got a short term job in NY and my drug addict mom and brother were looking after her and her money. She ends up changing the will a VERY short time before she died.

Afterwards, I find out that they were threatening to put her in a home, stealing her meds, her cc were run up, her savings gone, signed her up with hospice, kept the phone from her, etc. I feel so terrible that her last days were not good. Typical white trash bs. Looking back, I should have seen it but I guess you never know how low people can go until it's too late. The crazy thing is I offered him 125k to buy it back, he refused, only to sell for a few thousand more just to let some strangers flip it. I'm so messed up over the whole thing. It's been 9.5 months and I'm still not ok.
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Old 09-11-2017, 01:29 AM
 
Location: Northwest Indiana
815 posts, read 2,987,796 times
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prices are up, but I doubt it could bring 300k.
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Old 09-11-2017, 05:49 AM
 
Location: Saint John, IN
11,583 posts, read 6,685,745 times
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Nice house in a great area, but if the mechanicals are not updated and the bedrooms in the basement are not legal it won't get that price. An inspection will point all that out to a buyer. With that said, what are the comps in the area? He could probably get at least $250K I'm thinking, but I'm not a realtor.
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Old 09-11-2017, 07:38 AM
 
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First instinct after looking at the listing is around $275k. Doubtful to get 300k but can't blame them for listing at that price.
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Old 09-11-2017, 08:39 AM
 
3,532 posts, read 2,995,004 times
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Originally Posted by svillechris View Post
First instinct after looking at the listing is around $275k. Doubtful to get 300k but can't blame them for listing at that price.
You really think 275? Did you see the location? It's on the corner of Camellia, 1 block east of Columbia. The condos across the street are rentals and Camellia is a busy street bc you can't turn left onto 45th from Columbia.

A quad on Verbena only went for 210k 4 years ago.
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Old 09-11-2017, 08:42 AM
 
Location: Hammond
305 posts, read 565,075 times
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As you pointed out, bedrooms in basement without egress windows are not legal bedrooms anywhere in the country. This may not matter to some people, if they just plan to use these as an occasional guest room or office or hobby rooms, but it could affect what they will be willing to offer for it. Also, I looked at the tax records for this property and confirmed the house only has 1264 sf on it's main level. Finished basement area is typically not as valuable as floor space above ground. While the house looks solidly built, the renovated materials and systems are appealing, the small bedrooms, small main floor living area, and finished basement essentially eliminating all storage area will effect the value of this house.

Looking at neighborhood comps, Very little in the immediate area has sold for $300k or more in the past 2 years. Those that have sold for 275k or more in general have more than 2000 sf excluding the basement and all bedrooms located above ground. My thought would also be in the $250k range or lower. But if they can get $300k, more power to them. Within a few weeks they should be able to see if there is any interest at all at that price.

Comps from 4 years ago, such as the house mentioned on Verbena, are too old to gauge house prices today. The market has recovered significantly since 2013 and houses all over the county are selling for more, and selling much quicker.

Last edited by Ned B; 09-11-2017 at 08:50 AM..
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Old 09-11-2017, 08:47 AM
 
2,155 posts, read 5,460,935 times
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Quote:
Originally Posted by hellob View Post
You really think 275? Did you see the location? It's on the corner of Camellia, 1 block east of Columbia. The condos across the street are rentals and Camellia is a busy street bc you can't turn left onto 45th from Columbia.

A quad on Verbena only went for 210k 4 years ago.
I do think that $299K is a little high but it was probably done on purpose. I think anywhere from $260K-$280K is more realistic although still a bit high. If this were me, I'd paid maybe $250K. If it had an attached garage and the basement bedrooms were legal, then I do think it could fetch much closer to $300K. We also have to remember that unless the future buyer is a cash buyer, we have to think about the fact that the home needs to appraise. Also, not all of the condos there are being rented out and the area is still nice and pretty quiet with the exception of ambulance sirens. Safe area.
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Old 09-11-2017, 08:49 AM
 
811 posts, read 2,327,130 times
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Quote:
Originally Posted by hellob View Post
You really think 275? Did you see the location? It's on the corner of Camellia, 1 block east of Columbia. The condos across the street are rentals and Camellia is a busy street bc you can't turn left onto 45th from Columbia.

A quad on Verbena only went for 210k 4 years ago.
I mean, I haven't run comps on it or anything, but that was just a gut feel. Perhaps a hair on the high side but $275k is I think within reason considering the updates inside, white trim, and pretty nice white kitchen.

I don't think the location is much of a downside to the house, despite the factors you mentioned. If it was north of Ridge, and more particularly on the far northwest side of town, I might have lowered my price point a little bit.

Also, the market 4 years ago was much different than it is now.
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