Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I noticed several people like this house, but without an understanding of the local market, it's hard to figure out why this place is a bad value. The thing is that the home was originally listed at $134,900 back in May. It has been cut $7,000 since then, and appears to be getting no interest. Homes in my neighborhood often take months to move - it is not a fast moving area and this is not necessarily abnormal.
The yard is standard for the community. That's not going to get it bonus points if you're looking in this area anyway. The problem with this house is that they are not reflecting its out of date condition relative to the local market. Let's say it sells for $120,000. You could potentially get tens of thousands deep in renovation costs for this house. I'd say you could easily get $50,000 deep into this. By then, you're looking at the price for a larger, more updated home.
My parents and grandparents live about a mile from this house in opposite directions. My grandmother is having mobility issues, and is likely selling her house within the next year or two. It's within 100 sq. ft of the house I listed, tri-level, but far more up-to-date with a brand new heat pump. It also has a fenced in, level lot. We expect it to get between $120,000 - $130,000. While her home is nothing special, it is in a lot better shape than this one.
My parents live across the highway on another connector road. There is a house a few hundred yards from them - 3BR/2BA split foyer with a bigger yard, bigger house, and in much better shape - that sold in a few weeks for $135,000. That house was move-in ready.
The high school this home is zoned to is deteriorating and the county schools out here are not well-regarded. It is only a 5/10 on Great Schools. Young families are not moving to this county - they're generally moving one county over to Washington County where the premiere city in the area is and the schools are much better.
What we have in this neighborhood are a lot of original owners, many of whom are now in their 70s/80s, who have either passed on and the family is selling the house as-is, but wanting top dollar, or who are going into care facilities.
I can't speak to the location issues you've raised, SeriousConversation, but I will point out that the house is now pending, so it clearly was in saleable condition. It will be interesting to see what price it garners. And I still think it's a good house. I perused the listings in Kingsport this morning, and of the properties in a similar price range, I thought it was well placed. Some people don't want to buy a house that looks like a Joanna Gaines renovation (I'm looking at you, 1669 Newbern Rd.) and would prefer to put their own stamp on a property. I think the house you linked has a lot of nice attributes. I'd seriously consider it were I in the Kingsport market.
Last edited by randomparent; 09-11-2017 at 07:48 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,570 posts, read 81,147,605 times
Reputation: 57788
This house just sold down the street from us, for $1.1 million. It's 10 bedrooms, 4,610 sf and nearly 40 years old. No one has moved in yet, but it will be interesting to see who bought it. The previous owners expanded it as a (failed) adult family home.
This house just sold down the street from us, for $1.1 million. It's 10 bedrooms, 4,610 sf and nearly 40 years old. No one has moved in yet, but it will be interesting to see who bought it. The previous owners expanded it as a (failed) adult family home.
That is an absolutely beautiful home. While it may be forty years old, it has been tastefully updated and is move in ready. That house would easily fetch in the $300s, maybe close $400k, in my local market. It is rare that you find homes, even in good, relatively modern neighborhoods, in anywhere near that condition here.
Quote:
Originally Posted by randomparent
I can't speak to the location issues you've raised, SeriousConversation, but I will point out that the house is now pending, so it clearly was in saleable condition. It will be interesting to see what price it garners. And I still think it's a good house. I perused the listings in Kingsport this morning, and of the properties in a similar price range, I thought it was well placed. Some people don't want to buy a house that looks like a Joanna Gaines renovation (I'm looking at you, 1669 Newbern Rd.) and would prefer to put their own stamp on a property. I think the house you linked has a lot of nice attributes. I'd seriously consider it were I in the Kingsport market.
Keep in mind that I lived in the richest city in the state of Indiana for the last three years before moving back to Kingsport last year. The housing quality here is really substandard compared to greater Indianapolis, and prices are quite high vs. Indy. Anything other than the most affluent suburbs of Nashville and Knoxville (I know nothing about Memphis) is a significant step down over where I was living. We also do not have much of a jobs base. Many of the folks I know are making $10-$15/hr and are not going to qualify at that wage.
Kingsport and Sullivan County are becoming somewhat of a retirement community for northern retirees. 1669 Newbern is in the city limits, and the city of Kingsport has crime and pollution problems from two heavy industrial facilities. I would much rather have 1669 Newbern, even with the crime and smell issues. The schools are much better. The work has already been. It's significantly more livable now.
Last edited by Serious Conversation; 09-11-2017 at 08:33 AM..
The problem with this house is that they are not reflecting its out of date condition relative to the local market. Let's say it sells for $120,000. You could potentially get tens of thousands deep in renovation costs for this house. I'd say you could easily get $50,000 deep into this.
That house does not need tens of thousands of dollars in renovations. What makes you think it does?
This house just sold down the street from us, for $1.1 million. It's 10 bedrooms, 4,610 sf and nearly 40 years old. No one has moved in yet, but it will be interesting to see who bought it. The previous owners expanded it as a (failed) adult family home.
Where I live, they don't make SFH below below 2K sqft anymore, whereas 10 years ago, they do.
Which is really hard for those of us who live alone. What am I going to do with (usually more than) 2K?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
