Price: $980,000 ($463/sf)
- Beds: 2
- Baths: 2
- Sq. Ft.: 2,117
- Lot Size: 14,680sf
Today’s property is a short-sale listing for $120,000 more than its 2006 purchase of $860,000. I’m certain that the buyer went through the following thought process:
- Purchase this fixer-upper with 100% financing.
- Borrow more money for extensive remodeling and upgrades.
- Re-sale the home for $1,300,000+
But in the absence of double digit housing appreciation, this deal has horribly gone sour and now the owner is stuck with a $1,000,000 fixer-upper. What a shame too because this section of Peacock Village is very nice and beautiful.
2 BED 1 BATH 1 STORY HOME WITH LARGE FIREPLACE IN FAMILY ROOM. NEWLY PAINTED THROUGHOUT. SHOWS WELL BUT NEEDS SOME TLC. SHORT SALE SUBJECT TO LENDER APPROVAL. ALL OFFERS SHOULD BE ACCOMPANIED WITH PROOF OF FUNDS LETTER, PRE APPROVAL AND FICO SCORES.
Last month I profiled a nearby home: Uninformed on Oxford. In that post I valued the property at $347/sf. Since this is a fixer-upper, let’s take a look at the valuation range:
Currently listing for $980,000 ($463/sf)
Take a look at the above photo… Would you spend nearly $1,000,000 for this home?