Wednesday, June 10, 2009

1621 Bruce Avenue - Flip -$379.9K

New listing:
MLS# 466461
1621 Bruce Avenue
$379.9K
3 beds / 2 baths
1,768 sq. ft.
ca. 1955

Why would somebody attempt a flip in this day and age? No, it's not that they're insane. It's because, as anybody who has been looking in the past couple of years knows, there are periods when there's a large amount of inventory and little of quality re-sales available. Ranchers come on the market with their original kitchens from the '70's, and the listing will read "well loved by one owner!" or "cute vintage!" instead of "Don't forget to put money aside for your new kitchen and bathrooms and HVAC."

This Rugby Hills house faces some significant competition in the immediate area: drive around the one square mile of Bruce, Oxford, Westood, Cambridge, Rutledge and you'll see lots of "For Sale" signs. And some of these other houses have long-term owners who can, ostensibly, come down in pricing. (We said "ostensibly.")

Purchased in March for $247K; assessed, before rehabbing, at $350K. The above picture is "before." Click on the link to see "after."

3 comments:

Seriously said...

Interested in this neighborhood and have watched asking prices and selling prices drop. Until last month, May. Last year some listings were over $400k. Anecdotal. On Bruce right now the ranch down the street for $324K including mother in law apt is now for rent. Nearby on Wellford a place went under contract w/asking of $389K, fell thru. A place on Rugby Ave much larger and w/mother in law apt, sold for $310K. Two places on Rutledge went under contract at about $290K. Bruce is further from bypass than Rutledge. The one for sale now on Rutledge at $389K is also now for rent. Then as post notes there are a number of listings on Westwood. 1505 was $399k last fall. Now $335K.

Real C'ville - The Bubble Blog said...

There is a "seasonality" to rising asking prices:

http://www.housingwire.com/2009/06/10/asking-prices-gain-with-seasonal-sales/

downtownenvy said...

What's pathetic is that next spring, just like this spring prices will actually still go up, because you have enough deluded people in this town who cling to the idea that Charlotteville is "different".

The only differences I see are the huge number of sellers who believe that their home is special enough to support 2005 pricing even today. They think that there will be one special buyer who doesn't need to qualify for a jumbo loan, and will just empty their pockets of cash for their very special house in this very special town. Good luck to them.