Only a few days after it sold, the 1961 Tanglewood home and bomb shelter on Brown Saddle St. featured on Swamplot back in January has been put back on the market. Only this time, the listing doesn’t mention the shelter or the abandoned pipeline slicing through a portion of the property — or really anything about the building itself. No more interior pics, either. The low-slung modern structure is now tagged as “not liveable” and won’t be shown — though the agent does fess up to having a key. The asking price? Only $550K more than what the property sold for earlier in the week, when the home and its interior were touted as sales features. At 38,263 sq. ft. (that’s actually been marked down a few thousand sq. ft. from the earlier sale), the lot is advertised as the biggest in Tanglewood.
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In January, the property was listed for just over $2 million. After 3 price cuts, it eventually sold for $1,150,000. Current asking price: $1,699,999. Yes, all the work necessary to come to the realization that the property would likely be more valuable without the home on it has already been done for you. That’s gotta be worth at least half a mil right there.
- 315 Brown Saddle St. [HAR]
- 315 Brown Saddle St. [HAR]
- Previously on Swamplot: It’s the Bomb! A Survivalist’s Tanglewood Dream
Really? no proof reading or spell check….
GREAT LOCATION, BIGgEST LOT IN TANGLEWOOD House is not liveable, sold ”as is.” Not showing house, but agent has key LEASE CALL AGENT, THERE IS 2 SURVEY , 2 LOTS IN ONE, BUYER BOUGHT IT FROM 2 DIFFERENT OWNES. HOUSE COVER 1/2 A BLOCK
It’s because they were yelling when the info was transcribed.
The original listing agent is also the owner. Gee, who wouldn’t want a bomb shelter with an aquarium?
quick math:
Lot sold to them at $1.15MM
-Closing costs were, say, $20000
-Carrying costs to next sale, say, $20000
Assume they sell in 3 months @ $1.6MM
-Short-term capital gains 25% = $157,500
-Conservative RE Commissions 4% = $64,000
-Closing costs, say, $10000
This means their $450,000 profit quickly gets eaten up by all of this garbage, $178,500 with a cloudy exit strategy.
This also assumes they paid cash and are not making debt service on the investment while they exit…so they’ve been sitting with $1.15MM on an obselete improvement with easement issues.
I would not invest in this.
Oh, and by the way…the street name is “Brown Saddle”. That’s what happens when you don’t wipe thoroughly!?! Not interested in a $1.6MM lot basis in a street named after something disgusting.
For that price, I’d be across the bayou with my own private police force in Hunters Creek for less.
Interesting that the current owners are claiming a homestead exemption on a property that is supposedly not liveable. What exactly have they done to this property to make it worth substantially more now than when they purchased it? Guess they have been watching too much reality TV.
@jg
“Brown Saddle”—ha! Good one. You need to make sure that is properly documented on Urban Dictionary.
Must be carrying over from the previous owner since they are also claiming homestead on a mcmansion off Eldridge.
Heh Street Names, there is a golden rainbow, in Cypress.. When they run out of inspiration they go for bodily functions and or humor i guess?
Oh yeah, I remember this one!
That bomb-shelter could become a super dive-pool for the young Olympian in the family.