The Swamplot Price Adjuster needs your nominations! Found a property you think is poorly priced? Send an email to Swamplot, and be sure to include a link to the listing or photos. Tell us about the property, and explain why you think it deserves a price adjustment. Then tell us what you think a better price would be. Unless requested otherwise, all submissions to the Swamplot Price Adjuster will be kept anonymous.
Location: 4901 Evergreen St., Bellaire
Details: 6,890 sq. ft. lot, marred by only by existing house. “BEING SOLD AS LOT VALUE ONLY***DRIVE BY ONLY***Great Corner Lot***Lots of Trees**”
Price: $700,000
History: Listed at the current price since late May.
Note: Story updated below.
The reader who’s nominating this Bellaire lot wonders why it’s priced like a Bellaire house:
This is probably priced more than double what it should be. While Bellaire is not a cheap neighborhood, there are plenty of nice 3700-4000 square foot homes selling in Bellaire for this same price or lower. It isn’t even a big lot. The appraisal district appraises it at $254,069 for a price difference of $445,931 . . .
It is also a corner lot, and there is a stop sign in front of the house. I know there is an older house on the lot, but the agent is selling it “As-is” without scheduling appointments . . .
There is a beautiful 4400 sq foot house also on Evergreen a block or two away (5113 Evergreen) on a similar size lot that
is selling for 825[was recently reduced to $799K].
What would be a better price for this little piece of Bellaire?
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Our reader suggests:
I would guess the selling price would be around 300k. I have not seen any other properties in Bellaire that are trying to get anywhere close to 700k for a lot.
Your comments?
Update, 7/28: As several Swamplot readers have noted in the comments, the price was lowered by $100K earlier today. Got any other properties you’d like to see price adjustments on? Send them in!
I agree with the submission. River Oaks 10,000 sf lots with a teardown are being listed at $950,000 or $95 a SF. montrose teardowns are at $50 a SF sooo… split the difference perhaps?? $75/sf= ~$500,000.
but the logical audience here is the builders. they have no cash, so a 10-20% discount based on market conditions (will the buyer have to sit and wait for 2 years??) could even get you down to $400-450k…
Evergreen is actually a fairly high traffic street in Bellaire – it has an exit from Loop 610 about a block from this home. I would say $300K. But, the listing agent on this property is the 2009 Chairman of the Board of HAR, so maybe she’s smarter than I am :)
Sounds like the seller and the listing agent are a little delusional. Maybe the listing agent takes the MLS figures she’s juggled around to convince everyone the market here is just wonderful too seriously?
No doubt the Chronicle will be running a story soon about how new homes are now selling again so we should all grab those $2 and 3 million Tuscan charmers in Tanglewood before the price goes up.
And I bet they mention how lots in Bellaire are actually undervalued by HCAD and we should be grabbing those as well before HCAD gets wise.
Pity the other homeowners if some fool does buy this lot for $700,000.
Their land value of course will go up.
It embarrasses me to say I was ever a member of HAR.
+1 Matt – gotta agree, 700k for a lot outside the loop is loopy at best. Inside the loop on Avenue B there are a few lots for sale at 300k and noone is really buying. Heck, by the water treatment at newcastle the lot price is 210k :)
that much for lot in the flood zone? That’s crazy. Is there a rule about building in the 100 year flood way?
Maybe they’re simply patient. It is a LOT,
not a home.
Matt: You’re nothing if not predictable.
Always cynical and negative. Meds?
Maybe they’re simply patient. It is a LOT,
not a home.
Matt: You’re nothing if not predictable.
Always cynical and negative. Meds?
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They can be patient all they want. Along with quite a few others. It is not a lot for a lot. Certainly not enough of a lot to ask $700,000 for.
Not cynical or negative. Just accepting of reality. And suffering from a terminal condition called scruples.
Check the listing — price reduced to $600,000. In my opinion, it is worth less then half that in today’s economy….my goodness!!
price on HAR says $600,000
A $100K drop! Swamplot strikes again!
I agree with Matt :) the listing agent is delusional, maybe not so much the seller, as he/she is probably going with the advice of the agent. Drive through Bellaire and you will see many more desirable lots for less that have been on the market for a while now – Pine, Braeburn, to name a few streets. Shame on the listing agent! Living in Bellaire is highly overrated. Just don’t ask me how I know this…
Daaaang! From $825 to $700 to $600…!
I’m not surprised by prices in Bellaire anymore since I have regularly seen hastily built spec homes with awful design and architecture (imo) that sit on ~8500 square foot lots sell for near a million dollars. Heck, I saw a c. 2003 junker inside the loop going for about $860k: link
It’s true that the rage is slowing down – empty lots and empty McCustoms are beginning to pile up. Maybe things will normalize a little.
Shame on the listing agent!
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And don’t forget to mention she’s also head of Houston Association of Realtors! Draw your own conclusions.
I have the good fortune of living near this horticultural marvel. When it first went up for sale, I saw the sign outside, and asked myself, “Wait, you mean there’s actually a house there?”
You can’t even see the house for all the trees and bushes surrounding it. A brief look at the overgrown vegetation on this street corner should be enough to demonstrate that the home is owned by someone who may not have much regard for the opinions of the outer world.
As to value, $300k might have been reasonable a year ago — and in today’s market I don’t know if a price above $250k is warranted — but the difference between $250k and $300k is nothing compared to the confusing current level of $600k. That price is simply unserious.
The listing agent might be thinking that the seller can be convinved to move the price downward over time. I’m not exactly sure how this would be done — maybe psychotropic medications in the water, or another similar HAR-approved technique — but you never know. The other question is whether this type of seller would actually entertain any offers below asking price (which may require the application of other HAR-approved techniques) but I guess we’ll find out at some point.
In real estate time will tell.