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: 1005 Cordell St., Brookesmith
Details: 2 bedrooms, 1 bath; 980 sq. ft. on a 5,000-sq.-ft. lot
Price: $229,900
History: On the market for 3 months.
Why does the nominator of this bungalow think it’s overpriced?
- Brooke Smith is one of the most transitional areas of the Heights area, and this house is not on one of the better streets in terms of curb appeal. Also,the next block over (Enid) has lots of poorly kept rental and commercial property.
- The house does not have central air conditioning.
- The house is only a 2/1.
- The lot is only 5000 SF. You can buy a similar house in nearby Sunset Heights (better area, IMO) on a larger lot (6000 SF) for much less than $230K.
- There is a similar house on Jewett listed at $160,000. This house is on a better street in terms of curb appeal, and it has central air conditioning.
Okay, then: What would be a better price for this home?
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Writes the nominator:
Basically, I just don’t see why this house is so special that it warrants an asking price over $200K. This price range in Brooke Smith is typically reserved for fully-renovated or architecturally interesting homes The listing mentions a remodeled kitchen, but there is no photo of said kitchen. This leads me to believe that it must not be that great if they didn’t think to take a picture of it.
I think a more appropriate price would probably be between $150,000 – 160,000.
How do you think this home should be priced?
I’ll be generous and say $100/sf for $98K. Although, when you put it like that, $98K sounds like an awful lot for this place.
I live in brookesmith, and lot value for most 5000 sf lots is about $80K, give or take a few grand. I would say that given the condition of the house and the particular block, the house should be no more than $125K. Some people are just greedy, and that greed will be rewarded by sitting on the market indefinitely.
According to Zillow, a house on Enid about a block away sold for $117K. It was 3 bed, 1 bath, central air, 896 sq. ft, 5000 sq. ft. lot, built in 1935 but “updated” in 1995.
This house is smaller than the one above, but still, the disparity in price seems pretty extreme. And since $117K is what it actually sold for, it leads me to believe that $230K is high. I’m going to say $165K to $175K.
Okay folks, lets be honest here… This property will be making an appearance on the Daily Demo List soon as it sells… Lot will probably sell for $135 with a builder option. I think they could possibly get $150 without it, but the neighbors would have to be a bit better off…
The listing on Jewett for 160K is a clean little home. Looks in good shape, even has the original kitchen counter and cabinets. I would be very surprised if the home on Cordekk sold for a higher price.
I never knew that area was called Brookesmith. Everyone I know over there acts like they live in Norhill (with the disclaimer “a little bit across N. Main”) :)
I always thought that area was called the barrio.
MizBrookeSmith…I just got it. Duh. I think the popcorn ceiling is worth something, no?
If this makes any difference – the sellers are doing a FSBO – the agent acquired is one that only does the listing and owner does everything else.
Maybe the sellers don’t know their own market area…..
I should have bought the house we looked at in Brooksmith in 1998 on a 10,000 sq ft lot for $55k. It would be paid off and have a nice new house on it at an affordable price.
great line Markd
BobDobbs and markd, snark — for shame! Brooke Smith is quite comfortable being what it is — neither the Heights nor the Northside but a little of both. Home to the famous North Main Shipley Do-Nut. And cooler than you might think.
Ross, sorry we missed you in 1998.
All that said, this property is way overpriced. $125K tops with the house in the condition it’s in. The (apparently) two-car garage is more attractive than the house.
The house on Jewett is very sweet.
There is insanity infecting the near north side. Check out this place just a mile away. They want 600K and it has window units, chain link fencing in the front and ugly fake fieldstone plastered to the porch walls.
310 E. 10th, in the Heights.
http://search.har.com/engine/dispSearch.cfm?mlnum=80715414&backButton=Y&Address=301%20E%2010th
There is insanity infecting the near north side. Check out this place just a mile away. They want 600K and it has window units, chain link fencing in the front and ugly fake fieldstone plastered to the porch walls.
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Ah, but it has space heaters! Helps cut down on the natural gas bill during winter!
As Bette Davis would say, well, beauty is in the eye of the buyer.
Matt – Sort of. Excellent insulation does a much better job and I’ll bet the wall of this place don’t have a lick.
No doubt there is great potential, but the price is still nuts. You can get a 2/1 totally renovated for 200K less.
Im horrified — $600k — no dishwasher even? And “plenty of parking on a corner lot” means no driveway or garage. It has only been on the market 9 days … looks like an estate situation … hope the family is not in a hurry to sell
Even if the property on 310 E 10th St were going for lot value at 8200 sq ft it would only be around $350-$400K. That is going to sit for awhile.
The house in Brookesmith is waaaaay over priced – still quite a dicey neighborhood on the east side of Main. Anything for over $200K for 5,000 sq ft – you should have central a/c, heat, dishwasher, washer/dryer in-house, etc. Basically you should only have to do maybe some interior painting at over $200K.
I just know a bit about Brooke Smith because I live here, I bought a house just South of Cavalcade in December 2009. In my opinion, it is a great neighborhood, very close to the rest of the Heights and downtown, very bike friendly and close to the new light rail line, Canino’s and great restaurants are nearby. Most people in the neighborhood wave to each other and it seems safe. The house mentioned seems a bit overpriced now. But I think in general this is a great neighborhood to live in and to invest in.
I have come to believe that what is nearby means nothing at all to a lot of people. The Heights just east of Shepherd was, just a few years ago, mostly shotgun shacks and run down rentals. That stopped nobody from building half million dollar plus homes.
Now- that doesn’t mean this place isn’t overpriced – a comp is a comp. I’m just saying that there are apparently many people who love being the castle surrounded by the serfs.
310 E 10th is down to $450k now. All that aside, I love it. Wouldn’t pay that much, much it’s beautiful.
hollykate – re: 10th St.- have you seen it in person? It needs everything, inside and out. I think 325k might be get-able but I can’t imagine being able to make it livable for a modern family for less than 200K and it is a smaller than average lot.