Why hasn’t this cute little cottage on South Blvd. in Boulevard Oaks been snapped up yet?
Location: 1930 South Blvd., Boulevard Oaks
Details: 5 bedrooms, 6 full and 4 half-baths; 7,863 sq. ft. on a 10,140-sq.-ft. lot
History: Original home on property torn down in fall of 2007. Listed for $2.6 million during construction; price cut $150K last Halloween.
Our nominator writes in:
I’ve walked through this home. It’s a vacuous monument to the “price per square foot” itch that’s infected so many builders trying to make a buck in fancier neighborhoods. If you can get $300 a square foot for a 3,000 square foot house, why not build a 6,000 square foot house and double the take? And think of the bonus you could get for 7,863!
So the design becomes a ridiculous exercise in racking up square footage for no useful reason. Most of the experience of this house consists of walking down long, built-to-impress but useless hallways. The master bedroom is big enough to skate in.
This place only looks like a great deal on paper. I hope studying this home will make realtors and builders and buyers and appraisers think twice about applying mindless per-square foot pricing formulas.
Because this is what you end up with.
So . . . how should you price it?
If you’re going to apply a per-square foot formula, you’ve got to account for the quality of construction and the usability of the space. I’d guess there’s “only” about 4,500 useful square feet here, which means in a non-deluded market, the place really should go for about $1.35 million.
Your thoughts, price adjusters?
Found a property you think is mispriced? Email your nominations 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.