Is this house on W. Alabama in First Montrose Commons priced . . . too low?
Location: 409 W. Alabama St., First Montrose Commons
Details: 3-4 bedrooms, 4 1/2 baths; 2,558 sq. ft. on a 7,812-sq.-ft. lot
History: On the market for a month and a half. Price cut $50K a month ago.
“Why should this house be listed for more?” asks a Swamplot reader:
Because it is really large in square footage (2,558) and lot size (7,812 sf) and in addition to the main house, there is a nice carriage house in back that could be a home office, in-law quarters, rental apartment, or given that it’s Montrose, a nightclub or tattoo parlor (kidding). Although it’s been 10 years since it was updated, I think the updates have held up and stayed fairly current with today’s design trends as evidenced by the kitchen’s under-mount, double stainless sink, cooking island, granite, tile floors and tile backsplash with custom dark wood cabinetry and upgraded appliances included (looks to me). Master bath has tile and granite; one of the secondary baths looks like it could use some serious updating.
Custom paint throughout, looks like big closets, nice hardwood floors (some look better than others), lots of French doors and a bright and sunny interior make this home, in my opinion, the quintessential (non-bungalow) Montrose residence. And then there’s the added bonus of a wrought iron fenced and gated (not cheap) property on a very eclectic street. Who needs TV when you live on W. Alabama? Just sit on the porch and watch the street life. Nice landscaping, too.
What would be a better price?
I’d say this home should/could be listed for around $700K. Biz partner thinks there could be something ‘wrong’ that is not real obvious, like structural problems or flooding issues. Or, it may be just a victim of the current housing market.
But that $700K doesn’t stand up to the drive-by test. Our reader writes in later:
I actually drove by this home (409 W. Alabama) a couple of times . . . and I’d like to adjust my price increase. I will say its sales price could range from $575K to $625K. The lot is deep and narrow, not wide like I originally thought. I now believe that my first guesstimate of $700K was too high. But I maintain that it’s undervalued at its current listing of $449K.
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