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: 1 Waterway Ct., Unit 4-E, The Woodlands Town Center
Details: 3 bedrooms, 3 1/2 baths; 4,314 sq. ft. in One Waterway Lofts
History: Just listed over the weekend.
The nominator of this property writes:
Who says the real-estate bubble is long gone? Right on the Woodlands Waterway, here’s a faux Venetian condo in the Waterway Lofts. Can’t you just feel the theme-home synergy? Anyway, it looks like there are some great views of a lot of new office buildings from the windows, and if you look down you can see the Waterway and pool.
Is all that wine included? That might help explain the price tag. That and the fact that the county tax assessment for the loft just about doubled between 2007 and 2008. Montgomery CAD has it at about $1.56 million, which still seems too high.
To be fair though, there are several other overpriced lofts currently for sale in the same building.
In a just world, this condo would rent for maybe just twice its $2,062 monthly maintenance fee, all those Disneytalian finishes would peel off, and you could return all the fixtures to Expo for a refund.
So . . . what would be a better price?
Our nominator continues:
Well, I’d want at least a $100K credit just for all the necessary repainting and retiling. (None for the drapes, though; could just turn some of them inside out and maybe use the material for a couple prom dresses.) It would be hard to go much below the tax assessment, even though I think even that’s way high. If someone loves fantasy nineties Tuscan — oops, I mean Venetian — maybe you could sell this for $1.5 million?
Readers, what do you say?