Let’s talk about 625 Center St. A giant monstrosity of a house across from Center Street Elementary School.
The MLS shenanigans show days on market as 91, yeah right. It was listed on the MLS originally on 1/20/2016, that’s 244 days. But the for sale sign was up during the final stages of construction, so let’s call it a solid year.
ONE YEAR and your house hasn’t sold, hmmmm maybe one needs a lesson in economics.
Dan Christian, this bud’s for you. Not sure if he is both the agent and the developer but let’s shed a little light on why after a year and let’s call it $100K in carrying costs this place hasn’t sold.
1. location, location, location. Isn’t that what every real estate agent trumpets. Buy the crappiest house on the best block. This is the opposite, the best house in a horrid location. It is directly across the street from Center Street Elementary School so you’ve got pick up and drop off traffic four times a day. Oops, someone blocked your driveway, don’t worry they’ll “only be a minute”.
2. 4,050 square feet. WTF? This isn’t Manhattan beach. It’s on a 6500 sq ft lot so the house footprint takes up most of the space. With that price point people want options, not just big for the sake of big. Unless roller skating in the family room is your idea of the perfect home.
3. Dan who? Yeah remember my comment about the locals-only real estate agents? Think the local agents are tripping over themselves to show a home that hasn’t budged in price in a year? Nope.
4. Price shenanigans. Not sure how well of a secret this is but the garage wasn’t built to code. The plans were approved but when they got an offer the appraiser noticed that the garage was too big. No sign off, no loan. So they had to shave a foot off the depth of the garage. So they literally tear down the front of the garage and shave a foot off the depth. They did a good job and it looks good from the outside but can I still park my SUV in the garage? What does old Danny boy do, HE JACKS UP THE PRICE! So we go from $2.1 to $2.2 because someone fucked up. I can only assume the buyer walked because it sits unsold and the price dropped back to the year old price of $2.1. The property was purchased for $517k two years ago. That’s just greed and poor planning at it’s best. But then again I bet there is some hope involved. Maybe construction and staging costs are in the $1.2 range plus $517k. Maybe he’s in at $1.7-$1.8. plus an ugly year of carrying costs. The math is starting to get real bad.
Let’s see how long they can hold out.