Anonymous wrote:
Anonymous wrote:Ok. I saw the house. Definitely not right for us, for multiple reasons, but I have lots of thoughts.
First thought: Not necessarily a tear down at all. We went through the house, with cost of reno specifically in mind, and it does need pretty much everything. Needs a totally new kitchen for sure. And everything cosmetic is needed -- all floors, walls, cracked crown molding, ugly light fixtures, etc. But the house has great bones if you can get past the choppy-room 70s design that doesn't really fit the open-floor plan way we live nowadays. As my agent said "You'd have to put $350k in, minimum." So it is listed at 1.28M, but is, at min, going to cost the buyer 1.65M to have a not-horrible house. You could definitely move in and renovate as you go -- but that would not be for the faint of heart here given what a big endeavor it would be. As my DH said, "this makes no sense, just buy a 1.6M house that isn't a mess."
Well, here's why it might make sense to the right person: You aren't going to find a 1.6M house in that incredible Fox Lake Development. Not even close. Which brings me to:
Second thought: What an incredible lot/yard and neighborhood (Fox Lake). The agent said that HOA fee is partly (mainly?) for keeping up the horse trails that run through the development and they go around a little lake which members have access to. I do not have a horse -- but I had visions of walking my dogs through there and absolutely loving it. It's a gorgeous, gorgeous place and the huge beautiful lot this house sits on is exactly what we are looking for. But this is basically the least desirable house in an incredibly desirable development.
So if the development is that desirable, this crappy house is really a tear down?
Third thought: Maybe. Maybe it is a tear down. I said above that it isn't necessarily a tear down. Because the house has great bones and as far as I know most of what needs to happen in there is going to be cosmetic. But ... many people who want to live in a development like this (and maybe they have a horse but don't want to be all the way out in Middleburg?) have the actual money to knock it down and build a new house. But it's probably the least desirable lot in Fox Lake. It's right in the entrance to the development off of a very windy road. And the neighbors behind the house are pretty close. So given the amount of money it would cost to tear down and build...I'd probably just wait for another house in there or in a similar place to come on the market.
So: Is it a tear down? Is it not? Time will tell.
It's a very interesting opportunity for the right buyer(s), but it's definitely sitting there not selling for a reason. There has already been a price cut, but not by much and -- given that the house is still sitting there, not by enough.
Also $350K is a stretch only if you want to do it all at once.
A buyer if they wanted to could grab illegals in front of Home Depot, Paint whole house, sand floors and do a deep cleaning and move in for under 20K.
And if a buyer could do that and down the road as money and time fix up house they could do well. I bought a very dated fixer upper as first home in 2000. We threw a painting party, my brother gave me name of a good guy inexpenive to sand floor and then did deep cleaning and moved in. I had a Green Oven, Green Dishwasher from 1969 and a Black Fridge and a Purple toliet and vanity and formica counters with burn marks and a cracked kitchen floor.
Over next 13 years slowly did house. I say 1/2 I did my self. I sold it in 2018 and buyer loved it. But I was thinking if when I bought it in 2019 and redid it all at once be a ton of money and then when I sold in 2019 new buyer would be like dude I need money off everything is almost 20 years old. this house could be the same
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