It doesn't have to be an inspiring, must-have house for there to be overbids afoot.
Just look at 2 recently closed sales in East MB.
1180 Keats (3br/3ba, 1700 sq. ft.) is a 50s cottage that we plainly described as less impressive than its photos. One part of our review:
It's impossible to shake the sense of the…
It doesn't have to be an inspiring, must-have house for there to be overbids afoot.
Just look at 2 recently closed sales in East MB.
1180 Keats (3br/3ba, 1700 sq. ft.) is a 50s cottage that we plainly described as less impressive than its photos. One part of our review:
It's impossible to shake the sense of the place as a 1950s cottage that has gotten a fresh coat of paint and some fairly inexpensive and incomplete kitchen and bath upgrades.
And the location's no dream, a street that can be busy with high school buzz and traffic.
We toured this one twice, once with clients, and each time took note of investors looking to rent out the property mixing with actual buyers attracted by the price.
Start price: $933k.
Sold price:
$1.021m (+$88k / +9%). 1720 5th (4br/3ba, 2580 sq. ft.) is a probate sale we last saw in July. They drew offers fairly quickly, but it took a long time for this sale to settle out.
Much as with 1180 Keats, we were frank
in our review then about not really loving the property:
It's a 1970 original that wasn't much of an inspired architectural achievement. Boxy with dated materials everywhere, the yard a mix of concrete and dead grass, the home is, at least, clean... [T]he home offers the same entreaty to each visitor: Fix me. Save me. Please.
We called the start price of $1.1m "too rich for the land alone this far east," but didn't speculate on what this home might fetch from buyers looking to redo and revive the place.
Turns out, the answer is:
$1.275m (+$175k / +16%).
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 20th, 2024 at 2:25am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.