billsfanmiamioh Posted September 27, 2020 Posted September 27, 2020 2 hours ago, Augie said: It was their home, a place where they loved and lived with their family. Older people generally do not renovate to keep up with the times. It’s not a house, it was their home. The value is in the land. THAT was my point. How many buildable lots is that, and what is each one worth? I spent a couple decades in real estate, and there is a very real mid century modern following. Not my thing, but it was my job to recognize and evaluate it, often adapted to various degrees. You don’t want to get me started, because I used to do this 10 hours a day. How many buildable lots do they have on the water? THAT is the real issue here. . There is a lot down the road from us that is waterfront and went on sale maybe 5 years ago. Someone bought it for big bucks, completely leveled what seemed to be a pretty decent house, then essentially re-built it in the exact same style. Obviously all about what they did inside but we always joke about how they basically just rebuilt the same house.
Mr. WEO Posted September 27, 2020 Posted September 27, 2020 11 hours ago, Augie said: It was their home, a place where they loved and lived with their family. Older people generally do not renovate to keep up with the times. It’s not a house, it was their home. The value is in the land. THAT was my point. How many buildable lots is that, and what is each one worth? I spent a couple decades in real estate, and there is a very real mid century modern following. Not my thing, but it was my job to recognize and evaluate it, often adapted to various degrees. You don’t want to get me started, because I used to do this 10 hours a day. How many buildable lots do they have on the water? THAT is the real issue here. . Everyone's house is their home, but that means nothing when the house hits the market. What you see in those pictures is not a mid-century modern (which is a specific architectural style/movement, not a period of time when houses were built) home, which I agree are highly valued. What you see is an amalgam of various add-ons and rebuilds--the last of which was in the late 90's (old people, or at least their younger wives, do renovate). The entire property was recently assessed at a small fraction of what the seller is asking--even with the land. And as a realtor, you know the significance of a listing over 250 days old.
Augie Posted September 27, 2020 Posted September 27, 2020 36 minutes ago, Mr. WEO said: Everyone's house is their home, but that means nothing when the house hits the market. What you see in those pictures is not a mid-century modern (which is a specific architectural style/movement, not a period of time when houses were built) home, which I agree are highly valued. What you see is an amalgam of various add-ons and rebuilds--the last of which was in the late 90's (old people, or at least their younger wives, do renovate). The entire property was recently assessed at a small fraction of what the seller is asking--even with the land. And as a realtor, you know the significance of a listing over 250 days old. I’m well aware of what a mid-century modern house is, having appraised hundreds of them over the years. They are quite often bastardized as people try to update over the years, often in stages. In my old Florida market, most were in fact built in the 50’s and 60’s, but people still build that style house today. I said I have no idea what the house is worth and I have no specific knowledge of that market. I do know it’s a pricey area, relatively speaking. I also know if it’s been on the market 250 days, we know what it’s NOT worth. However, when you get into high end properties it’s not at all uncommon for marketing times to be extended. High end properties also will frequently sell at a bigger discount from asking than more “typical properties”, sometimes 20-40% vs an historical norm of 4-6%. The firm I was with had a listing where a celebrity owner had a fabulous house on 17 acres listed for $25 mil (he had $42 mil into it) and sold it for $17.5 mil. That’s not an unusual list/sales ratio in that price range. It’s pure folly to put any stock in assessed value as that’s almost always low (otherwise it would be challenged 100% of them time, a big hassle) and it varies widely by county. Georgia has the second most counties of any state in the country (I think 157, behind only Texas), and each and every one of them do a lousy job. They do such a poor job appraisers skirt regulations and share info regarding GLA, etc in a database that is supposed to be kept confidential. In Florida you can buy a house that is assessed at a certain value and pays $3k/year in taxes, but as soon as you buy it the homestead protection (assessed values can only go up 2-3%/year) and you might have to pay $30k/year for the same house. Ignore assessed values unless you known the specific market, and even then you highly discount the importance. Nobody has ever gone into that house to see what it’s really worth. I’m not sticking up for Ralph’s old house, my point was THE VALUE IS IN THE LAND! Anyway, it’s game day and I’m done with this. GO BILLS!!!!!!!!! 1
Just Jack Posted September 27, 2020 Posted September 27, 2020 21 hours ago, Augie said: The value is in the land. THAT was my point. How many buildable lots is that, and what is each one worth? In the article in the OP, it said three lots were combined. But one of the houses on one lot could not be torn down/rebuilt in the same spot, it was grandfathered in.
Augie Posted September 27, 2020 Posted September 27, 2020 3 minutes ago, Just Jack said: In the article in the OP, it said three lots were combined. But one of the houses on one lot could not be torn down/rebuilt in the same spot, it was grandfathered in. That does not answer the question of how many buildable lots are possible on that 4.5 acres based upon zoning, density limitations and possible variances. A smaller house directly behind our house sold last year. It WAS one lot. They applied for and got a variance and two LARGE houses are going up right behind us. Don’t rely upon some “journalist” to tell you what is legally permissible. They generally have no clue.
TBBills Posted September 28, 2020 Posted September 28, 2020 25 minutes ago, Just Jack said: In the article in the OP, it said three lots were combined. But one of the houses on one lot could not be torn down/rebuilt in the same spot, it was grandfathered in. Nothing a little "Accidental fire" cant fix...
NobesBLO13 Posted September 28, 2020 Posted September 28, 2020 I’ll pass, if New Era Cap couldn’t afford it, have no chance.
DrDawkinstein Posted September 28, 2020 Posted September 28, 2020 This is actually nicer than I expected for such elderly owners. The fact it isnt full of light green carpeting with pink wallpaper means theyre ahead of the game. Biggest knock is the frosted/etched glass room dividers but they look pretty easy to remove. Bathrooms and kitchens need complete overhauls. Not a total mess that has to be re-done and you could definitely work with all that wood flooring and ceiling. But who wants to spend $10M to live Detroit?
apuszczalowski Posted September 28, 2020 Posted September 28, 2020 55 minutes ago, TBBills said: Nothing a little "Accidental fire" cant fix... Better check the By-Laws/Zoning first Sometimes they will allow you to rebuild what was there if it was destroyed by an 'Act of god'/Accidental Fire. If not, your forced to meet all the current requirements and setbacks and may end up with a completely useless lot.... 14 minutes ago, DrDawkinstein said: This is actually nicer than I expected for such elderly owners. The fact it isnt full of light green carpeting with pink wallpaper means theyre ahead of the game. Biggest knock is the frosted/etched glass room dividers but they look pretty easy to remove. Bathrooms and kitchens need complete overhauls. Not a total mess that has to be re-done and you could definitely work with all that wood flooring and ceiling. But who wants to spend $10M to live Detroit? Its alot of money to spend on a fixer upper And I think $10 mil might buy you Detroit.....
Just Jack Posted September 28, 2020 Posted September 28, 2020 1 hour ago, DrDawkinstein said: Biggest knock is the frosted/etched glass room dividers but they look pretty easy to remove. In the article it said Mary was keeping the dividers.
Marv's Neighbor Posted September 28, 2020 Posted September 28, 2020 Contemporary style homes do not age well. That may have been the style in the 70's, but not so much now. Great location, but take away the location and you have an average old contemporary. I see a tear down by whomever buys it.
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