Will Our Favorite Vintage Queen Anne Finally Sell In 2012? 6239 N. Lundy in Old Edgebrook
We’ve chattered about this 4-bedroom Queen Anne at 6239 N. Lundy in the Old Edgebrook neighborhood of Forest Glen several times over the last few years.
See our last chatter in November 2011 here.
Nearly a year ago, the house was listed at $799,000.
It has since been reduced again and is now listed at $729,000.
Out of all the houses in Old Edgebrook that we have chattered about in the last few years, this is the only one that hasn’t yet sold.
It has now been on the market 2 years and 8 months.
If you recall, this Queen Anne was built in 1896. It still has many of its vintage features including its oak staircase, lead and stained glass and pocket doors.
The kitchen has a stainless steel refrigerator and dishwasher as well as granite counter tops and white cabinets. It has a front turret, a double parlor and a finished basement. There is a 3-car garage and central air.
The houses in the district are on larger lots and this one is no exception- having been built on a 111×164×65×158 lot.
Will we finally see a sale in 2012?
And will it be in the $600,000s?
Irene Yungerman at Baird and Warner still has the listing. See the pictures here.
6239 N. Lundy: 4 bedrooms, 3 baths, 3 car garage, 3510 square feet
- Sold in March 1986
- Sold in December 1989 for $492,000
- Originally listed in February 2010 for $998,000
- Reduced in May 2010
- Was listed in October 2010 for $949,000
- Reduced
- Was listed in July 2011 at $859,000
- Reduced
- Was listed in November 2011 at $799,000
- Reduced
- Currently listed at $729,000
- Taxes now $13,499 (they were $12,588 in November 2011)
- Central Air
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 17×12 (second floor)
- Bedroom #3: 13×12 (second floor)
- Bedroom #4: 14×14 (third floor)
Just gorgeous! Too rich for my blood, but gorgeous. I agree with some of the ’11 comments that the maintenance costs on this place would probably be quite steep. I’d take this over the Wildwood home despite those costs, though. Yes, a few design features are a little unfortunate (porch, weird turret on garage), but most of it is lovely (the entryway, the woodwork, the windows), and the setting and having a 3-car garage would be pretty sweet.
Not specific to this property, though it might apply. I’m seeing a lot of houses come on the market at more realistic prices… if it were 2008. In 2008 when I began this insane hobby of studying the market, homes were priced as if it were still the Boom. Now homes are coming on at prices they should have been in 2008.
Unfortunately, just like I went through a painful learning curve, so do most sellers. They are not factoring in costs for updating and deferred maintenance, or potential resale ability. Or the tight lending requirements and appraisals that will kill a deal even if you find the one buyer who will pay KrazyDollars for your non-GZ pad.
I’m surprised this home has dropped as low as it has with the huge lot, location and nice woodwork, third floor room and balcony, etc. the amount of work needed though has clearly hurt it. Will it see the 600’s? I would sure think so. I wouldn’t pay near asking price on a home that needs updating that has been on the market nearly 3 years.
However, in the upper 600’s I think a buyer will get a good deal for the space, lot and location regardless of the updating needed. Had they originally listed under 800k, it probably would have been sold by now for at least this asking price. Too bad!
Icarus, while I think the market has fallen since late 2008, I think it has fallen slightly enough that if a house is priced where it should have been in late 08, it should find a buyer today. Remember, asking price is exactly that, ASKING. The sale price will most likely be lower. So, if a house should have been listed at say $500k in ’08 and sell for $489 then, I don’t think a $500k list now with an aim to sell at $469k is that far off. I just see a lower sell to list % or more room to negotiate.
As a buyer, I do feel sellers are listing high (mostly) but I also feel there is more room to negotiaite and ultimately I feel like I’d be getting a bigger deal on a place that I get well below asking than only $5k off even if they are the same price in the end. (Damn psychology….makes sense when we don’t!)
@Benjamon9, i know every situation is unique and YMMV. How much room do you think there is on average to negotiate on? For instance, the Kostner house on the other thread has been chasing the market. If they had started around $400K I think they would have found a few buyers, though it could also be an appraisal issue.
This house could be show stopper if you went bolder with the paint colors.
I don’t think everyone agrees with me but I’m not against 10% off asking. It all depends but I think up to 10% off is generally a reasonable offer. Others may disagree.
We bid 15% below list on our place and got it for 11% below, that was a year ago though. Sellers had lived in the house forever and were retiring.
Will it sell in 2012? Looks like it…now under contract.