This 3-bedroom historic farmhouse at 315 W. Eugenie in the Old Town Triangle Landmark District came on the market listed for just $500,000 only 3 days ago. (No- you aren’t reading that price wrong.)
By the time you read this, it may already be too late to make a bid as “highest and best” offers were due by 12 pm today.
The house was built in 1897 on a 24×120 lot.
It is one of the rare Old Town lots that actually has a 2-car garage.
I don’t know all the rules about rehabbing in the Triangle (I’m sure someone can tell us) but I’m assuming this house MUST be restored and cannot be torn down.
The listing says the home still has the original windows, hardwood floors and trim.
It has an unfinished basement with just 6 foot ceilings.
The listing says buyers should bring their contractor.
This house was on the market back in 2009. It was listed for $1.05 million and didn’t sell.
What’s the strategy of listing it at a really, really low price of $500,000 instead of something more reasonable like $750,000?
Buyers actually looking in this range won’t be able to bid, say, $750,000 or higher in order to try and “win”. So why bother to include them in the game?
BUT- you also get a lot more eyeballs to look at it and could stoke demand for those who CAN pay more. It will certainly create a sense of urgency if you get, say, 100 bids instead of just 15. Or if prospective buyers are there touring the place with 50 other couples instead of just 5.
Will this house sell for over a million dollars in a bidding war?
Burt Fujishima at Coldwell Banker has the listing. See the pictures here.
315 W. Eugenie: 3 bedrooms, 2 baths, 2200 square feet, 2 car garage
- Last sold before 1987
- Originally listed in 2008-2009
- Was listed in 2009 for $1.05 million
- Currently listed for $500,000
- Best and highest offer by 12 pm on June 12, 2013
- Taxes of $13766
- Space Pak
- Bedroom #1: 16×12 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 18×7 (main floor)