3-Bedroom Sells Again for $10K Over 2008 Price: 4055 N. Greenview in Graceland West
We last chattered about this 3-bedroom at 4055 N. Greenview in Graceland West in October 2010.
See our prior chatter here.
We first chattered about the unit when it was originally on the market in June 2007 and then sold in July 2008.
It then came back on the market 2-years later, in February 2010, for $75,000 over the 2008 purchase price.
The listing agent told us in the prior chatter that in-unit laundry and new front and back porches were added as well as new paint and trim between the 2008 sale and the 2010 re-listing.
After 15 months on the market, it finally sold for $10,000 above the 2008 purchase price.
The kitchen had white cabinets, white counter tops and black appliances from the previous sale.
This unit had 800 square feet of lower level space that was available for storage and/or to duplex down.
There was deeded parking included but no central air.
The listing says that the property was in the Blaine school district.
Trevor Engelhardt at Baird & Warner had the listing.
Unit #1S: 3 bedrooms, 2 baths, no square footage listed
- Sold in October 1989 for $119,000
- Sold in June 1996 for $158,000
- Originally listed for $399,000 in June 2007
- Numerous price reductions
- Listed in May 2008 for $299,999
- Sold in July 2008 for $295,000
- Originally listed in February 2010 for $370,000
- Numerous reductions
- Was listed in October 2010 at $353,700 (parking included)
- Sold in May 2011 for $305,000
- Assessments of $590 a month (includes heat)
- Taxes of $4200
- No central air- window units
- In-unit washer/dryer
- Bedroom #1: 13×12
- Bedroom #2: 10×9
- Bedroom #3: 12×9
- 800 square feet of unfinished storage space on the lower level
“After 15 months on the market, it finally sold for $10,000 above the 2008 purchase price.”
think if they had “priced it right” to begin with, they could have saved 12 months of their life. Which begs the question, who set the price, agent or seller?
“who set the price, agent or seller?”
Seller, duh.
(likely) Total commission at ask price = $22,200; at sale price = $18,300. Probably divided 4 ways, meaning the agent saw ~$1000 less for having this thing hang around for 15 months. *Any* agent would trade $1k for a quick sale.
Seller got $61k less, net of commissions. And ~$95k less, net of carrying costs–that is, the seller would have been about even (financially) selling it in Feb-10 for $275k.
Good point Icarus. BTW, I bet the increase is due to addition of W/D.
“who set the price, agent or seller?”
Impossible to know without both people answering. The agent could have advised the list price and the showing activity might have been very active. Sometimes a property gets a lot of activity and there appears to be no reason for a reduction. Of course in hindsight to say it was priced wrong to begin with is easy.
“Graceland West” = “you’re not dead yet, but some day you’ll come east over that great divide”
““Graceland West” = “you’re not dead yet, but some day you’ll come east over that great divide””
I thought it was named by a geographically-challenged Elvis fan. No?
I saw Paul Simon perform last night at the Chicago Theater. He didn’t perform “Graceland” then, but I heard he sang it the night before at the Vic.
Executed Recorded Document Type Amount
05/09/2011 06/02/2011 MORTGAGE $274,500.00
Savvy buyers demand nothing but the best, and they pay for it and get it. I hope the buyers love their new unit as much as I do. I’m jealous!