Update on Old Town Properties: A Sale and A Reduction
The Harry Weese designed duplex we first chattered about in March 2008 at 235 W. Eugenie is still available and has been reduced for the second time.
Paul Somers at Jameson Real Estate has the listing. See more pictures here.
Unit #T-4: 2 bedrooms, 1.5 baths
- Sold in August 2004 for $385,000
- Was listed in March 2008 for $409,900 (included a parking spot)
- Reduced
- Was listed in July 2008 for $404,900
- Reduced
- Currently listed for $399,000 (includes a parking spot)
- Assessments of $192 a month
- Taxes of $3,727
- No Central Air- window units
- It does have a w/d in the unit
Back in June, everyone loved this top floor vintage unit at 1647 N. Sedgwick with its own private rooftop deck. It sold within only a few weeks of being on the market.
Unit #3: 2 bedrooms, 1 bath, dining room
- Sold in January 2000 for $220,000
- Was listed in June 2008 for $419,900 (garage parking included)
- Sold in July 2008 for $412,000
- Assessments of $150 a month
- Taxes of $3916
I guess only 50% of the listings in your post were priced appropriately.
love what homedelete said about the 2nd place: “It’s going to need some serious price reductions before it will sell. Lower the price to $250k or $300k and you greatly the number of people who would be interestd and it would sell faster. And the seller would still make a profit. But at $420k the seller is just plain greedy.”
10% down; 90% financing. $329k + $41k + $41k down payment.
Low level toxicity? Tomorrow if I have time I’ll run across the street to the recorder’s office and check out the financing terms….
Also of note, the selling price in 1997 was $252k per ccrd.info
and it was $300k in 2000, not $220k as listed above
(PIN 14-33-420-052-1003).
The seller made $80k less than everyone previously believed. Based upon the $300k purchase price and $420k sales price 8 years later, I apologize to the previous owner of the unit for calling him “just plain greedy.”
FWIW:
Recently Sold: $412,000
ZESTIMATE®: $357,000
http://www.zillow.com/homedetails/1647-N-Sedgwick-St-3/3742729_zpid
homedelete, are you going to use Zillow to defend a price argument for a condo?
If so, you should probably include the value “range” that Zillow gives :
# Value Range: $253,470 – $535,500
# Last updated: 08/29/2008
Zillow is quite crap and one of the chief propagators of the bubble and people’s detachment from reality with regard to their current values (trulia the other).
That being said this is the first instance I’ve seen of a place closing above the ‘Zestimate’. Guess you can be inaccurate both ways afterall.
Meh…I was off by 7%, still a lot closer than zillow!
I prefaced my post with FWIW.
HD:
You should have just prefaced it with “Steve Heitman”.
The $329k mortgage is an 5/1 IO ARM . Fixed for the first 5 years at 5.625% and then adjusts at the 1 year LIBOR plus 2.25%. The second is an open-end mortgage with no terms. Young first time home buying couple buys home for $98% of the asking price and then finances 90% of the purchase with interest only adjustable rate mortgages…..Sound familiar?
Ha! I may have been wrong on my timing but loans and situations like these are toxic and the ultimate effect is that they drag down prices. The stupidity of people never ceases to amaze me.
HD —
1Y Libor is 3.20 as of today. 3.2 + 2.25 = 5.45%
homedelete,
But they can still have their “look at our condo we are so successful and cool” parties on their rooftop deck and claim they “own” the place.
Although to be honest an IO ARM sounds more like a specvestor than a young couple. I can’t wait to rent this place out for 70% of their carry cost. 🙂
I can’t believe companies are still even issuing ARMs. Lets wait for a few of the household name banks to go under and that might humble the rest..
HD:
Who’s the lender?
Fifth Third is the first and Chase is the second. The mortgage says the puchasers are a singe man and a single woman. Google doesn’t say anything definitive what the individuals do for a living.
I looked at copies of the mortgage docs in the basement of the recorder’s office. It took about 3 minutes.
The first mortgage has the terms stated in the mortgage itself. The second mortgage contains no information but it doesn’t have to, because all the juicy stuff is in the note which is not recorded.
FITB is another one of the regional banks that has a good likelihood of being toast in the next 2-3 years. They will learn then. In fact S&P just put them on credit watch today.
http://dayton.bizjournals.com/dayton/stories/2008/09/01/daily26.html?ana=yfcpc
“S&P had lowered its recommendation on Fifth Third’s common stock from “hold” to “sell” in June…At the same time, S&P lowered its 12-month target price on Fifth Third shares from $14 to $10.”