Going for a New Record Price in Andersonville: A 2-Bedroom at 1518 W. Olive
This 2-bedroom at 1518 W. Olive in Andersonville just came on the market.
But if it looks familiar that’s because we last chattered about it all the way back in December 2010 wondering how hot Andersonville was- even during the bust.
In 2010, some of you couldn’t believe that Andersonville prices were similar to Lakeview’s. See our chatter here.
If you recall, the building was constructed in 1925 and has 8 units.
The kitchen has 42 inch maple cabinets, stainless steel appliances and granite counter tops.
It has two bathrooms, one being slate and the other being marble.
There is a large 13×9 front terrace as well as a back deck.
The unit has all the features buyers look for including central air, washer/dryer in the unit and garage parking.
It never sold in the 2010-2011 time frame and was simply delisted in 2011.
But it came back on the market in the hot 2013 market and appears to have sold over the list price at $330,000.
The unit is listed for $70,000 more just 2 years later.
Will this property set a new record high price when it sells?
Elizabeth LaTour at Dream Town has the listing. See the pictures here.
Unit #1E: 2 bedrooms, 2 baths, 1 car parking, no square footage listed
- Sold in March 2002 for $300,000
- Sold in February 2005 for $372,000
- Originally listed in September 2010 for $389,000
- Reduced
- Delisted in March 2011
- Re-listed in April 2013 for $280,000
- Sold in July 2013 for $330,000
- Currently listed for $400,000
- Assessments still $333 a month (same as in 2010)
- Taxes now are $5424 (they were $4693 in 2010)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 10×10
Nice unit but needs the awful purple painted a different color, and get rid of the blackboard wall too while the painters are at it.
What I don’t understand is why buy if there’s any possibility you’ll want to sell and move in two years? Wouldn’t it just be better to rent? Both properties today are two year owners who are now trying to sell at some crazy overinflated price.
The writing’s on the wall with this one isn’t it?
Meh-way too much money. Colors are awful, and nothing spectacular-yes the kitchen has nice appliances, but it’s tiny. Great location and nice space, but apartment itself doesn’t really stand out.
“What I don’t understand is why buy if there’s any possibility you’ll want to sell and move in two years?”
Maybe they didn’t intend to sell, but the gains were just too much to pass up. That is what happened with me.
Redfin states that it’s already contingent.
Is it worth $400,000 price? Well I’d say no, but apparently the market says yes. This is a plain-vanilla builder rehab of a vintage building, excepting post-closing paint colors.
“Redfin states that it’s already contingent.”
That would have happened this morning then. There’s very little inventory right now in most neighborhoods. If you price it decently and it has the “right” amenities, it sells.
Who knows, thanks to The Fed’s easy money policies/endless Quantitative Easing, this unit might appreciate by 20% to 30% in two to three years. Then this owner can flip this property and buy a bigger one.
“What I don’t understand is why buy if there’s any possibility you’ll want to sell and move in two years? Wouldn’t it just be better to rent? Both properties today are two year owners who are now trying to sell at some crazy overinflated price.”
People get new jobs in new cities. Prices are up so much in the last two years- equivalent to the height of the bubble- that you CAN sell and move on and still make money without a problem. So why not take the new job?
Or it could be anything else. They got married or divorced. Or someone decided the neighborhood/property just wasn’t really “it” and, again, with prices soaring, why not sell and cash in?
Adjusted for inflation, the 2005 price would be $454,579 today.
No record price, but a nice short term return for the 2013 buyers.
“Adjusted for inflation, the 2005 price would be $454,579 today.”
Your strange ways scare and confuse many here. Only nominal dollars matter at the CC.
If you find a hundo with Jim Baker’s signature on it, someone here might give you *two* Jack Lew hundos.
I want some Harriet Tubmans.
closed at $395k
Document No. Executed Recorded Document Type Amount
1530726060 10/29/2015 11/03/2015 MORTGAGE $316,000.00