Thursday, December 20, 2007

Breaking News

After all the speculation about Garage Majal on Glenwood ... the story on the street was that Mr X was building it for his own use, well, it is for sale.

Got a $2,300,000 windfall -- this one is for you. If you need to make payments, then a $500,000 down-payment will get you to the $11,000 a month range, 30 years. I think the SECU still requires 25% down and a 25 year loan, so if you are a state employee, those numbers will be higher.

Gotta warn you about the neighborhood, though. Some houses on that block are for sale in the $800,000 range.

For all you budding entrepreneurs, here are how the numbers add up:

Purchased price, 2005: $385,500
Newly appraised values:
Land Value Assessed $453,600
Bldg. Value Assessed $99,000

If you do the 3x flip, then $1.15 million would have been the expected price range. If you take $2.3M and divide by 3, you get $766,667, but the land was half that, so my guess is that the build cost plus the land equals half of the asking price.

Nice flip, sir. Those 7500 square foot houses have been a shortage in town.

1 comment:

butcept said...

That house annoys me to no end. I was surprised to see it for sale as I assumed it was built to suit someone immediately.

It is monstrous. A few doors down is another, what appears to be, lavishly big home but it blends into the neighborhood. This one stands out and overshadows the quaint home on one side, which really irritates me.

I hope it sits on the market for a very long time.