from B.O. with [our comments thrown in]
[This is a very good find and a good data point. 19th Ave properties are a tough sell as is, but add to the mix bad pricing, average remodel, out of town agent, and you have a recipe for frustration and not selling. Of course, we don’t know the full story, so we’ll just have to assume….and that is not entirely good.]
“Hi – Bought for $906,666 ($480/sqft) in July 2006 [no record in MLS of this…but no surprise there], this renovated vacant duplex came on market a few months ago starting at $1,300,000 ($687/sqft) [May and $1,348,000] then dropped to about $1,200,000 or so [$1,278,000 then $1,229,000]. The owner switched Realtors in mid stream as well. About a month ago it was taken off of MLS, and yesterday [been busy… July 31st] I notice the for sale sign was taken down too. Do you know if the owner has taken it off the market, or if it was sold (and if so, how much)? [“Withdrawn” and as far as we can tell, not sold] Personally, I am amazed that a vacant 2bd/1ba duplex TIC with a standard remodel job on a busy street like 19th ave can garner > $600/sqft. [Apparently, it can’t.] Nonetheless, I thought it would be a good data point for remodeled vacant 2-unit duplexes in the neighborhood. [It is, and we thank you for pointing it out!]”
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–1684-1686 19th Ave. [MLS]
Yuck. I can’t imagine living on 19th Ave.
The owner over paid in 2006 to start with… I don’t know how much he sunk into the units (I would say about $70K/unit each for standard, average remodel of bathroom and kitchen?) so his cost is already $1.046 or so… Small units, busy street, poor marketing from out of town agents, high acquisition cost. Recipe for disaster. He would be lucky to break even on this flip.