- Joined
- Dec 18, 2019
- Messages
- 7,063
The house up the street (next house) is valued at $3.3M, house down the street (next house) is up for sale for $4.5M. But the house directly across the street is unimproved and it's valued at 1.5M. The estate property has a nice lot, has great landscaping and has a lot more floor space in it than the unimproved house, maybe 2.5X more. The space is modern with a very nice kitchen, etc. Hardwood floors - not veneer, etc.
But the offers I'm getting are inline with the unimproved house. In that neighborhood, that price means teardown. How do I know this, well in the past 5-10 years that's what has been happening. On the street (today) there's a house going up (teardown) that is ridiculously large for the property. It's gotten so bad that the Town passed an ordinance limiting the size of homes being erected. These are roughly 3/4 acre lots and the homes were occupying 95% of the frontage, like the one next door. Honestly, they are monstrosities. About 65% of the properties in the area are new(ish), only 35% remain of the original development.
The house is livable right now. A couple things need some minor improvement. If I was given the property, I'd fix it, but I like old stuff - I live in a house built in 1851. It seems no one likes quality anymore, but instead loves big, unleveled floors made with inferior materials, like the big house next door.
The house is so much nicer than when I grew up in it. The space increased by 3x. But since it is so different, it doesn't feel like my home anymore - it's just a big house.
If the house goes for the teardown value, my family will be hurt financially. As the Trustee, I'm supposed to aim to achieve FMV. At the moment I'm not enjoying this role - not many things are going all that well.
So I have to weigh if taking a 300-400K loss is the right thing to do... That's a heck of a lot to give up.
But the offers I'm getting are inline with the unimproved house. In that neighborhood, that price means teardown. How do I know this, well in the past 5-10 years that's what has been happening. On the street (today) there's a house going up (teardown) that is ridiculously large for the property. It's gotten so bad that the Town passed an ordinance limiting the size of homes being erected. These are roughly 3/4 acre lots and the homes were occupying 95% of the frontage, like the one next door. Honestly, they are monstrosities. About 65% of the properties in the area are new(ish), only 35% remain of the original development.
The house is livable right now. A couple things need some minor improvement. If I was given the property, I'd fix it, but I like old stuff - I live in a house built in 1851. It seems no one likes quality anymore, but instead loves big, unleveled floors made with inferior materials, like the big house next door.
The house is so much nicer than when I grew up in it. The space increased by 3x. But since it is so different, it doesn't feel like my home anymore - it's just a big house.
If the house goes for the teardown value, my family will be hurt financially. As the Trustee, I'm supposed to aim to achieve FMV. At the moment I'm not enjoying this role - not many things are going all that well.
So I have to weigh if taking a 300-400K loss is the right thing to do... That's a heck of a lot to give up.