Our project at 2356 NW Hoyt has closed. The recorded sales price was $912,500. It was not bank owned or a short sale. The buyer would have liked to have paid less and we would have like a little more out of it. It was not a financial disaster or boom.
- The house was on the market 305 cumulative days. The average for the area priced between $900k-$1.2M in the last 12 months is 173 days (low 8, high 366). We’d budgeted for a year and in retrospect should have listed once the project was complete, not as we did with 90 days before our final inspection approval. Potential buyers had a hard time envisioning the final product and we were not flawless pricing accurately in a declining market.
- The project has not resulted in divorce or me leaving the real estate industry. The experience makes me a better Realtor. Anybody that tells you that there is not stress involved in a project that size is lying. I’d do it again, but not starting tomorrow.
- We’re proud of the quality and completeness of the project. The house is well prepared for its second 100 years. In the debate as to whether it was a flip or a rehab, it was a flip according US Bank. They made an exception to their normal policy of not funding jumbo loans on property that isremodeled with the intention of resale because of the quality and documented completeness of the work. This never would have been a consideration in years past.
- I wrote the buyer due diligence series of posts during the purchase of the property. All of that remains true. The buyer also inspected for radon and the levels required an active mitigation system to be installed. We didn’t test for radon when we purchased the property. We now know that breaking up the basement floor to install waterproofing and sewer/water lines may have been a contributing factor in elevating levels. I’ll write more about active radon mitigation systems later.
The 2356 NW Hoyt chapter closes for us and begins for the buyer. Here’s to them enjoying each other for years to come.