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Newton housing market still hot? guage this listing
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PostPosted: Sat Jul 22, 2017 6:36 pm GMT    Post subject: Reply with quote

This following listing is probably of the most overpriced I've seen in Newton

https://www.redfin.com/MA/Newton/2-Elmhurst-Rd-02458/home/11471359

1 Million for 1,000 sqft house, 10,000 ft lot. Close to border of brighton and NOT walking distance to the T or rail.

There is ZERO chance this house will sell for anywhere close to this price!
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PostPosted: Wed Jul 26, 2017 8:56 pm GMT    Post subject: Reply with quote

Quote:
1 Million for 1,000 sqft house, 10,000 ft lot.


Drop to 800k after 4 days of posting, hahahaha! Still overpriced from what I can see. 650k should be the right price for this.
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PostPosted: Wed Jul 26, 2017 11:33 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:
1 Million for 1,000 sqft house, 10,000 ft lot.


Drop to 800k after 4 days of posting, hahahaha! Still overpriced from what I can see. 650k should be the right price for this.


650k puts it 'close' to land-cost (530k), a contractor could spend 300k to add another 1,500 sqft and fix up the current mess and list for 1.1M.

so about 200k profit if they grab it for 650k, its not bad if they can turn it around within 12 months
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PostPosted: Fri Aug 04, 2017 9:13 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Quote:
1 Million for 1,000 sqft house, 10,000 ft lot.


Drop to 800k after 4 days of posting, hahahaha! Still overpriced from what I can see. 650k should be the right price for this.


650k puts it 'close' to land-cost (530k), a contractor could spend 300k to add another 1,500 sqft and fix up the current mess and list for 1.1M.

so about 200k profit if they grab it for 650k, its not bad if they can turn it around within 12 months


It's down to 780k and still no takers. It's nice to see the seller sweat for once.
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PostPosted: Sun Aug 06, 2017 10:46 pm GMT    Post subject: Reply with quote

Anonymous wrote:


It's down to 780k and still no takers. It's nice to see the seller sweat for once.


I think a shady agent 'wowed/scammed' the owners into believing he could sell it for 1M. After they signed a contract with them, the agent has effectively 'locked them in'

He will still get his commission is they have to fire-sale this house at 500k... sad to see
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PostPosted: Fri Sep 15, 2017 4:01 am GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Quote:
1 Million for 1,000 sqft house, 10,000 ft lot.


Drop to 800k after 4 days of posting, hahahaha! Still overpriced from what I can see. 650k should be the right price for this.


650k puts it 'close' to land-cost (530k), a contractor could spend 300k to add another 1,500 sqft and fix up the current mess and list for 1.1M.

so about 200k profit if they grab it for 650k, its not bad if they can turn it around within 12 months


It's down to 780k and still no takers. It's nice to see the seller sweat for once.


pending at 750k.. these kind of listings are a great way to measure the market. I'm still curious how the buyers plan to profit:
- tear down. 30k
- rebuild new home: 400k
- sell for 1.5M

profit of approx. 200k. I guess it might work
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PostPosted: Fri Sep 15, 2017 10:23 pm GMT    Post subject: Reply with quote

This thread is ancient, but what the F, I'll chime in. Looks to me like the initial listing was a stupid mistake. Who the F lowers the price from $1M to $800K in 4 days? Then the idiot realtor regained possession of his/her wits and decided to drop $20K or $30K per week during the height of the summer housing fever, which makes sense. Gotta get the deep-pocketed parents with gifted children! Lord knows they'd probably be stabbed over a drug-deal-gone-wrong in a lesser town like Arlington.

I'd bet $100K this is a tear-down and future McMansion, netting the developer a 6-figure profit.
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PostPosted: Mon Sep 18, 2017 10:42 am GMT    Post subject: Reply with quote

Anonymous wrote:
This thread is ancient, but what the F, I'll chime in. Looks to me like the initial listing was a stupid mistake. Who the F lowers the price from $1M to $800K in 4 days? Then the idiot realtor regained possession of his/her wits and decided to drop $20K or $30K per week during the height of the summer housing fever, which makes sense. Gotta get the deep-pocketed parents with gifted children! Lord knows they'd probably be stabbed over a drug-deal-gone-wrong in a lesser town like Arlington.

I'd bet $100K this is a tear-down and future McMansion, netting the developer a 6-figure profit.


It's really quite simple. The broker lied to the sellers to get the listing and then dropped it down to market price. Lots of people have deep pocket these days. If you bought a house before the last bubble, you have enough equity to trade up to a nice house in Newton. The current phase of the bubble are the people who are trading up and selling their old house to first time home buyers.
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PostPosted: Sun Feb 11, 2018 10:44 pm GMT    Post subject: Reply with quote

Cool update on 2 Elmhurst, listed ar 1m and sold for 680k.

There is a pending permit for 320k to add a second floor. Lets say 1.1m total investment. 10,000 sqft lot, one block from train tracks and mas pike in a so so location.

They would have to sell for at least 1.5m to make this endevour worth the risk...

I guess its possible if the rennovation was amazing?
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