Wednesday, October 22, 2008

Update - 5421 NE 25th Back on Market, now $319k

Back in July this little gem was on the market for $129k. It sold for $165k to a couple from West Linn, who have re-muddled it and put it back on the market for $319k$304k. (RMLS# 8099354)

It was in pretty rough shape back in July, this info was provided by Ron Ares: "Approach w/ caution, unstable flooring. Property will not qualify for conventional financing. " Ouch.

It has also had an interesting sales history:

07/29/2008SW(Bank Sale)
06/23/2008TR(Foreclosure Auction)2008095071$182,628.00
08/29/2006SH (?)2006171253$45,341.00
04/27/2006WARRANTY DEED 2006078573$251,000.00
12/17/2001SW(bank sale)

Here's a photo of the house as it sits today:

A couple things I noticed looking at the distorted photos (come on folks, don't you have someone in the office that can upload these things so they don't look like you're in looking in a funhouse mirror?) First, they put the new electrical service right smack dab on the front of the house. Would it have cost much more to keep it on the side as it was originally, so it's not sitting like a pimple on the house's face?

Second, check out that door opening? I'm all for open floor plans, but couldn't they do it without a big pillar in the opening? That just screams poor planning.

I'm also pretty sure those are not the "original hardwood floors" as advertised. I could be wrong, but when I see them stained that dark I assume they're trying to hide something. These look new to me based on the width.

To their credit the work was actually permitted.

At the current asking price that's a steep $282k per square foot. Pretty steep in this market, at that location. Good luck!

Thanks to Will for the update! Please keep them coming folks, if you're in the market or just see an interesting house, bad remuddle, outrageous flips, etc. send me the info and I'd be glad to feature it here.

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White Salamander said...

I'm not a big fan of the pillars on the porch. The fluting doesn't seem to quite go with the rest of the house. I would say there are comparable houses I find in my home search going form more around $250,000 but I haven't seen it in person so....

At any rate good luck to them.

Anonymous said...

The listing says the high school is Grant, but I'm pretty sure it's Jefferson. If this house was really in the Grant cluster, they might have a better chance of getting that price.

PDX Outsider said...

You're right, it's definitely in the Jefferson district, as is most of Concordia.

Ron Ares said...

I suggest, if there is any question, that interested parties call the school district at 503-916-2000 to confirm.

From their own disclaimer: "Although we make every effort to provide accurate information, 100% accuracy cannot be guaranteed. Portland Public Schools takes no responsibility for decisions made by users on the basis of this information. Users MUST contact the school to confirm they are eligible to attend before taking any action."

Anonymous said...

Looks to me like they took an old house with some character & tried to convert it to a modern floor plan. Looks like the kitchen opens to the living room like a country kitchen in modern homes with the kitchen open to the family room. Also would like to know if there is a seperate or wall entry area, because if not you would be able to see the kitchen from the entry (which is not good).

Anonymous said...

Classic example of why the RMLS numbers for appreciation for inner city areas are wildly inflated. Property purchased in 7/08 for $165K. Let's assume that they can sell it for $285K, which based on this property only having two bedrooms maybe a stretch (see listing #8090519 which has a 2 car garage & has been also remodeled & is listed at $299,900). Probably put in $75K in improvements if they paid a contractor. Let's assume that the sellers have to pay apprx 2% of the buyers closing costs (roughly $6K).

This will go in the RMLS data bank as having appreciated apprx 70%. If you take out the actual costs of the improvements & the closing costs it is actually more like 12% appreciation. This also does not take into consideration that the improvements probably added market value at a higher rate than strictly that of a dollar for dollar cost basis. So really there has been little or no actual appreciation at all.

When you look at the RMLS numbers for appreciation in inner city areas, if they are in the 2-5% range you can be assured they are probably not in the positive at all.

Also why does the RMLS let realtors get away with including unfinished basement area in the total square footage. That is totally wrong & very misleading.

PDX Outsider said...

anonymous 6:41, I agree, RMLS data can be wildly misleading. That's why I prefer the Case Shiller data, which of course the NAR can't stand and tries to discredit.

The Case Shiller data was just released today and shows a 7.6% price decrease year over year, and the trend shows no sign of slowing.

I also agree that unfinished space should not be included in a listing and have posted about it here many times.

Anonymous said...

As for the "pimple" of an electric meter, I was also forced to put my meter on the face of my house. Pacific Power and Light came out and located the meter when the electrical service was updated to 200 amps. I asked them to come out and reconsider. Because of the new requirements for the height of the mast, it had to be on the front. Bummer. I did have the electrician install a flush mounted meter though.

GAT Mac said...

This floor plan is very un-Feng Shui. The kitchen should not be open and visible to the front door. I imagine it used to be correct, but the remuddlers destroyed the house's character in order to chase the latest wave of shifting consumer preferences.

I am not going to debate Feng Shui--but say it has a few followers, right or wrong, and most remuddlers are clueless of Feng Shui design principles. If we were shopping for houses, my wife would turn around at the front door without bothering to look around.

Dante said...

The asking price has been lowered... by $4k!

Dante said...

Now down to $304,000.

PDX Outsider said...

Yikes, how not to market a house. Are they going to cut the price by $1k per day until it sells?

Better to cut the price now and try to attract enough interest for a bidding war.

PDX Outsider said...

"I am not going to debate Feng Shui--but say it has a few followers, right or wrong, and most remuddlers are clueless of Feng Shui design principles. If we were shopping for houses, my wife would turn around at the front door without bothering to look around."

I'm not up on all the Feng Shui principles, but I agree with some of them. And the kitchen remodel definitely disagrees with me.

dante said...

$299k :)

Dante said...

Now at $289k. At what price point will this sell? Anyone wanna start a pool?

Anonymous said...

relisted at the same price ($289k) but now MLS #9001161