Here's what looks like a nicely done flip that has been on the market for a few months now. I like the basic design of this bungalow, and love the wide porch with double columns. (RMLS# 9025877) Here's the description:
"Grand Craftsman bungalow beautifully restored to perfection! No surface untouched! Refin fir flrs, blt-ins, frplc; studs-out remod kitchen w/custom cabinets, Ann Sacks tile & ss applcs; new period baths both w/HEATED TILE FLOORS! Rohl fixtures & marble cntrs; new int/ext paint; new 40 yr roof, new plumb & 99% new elect; tankless H20 heater; new hi eff furnace; full front porch!"
While it's nice, I wouldn't call it perfection. The first thing I noticed is the dormer. Something about it isn't quite right, it just doesn't fit with the low, wide look of this bungalow. Looking at the photos you can see that a new bathroom was added in that dormer.
I found an older photo of the house and the orignial dormer fits much better.
Checking other details on Portlandmaps and the square footage is way optimistic. The listing states 2481 sq ft, while the official documentation states only 1640 sq ft. That increases the price / sq ft from $195/ sq ft to $296 sq ft, 50% higher than the Portland average.
While on Portlandmaps I also checked the permits and whoops! it looks like that dormer and bathroom weren't permitted. Bonus!
All this for only $485k, only $300k more than they paid a year ago. For $300k you think they could afford a few permits.
Caveat emptor!
9 comments:
Subject should read "SE 41st". :)
This is the reason that I love this blog so much. Thanks for keeping it real - as in "really, there is no permit".
Portland Maps is not always accurate. As a Realtor, I recently sold a remodeled home that was fully permitted and in which Portland Maps had no record of the permits. There were multiple permits that had been obtained and finalized two years ago. If you want accurate information, please take the time to make a visit to the City of Portland Permit Department.
The larger square footage includes the basement. While the basement does not appear to be finished, it certainly does have value.
There is also a discrepancy between the tax record and the RMLS data. RMLS is showing a sales price in August of 2007 at $345,000.
Anonymouse Realtor:
While I admit that mistakes do occur, I'm reporting what I see and what most buyers would see. What it really sold for 2 years ago it's as important as the fact that in this case the owners were served a notice of a violation for lack of permits, and according to the website that violation is still open.
I'm also frustrated by the misrepresentation that RMLS/NAR contines to try to foist on buyers by listing all areas of the house in the size.
I've been through this before, but I'll state it again.
This is a horrible marketing strategy. You've immediately dissapointed your potential buyers before they've even seen the house. They think they've found a 1800 sq ft house, then quickly realize that half of that is a wet, smelly, poorly lit basement with 6 ft ceilings and a furnace smack in the middle of it. So they're really looking at a 900 sq ft house with a basement, much different than 1800 sq ft of finished space.
You've also now conditioned them to question everything else you say.
Sure it makes the comparisons look great on sites like Trulia, but buyers know it's a ruse.
Does the basement have value? Yes, but it should be listed along the lines of a garage, as a space suitable for storage or potentially living space with a significant investment.
The basement issue doesn't bother me as much as counting the entire second floor when you can only walk down the center. You know, the second floor for the 4'2" people. I am NOT referring to this property.
I see what appears on PortlandMaps but the realtor states much more square footage?! I have called a few realtors on it and often they will say that they had it checked by someone. OK, but bottom line is the buyer eventually will see the property with his/her own eyes and say that it's BS to say the property has this much square footage often due to what PDX Outsider has mentioned and also the usable attic space issue.
Is the strategy to get more folks to look at the property that otherwise wouldn't have? Are you hoping to get an ignorant/naive buyer?
Regarding permits, if I was a seller I'd make darn sure that the city had all the updated info posted. Buyers are more sophisticated these days with numerous websites (zillow, trulia, cyberhomes, portlandmaps, and various realtor's site, and blogs)
1st, shed dormers are the appropriate type for bungalows like this one, you got it right. Gable end dormers like this one are ok for Colonials.
2nd. Square footage in attics only counts if it is over 4' high so you have to throw out the edges.
The current market scenario has brought everyone on his toes. One should be careful before investing in real estate. Do confirm prices by other builders/other sources.
Idaho Real Estate
I looked at this house and did do some research at the City of Portland. NO PERMITS were obtained for not only the dormer but the plumbing or electrical either. I could not even find any records that a licensed contractor, licensed electrician or licensed plumber has ever stepped foot in this place.
"Portland Maps is not always accurate. "
Ah, but in this case it is.
Anonymous August 2 thanks for the update!
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