All Forum Posts by: Jonathan Woodruff

@Patti Robertson Thanks for the feedback!  I can definitely see how that island looks super weird from the picture I posted.  It's actually well supported and the cabinets don't stay that narrow the whole length. (I think the quartz only has a 10 in overhang at most.)  Here's a couple different pictures from a different angle.  And it's actually all kind of a creamy color - the white balance in that picture is kind of off I'd say and makes it look whiter than it actually is.  But you're right, it's still a very light kitchen.

Thanks for the feedback everyone!  I just mainly curious if there's such a thing as being underpriced in a luxury home market.  I'm an investor who typically is very logical, and my opening question is completely illogical.  I went out of the gate at what I thought was a conservative number.  But the recent comps that have sold quickly were way above any number that I would have considered to be reasonable.  With these recent comps, I've just been wondering if there could be anything to this bizarre and totally illogical thought of "am I just priced too low for some reason?  Would I attract a buyer by being at a higher price?"

@Chris Mason good point.  The driveway has by far been the biggest negative feedback.  But usually it's combined with one other thing ("we don't like the driveway and don't feel like it's a true 2 car garage."  or "driveway + not a great backyard space.")  The lot is steep, which is unfortunate.  I've probably made it onto 5 people's short lists, and have had about 40 showings (not sure how many of those were actually serious buyers, or just people wanting to see a historical house.)  People always say they absolutely love the house.  The ones that have been really interested don't like the driveway, or decide they want new construction or something.  The driveway is probably a 16% grade and faces north, and it definitely ices over and stays frozen if it's not cleared right away.

Yes, I am working with a realtor.  Also my main strike has been the steep unheated driveway (I'm guessing it would have sold by now if that hadn't been the case.)  A new heated driveway is being installed right now.

I have a Dilemma.  Should I dramatically raise my price?  (Current list price $1,250,000.  Thinking of going to close to $2,000,000.)

I have a historical mansion for sale that's a flip project.  It's been on the market for a while now, and is currently listed at $1,250,000.  7,391 ft, 6 bed, 6 bath, 5 fireplaces.  New electric, plumbing, full house sound system, CAT5 and cable lines throughout, original light fixtures and features, new open concept kitchen, master bath, finished carriage house, sports bar in the basement, etc.  It's listed in the national and regional historical directories.  Previous sales history - In June 2008 my house sold for $1,425,000 (with an unfinished carriage house, small 90's kitchen that didn't fit the house style at all, and no master suite.  I have addressed all 3 of these issues.)  I am currently about to relist the property (the listing is expiring in a week.)  As I write this, I am having a radiant gas-powered 150ft heated driveway installed (it's a steep driveway that faces north) and I will be relisting this property in a week as soon as the new concrete is poured.

I'm wondering if I have it listed way too low, and if this could be a reason it hasn't sold yet.  Since June 2018, 2 homes of identical or smaller sq footage within a quarter mile of mine, built within 3 years of mine, sold for $1,900,000 and $1,800,000 (each was on the market for less than 2 months before selling.  Mine has been on the market for an entire year.)  Yesterday, a house even closer to mine but at only 5,004 sq ft listed for $1,700,000.  2 of those three homes are on my street (the most prominent/prestigious street in my city) and the other was on a side street just off from it.  Granted, mine has a steep driveway that up till this point was unheated, but I am currently addressing that problem.  There are other comps that reflect my price as well, but these 2 most recent ones sold the fastest, and were listed so far above.  

Is there anything to be said about dramatically raising my price close to $2 Million when I re-list my house?  It doesn't make any logical sense to me, but maybe I would appeal to a different buyer profile that almost prefers to buy the most expensive mansion on the street that they can find?  I would absolutely love to raise my price, but I don't want to shoot myself in the foot either, and just prolong the eventual sale.  Any thoughts?

Dear Bigger Pockets home experts,

I have a large historical flip in process right now that will eventually be for sale for over $1M. The main house is is around 7,200 ft and will be very era/period style, with some modern features (master bath, awesome kitchen, etc.) There is a detached garage with an unfinished apartment above it (unfinished to the studs, with old plumbing and electrical currently there. It looks terrible!) I am debating finishing this space off, but my realtor is recommending that I leave it unfinished for the buyer to deal with. I would love to save the money and leave it unfinished, but I'm worried that a buyer in this price range will not want any unfinished projects to deal with later. To finished the space nicely would cost around $25K, give or take (it's fairly small and at most would be a 2 bed apartment, but does have a kitchen and bathroom.) What would you guys recommend that I do? :)

I've attached a couple of pictures for reference. The 1st is the carriage house/garage, and the 2nd is the main house.

Thanks!

Jonathan