The Neighbor’s House is finally done and officially on the market (in MLS). On Friday we took hundreds of photos for our marketing campaign and web content. My favorite parts would be the master suite, having hardwood floors in the master bath, the cool Samsung fridge and of course the river rock shower floor. This house really came out good and all the concrete work and driveway gate really makes it a complete package. I got it in the computer late Friday night and this weekend we are already getting calls and have had offers. We priced the property at $389k and are marketing it heavy as a 2 on 1. Total square footage with the rear house included is 2,630 and if we used our recent comp of $175/s.f. it would put the value at $460k so I think our pricing is fair. The extra value that rear house adds should push us close to this new price level if we find the buyer who needs it. We sold the house next door for $340k in 5 days, $175/s.f., so I think our pricing here is in line although it’s quite a bit higher than most comps in the area. As I mentioned before there was never any sales over $285k for these historic homes in our farm so what we are doing is really outside of the box and drastically changing the neighborhood. We are buying at such a low level and with low construction costs it enables us to come to market with a superior product and at an affordable price, as replacement costs for one of our projects would be much higher than our asking price. Plus, who would want to live through a remodel of this caliber? Our success has been derived from offering a quality high-end remodel in an inner city neighbor and knowing that there are young professionals who work downtown and want to live close that will gladly pay for it. I compiled some pics so you can see the finish out as well as a new YouTube video that documents the whole rehab and shows what we went through along the way.
My plans are finalized for our next project, The Target House so we’ll be pulling the permits this week and weather “permitting” ha ha, getting started grading the back yard with the Bobcat in preparation for the addition. As we all know, The Spring buying season starts right after football season ends and it’s right around the corner. Additionally there are over 3000 more medical officers moving to San Antonio from February to May that will be stationed at neighboring Fort Sam Houston due to B.R.A.C. and most of these soldiers will be buying homes in our area. We have a great product and are ready to see how this plays out; we’ll keep you posted!