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…Sold Despite All Odds

  Chalk another one up for the history books. After 66 days on the market, 27 Realtor showings, 6 offers, 1 backup offer and 3 deals that fell apart , we finally got er’ done. The Neighbor’s House sold yesterday for $367,500.00. This is the highest sale in Mahncke Park to date, trumping our last record with The Hat Trick House at $340k. This is huge by anyone’s standards as theres never been any other sales over $300k. We’ll spare everyone the gory details out of respect for the parties involved since the entire neighborhood has found their way to my blog by now.  The real estate market has slowed a bit from last year in our area. Year to date there have only been 3 sales in Mahncke Park including ours while last year there were 7 by now and 12 total. Compounding the issue are the higher inventory levels this year, there are currently 13 houses on the market with an average time of 136 days, compared to last year where there was never more than 2-3 active at any given time. This was probably the craziest sale we’ve had as far as drama goes, it’s just a real weird market out there right now. We paid $150k for this house originally so this investment had a textbook spread, but dont worry it’s not all profit when you take into account the big rehab budget  that it took for the transformation.  Looking at the data would make anyone else feel lucky for selling their house but we had buyers lining up for our creation. Thanks to everyone who helped out with this great project and to Morgan at DeWitt Architects for the killer facade design and color palette. A big congratulations to the lucky buyer, we know you’ll have years of great times in the lovely home.

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  1. 6 Comment(s)

  2. By vicki knight on May 16, 2010 | Reply

    Congratulations!!! And congratulations to the new owners as well. Your houses make better homes and are rehabbed with more quality than any new houses built here in San Antonio. Keep up the good work and forget about returning to California. Your needed here.

  3. By Kevin (Ga) on May 18, 2010 | Reply

    Congrats!!!

  4. By Lindsay on May 18, 2010 | Reply

    So what’s next? 😀

  5. By Tom on May 18, 2010 | Reply

    As you see we already started the next house, “Target House” on the drop down menu. We are in the mechanical rough in stage currently. Always looking for the next project, Big Things coming soon.. Thanks everyone for the comments!

  6. By Travis Dean on Jun 20, 2010 | Reply

    I have appreciated watching your videos. You do great work. I was curious about “The Neighbors House”. I just purchased my first home and mine is a 1940’s bungalow that is really similar to yours. Can you give me a rough cost estimate that I can expect to spend doing a similar remodel adding a master suite. Thanks

  7. By Tom on Jun 20, 2010 | Reply

    Thanks for the comments. Local builders are charging around $100.00/s.f. retail for room additions in San Antonio, your town may vary. Of course your price goes up when you start having to upgrade mechanical systems to handle the new space ie: electrical, plumbing, A/C. We do the entire house all at once, nothing stays. But of course we dont spend close to that being contractors ourselves. Good luck!

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