Why Would a Duplex almost identical to one we closed last year be worth $80,000 more…?
I ask the question because the property listing does show the owner did pay to install a Roof recently. The Seller also made updates to the heating and air systems in one of the units and a recent exterior paint job for the building along with some recent water heater replacements.
The Seller is also offering a credit to the Buyer for new flooring in one of the units if you pay his price of $375,000. However, the most recent comparable sale just around the corner closed escrow at $295,000.
By the way, the Fargo property started out even higher…
Both of these properties were built approximately the same time within 2 years of each other and both have 2 bedroom 1 bath units with single car garages.
The square footage of the units are about the same as well. While the Seller of the Fargo duplex has recently reduced his price, don’t you think it’s still a little high..?
If you are a Seller you should look at recent sales and price them accordingly because the longer it sits on the market and gets stale, the tougher it will be to get sold. Even if you did get an offer, if conventional financing is involved, it will be hard for the property to appraise anywhere near the current asking price.
In addition, I was disappointed at the “curb appeal” of the Fargo property because it wouldn’t have taken much to get the landscaping a little nicer.
What is my opinion of where the Fargo Duplex should sell for..? I think somewhere in the $300,000 – $315,000 range and that would be “top dollar”.
Let me know what you think.
In the Mean Time…?
Make it a Great Day..!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE 916-203-1260 firstname.lastname@example.org
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