Profile picture for user3971054

$30K over priced TLC+ house nice area. Lrg apt windows C across pkng lot. Deter future buyers?

House with good bones and lots of potential but about $30K overpriced, according to Zillo and Redfin.  Seller will not budge on price of $425. Listed for over 8 months.  1350 sf/9500 lot.  Plenty of room to add but needs about $15K worth of repairs, windows, floors, gut 1 bath, etc. Nicely fixed houses in immediate area with GREATER living area sell for high fours and fives.  The lot is about 190' deep.  To the west there is a house that is wide but the lot is only 1/3 as deep.  Behind that house there are apartments.  That parking lot and the house in question, have a common wall which runs south for the remainder 3/4 of the lot.  What appears to be 4 bedroom windows over look the rear of this house and the yard.  Two questions.  Considering the current market conditions and the positives and negatives of this property, would it still make sense to purchase this house?  Now thinking about down sizing when we retire, would the apartments overlooking the property be a deterrent when trying to recapture moneys spent in this property?  Opinions are welcome.
  • March 29 2013 - Downey
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

In short, to answer your question, [would it] "Deter future buyers?" Sure, people aren't all looking for the same thing. Some may view these and other reasons as motive not to bid. However, someone may find that home exactly what they need. That is the complexity and beauty that is this imperfect real estate market. On another note, given that there are other homes with GREATER living area and you're here asking questions about this one, means there's something about it you find very desirable and therefore worth all 425k the seller is asking. I'd either broaden the budget or find another home that suits you well.
  • May 11 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

With out standing on the property we can not give you an answer worth reading about its current value. Looking future forward, to when you want to sell?, There is no way any one can give you any thing other than a vague guess to the effect the apartments will have. They may be well kept, or left to go to ruin, or torn down and replaced with something better.
  • March 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CallTheSisters
If you are using Zillow valuations to base your opinion of asking price - you should seek the advice of a Realtor familiar with the local market.

Zillow valuations many times are far from accurate nor do they reflect current trends in a local market.
  • March 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We don't know what the property is worth, but you seem to think it's worth $395K. Seller won't budge. That only leaves two options - you pay $425K, or you find another property.

My feeling is - go after houses where you can actually make a deal.

All the best,
  • March 29 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Obviously, there are many more facts needed for someone to state their opinion of if it makes sense to purchase this property. However, I will tell you that when it comes time to resell the property, you are reducing a large percentage of your interested audience because there is an apartment building behind it and that is typically considered a non desirable feature.
  • March 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.