How much is charm worth?

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August 21st, 2015 at 9:35:17 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569



Neighbor is selling a barn from 1844. In 1937 it was renovated into a unique home with (4 beds 3 baths 2,152 sqft).
and has never been on the market until now. The home next door is conventional, but very cute home from 1938 (3 beds 2 baths 2,352 sqft) sold for $227K about two years ago.They are pricing the barn home for $480K.

While no doubt exotic is worth something, but for those of you who buy homes frequently, would you ever pay double the going rate in the neighborhood for exotic?

I was pretty much told in real estate class that you build exotic for yourself, but you will almost never get paid back. Only the basics like new bathrooms, and basic kitchen upgrades earn back 100%.
August 21st, 2015 at 10:42:07 AM permalink
Ayecarumba
Member since: Oct 24, 2012
Threads: 89
Posts: 1744
Quote: Pacomartin



Neighbor is selling a barn from 1844. In 1937 it was renovated into a unique home with (4 beds 3 baths 2,152 sqft).
and has never been on the market until now. The home next door is conventional, but very cute home from 1938 (3 beds 2 baths 2,352 sqft) sold for $227K about two years ago.They are pricing the barn home for $480K.

While no doubt exotic is worth something, but for those of you who buy homes frequently, would you ever pay double the going rate in the neighborhood for exotic?

I was pretty much told in real estate class that you build exotic for yourself, but you will almost never get paid back. Only the basics like new bathrooms, and basic kitchen upgrades earn back 100%.


Could the price include a significant plot of land? Good view? Does it have its own pond or woods? Usually realtors use offers/sales of comparable properties when advising about an asking price. Maybe the rumor of a Saudi prince looking for a small place in the neighborhood for his footman, is driving some speculative offerings?
August 21st, 2015 at 11:18:04 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Ayecarumba
Could the price include a significant plot of land? Good view? Does it have its own pond or woods? Usually realtors use offers/sales of comparable properties when advising about an asking price. Maybe the rumor of a Saudi prince looking for a small place in the neighborhood for his footman, is driving some speculative offerings?


The plots are about the same size (.55 and .61 acres) and the barn is 10' from the road, while the house from 1938 is about 65' from the fairly busy road. The renovated barn has stone walls and a 20' ceiling in the interior. There is no doubt that it is a fairly unique property.

One is cute home from 1938 and the other is renovated 1844 stone barn. But they are about the same size and on the same amount of land.


The tax assessment differs by about 13%. Tax assessments are theoretical value of what the county thinks the land and buildings were worth about 20 years ago.
TAX assess barn house
land $84,800 $83,400
building $71,600 $55,400
Total Assessed Value $156,400 $138,800
August 21st, 2015 at 11:45:20 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 146
Posts: 25010
I would give $100K for the barn at most.
The floor plan has to suck, it's literally on top of the road,
and it's ugly and has no land with it.

If it was sitting in the middle of 4 acres,
with tree's all around, a wrap around
porch, far from the road,
then maybe I would give 200K.
If you take a risk, you may lose. If you never take a risk, you will always lose.
August 21st, 2015 at 11:52:10 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 346
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I've been wondering, is there a Federal law which mandates American houses be made of wood and have sloping roofs?
Donald Trump is a one-term LOSER
August 21st, 2015 at 12:04:47 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18633
Quote: Pacomartin



While no doubt exotic is worth something, but for those of you who buy homes frequently, would you ever pay double the going rate in the neighborhood for exotic?


Sure. No different than finding a restored classic home in a neighborhood. That doesn't mean I would pay double for that house.
You believe in an invisible god, and dismiss people who say they are trans? Really?
August 21st, 2015 at 12:09:22 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569



Quote: Nareed
I've been wondering, is there a Federal law which mandates American houses be made of wood and have sloping roofs?


No building codes specify wood and sloping roofs. But most homes in the USA have to deal with snow. You need a steeper pitch than you have in Mexico which just has to shed water. Wood is a much cheaper building material in USA than is stucco.

Decorative concrete with radiant heating is becoming much more popular for higher end homes. If your feet are warm, you tend to feel much warmer so you don't have to turn up the heat as much.



As practical and simple as the rooftop water heater is in Mexico, you almost never see them in the USA.


I am not sure why, as they are used widely to heat swimming pools
August 21st, 2015 at 12:19:36 PM permalink
RedNeckerson
Member since: Oct 24, 2012
Threads: 5
Posts: 32
Quote: Nareed
I've been wondering, is there a Federal law which mandates American houses be made of wood and have sloping roofs?


Here in the states you're going to find that each municipality has their own building code. Here in Austin there is no pitch requirement. We don't get snow. But I'd bet that in St. Paul Minnesota they have a pitch requirement. Now, I'm gonna have to google that. Just did. Between 2/12 and 4/12 slope requirement for shingle roofs.

I don't think wood is required anywhere though. But I don't know for sure.
August 21st, 2015 at 12:35:17 PM permalink
Face
Member since: Oct 24, 2012
Threads: 61
Posts: 3941
Quote: Nareed
I've been wondering, is there a Federal law which mandates American houses be made of wood and have sloping roofs?


In my parts, you can easily identify flat roofed buildings. Every bare spot on the side of the road? That's where a flat roofed structure used to be. They all caved in due to last year's 7'+ of snow.
Be bold and risk defeat, or be cautious and encourage it.
August 21st, 2015 at 1:14:04 PM permalink
Nareed
Member since: Oct 24, 2012
Threads: 346
Posts: 12545
Quote: Pacomartin
But most homes in the USA have to deal with snow.


Not in Vegas, LA, San Diego, San Francisco, Houston, San Antonio, Orlando and Miami. I've seen a vast majority of wooden houses with sloped roofs in all those places.

Quote:
You need a steeper pitch than you have in Mexico which just has to shed water.


Houses here vary tremendously in style. Many have flat-out flat roofs. My old place did, though the façade did slope for some reason.

Quote:
Wood is a much cheaper building material in USA than is stucco.


Most houses here are brick and cement with steel wire supports.

Quote:
As practical and simple as the rooftop water heater is in Mexico, you almost never see them in the USA


Those aren't water heaters, they're water tanks. Commonly they're gravity fed from outside sources, though there are pumping stations here and there. Ideally you don't need them, as the supply coming in from either a water tower or a pump is reliable. But there tend to be cuts in water service for several reasons. This leaves you a supply for several days. My old house had built-in tanks on the roof, but also an underground cistern and a water pump.
Donald Trump is a one-term LOSER
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