Real Estate question - PhillyBlog

girlfiend · #1 (**permalink**) 10-20-2005, 05:39 PM

Hey, my husband's trying to sell a house on the 400 block of Belgrade St. for 200,000. It's a good sized 3 bedroom, 1 bath. The bathroom was just gutted and remodeled, the hardwood floors have been refinished, it's got built-in shelves in the living room, all new paint- including the outside, a/c and ceiling fans, and the kitchen's in good shape. He's trying to figure out if he should drop the price after three weeks without bids. Looking at neighborhood comps I can't figure out if he's asking too much. I was wondering if anyone in Fishtown could offer some words of wisdom. Thanks

tenzo · #2 (**permalink**) 10-20-2005, 07:39 PM

What does the Realtor say?
They should have some solid advice.
That is what you are paying them $10K for

brooke · #3 (**permalink**) 10-20-2005, 09:02 PM

Quote:

Originally Posted by girlfiend

Hey, my husband's trying to sell a house on the 400 block of Belgrade St. for 200,000. It's a good sized 3 bedroom, 1 bath. The bathroom was just gutted and remodeled, the hardwood floors have been refinished, it's got built-in shelves in the living room, all new paint- including the outside, a/c and ceiling fans, and the kitchen's in good shape. He's trying to figure out if he should drop the price after three weeks without bids. Looking at neighborhood comps I can't figure out if he's asking too much. I was wondering if anyone in Fishtown could offer some words of wisdom. Thanks

If it's the place I'm thinking, it's a beautiful rehab that looks like it could be on Elfreth's Alley. I think, and I'm a realtor who works in Fishtown and Northern Liberties primarily, that the asking price is fine.

ofofhy · #4 (**permalink**) 10-21-2005, 10:55 AM

3 weeks is nothing in real estate time. Be patient if you can. I think yours is the second-lowest priced house on that section of Belgrade right now. If you are selling yourself (but, I think you are using a realtor if it is the house I think) put up an ad on Craig's List. We did that when we sold our condo in CC, and we got 10-fold response than we did from newspaper ads or other sites.

http://philadelphia.craigslist.org/rfs/

girlfiend · #5 (**permalink**) 10-21-2005, 03:03 PM

We're using a realtor, but he's a friend of the family who just dabbles in selling- he's primarily a lawyer and owns a number of rental units in Manayunk. He's a great guy, but isn't exactly on the pulse of Fishtown. My instinct is to wait, but my husband has no patience and wants to drop the price to $185k. After all the work that went into the house I think he'd be selling too low for that, but my only selling experience was in Fairmount which is a completely different beast.

dagmar · #6 (**permalink**) 10-22-2005, 11:50 AM

Just keep in mind, that while it may look like it can be on Elfreth's Alley, it's, er, not.

danroth · #7 (**permalink**) 10-22-2005, 12:08 PM

Quote:

Originally Posted by dagmar

Just keep in mind, that while it may look like it can be on Elfreth's Alley, it's, er, not.

Which is, presumably, why it sells for $200K rather than $850K.

brooke · #8 (**permalink**) 10-22-2005, 12:22 PM

Exactly.

Tim K · #9 (**permalink**) 10-22-2005, 02:33 PM

My thoughts on Fishtown in general is that the neighborhood varies so much from block to block that it is realy difficult to compare houses. That said, a nice 3 bedroom house can sell for $200+ if it is on a good block. I also agree that 3 weeks is not a long time. Have you had any open houses yet?

brooke · #10 (**permalink**) 10-22-2005, 03:19 PM

Prices don't really fluctuate that much block by block unless you're talking about a house above York versus below York. Perhaps a few thousand here or there.

They had an open house I actually stopped by with some clients...surprisingly to me because the sign said it was open from 12 to 1 and I was there around 2:30pm-ish.

As an aside, kitchens and baths are the biggest sellers in a house, in my experience. If a house needs a new kitchen and/or bathroom, it not only says "big ticket item" to a potential buyer but also something they'd want to do ASAP when they're putting out much of their savings as a down payment. So for any rehabbers out there, if you're wondering whether you should touch the "okay" kitchen and bath, you probably should.