Crazy Rhode Island real estate market (Newport: purchasing, asbestos, general contractor)
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The house we're discussing is 14 2nd Street (1176 sqft).
3 houses away is 40 Elm Street (1267 sqft) with an estimate over a million.
That said, there is a major reason why this house has been on the market for 78 days and there are no pictures of the inside. I'm no expert but I would think the cost of the house plus the cost of renovation would probably exceed a million.
ACTUALLY, you are wrong like many, many instances. I generally don't go into depth to correct people who are so cocksure about themselves, however there may be other readers who will be benefit from sharing this information, so let me break this down:
1. Every single property that you have on the list is higher square footage, bathrooms (subject property is gutted; however we don't know whether there is plumbing for 2 or more bathrooms or does it require a replumb of the 2nd level for example). When it comes to valuation, these items matter when looking at comparables.
2. I don't know where this data is coming from, however it looks like it's from some consumer facing website like Zillow etc. These are values NOT sales prices. Valuations like these, are at best, an approximation; at worse, they are wildly inaccurate. This is why working with Realtors is important for prospective home buyers and home sellers who can help in coming up with appropriate offer amounts or listing prices. In sum, your data means jack to me. Professional developers use Corelogic/Costar for analysis depending on the property types.
3. If you look at closed transactions within that neighborhood in the recent past, there was only one that exceeded $1M, which was a new build and could be considered like-kind property. Which again proves your chart and your point is wrong.
4. To further drive this point home your example of 40 Elm Street is now worth $1,003,000 per Zillow (https://www.zillow.com/homedetails/4...65891064_zpid/) which shows a degradation in estimated (which was showing $1,024,000) value. Even if I were to take this information as some serious value, the property is now barely above $1M at this point in time. No sane investor would place their capital for relatively thin margin.
You are a petty person, who goes out of their way to try to prove others wrong, when you clearly have no clue about what you are talking about. Now go away and troll elsewhere..
Last edited by New Englander; 07-18-2023 at 11:50 AM..
I think it's really unfortunate when random strangers make definitive statements about matters that are clearly not their area of expertise. I don't need to be dreaming about this when I regularly complete renovations (have 2 underway; 1 coming on line to be sold) and can control my costs because I have crews that I exclusively work with, have fixtures, materials brought wholesale. So I don't have any issues containing my costs. Best part is that I sell to retail buyers like you who are tripping over each other to purchase my properties -- escalation clauses, best and finals etc. Why is that? It's because I'm hitting the entry level of the market. Also, I don't cut corners, in fact, I'm one of the few developers who provides (as a standard) for punch list customization item after the close
I'm glad you paid $250/sf a decade ago. I hope you like the renovation because your contractor did very well and I'm happy for him. As for speaking about what others can or cannot do, you might want to open up your perspectives before making statements like above.
The property in question may not be for me due to the price point, however, outside of some traffic related gripes from my contractor, I have no problem executing on gut renovation projects like these.
Personally, I wouldn't argue with a man from NYC, Boston and Fairfield. Just me.
Personally, I wouldn't argue with a man from NYC, Boston and Fairfield. Just me.
I honestly don't like speaking to random people this way, but if one is going to call another stranger out they better know what they are talking about. I'm far from perfect, but certainly do my research (hence the original reason for my post), and want to help people out where ever possible. Real Estate is a side-gig for me, because I have an excellent team, suppliers who give me great deals and real estate agents that maximize the value on the sale. When you have a good team in place, you are able to overcome, the many many problems that arise during gut renovations.
That's a great location. Right in the heart of it all. No off street parking and a miniscule lot though.
I agree with your assessment. For me, the price point is the deal breaker. I still appreciate IM posting the property as we were able to do a nice little case study. If the seller were to come back to reality and drop the asking price, then it might be interesting. Otherwise, it's a pass for me.
I honestly don't like speaking to random people this way, but if one is going to call another stranger out they better know what they are talking about. I'm far from perfect, but certainly do my research (hence the original reason for my post), and want to help people out where ever possible. Real Estate is a side-gig for me, because I have an excellent team, suppliers who give me great deals and real estate agents that maximize the value on the sale. When you have a good team in place, you are able to overcome, the many many problems that arise during gut renovations.
Sir, you are a rara avis then in the world of flips.
I generally avoid them like the plague because there are so many who just put lipstick on the house (which may or may not qualify as a pig) and then it goes back on the market for an additional 100k.
You are a petty person, who goes out of their way to try to prove others wrong, when you clearly have no clue about what you are talking about. Now go away and troll elsewhere..
Amen. Thank you for taking the time to demonstrate the troll's cluelessness.
The house we're discussing is 14 2nd Street (1176 sqft).
3 houses away is 40 Elm Street (1267 sqft) with an estimate over a million.
That said, there is a major reason why this house has been on the market for 78 days and there are no pictures of the inside. I'm no expert but I would think the cost of the house plus the cost of renovation would probably exceed a million.
Quote:
Originally Posted by New Englander
ACTUALLY, you are wrong like many, many instances. I generally don't go into depth to correct people who are so cocksure about themselves, however there may be other readers who will be benefit from sharing this information, so let me break this down:
1. Every single property that you have on the list is higher square footage, bathrooms (subject property is gutted; however we don't know whether there is plumbing for 2 or more bathrooms or does it require a replumb of the 2nd level for example). When it comes to valuation, these items matter when looking at comparables.
2. I don't know where this data is coming from, however it looks like it's from some consumer facing website like Zillow etc. These are values NOT sales prices. Valuations like these, are at best, an approximation; at worse, they are wildly inaccurate. This is why working with Realtors is important for prospective home buyers and home sellers who can help in coming up with appropriate offer amounts or listing prices. In sum, your data means jack to me. Professional developers use Corelogic/Costar for analysis depending on the property types.
3. If you look at closed transactions within that neighborhood in the recent past, there was only one that exceeded $1M, which was a new build and could be considered like-kind property. Which again proves your chart and your point is wrong.
4. To further drive this point home your example of 40 Elm Street is now worth $1,003,000 per Zillow (https://www.zillow.com/homedetails/4...65891064_zpid/) which shows a degradation in estimated (which was showing $1,024,000) value. Even if I were to take this information as some serious value, the property is now barely above $1M at this point in time. No sane investor would place their capital for relatively thin margin.
You are a petty person, who goes out of their way to try to prove others wrong, when you clearly have no clue about what you are talking about. Now go away and troll elsewhere..
Very poor reading comprehension.
1. I specifically pointed out a house with similar square footage. The rest of the list was included to show that houses on that street do in fact exceed $1M.
Sir, you are a rara avis then in the world of flips.
I generally avoid them like the plague because there are so many who just put lipstick on the house (which may or may not qualify as a pig) and then it goes back on the market for an additional 100k.
Latka Gravas?
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