Submitted by NecessaryMistake9754 t3_zchqm8 in StamfordCT
curious what everyone's opinion on a house like this. even with gut reno for $100k..the house should not be anywhere more than $450k?
https://www.zillow.com/homedetails/166-Oaklawn-Ave-Stamford-CT-06905/177188473_zpid/
This home is overpriced, but not to the extent you think it is. And since it is still for sale, the market seems to agree that it is overpriced.
Homes that are move-in ready command a premium. You cannot live in a home while you do a gut reno. So you have to pay to live somewhere else, and additionally you have to pay all the carrying costs associated with the home, such as taxes, insurance, utilities. Plus, don't forget that real estate agents take a 5-6% commission. You seem to have neglected these costs.
No way a gut reno would cost $100k even if it was DIY. The HVAC alone is probably $30-40k, plus kitchen, siding, flooring, etc. my guess is they spent $250k and are looking to make $100k. A similar house in a town with good schools would be $800k+.
I mean, it’s overpriced because it’s not selling. But I don’t think it’s as overpriced as you might like it to be. I certainly wouldn’t buy it simply for all the gray. It screams flip.
It's based on comparables, but given the sq footage for the area it'd not unreasonable. I get where you're coming from tho, person who flipped the house is gonna walk away w almost double their initial investment
A healthy profit to be sure, but no where near twice the investment. Full gut and remodel including exterior work was almost certainly well into 6 figures (over $250k if I had to guess) with Fairfield county contractor pricing in effect.
>A healthy profit to be sure, but no where near twice the investment. Full gut and remodel including exterior work was almost certainly well into 6 figures (over $250k if I had to guess) with Fairfield county contractor pricing in effect.
i was quoted by several contractors a gut reno like this for ~$100k. these people are really out there..plus the reno looks so cheap and ugly. I wish them good luck trying to see this crap more than $500k with the horrendous school in stamford.
You were quoted, in 2021 (with current material pricing), a full gut reno including new roof siding and other external work for $100k in Stamford?
Edit: And as far as price, I’m pretty sure that the median home price in Stamford is about $600k, so all the “crap” over 500k is more than half the homes in Stamford lol
If it makes you feel better to shit on Stamford be my guest, but I own a home here and while this may be somewhat overpriced but it’s not insane for the area.
i think whoever bought this house at this price is quite stupid. sorry to say. they used the cheapest materials (look at the backsplash in the kitchen) and they don't even have a fridge. Also, the house is right outside a busy road. I am also suspicious of the square footage. i think they might have included the unfinished basement. People always lie about the sq ft nowadays it's crazy as if no one thinks about the potential legal reprimand.
I mean I disagree with your approach here but looking at this listing I don’t disagree with your sentiment.
Overpriced and shoddy work. That ductwork in the basement is horrendous, and that’s what you can see.
Pre-Pandemic this house flip would have only sold for $500 (maybe $525), if this had hit the market 6-9mo ago they would have easily gotten their current list price or more. Today? They will be lucky to get $600. So, honestly, the pics look like fairly good quality work but it’s tough to tell. They definitely aren’t making a ton of money on this flip. It’s not the most egregiously priced home I’ve seen these last two years.
Seems like a realistic price back before interest rates went up. Would be surprised to see it fall below 350/sqft
Yeah, seems a bit overpriced to me. very small lot on a VERY busy road.
That’s very overpriced imo.
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You should have bought it for $290 and gut reno'ed it yourself for $100. Would've been a steal.
looks way overpriced. id pay 200-250k for it..
you would have to be a complete idiot to pay almost 700k for that.
if it sold for 290k last year it should be worth like 220 now because of rates
> if it sold for 290k last year it should be worth like 220 now because of rates
Interesting that you factor in rates, but not the fact that it went from a 2/1, 870 sqft to a 3/2, 1700 sqft
bombbad15 t1_iyybbj1 wrote
Agent here.
I’m not necessarily agreeing with the price but to understand the difference in the bought vs currently listed home is significant. At $290k this was an uninhabitable 2br/1ba at 870sqft.
They did a complete gut reno to all rooms, bedrooms and bathrooms, added ~900sqft, a bedroom and a bathroom, new roof, siding, boiler, HVAC, windows, floors, landscaping and more to make it a basically brand new 3br/2ba 1740sqft.
114 Oaklawn just sold last week for $599k so when looking at comps, this isn’t far off the mark