“Location, Location, Location Price”
What do you call a “For Sale” home with old carpeting; an ancient (60 amp) electric service that violates city code, and has to be fixed by the Seller after closing, as a condition of the deal; and a decades-old Kitchen, not to mention dated Baths?
“Sold!”
In two days, in fact.
How come?
“Location, Location, and . . . Price” — plus good marketing, by veteran Edina Realty listing agent Doug Herkenhoff.
Lots of Upside
In this case, the location is the high-demand East Harriet neighborhood in Southwest Minneapolis, where starter homes go for low-to-mid $300’s, and bigger homes closer to Lake Harriet fetch 2x – 3x that (easy).
Which is why the self-described “Handyman Special” at 4645 Bryant jumped out at $272,000, getting almost two dozen showings — and a signed deal! — since coming on the market just this Monday (December 14).
Post-closing, the Buyer will have to spend about $3k on a new electric service panel, and may want to put another $3k – $4k into refinishing the hardwood floors (under the carpeting).
Eventually, they’ll likely spend another $25k (wholesale) to $50k (retail) updating the Kitchen and Baths as well.
But after doing all those things, they’ll have a home conservatively worth $350k.
Congrats to Doug and his client! (I’d congratulate the Buyer’s agent, too, but until the deal is past inspection, MLS doesn’t disclose that).
**”What do you call the person who finishes last in their medical school class?” Answer: “Doctor.”
