Your Adjective Here: “Sort-of-Stale?,” “Pre-Tired?,” “Slightly Dated?”
A picture is famously worth 1,000 words.
But, so is the right diagram.
The one above (“Stale < ??? > Fresh”) perfectly captures my reaction to the two-story, 6,500 square foot home that I just previewed in Edina’s ritzy Parkwood Knolls neighborhood.
Listed for $1.85 million, it features a glorious, open floor plan both on the main and lower levels; over-the-top finishes and built-in’s; 5 large Bedrooms (all en suite); and a gorgeous (and gigantic) eat-in Kitchen.
Despite all those things, the home lacks a certain “zing” (“zip??”).
Home Condition: “In-Between”
I attribute that to everything in the 2003 home now being 16 years old: certainly not so dated as to warrant major remodeling . . . yet hardly fresh anymore, either.
In fact, that in-between, “no man’s land” condition can be surprisingly tricky for Sellers and Buyers alike (and their agents!) to price.
My gut tells me that homes in what I’ll call “pre-tired” condition sell for a discount of 10% – 15% from new (and perhaps more as the price point and size go up).
P.S.: Car aficionados know that the biggest depreciation hit is between “new” and “slightly used” (the veritable “(very) low miles” label, typically around 10,000).