This property is all about the excellent, desirable location. Two smaller (950square feet), non-fixer homes sold last year in the low & mid-900â€™s. The average sales price in Forest Hill for 2008 was $1.5M.
A fixer around the corner with similar square footage sold for $1,037,000 in 3/08 (of course it was a different market in early 2008).
An offer date has been set for 2/11 which implies that the property may receive multiple offers (one never knows until the offer date comes-sometimes no offers materialize).
Sales price/offering price is a combination of market demand (how many buyers might be interested in the property), location, and pest report dollar amount.
Unfortunately it doesnâ€™t look like there is a pest report in the disclosure packet which helps to give a more detailed picture of property condition. Reports can run on the low side of a few thousand dollars or go into $50K+ range depending on the property condition).
If youâ€™re handy and or have contractors in the family this could be a great opportunity.
Cheryl A. Bower
Realtor , GRI, ABR
Zephyr Real Estate