The main issue is that most folks think that having a "Wood Streets" home is everything. Most of us that have been around for a while only see the first 3 streets as desirable. Where on those streets is also important. West Side as opposed to East makes a big difference. The Closer you get to Edgewood, the lower the price and desirability.
If you bought a 1920's era home there in 2005 and have completed repairs, updates and maintenance that is true to the original era, with attention to detail and left the original details unmolested, there is still a market.
The "Wood Streets" mean many different things to many different people. Location, location, location could not be more applicable there. Secondary is a historically accurate home that has had all of the mechanical systems updated and modern upgrades done that look 100% original and undetectable.
I hope this helps! Have a great day.
That being said, here are some stats for you to consider:
The last three months of 2005 saw 50 closed transactions in the Wood Streets neighborhood. These 50 homes averaged 1,350 sq. ft. and sold in 40 days. They listed for an average of $385K and sold for an average of $383K.
During the last 90 days that same neighborhood has seen 12 closings. These 12 averaged 2,380 sq. ft. and sold in 102 days. The average list price was $287K and the average sold price was $262K.
So let me ask you, is your home average or above average?
It's a tough time for Sellers, but if you offer the right terms and market in a way that attracts the right buyers, you can do well in this market because there are buyers willing to say yes.
If you want to sell consider spending a few dollars to get your yard and interior in tip top shape. Be sure to clear out the clutter too. There are many other nuggets like this to share, but you get the picture.
Thanks for the opportunity to answer your question and compete for your business. You can reach me directly at 951-571-9229 or email@example.com.
In the meantime, I wish you health and success!
I live in the wood streets, actually I grew up here. As some of the previous replies to your question mentioned, the Wood Streets have been affected by the current down trend in the market just as much as other areas in Riverside. The answer to your question truly depends on how much you spent to make the improvements, what you owe on the property, and how much you plan to make from a sale of the home.
There are many factors that will affect the price you are able to sell your home for. The condition of the home is important, location is important and the condition of the neighborhood as a whole also has an impact on how potential buyers will see your home and what they are willing to pay for it.
The prices in Riverside have not started to go up yet, however, we are seeing a lot more activity this year than we did last. A lot of that has to do with the fact that the prices for homes have come down to more realistic levels for the average home buyer. The Wood Streets have come down some, but not as much as other areas in the city. I don't think you are going to have to wait "many years" to sell your home. If it is in good condition and you price it right, you can sell in any market. The real question is, will the current market value be high enough to make you willing to sell? :) To determine that, you should have a real estate professional give you a comparative market report for your home.
If you are interested, let me know...I live, work and play in the Wood Streets neighborhood.
If you live in the Wood Streets, you should already be getting a copy of the WOOD STREETS SHEET on your door each month. The sales posted there are true and actual: you can compare basic information and price to your home. If you had followed those sales over the last couple of years, you would see that while some people perceive some streets to be more 'valuable' in the neighborhood, the actual 'sold' prices per square foot at any price range are randomly scattered throughout the entire neighborhood. Please don't feel you have to live on one of three streets for your home to have value, possibly exceptional value. Rosemary and I have lived in the Wood Streets for 30 years this year; We'd live on most of the streets here quite comfortably.
Have a GREAT day and contact us if we can help you. Rosemary and Larry