Wright Chat

I wonder why the owners don't try Wright on the Market? They might just reach some different potential buyers...

Does anyone have any interior photos of the McCartney house? Recent photo's would be nice. I have done a forum search and cannot seem to find any photos. I called the listing agent and taxes on the property are around $6500 if it is not your primary residence and around 40% less if it is your primary residence.
Thanks
Ward

Realtor's listing on McCartney <------- has 20 photos (of which 14 are interiors)


David

Thanks. For some reason I was only seeing the 4 exterior photos.
Ward

The mystery of McCartney still continues...

Now at $250k.

http://preview.tinyurl.com/3qlyj6h

-BBuck

BBuck -

The link you posted does not see to work (at least for me). Zillow shows that the house has been listed for sale since 07/11/2009 - more than two years.

Jay

I think people nationwide underestimate the effect of the economy in Michigan. I wish someone had the resources.

If the asking price reflected the economy (and showed some reasonable relationship to the local real estate market), it might sell. With an asking price that is about 70% higher than a comparable non-Wright home, the seller has cut out most people - the seller needs someone with a good chunk of excess cash.

I'd love to buy something like this, have it as a rental and then retire there in the distant future. I might consider buying it if it was closer to fair (local) market value. However, for someone, like me, of "average" means, I couldn't take the risk of "overpaying", especially in a real estate market and economy that we currently have. What if I lost my job and needed to unload it? I wouldn't want to have to wait for someone else to "overpay" - that could take several years as indicated by the home's current market time. I would want to be able to list it at fair (local) market value, so I would have a chance of selling it within a reasonable amount of time without losing a bunch of money. My guess is that there are others, including some locals, who might feel the same way.



Jay

The house next to me recently sold (about two months or so ago) for 250K. 2025 sq ft built in '39. It is basically in the same neighborhood as the McCartney house (well, about a mile away) but still connected by similar houses on the way from here to there with no major streets interrupting the drive.

I'm on Sheffield if you want to see how far away it is on google maps.

I don't think the 250k for the Wright house is out of line.

Here is the info:


https://is.bsasoftware.com/bsa.is/Asses ... R&unit=233

Where would you rather have a drink after a long hard day?

classic form,

That is an interesting comparable. Zillow shows the Sheffield house was listed by the same brokerage company (Jaqua Realtors) that is listing McCartney. The house you point to on Sheffield sold in 15 days. Compare that to McCartney - still sitting after 2 years. Zillow also shows the house on Sheffield to have 2,600 square feet and an estimated "market" price of $214,000. Zillow shows McCartney to have an estimated "market" price of $148,000 with 1,670 square feet. Thus, the Sheffield house sold for 117% of the estimate. If you do the same with with McCartney, you'd get a comparable sale price at $173,000. In another comparison, if you do it on a price per square foot, the Sheffield house was $123/sf (assuming 2025 sf) or $96/sf (assuming 2600 sf), so McCartney, at 1,670 sf would be either $205,000 or $160,000.

To me, the asking price is $50,000 too much. If they priced it at $200,000, they would probably be getting some more offers. I can say that my interest would greatly increase at that point.

Just one man's analysis. But after two years on the market, when other homes in the area are clearly selling . . . As they say, the market speaks.

Jay

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If anyone would like to see what the other houses that are surrounding McCartney are assessing for here is a link. It has all the houses on Taliesin that were built in Parkwyn Village.


https://is.bsasoftware.com/bsa.is/Asses ... R&unit=233

And here is a link to the Zillow site for McCartney, which also shows what other homes in the neighborhood are on the market for (identified by the small red houses) - almost all under $200,000, save one 4,800 square foot house.

http://www.zillow.com/homes/2662-Talies ... -49008_rb/

Jay

classic form -

Is it correct that assessed values in Kalamazoo are 50% of the assessor's determination of market value? Just did some quick research and that is what it appears. Assuming that's the case, if McCartney's assessed value is $90,500, the market value, as determined by the assessor, is $181,000. Is that all correct?

Thanks,
Jay

Yes, that is correct. I hope you don't think I am arguing the point with you, I agree it's high...I'm just trying to help with what other homes are selling for. If you look at the link for the home next door to mine you'll see it sold for way over double the assessed value.