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The house next door.

Thursday, 10 September, 2009

This post doesn’t really make a point. It is just a record.

Last week I noticed that the house next door was no longer for sale.

Retired and no longer interested in renting it out, the owner of the property in 2001 was not selling until someone offered him $235K for the property. At the time that price was irrational.

He eventually sold ca. 2004 for $244K. The new owners somehow (HELOC) borrowed an additional $140K on the house and commenced renovations.

The renovations continued until 2006 and somewhere along the line the house sold again, even though the realtor’s sign never left the yard. The new, new owners borrowed, possibly not against the property, and built a 450 sq. ft. “cottage”. They then attempted to sell the two buildings separately as condominiums for a total of $630K ca. 2007.

Then the markets collapsed. In eight years, no one has as much as spent the night in either of the homes on the tiny lot. Last week I noticed the realtor’s signage finally gone. This week someone put some furniture on the porch.

I looked it up. A party bought the one property, no longer split into para-condos for $263K in August. If you like feeling closed in, you will love a cottage going up for rent in a few months.

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