State Redux

Good old State Street is seeing some action.  Unfortunately, it is not the sales type of action, but it is action none-the-less.  

The single biggest complaint that we received on State Street was the sloping floors.  (This is an old, old house.)  We were told more than twice that all the houses in the area had this condition and that no one expected the floors to be perfect.  In one instance, we were told that the slightly sloping floors (in areas) were part of the "charm," of the house, and not to worry about the floors.  In another instance, we were told that a similar condition existed in a nearby house and that it had sold "quickly."  

Well, guess what?  

We have been idiots.  We should have trusted our own instincts and desires on these issues, instead of listening to "experienced" opinions.  Don't misunderstand, this is absolutely no one else's fault except our own.  And we point this out today because it is critical for anyone that wants to be in this business to realize that accountability starts and stops with the individual or company that owns the projects or homes.  So, knowing that we have acted like idiots, we are taking our very expensive lesson and revamping our approach to State Street.

We are ripping up the floors and possibly some tile, and our contractor is going to work on fixing the floors.  How much will this lesson cost us?  Well, suffice to say that it is more than a little.  So, in addition to carrying costs, reducing the price on the home numerous times, and now paying to "redo" the floors, we are talking about a good year or two at a less expensive state-ran university or college.

Now the good news.

The good news is that if we sell the house, we will list it once again, but at a higher price.  (It is currently not listed and we have not signed an extension on the listing.)  If we keep the house and rent it out, we will be able to command a few more quid for our efforts.  If we decide to rip off the roof and add a third bedroom and a bath, we will have an adequate foundation and base (most of these homes are built on pilings or piers), because our contractor will need to work with them in order to level the floors.  SIDE NOTE:  Our contractor did something similar on a project that we are working on in Durham, NC.

The neighborhood is gentrifying rapidly.  Every time we drive through it, we see new renovations, and escalating prices, on properties within a four or five block radius of this house.  So, to put additional spin on this event, it may have been a blessing that this property has not sold just yet.  

None-the-less, on a long list of expensive education items, this one has ranked right up there as a more expensive course.  Hopefully, if you are reading this, you will be smarter and much more savvy about these things.  Additionally, our hope is that we have helped with your education at a fraction of the cost.  If so, please feel free to leave a comment.  Thank you in advance.

Stay tuned.