I just closed on the sale of this property with a buyer:
Located at 456 17th St. in Ogden, this property is an art deco masterpiece waiting for restoration. The interior boasts original stain grade woodwork, light fixtures, fireplace, and even switch plates. The property has been used as a rental property for years.
The seller purchased the property in 2005 for $88,000. Then in 2007, the seller attempted to flip the property for $143,000. That effort failed as the price was reduced to $135,900 in February of 2008. In August of that year, the property was taken off the market.
I year later in 2009 the property was relisted for $129,900. After 12 months the listing expired in 2010. The property was again relisted in March of 2013 for $105,000. After 6 months of no interest, the listing expired.
Finally, in July of 2014 the property was listed at $99,900. My clients showed some interest in the property and in mid-August we submitted an offer $92,000. The sellers sent us a counter offer of $95,000. That was too high for us and so we let the offer lapse.
After letting the sellers simmer in their juices for six weeks, we approached them again to see if they would reconsider. We submitted a reinstatement addendum and changed the price to $93,000 with the seller paying $1000 in closing costs. Because the property was teanant occupied, our inspections were delayed and we had to extend our contract deadlines. However, once our inspections were complete we discovered some plumbing problems. We requested a price reduction to $89,500. The sellers countered and we settled on a purchase price of $91,000 and closed shortly thereafter.
Congratulations to my buyers on the purchase of a fine period home. If you are in the market for vintage house, CONTACT ME, and lets find a home that is right for you.
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