My 4 \’L\’s\’ For This Old Town Property

August 15, 2017
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I think that this property could best be summed up by 4 themes that all start with ‘L’

Location: This home has a good location just on the edge of Old Town. This particular neighborhood still has great proximity to all of the amenities of Old Town, but without quite the same price as you would see just a few blocks to the East across Shields St. in Capitol Hill and Old Town West. Those neighborhoods do have a slightly nicer feel to them than Tennyson Heights, but distance to amenities is not much better than this house. 
Layout: 1754 SQFT in this part of town is above average, especially when you add in a large shop to the property. The layout of this home, however, feels a bit disjointed. There are two major entrances, one on the side of the home and another off of the front. The kitchen is separated up some stairs from the main living area, and the two upstairs bedrooms have entryways from the kitchen. This wouldn’t be so bad if the stairs to the basement didn’t split the house in half, which would make it incredibly difficult to create a kitchen/living open concept without totally rearranging the house. The basement is also a bit tight with ceiling heights just above 6 feet. The garage does have plenty of space, but is compartmentalized and doesn’t feel exactly ‘sturdy’
List Price: A mixture of layout and location likely drove the list price of this property. At the time it entered the market, there was little inventory in the upper $300’s in the general Old Town proximity. However, there is now quite a few competing homes in the general area that would make buyers think twice before taking a chance on this property. At the time of writing, this home has been on the market for 15 days and is probably in need of a price adjustment, which brings me to the final L.

Languish:  Without a price adjustment, I think that this home has a likelihood of languishing on the market. As scary as it sounds, most consumers look at a home that has been on the market for more than 2 weeks as ‘having issues’. I can’t attest to whether this home has issues beyond the layout and list price, but the only thing that can really be changed easily on this property is the price. 

This property is Listed by Kittle Real Estate