For your eyes only
Last Monday, Sam Schneiderman, Broker-owner of Greater Boston Home Team discussed paying a premium on a top-notch property. This week, he discusses when it might not be so appropriate to pay top dollar:
It’s not uncommon for someone to buy a property that they like because of their unique circumstances, requirements or taste. When that happens, the buyer often thinks that when it comes time to sell, they’ll find a buyer that will appreciate the property’s “special qualities” as much as they do.You probably know the type of property that I’m talking about:
Maybe the owner was an avid tennis player or basketball player and the house abuts public tennis or basketball courts out back. (Think non-stop bounce, bounce, bounce from morning ‘til the courts close at night). Maybe it’s a big beautiful house on a main street with a small yard that worked great for the owner’s older family, but won’t resell well to families with younger children. Maybe the house has an awkward floor plan that worked well for the owner, but would not suit the needs of most others in the property’s market segment. Maybe the owner over-improved the house to the point where it is the best house in town, but it’s not the town’s best neighborhood.
As I’ve said before, beauty is often in the eye of the beholder. After enjoying the special characteristics of their home for years, it’s hard for most people to realize that they won’t find someone who will see the home through their eyes and pay top dollar for it. The reality is that anyone who’s ever looked at homes for sale has asked my favorite home buying question at some point; “what were they thinking?”The fact is that if that special buyer does come along, he might pay top dollar for the property if his unique situation is a match for the property’s unique characteristics. Then again, if it takes a while to attract the right buyer and there is only one offer after several months on the market, the seller is unlikely to receive a top-dollar offer.
We’ve all seen those unique and unusual properties that make us wonder what they were thinking (or smoking).
Agents, it’s your turn to vent about the listings from hell.
Buyers, you’re out there looking at some of those turkeys.
What are some of the properties that you’ve seen?
No addresses or identifying features please, but let’s have some fun with this one!
