Two Overbids in East MB

Posted by Dave Fratello on Monday, December 3rd, 2012 at 7:56pm.

It doesn't have to be an inspiring, must-have house for there to be overbids afoot.

Just look at 2 recently closed sales in East MB.

1180 Keats (3br/3ba, 1700 sq. ft.) is a 50s cottage that we plainly described as less impressive than its photos. One part of our review:

It's impossible to shake the sense of the place as a 1950s cottage that has gotten a fresh coat of paint and some fairly inexpensive and incomplete kitchen and bath upgrades.
And the location's no dream, a street that can be busy with high school buzz and traffic. 

We toured this one twice, once with clients, and each time took note of investors looking to rent out the property mixing with actual buyers attracted by the price.

Start price: $933k.

Sold price: $1.021m (+$88k / +9%).

1720 5th (4br/3ba, 2580 sq. ft.) is a probate sale we last saw in July. They drew offers fairly quickly, but it took a long time for this sale to settle out.

Much as with 1180 Keats, we were frank in our review then about not really loving the property:

It's a 1970 original that wasn't much of an inspired architectural achievement. Boxy with dated materials everywhere, the yard a mix of concrete and dead grass, the home is, at least, clean... [T]he home offers the same entreaty to each visitor: Fix me. Save me. Please.
We called the start price of $1.1m "too rich for the land alone this far east," but didn't speculate on what this home might fetch from buyers looking to redo and revive the place.

Turns out, the answer is: $1.275m (+$175k / +16%).
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