An Potential Option On 8 Kronquist (For Those Who Are Optimistic)October 11, 2007
So you’re longing to live at 8 Kronquist but for one reason or another you couldn’t qualify (or quite afford it). And you’re sure that in a year or two your finances will be in better shape (and that the market will have moved up). Well, you just might be in luck as the listing now notes: “Lease Option is possible.”
Just remember, there’s no such thing as a free option (it’s simply a matter of who pays).
∙ Mo’ Modern, Mo’ Modern, Mo’ Modern (But No Nelly) Over In Noe [SocketSite]
Comments from Plugged-In Readers
It’s still way over priced.
Lease Options can make a lot of sense in this market — for both parties. Realtors may not like the potential for deferred compensation but it beats none. Lot’s of room for negotiation in these transactions and plenty of possible win-win-win potential.
Attn: Editor, more on Lease Options when you can.
Can a potnetial buyer suggest a lease option on a property that has been sitting on the market for quite some time? Would a seller/seller’s agent usually be receptive to such a proposition or is it bad idea?
Nicole, a buyer can suggest anything on any property; for sale or not! If you make a compelling offer than the owner/seller might consider it. Seriously.
I know that a lot of agents (buyers and sellers) would like clients to make low-ball, or under-asking bids. It’s not generally accepted in this market though….
hate to break this to you eddy, but low-ball offers are not working. why do you think there’s so much stale inventory out there.
Expensive or not, I just wanted to add I admire the contemporary design. Imagine saying something positive!?
The design aesthetic is nice, but the layout is a little strange. Master bedroom on the ground floor and kitchen on the 2nd floor?
I live about a half block from this place and keep a close eye on the market in my neighborhood. I agree that the price for 8 kronquist is aggressive. The seller may have been influenced by the very recent substantial overbidding by buyers for good SFh’s in this neighorbood. In June, a home in the 700 block of 27th St (one block from Kronquist) went for $500k over asking. Then in August, in the 300 block off 27th, another quality property sold for more than $200k over asking. As the market enters the quiet Fall season and until the credit crunch thing plays out, buyers will be more cautious and we’ll probably see less frenzied bidding, even for high quality places. In the current market, these sellers probably are smart to offer a lease option.
I always thought the guest was on floor 1 and the master upstairs….at any rate this house was designed well, executed horribly and priced moronically….who in their right mind would pay 2.3 and end up using shower curtains.. I’ll be standing in the shower, curtain stuck to my wet legs thinking what the hell did i just do?…not to mention the goofy luan sliding closet doors in the entryway (with the sad plastic floor clips and disc door pulls), or the base line bosch appliances in the kitchen.
The house seems to be masquerading as something a lil more aspirational than it turned out..most people in this aesthetic range have very sensitive bs meters.
the home is salvagable but needs about 100k to make it acceptable and 200k to get it to what it’s pretending to be.
The problem with this house is not so much the construction or the finishes, it’s the fact that there is no view. One expects a drop dead view on this block. They were smart to put a nice roof deck which features a panoramic view but you have to climb several stories to reach it. The view should be from the living room but unfortunately they picked the wrong house on the block to redesign. I loved the house but walked from room to room looking for that view. The house next door has the view.
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