From a plugged-in reader:
From time to time, people have debated about the value of properties that are in total disrepair. 3373 22nd St. provides some insight. It was sold in November of 2005 for $920,000. At that time it was a disaster — absolutely uninhabitable. We were told it was purchased by an architect and it appears that the buyer has been diligently pursuing the permitting and building process. Now 2 ½ years later, the façade has been preserved and restored and a modern 3,000 square foot interior has been created. It is on the market for $2,095,000.
Perhaps a plugged-in reader or two might consider taking a crack at the numbers. And while it’s definitely not an “apple,” it is another example of how median (or at least mean) sales price can be increasing without any actual “appreciation” (or for that matter, despite any market decline).
∙ Listing: 3373 22nd Street (4/3.5) – $2,095,000 [MLS]