While 290 Frederick is still searching for a buyer at 22 percent under its 2007 price, the single-family home down the street at 119 Frederick is finally in contract.
Purchased for $2,350,000 in 2001 and having been “lovingly remodeled” in 2004, the grand Edwardian returned to the market priced at $3,095,000 in December 2008. Reduced, withdrawn, and relisted a few times since, this past May its list price was reduced to $2,100,000 before going into contract five months later (two weeks ago).
While a sale at asking will likely be reported by some as simply 11 percent under its 2001 price, keep in mind that won’t account for the value of the remodeling. And rumor has it, the budget for said remodeling ran around a million dollars. Yes, $1,000,000 on top of the $2,350,000 paid in 2001.
But hey, at least a lot of remodeling and investment helps boost neighborhood medians.
∙ Listing: 119 Frederick (5/2.5) 3,675 sqft – $2,100,000 [Redfin]
∙ Two 2 Million Dollar Sales And Now Two Months At 22 Percent Less [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing “Prices” [SocketSite]