There’s a story here: 2013-2016
There is an interesting story behind this house. In 2013, it was on the market in the mid $500,000’s in Newton. The house was a wreck, but it had underlying charm. For the first time in my career, I had two clients who made bids on the same house. I told each one about the other, and they both trusted me enough to say: OK, let the best man/woman win. There were 9 other offers. One of my clients made the winning bid.
The successful buyer was thrilled, moved in, fixed up the house, new kitchen, new bathroom, cosmetics. They had two kids and life was good. Then they made some life changes and decided to move out of state.
We listed the house for sale in September 2016. Asking price was around $800,000. They had put about $100,000 into the house, so they were hoping to turn a nice profit, maybe even six figures. They polished the house up and made a few more improvements, and we listed just after Labor Day. Wow. We got 8 offers and all of them were above asking price. After a bit of negotiation, one buyer made a drop dead bid in the mid $900,000’s. The sellers were ecstatic. In three years, this house had appreciated more than 50%, (assuming the sellers base cost was $650,000.) Or, put another way, the sellers investment of $100,000 in fix up expenses returned them around $250,000 profit, after deducting fees and closing costs.
It is a sign of the strength of the Newton market, and the attractiveness of the Newton community. Our schools, our government, our amenities, our location, and outstanding architecture make Newton a great place to live. Not everyone is going to do as well as these folks, but investing your families’ future in Newton is almost always a sound idea.
If you have any questions, or need any real estate help, give me a call or a text at 617-962-1511.