This listing is a couple of houses down from me. I've been watching it for the last six months as it has sat on the market ridiculously overpriced. I guess an investor bought it and spent a year renovating it, and it looks like they did a decent job, but how long will it take them to realize that the listing price is totally unrealistic?

It is listed for $599k (dropped from first listing of $699k) which is $300/ft. There aren't even any comps in the neighborhood to remotely justify that, so even if they did get a buyer how would they close the deal?

It just seems crazy to me that they'd leave it on the market so long and not cut losses and move on if they really have that much tied up into it.

Are some agents just wishful thinkers? She has an open house almost every weekend and I don't think there has been much interest at all.

https://www.har.com/homedetail/1042-w-43rd-st-houston-tx-77018/3131825

Just a quick har search I don't think it's ridiculously priced...now. Sure being on 43rd doesn't help but I listed one below right around the street at 555k /331per sqft
Now listed and comps are different obviously but it's maybe 10% overpriced right now from where it should be listed, and maybe 15% away from where it would probably sell. Not everyone sets their price at whatever comps or appraisals are.

A friend of yours would like to share this listing on HAR with you. Please follow the link to HAR. https://www.har.com/homedetail/1082-lamonte-ln-houston-tx-77018/8883525

Thanks, that's fair. I figured $550k is closer to reality, it just seems like they aren't facing reality after letting it sit so long. The listing says motivated seller, yet they haven't dropped the listing price to get some attention.

The house across the street just hit the market for $478k ($260/ft) but they don't have a garage.

Hell I hope they get it, we may be selling next year and just finished a similar reno and have 2500sqft. We'd do quite well anywhere north of $210/ft.

Nice listing by the way, do you live in the neighborhood? I see the listing agent's ads in the GO gazette from time to time.

Sorry, maybe you misunderstood, it's not my listing, I just did a quick search to point out that it's not crazy high, I mean it won't sell there and probably should sell 525kish but if someone bids 540 I guarantee they take it and feel like they sold at a great level, and the buyers feel like they got a great deal getting %10 off list

Rustys-Beef-o-Reeno said:

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Sorry, maybe you misunderstood, it's not my listing, I just did a quick search to point out that it's not crazy high, I mean it won't sell there and probably should sell 525kish but if someone bids 540 I guarantee they take it and feel like they sold at a great level, and the buyers feel like they got a great deal getting %10 off list

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I had a feeling you weren't that listing agent.

IMO part of the reason it's not getting much activity is because there's not a bit of character there inside or out.

mazag08 said:

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I had a feeling you weren't that listing agent.

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Ha, I was a bit confused when comparing his username to the listing agents picture.

I was expecting worse when you said ridiculously over priced. We have a house on our street that's listed at $531/SF when the best fully renovated houses go for a little over $300/SF. House is listed at 1.4mm when realistically it's about a 750-800k house at best even with the slightly dated interior

ATM9000 said:

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Am I the only one that laughs at listings that add a virtual picture to show what you could add to the house? This one is particularly funny with something as cheap as a garage door.

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The ones with virtual furniture and flooring are hilarious, especially when they don't say the pictures have been doctored but it comes out obvious like a terrible photoshop.

Being on 43rd is going to put a ton of downward pressure on pricing. 15% or more

inoffensive username said:

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Being on 43rd is going to put a ton of downward pressure on pricing. 15% or more

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This. That's why I think pricing it 10%+ above the other neighborhood comps is nuts. It was extra hilarious when they listed it at $699k.

the fact that house in that location is selling for over a 1/2 a million dollars just makes me say wow. amazing what people think that area is worth.

43rd is a strange street

price per square foot doesn't always tell the whole story.

A big problem with this one is that over 20% of the livable space is the "bedroom" the built in the attic. That room has nearly zero value to most people, so you're really looking at a 1600 sqft home with a BS addition. Others have mentioned the issue with 43rd. It's not as bad as 43rd in Oak Forest, but not ideal. Buyers seems to be valuing it accordingly.

The Fife said:

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IMO part of the reason it's not getting much activity is because there's not a bit of character there inside or out.

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You hit the nail on the head. To me its interesting if you compare what Fixer Upper properties look like to the trends they kicked off. Its pretty apparent that this house looks like builder grade dilution. And they're asking a lot for it.

Wonder if the realtor is enjoying having her sign on a very busy street...

"the fact that house in that location is selling for over a 1/2 a million dollars just makes me say wow. amazing what people think that area is worth."

Property in the area is worth what people pay...no?

MAS444 said:

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"the fact that house in that location is selling for over a 1/2 a million dollars just makes me say wow. amazing what people think that area is worth."

Property in the area is worth what people pay...no?

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Yep. And they pay what they think it is worth. People think that area is worth a lot.

That's typically how things are valued.

Diggity said:

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That's typically how things are valued.

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Yep - and my only point was that I find it crazy that people think property in that area is worth that much.

ok. no clue why are you trying to explain that to me. thanks though.

my only point was that I find it crazy that people think property in that area is worth that much.

SweaterVest said:

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This listing is a couple of houses down from me. I've been watching it for the last six months as it has sat on the market ridiculously overpriced. I guess an investor bought it and spent a year renovating it, and it looks like they did a decent job, but how long will it take them to realize that the listing price is totally unrealistic?

It is listed for $599k (dropped from first listing of $699k) which is $300/ft. There aren't even any comps in the neighborhood to remotely justify that, so even if they did get a buyer how would they close the deal?

It just seems crazy to me that they'd leave it on the market so long and not cut losses and move on if they really have that much tied up into it.

Are some agents just wishful thinkers? She has an open house almost every weekend and I don't think there has been much interest at all.

https://www.har.com/homedetail/1042-w-43rd-st-houston-tx-77018/3131825

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You get a lot of transplants from CA, and they cannot fathom how a 3000 Sq foot house wont sell for 800K....

It's semantics to some extent but what a property IS worth is at least a little bit different than what someone "thinks" it's worth.

MAS444 said:

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It's semantics to some extent but what a property IS worth is at least a little bit different than what someone "thinks" it's worth.

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It's worth what someone is willing to pay. Not a penny more.

Exactly.

MAS444 said:

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It's semantics to some extent but what a property IS worth is at least a little bit different than what someone "thinks" it's worth.

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Ok

Sound like a total bumpin. Golly gee that sure is expensive.

The oak forest/garden oaks area has really been bid up in price.

Update and question: The house finally sold after being under contract for ~6ish weeks. HAR gives the sales price range of $482-$552k.

Do any of you realtors on here have a way to see the actual sales price? This would be a direct comp if we sell our house in a few months and I'm curious what it went for.

https://www.har.com/homedetail/1042-w-43rd-st-houston-tx-77018/3131825

$530,000. We live on Althea just down the road and would love a shot at your business if you decide to sell. We do flat fee listings for sellers. Good luck!