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Sep. 17th, 2006 11:08 amDear potential sellers of property,
A renovated 3 bedroom house in Greenwood is seemingly worth $395k (1, 2).
Given the above, despite what you may believe (or your unaffiliant and overly optimistic real estate agent), an unrenovated house a few streets away is NOT worth $390k (here). People don't pay for potential. People pay LESS because of the potential, generally by the amount it would cost to bring it up to spec, and minus a profit margin.
Sigh.
A renovated 3 bedroom house in Greenwood is seemingly worth $395k (1, 2).
Given the above, despite what you may believe (or your unaffiliant and overly optimistic real estate agent), an unrenovated house a few streets away is NOT worth $390k (here). People don't pay for potential. People pay LESS because of the potential, generally by the amount it would cost to bring it up to spec, and minus a profit margin.
Sigh.
