It is a Durham address, but is essentially in Chapel Hill (off 40 between 15-501 and 54) in Weston Downs.

$475K - 3,920 SF, 6 bedrooms, 4.5 bathrooms. Entire house was re-painted, re-carpeted, ceiling fans added, linoleum replaced with tile, wrought iron balusters on stair well, new landscaping, new blinds throughout.





Pictures are from before the renovation where everything was cleaned or replaced. Will have professional pics later this week. Would take $460K from a TDubber before broker gets involved.

9/28/2016 10:44:51 AM

tree fiddy


...thousand

10/3/2016 8:02:56 AM

http://www.realtor.com/realestateandhomes-detail/4629-Myra-Glen-Pl_Durham_NC_27707_M60691-78726

Link to listing and professional pictures.

10/3/2016 9:43:43 AM

Ahhh I know Dominic at DNA realty! Got yourself a great agent!

10/3/2016 9:47:54 AM

He's a buddy of mine as well. I'm a commercial broker, but he assists me on my residential plays. I like the insulation of a residential broker between my license and a buyer.

10/3/2016 12:32:20 PM

I recognize that floor plan. I think I work for the builder who built your house

10/3/2016 3:16:21 PM

Meritage

10/3/2016 4:16:34 PM

yep

10/3/2016 8:05:39 PM

$47

10/6/2016 12:58:49 PM

What's the combined income requirement for a couple to buy a $475k house?

10/6/2016 11:53:52 PM

No clue. Paid cash for it.

I'd guess $150-200K combined.

10/7/2016 7:20:39 PM

^^ Not a set in stone answer. Based on interest rates, credit score, current monthly debt, and down payment funds available.

For example if you can put 20% down and have excellent credit a 30 year loan right now would run you roughly $2260/mo. Another example is if you can only come up with $47,500 for a down payment you are stuck with about $210 in PMI and your monthly payment rises to about $2640. That also assumes excellent credit.

A quick calculation based on 30 years at 3.875%, 1% taxes, $50k down payment, and a $500/mo car payment would mean you would need to make around $110k/year to qualify.

10/11/2016 12:31:19 PM

Thanks hershculez.

Mine is priced at $120/SF...new one hit the market in the same hood with negligible upgrades at $131/SF, so my house is priced to move. I guess the improvements may cost $15K, but the delta in pricing would be closer to $50K if I put them in (hardwoods in den, tray ceiling in dining room and master - no other substantial differences)

10/11/2016 12:33:20 PM

bttt - open house this Saturday from 1 - 4 PM.

10/13/2016 7:28:14 PM

Driveway too steep and too short. Dealbreaker. GLWS

10/13/2016 7:35:33 PM

glws

[Edited on October 22, 2016 at 8:22 PM. Reason : glws]

10/22/2016 8:21:27 PM

Thanks. Slow part of the year. If it doesn't go to contract by year's end, I'll also market it for lease (2 year minimum and no pets)

10/24/2016 8:02:04 AM

We are seeing signs the market is slowing. I think it's due to election, but it could just be a longer trend of it settling down some.

10/27/2016 9:42:25 AM

I know...traffic has been slower than expected and it is likley both the market slowing and the election.

I'll leave it listed through end of year, then offer it for lease for 16-18 months and re-list March 1 if it hasn't moved by then. No point in lowering the price now, as I won't be able to get more when i re-list it in March based on history visible on Zillow.

10/27/2016 10:54:45 AM

Isn't this just a seasonal slump that happens every year? Thought it was conventional wisdom that it is much easier to sell a house in the spring/summer vs. fall/winter.

[Edited on October 27, 2016 at 1:05 PM. Reason : df]

10/27/2016 1:05:21 PM

^ you are correct.

That said, I bought this in foreclosure, got access late September and got all work done within 10 days. I wanted to test the market, as I've already paid the carrying costs (excluding utilities) through the end of the year. Starting next year, it will cost me about $800/month to carry the house between utilities, property taxes and insurance.

10/27/2016 2:25:43 PM

Was the architect thinking house/barn hybrid?

11/3/2016 6:41:08 PM

Track builder - keeps it simple and boxy, but nice finishes throughout, extremely efficient and well priced.

11/3/2016 10:27:25 PM

bttt

12/14/2016 2:05:46 PM

Quote :

"Was the architect thinking house/barn hybrid?"

my thoughts exactly. goddamn that is hideous.

12/16/2016 11:36:49 AM

surprised you didn't just replace the carpet downstairs with hardwood

12/24/2016 11:41:58 PM

I replaced all carpet throughout the house. I don't think I'd see a return on investment for installing new hardwood.

12/25/2016 6:44:38 AM

Offer still stands

12/26/2016 7:39:53 AM

Add three 0's before the decimal point and we may be talking.

12/26/2016 10:55:08 AM

47k is a great deal for a house in CH. You should take the deal Justin.

1/15/2017 11:02:17 AM

My boss lives just around the corner from you on Colony Woods Drive.

We are looking around, but I need something in CHCCS if we stay over here.

1/15/2017 1:12:08 PM

I took my house off the market and will re-list it late February. If you wanted to buy it, I'd discount it by the realtor's fees...bought it as a foreclosure and put about $22K into it - new paint, carpet, LED lights throughout, a few ceiling fixtures, replaced most of the fridge parts, replaced linoleum with tile, had grout cleaned, replaced garage door motor, landscaping, etc.

They are nice houses - just going to wait to re-list for the spring market. Carrying cost is low at the moment, but I'll be excited to unload it. Happy to show it to you.

1/15/2017 9:44:07 PM

foreclosed on. Damn that was brutal for someone

1/27/2017 1:23:15 AM

Crazy thing is she could have fire sold it and still made $20K. Instead, I'll get some nice upside and pay for my go kart.

1/27/2017 8:19:10 AM

How does one "fire sale" and at what point would they know to "pull the trigger"

1/30/2017 3:14:31 AM

She only owed like $330K...I have it listed at $469,900. She could have sold for $375K and sold it instantly, even with the current condition, as everything was cosmetic (house was only 3 years old).

They know to pull the trigger when they get served with papers saying the house is going to be auctioned in foreclosure at a future date. She then gets a notice when it gets sold at the court house, as well as a new notice each time the bid was upset (I was the 3rd upset bidder, so she had at least 60 days to sell it or get out). If you sold it $100K below market in a neighborhood where the last 2 homes sold in 4 days and 9 days at the retail number, I think she could have moved it even in November with the election and slow down of the cycle.

1/30/2017 11:18:22 AM

See this is where I can learn a thing or two or 10. Why wouldn't everyone do that if they are in that pickle especially with their credit score and future life at stake?
I am wondering just in case this could ever happen to me or someone I know and I could actually KNOW what in the world I am talking about.

2/1/2017 1:24:50 AM

Blows my mind. She has graduated from law school, but was working at the Apple Store. I think she was probably embarrassed about her situation and had gotten so far behind on payments, she couldn't fathom selling it. Also, it was her home, so she may have tried to hold on for as long as she could. By realizing she could have made money, she also could have been intimidated by commissions related to selling the house. The house was filthy - had to throw out parts of the fridge and replace it, replaced all carpet, repainted house, spruced up landscaping, etc. I dropped $22K bringing it back to selling condition.

2/1/2017 6:52:07 AM

ok i will accept your price of $47,000.

2/1/2017 4:51:25 PM

Went under contract today - had just staged it yesterday to put it on the market again next week. (Was off market since 12/31/16).

Will pay for my new race car with the proceeds of this sale

2/13/2017 11:49:52 AM

I THOUGHT WE HAD A DEAL ASSHOLE

2/14/2017 4:49:48 PM

They were a little over $410K higher than your offer...can we be frandz?

2/14/2017 7:44:27 PM

this thread makes me wonder why i didn't follow a different career path ...I've barely made 360k since i graduated

2/28/2017 2:48:38 AM

^ when did you graduate?

I'll make $56K on this flip. Closing 3/31.



[Edited on February 28, 2017 at 6:42 AM. Reason : Not too shabby for a side gig that didn't take too much time. ]

2/28/2017 6:42:05 AM

All that money and you still pretend to not know people via text and delete them off social media...

I had to.

3/1/2017 1:43:54 AM

Got a new phone and only numbers saved on work server transferred over. That said, if you bought tickets just one time, I wouldn't have saved your number. My bad.

3/1/2017 6:38:32 AM

graduated in '07

3/1/2017 6:31:52 PM

I forgive you for being a Douche, Douche.

3/2/2017 12:53:48 AM