OGDEN RISING: Before and After Video of a Victorian Make Over
Published On: April 24, 2018 Posted by: Jeremy Peterson
Many of Ogden’s homes are receiving a much needed make over. I thought we would take a moment to showcase a this Victorian home as a prime example of the great work going on in the neighborhoods to gentrify and revitalize some tired homes.
Enjoy this video of 2524 Madison Ave. that was completely remade on the interior in 2015.
The story behind this home is full of twists and turns. It was purchased by a local investor in the mid 1990’s who held on to it until 2007. He put it on the market and a client I was working with from California purchased it for $124,000. In 2008, the real estate crash was in full motion and the water main broke at the property. My client called me wanting to know what to do since she was out of money and sales were in freefall. At that time a group of investors was purchasing property with seller financing and we decided to take that option to help prevent foreclosure on the property.
The new buyer took over the property, promised to fix the properties problems, and we moved forward. The new buyer fixed the water main but neglected the property over the next five years. The property sat vacant for several years before the the owner mailed the keys back to my client saying they could have the property back. Unfortunately, this owner also took out a second mortgage just a few months before deciding not to make payments anymore. So, my client was forced to foreclose in order to clear out the second mortgage and clear the slate.
The property was in a very distressed state and we pondered how to move forward. A cash sale would require a significantly reduced sale price and that would force my client into a short sale. Again, seller finance bridged the gap. We sold the property for $109,900 in the Spring of 2015 using seller financing. A local investor was the buyer who also promised to invest capital in the property. This investor kept his promise…in a big way. In the fall of 2016, this revitalized home sold for $310,000.
If you are looking for a restoration project, CONTACT ME, and let’s find a Victorian home that you can turn into your dream home.