JUST SOLD! Historic Jefferson Ave. Area Victorian Restoration Project
Published On: January 8, 2016 Posted by: Jeremy Peterson
I just closed on the sale of this home with some buyers. Located at 659 26th St., this property dates back to 1903 and reportedly was owned originally by the Browning family. The home sits just a half block from coveted Historic Jefferson Ave.
The home itself has had an interesting life in recent years. The building was converted into a commercial space which included the owners boarding over windows on the exterior and sheetrocking over them inside.
The upstairs also had been modified to accommodate complete living quarters (including a kitchen). The main level of the home had a space that wanted to be a kitchen but lacked fully installed cabinets and properly installed appliances. But, despite its unique floorplan, the home boasted over 1900 SQFT inside while sitting on a .25 acre lot.
The home was listed in mid-September for $120,000. The listing agent was related to the sellers. After a month, the price was reduced to $115,000. We submitted our offer in early November for $109,900 and asking for $3000 in seller paid closing costs. We were using an FHA loan. We also asked that the seller participate in the Own In Ogden grant program.
The sellers countered our offer at $113,000 while still agreeing to our OIO provision and paying my client’s closing costs. We accepted and went under contract.
One of the issues we recognized was that the home would likely hit some hurdles with FHA and Own In Ogden given its current condition. Also, the sellers lacked the time to nip and tuck some of the problem areas. So, to work around this problem, the sellers allowed my clients access to the property to make the needed improvements. It was a gamble for my clients because if they couldn’t close on the property, they would lose their time and energy that they invested in the home. Nevertheless, my clients were passionate enough about the home to take the risk.
In the end, everything worked out. The home appraised for $115,000 ($2,000 higher than our negotiated contract price) and it passed both FHA and OIO inspections. There were some underwriting delays with the file but ultimately we closed.
Congratulations to my buyers! If you are looking for a home to restore in the Historic Ogden market, CONTACT ME, and lets discuss some of the great properties that are available.
