In March, MSNBC did a story about high-end homes, and how the market had cooled. One of the properties they mentioned was in Brookline.
BROOKLINE, Mass. – What exactly does a cool $1 million get you in the suburbs of Boston? House-hunters hoping for a stately mansion with a gourmet kitchen might be disappointed.
In the sought-after Boston suburb of Brookline, thereâ€™s a 1938 colonial on the market. And while the housing market hasnâ€™t deflated in this area because of demand from lawyers, financiers and academics, the market for a million-dollar fixer upper isn’t exactly frothy.
Some parts of the spacious 1938 colonial have historic detail, but prices at just under $1.1 million, this four bedroom, three and a half bathroom home has been waiting for a buyer since August.
So, how’d the seller do?
The property ended up going under agreement soon after the story ran.
It ended up selling for $1,010,000 (public information), 19% less than its original listing price. Whoa, price chopper!
Well, don’t cry any tears for the seller.
According to the public record, the owner bought it in 1991, for $391,000.
Considering that the article’s reporter says that parts of the house needed “serious work and updating”, it sounds as though the seller didn’t put much into the house in way of renovations.
$600,000 return on investment? Not bad, even for 15 years.
Source: Not-so-frothy market for fixer-uppers in Boston – By Diana Olick, MSNBC