In 2004, I met an interesting gentlemen who contacted me because he had inherited an Eagle Rock adjacent property.  After inheriting he proceeded to renovate it: new plumbing, roof, electrical, drywall, gutted kitchen and baths.  He purchased luxury cabinets which you might find in a multi million dollar home and then never hung them.  The nearly finished renovation stopped. 

In 2004, I prepared a market assessment for him, but nothing much happened.  He would contact me from time to time or when he received a random offer, but nothing ever happened and he listed the property with another Realtor.

When I met him in 2004, I suggested a price in the mid 400’s; his most recent listing which just expired was nearly $100,000 less than my recommendation but unfortunately his incomplete project with the unhung cabinets is currently worth less than $300,000. The market has changed and it is more difficult to obtain financing.



He inherited the property almost 20 years ago; the renovations such as his new roof are now 20 years old. Condition, is relevant to price and the unfinished project obviously does not command the price he desires.  The property has been vacant and boarded, there is no income coming in and property taxes must be paid each year. 

I provide my clients a complementary consultation with a home stager.  She assists them with assessing which repairs and renovations will pay off.  Over improving (such as his high end cabinets) is always a mistake when selling. In this instance the owner would have been better off, selling AS IS and allowing a contractor or professional flipper to rehab the property because twenty years later it still sits vacant.