Just Sold in Gray’s Pointe

12907-A Lee Jackson Memorial Hwy Sold on July 5, 2022

Just Sold in Gray’s Pointe

When I first toured 12907-A Lee Jackson Memorial Highway in the Fairfax community of Gray’s Pointe, it was clear that the seller had two options. Sell strictly as-is with no improvement and let the market bear out whatever it would bring. To be blunt, it had electrical issues, broken appliances, old cabinets that were falling apart, pet urine stained floors and drywall and many unfinished decor products. My guess was that the market would probably yield an investor willing to renovate, but needing to reserve their profit market. As-is the seller would be lucky to get $150,000. The other option was to renovate the condo completely.

When the seller realized that the profit worth having goes to those willing to take on the renovation risk, we got two quotes on fixing up the place. One with a service that could be paid at closing. The other with a private contractor that needed payment up front. The savings in going with the private contractor was $20,000. The choice was easy. Hire the private contractor and get the renovation done.

Virtually everything in the one bedroom condo was replaced except the bathtub. Soft close, white shaker cabinets, granite counters, tile backsplash, under cabinet lighting and stainless steel appliances, along with newly wired GFCI outlets and bright LED lights brought the kitchen to life.

Sparkling quartz atop a new vanity with LED lights, freshly tiled shower, new toilet, fixtures, medicine cabinet and mirror made what was formerly the most challenged room in the home absolutely delightful. New drywall replaced the pet stained mess and new stacked washer and dryer were added in the laundry area contained within.

The bedroom was freshened up, as was the entirety of the home with LVP (luxury vinyl plank) flooring. The closet even had to be re-constructed as the owner had ripped out the former and dealt with open shelving in her day to day. The contractor was so thoughtful as to even add lighting so the next owner could see their belongings in the closet.

The living room/dining room were lit up with LED light fixtures. The wood burning fireplace was white washed and a mantel was custom made for it. The screened porch outside was repaired and painted. And even the storage unit was painted inside and utilty hooks added. The contractor even added coat hooks at the foyer.

New disposal and water heater were installed when they crapped out during construction and the HVAC brought up to normal working condition with replacement parts. All this for less than $400 over budget.

When the condo hit the market on Memorial Day weekend, buyers responded. It was priced at $269,000, a far cry from what we had antipated the as-is price would be. Two offers showed the level of seriousness of the buyers. July 5th the most serious of those buyers became the new owners of this gorgeous renovation. The sales price was $275,000. For an investment of just under $40,000, the seller made $125,000 more in her sales price. She took on the risk of renovation and she reaped the reward.

Not sure if you are up for the renovation of your home prior to list? If you want the profit move-in ready brings you will be. Get in touch with me and we will go over numbers. The market doesn’t pay top dollar for a property in need of serious renovation.

Under Contract in Fairfax

12907-A Lee Jackson Memorial Highway Listed for $269,000 on May 27th

Under Contract in Fairfax

It is no great surprise that I am sharing my seller’s success of getting under contract quickly at 12907-A Lee Jackson Memorial Highway When we first met regarding the sale of her home at the beginning of the year, she had some choices to make. The biggest choice was to sell the home strictly as-is with many deferred maintenance issues and outdated finishes or to update the condo and hit the market for more.

The choice became easy when the projected sale prices of were put in a spreadsheet, along with the cost of the renovation, to determine if the hassle of renovating was worth the additional money. Boy was it ever. Selling as-is is not a profitable easy button. It is simply an easy button. A buyer who takes on as-is properties and then fixes them up is most definitely looking for a profit margin or at least some additional consideration in a lower price for taking on the pain of renovation. They are also taking on the risk of additional, undisclosed problems discovered during renovation. Let’s face it, anyone who watches home improvement shows knows there is always something additional discovered during a renovation.

In the case of this Grays Pointe condo, my seller hired a fantastic contractor to do the work. Amazingly, despite three additional discoveries that needed work during the six week renovation, the project was over budget by less than four hundred dollars. Everything in the condo was replaced except for the tub. All the flooring, lighting, electrical, appliances, counters, tile and water fixtures. Even the water heater got replaced (one of the unforeseen issues.) The screened porch was even fixed up and the HVAC brought to normal working order when it started to have issues.

After some staging and professional photos, the market was certainly excited about this condo. Memorial Day weekend is not typically busy for the real estate market. You would not have known that from the showings on this condo.

Two offers and one ratified contract later, the seller was under contract on Monday morning. Settlement will be early July. Stay tuned for the final sold price. In the meantime, if you have been thinking of selling your home, I would love to help you increase your bottom line. Contact me to find out how.

© Zillow, Inc., 2006-2016. Use is subject to Terms of Use
What's a Zestimate?