Made an offer on a condo

SHOmuchFUN · #1 05/01/2006, 08:04 AM

Place is in Saybrook just past the Essex outlets and cinema.
It's a 2bedroom 1 bath flat, end unit, with a large deck and backyard that abutts the bikepath. The bikepath is bordered by bushes and trees, so it has ample privacy.

It was owned by an older woman that just passed away recently and the estate is trying to sell it. It does smell like an old-folks home, but we're hoping by swapping out the carpets, putting some fresh paint and elbow grease on the place, that it'll freshen up nicely. The appliances are a bit dated, but are functional. An electric glass-top range should only set us back about $400 or so.

They are asking $148,900 and we offered $145,000. IT seemed fair. An adjacent unit sold for $152,000 in January and it was NOT an end unit. Considering that we'd like to redo the carpets and an appliance or two, we thought that even at $148,900 it was a fair price. We haven't found much for under $160,000 in Chittenden County. In fact, we saw a place in Twin Oaks that had the EXACT SAME FLOORPLAN that needed much more work (water stains in the bathroom, flooring was coming apart, moulding was done half assed, etc.) for $164,000

This place has a large deck out back that also needs to be leveled and that was part of our contract. They'll probably just shim it and say F-it, but whatever... I don't want to get slapped with that association charge as I walk in the door. I'll probably redo the back deck anyway with some banisters and a gate to kep the dog in check.

I should know by tomorrow whether they accept my offer or not... I've got my fingers crossed!

mogulski · #2 05/01/2006, 12:04 PM

what was it appraised at, any idea?

SHOmuchFUN · #3 05/01/2006, 01:35 PM

Quote:

Originally posted by mogulski
what was it appraised at, any idea?

It hasn't been appraised since it was built... Originally appraised at $63,000

But an adjacent unit that is NOT an end unit sold for $152,000 in January. It didn't have much done to it either, so that kinda dictates the fair market value for this place. I don't doubt that by replacing the carpets, putting up some fresh paint, and making the deck look nice we would see a decent amount of equity out of the place right off the bat.

NYBen · #4 05/02/2006, 02:38 PM

Glad to hear it Erik. Good Luck!

SHOmuchFUN · #5 05/03/2006, 08:31 AM

Still no word

poppin_fresh · #6 05/03/2006, 11:24 AM

Bummer, because we're all really looking forward to the house warming party!

tsalter · #7 05/03/2006, 01:24 PM

any luck?

TOm

SHOmuchFUN · #8 05/03/2006, 08:51 PM

Quote:

Originally posted by tsalter
any luck?

TOm

Kinda, they split the difference on our offer... So we took it. A center unit in the same complex closed a day or two ago for $154,000. We accepted $147,000. We're going to have to do the carpets in the bedrooms, hallway, and living room. We'll probably do some pergo or laminate/lineoleum squares in the dining room/kitchen area. It'll probably also need a stove and of course, paint... So there's quite a bit of work that needs to be done, but it's purely cosmetic. My honey-do list grew to a couple pages in a matter of a few minutes. Looks like I'm going to need to invest in some power tools. Bummer

So, I'm moving into Chittenden County after all. Looking forward to it actually. It's a great location. Only 30 minutes from work, believe it or not. Would probably take longer to get into Burlington from where we are, than it will take me to go to Waterbury.

tsalter · #9 05/03/2006, 08:59 PM

SWEET!

yeah thats a super easy in to waterbury. cause you can just get on at richmond. Just be carefull and give yourself some time the first run to work cause it gets somewhat backed up in the morning in that direction.

we got our stove at wholesale express. they have almost all of their stuff in stock and they have decent prices. If I ever get my back strightened out i will help you out with the floor or whatever.

tom

SHOmuchFUN · #10 05/03/2006, 09:18 PM

Thanks Tom,
We'll probably get a pro to stretch the carpets, but I may need a hand with the pergo if that's what we decide to do. They also make that tile-like linoleum squares that can look pretty decent, but think that the pergos would be nice in our dining/kitchen area. It's not very much floor space though. Jen's father and Uncle put pergo throughout their huge old-folks compound, so they may lend a hand as well.

A lot of work needs to be done, but hopefully we can see it in the equity. Not to mention, make the place a lot more comfortable to live in. It's literally a place that reminds you of grandma's house. hahaha.

NYBen · #11 05/04/2006, 07:18 AM

Congrats!

mogulski · #12 05/04/2006, 09:29 PM

nice

oh eric i see a pattern. first a home then tieing the knot. ride the wave man ride it.
cool bro enjoy.

SHOmuchFUN · #13 05/05/2006, 07:03 AM

Yeah, I've kind've been living my life step-by-step recently... I've been following my own six-step approach:

First step was to sell the aquarium... Check
Second was to sell the truck... Check
Third was to buy our own place... Check
Fourth is to fix it up the way we want it
Fifth, is to buy a gas-friendly winter car
Sixth is to tie the knot

SHOmuchFUN · #14 05/05/2006, 07:45 AM

I was able to get into the place the other day with Jen. Her mom was there so she took some pictures. Unfortunately, this is only a 1/3 of the pictures, so we're missing the bathroom and bedroom shots, but this gives you a taste of what this place is all about... As you can see, the floors really need to go, as well as the oven. We'll probably just paint the cabinets white. The dining room/kitchen we may paint that red that is currently in the apartment's dining room. We have a LOT of paint left over from that experience!

We're thinking of doing pergo/laminate flooring in the kitchen and dining room. Jen's parents have a lot leftover when they did their massive retirement home in Barre. I don't know how many boxes of it they have, but I think they have a few. We'll probably do a berber carpet in the rest of the place, sans the bathroom.

All I got for now, the rest didn't upload and the pics are at home

mogulski · #15 05/05/2006, 08:51 AM

sweet dude. is that stucco/popcorn ceilings?

SHOmuchFUN · #16 05/05/2006, 09:04 AM

I think so... It's the rough/bumpy stuff... It doesn't look like popcorn though.

mogulski · #17 05/05/2006, 11:33 AM

dude that was like teh home deco rage of '79.
"Popcorn ceiling" is a tech/trade name. retro is cool these days

SHOmuchFUN · #18 06/09/2006, 10:47 AM

Close today...
Got the settlement statement yesterday and my butt is pretty sore.

OF all the things I could buy with the check I am writing today

But it's cool. Spending the night tonight and maybe tomorrow to rip the carpet up and do some painting. We're pretty psyched

tsalter · #19 06/09/2006, 11:47 AM

COOL, yeah I remember empting my savings and then some for our down payment. Not fun.

have fun in your new place

tom

mogulski · #20 06/09/2006, 11:57 AM

how about initaling your life away...

I pretty much emptied my portfolio to buy this place.

Anyway, congrats. She's all yours!!

fishfarmer · #21 06/10/2006, 06:19 AM

Congrats! Yep, you want another check for what.....? As long as there is enough money for a six pack after the close!

SHOmuchFUN · #22 06/11/2006, 07:19 AM

Well, we painted pretty much the whole place yesterday, sans the bedroom and the bathroom. I also pulled all the carpets and got it ready for the carpeting people, hopefully sometime next week.

We DID have a mishap with the people upstairs already. Apparently their washer is causing water to backup into OUR washer drain. One time it was bad enough to come up through the drain hole and actually leaked out into our living room leaving a small puddle on the cement floor. Luckily I had pulled the carpets so that everyone could see it. The president of the assocation came over and saw it and suggested a plumber. He's going to call the plumber to check it out in the next day or two. Of course the Bosnians upstairs denied it being THEIR problem (of course). So... We get a taste of home ownership on the FIRST DAY! LOVE IT.

Anyway, we're going back today to lay some tile. This will be a first time for me, so it should be interesting. Making the trip to the depot here in a few minutes. Give me a call if anybody is out around the Essex area 238-0775.

Later.

mogulski · #23 06/11/2006, 09:38 AM

ahh the joys of owing a home..