Usually when a house needs updating it turns some buyers away.
A two-family home in Bayonne that recently hit the market needed a “major overhaul to bring it up to today’s standards,” said listing agent Carla Colucci of Re/Max Dreams.
There was carpet every where, in every bathroom, the kitchens. “Most of my buyers want turnkey open the door, not do too much work,” she said.
But this house, which was well maintained but out of style, was in huge demand. Colucci got 45 offers.
“There probably would’ve been a ton more offers but when agents called and I said there were 45 offers, they didn’t even get to the point of writing offers,” she said.
The 2,900-square-foot home, built in 1975, has six bedrooms and five bathrooms – three bedrooms and two bathrooms in each unit, and a potential third unit on the first floor off the garage that has a kitchen and bathroom.
And the garage. It’s a two car garage with an additional two parking spaces in a driveway – this in an area where parking is coveted.
The home was owned by a double purple heart veteran who passed away and left it to a cousin.
It was listed June 1 for $685,000 and closed July 25 for $840,000.
Fifteen minutes after Colucci put the home in the multiple listing system agents were calling asking to show it. The open house drew 50 to 60 groups in two hours.
Most of the offers were between $750,000 and the low $800,000s, she said. There were about 10 offers near the $840,000 selling price.
“I sat with the cousin and discussed a price. I don’t think anybody could’ve imagined we’d get to this number,” Colucci said. “We thought maybe $750,000.
“It was amazing to me to spend $155,000 over asking price and to have to do all that work too.”
The buyer had been shopping for a home for three months, his agent, George Armanios, of Americas Elite Group, said.
“He liked the location and the room sizes,” Armanios said. “It’s a very large size house. And the two-car garage and two parking spots in front.”
Colucci said the house is on a desirable block. “In Bayonne one block is more desirable than another.”
Even though it closed weeks ago, the home is still generating calls for Colucci. Agents call and ask if she has another house exactly like it, she said.
“I’ve had single family and condo listings in Bayonne and the demand is not there. The demand is in the two families. Inventory is so low that when something decent goes up, it just exploded.”
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
More real estate coverage:
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Allison Pries may be reached at apries@njadvancemedia.com.