Occasionally some of our readers have posted barbs regarding some of my listings that appear on the sidebar. Usually these comments refer to the probability of these properties ever selling. I just wanted to let everyone know that my listing, captioned “Saddlehorn’s Best”, closed this afternoon.
I’ll let the data hounds dig up the sales price. For now I’ll just say that that this sale is one of only twenty-seven $1M+ residential sales in Reno-Sparks to close this year.
Happy to be a part of that price band!
MikeZ
Congratulations!
Coyote
Nice property, congrats on the sale!
Reno Ignoramus
Well good for you Guy. Congratulations.
Thanks also for the info on the over $ 1 million price band.
27 out of 3,242. That’s a whopping 0.8% of all sales being over $1 million.
I observe there are 184 houses listed over $ 1 million tonight on the MLS. So 27 sales over 8.5 months equals about 3 per month. So it will only take about 61 months, or 5 years, to sell off the existing inventory.
longerwalk
If you don’t advertise it, you sure ain’t gonna sell it, and what better place than on Reno’s finest real estate blog site?
Kudos. Probably nice to get the mortgage/rent paid and food on the table for a few months, and maybe even a bottle of wine.
You certainly deserve to be working that ‘price band’!
High 4
Sales price was $1,200,000. Last listing price was $1,400,000, but I think it was more like $1,750,000 originally. Last sales price on the property was in January 2004 for $1,200,000, though the owner put in several hundred thousands of dollars in landscape work, as I recall. A million two, and the kitchen cabinets have melamine interiors.
Going to get the Via Contento listing, Guy? Gonna be a bloodbath.
$1,200,000 x .05 commission (guess) = $60,000. 50% brokerage split = $30,000 to Chase. Say 40% to the house, leaving $18,000 for the Chase agent. But it was a co-listing, right? What was the time expended and marketing costs over the year or so listing time? Just curious if you might not have been better off selling 10 $120,000 houses.
Not trying to minimize your achievement at all, Guy. Congratulations!
Raymond
Quite right High 4. The sellers on this property took a major bath. Selling a house for 1.2 million sounds great until you see what they lost on the deal. This was just another bubbled up purchase that went sour.
After taxes, Guy may have made about $500 for every month this one was on the market. I think it would be easy to starve to death today being a realtor trying to sell million dollar houses in Reno.
GratefulD_420
Guy –
Congratulations! Wow! Getting a 2004 price on a $1M sale is amazing in this market.
R.I. – Do all the numbers you stated for the very HIGH END actually sound that unreasonable when the median price in town is below $200k? The only exception would be the 184 houses priced at over $1 M, when in fact many are just stucco facades in Summersett, Caughlin Ranch & Arrowcreek that can’t pass the $1M sniff test.
And to Raymond… “a bubbled up purchase that went sour.” I imagine the sellers are more than happy to be able to walk away with the $200k (17%)loss in shrubbery & slate (landscaping) in this market! Truly not bad considering the alternatives.
FutureRenoHomebuyer
Good work, Guy. I guess we know who’s buying the beer…
Sami
My former boss lived across the street from that house, and man! I always wondered what it looked like inside cause that is one badass house! and if I had a million dollars I would have bought it!! 🙂
SO, thanks for the slide show, you made this $125K house-FHA buyer-thanks for the $8,000 tax credit-DAY. I could only dream!
billdddrummer
Congratulations!
And no matter what the ultimate payment to you, that’s a major achievment in this market.
Kudos to a class act!
Guy Johnson
Thank you all for your kind words.
Martin
Here’s a little diversion.
627 Thoma in the Old SW hit the MLS today for $75,000,000.00
891 sq. ft.
Estimated monthly payment is $365,536.90. I calculate it at $84,175 a sq. ft.
We’ll have to see how fast this one sells.
promus1
Thanks but no thanks to Thoma –
I really need some rural fresh air and have my eye on that nice Lifestyle (of the Rich and Famous) house in Cold Springs for $20,546,000. Maybe they’ll throw in White Lake for a few extra mill. ……wait, they are not wanting investors, oh, so close.