4-BEDROOM HOUSE FOR $199,000 / MY $100K LOSS IS YOUR GAIN
I bought a house on East Shore Drive in the Town of Ithaca for $289,000 in 2006. I put more than $20,000 into it — replaced most of the roof, fenced in the back yard to be totally dog-proof, got new kitchen appliances, repainted much of the façade, bought a cute new Amish storage shed which was custom-painted to match the house, tore off the heavy front deck that shaded the first floor and replaced it with a little balcony. Now I need to sell it — and I am asking all of $199,000. Obviously, I am taking a gigantic bath here, but maybe my loss can be your gain.
No, the house is not built over an abandoned cemetery where they ‘just moved the headstones.’ It is not haunted. It was not the site of a multiple homicide. It’s actually a nice house, with tons of space and lake views, plus sort of a hip Sixties vibe.
It’s located in the Town of Ithaca, on the east side of East Shore Drive, less than a mile from Stewart Park. It’s got 2,200 square feet of space. Four bedrooms. Two and a half baths. Two-car garage. A gigantic living room with beautiful real wood paneling, a wet bar, and a gas fireplace. (If you squint, you can picture Rock Hudson and Tony Randall mixing up highballs, wearing turtleneck sweaters, and listening to Dean Martin.) There’s small front balcony with lake views. A huge side deck with its own little gorge and waterfall. A backyard that is surrounded by woods. Updated AC / heating units. One of the bedrooms even has sliding glass doors, and if you want you could make it a sun room.
You like privacy? The whole time I lived there, I never heard or saw any neighbors. It’s like living in the country, only it’s less than a 10 minute drive to downtown, Cornell, or the mall, and maybe 15 minutes to I.C. It is in the Cayuga Heights School District, in case that’s important to you.
Yes, the house could use some updating. For one thing, there is a section of hideous tomato-red carpet I spilled paint on and never got around to replacing. The bathrooms could be redone. But anyway, that sort of thing — along with the crummy market — are why it’s listed for something like $75K less than the assessment. If you do the math, between the lowered price and all I put into it, I am out more than six figures. Life savings, kaput!
Looking for an investment property? I have been earning nearly $1,800 a month in rent from it. I am just sick of being a landlord, ready to move on with my life, and willing to take a huge financial hit to do it.
Interested? Contact me at firstname.lastname@example.org and I will put you in touch with my Realtor.
Added: Realtor listing link