Friday, January 27, 2012

Green Lantern Lands in Lawrenceville

So here is an advertisement I noticed when reading something on PopCityMedia. It causes all sorts of short circuits in my real estate obsessed mind these days.

So 5309 Duncan St. in Lawrenceville. Way up in Upper Lawrenceville.  Asking price a smidge under $245K.   Let's go look up the assessment valuations for the property.  Old assessment = $38K.  Great gobs of gentrification Batman!  Ok, lots changing in Lawrenceville and the ad implies a lot of investment in this property so no surprise the 'old' assessment is not quite matching.  But the 'new' assessment value?  All of $64K?  So I know asking price is always optimistic, but we will have to track what this property actually sells for and how it compares to assessment values.  Don't get me wrong, I don't get the price myself. That energy efficiency the ad talks about better include a Green Lantern power lantern since I doubt there is space to drop a geothermal pipe in the backyard... if indeed there is a back yard.

Stranger still when you look at the recent owner history.  Fannie Mae REO disposal for $1,658 late 2010, and resold for $26K in early 2011.


Anonymous MH said...

The movie guy from your twitter feed made more sense.

Friday, January 27, 2012 9:40:00 AM  
Blogger EdHeath said...

I am real interested in how energy efficiency upgrades increase the value of a home. In the case of the property on Duncan Street, I think the phrase "greenwashing" might apply.

If you go to the 180 realty website, you can see the house is (somehow) energy star certified. As I understand it, that means all the appliances are energy star certified, which is nice enough. The light bulbs should be cfl's if not LED's, the furnace 93% or more efficient (maybe 98%), the windows new, efficient and tight. But here's the thing, how much insulation is in the ceiling and walls? That furnace may run (efficiently) all the time if all the heat is going out the ceiling.

A few years back, when I was married, my wife and I bought a house in Stanton Height for around 35K (old assessed value, like 20k)with four small bedrooms. We sank at least 40k into it, for windows, bathroom update, appliances, high efficiency furnace and less high efficiency but smallish A/C, and then eventually a new roof (with partial ridge vent to match the partial soffit and gable venting) and new siding that might have added a bit of R value. When we got divorced the house was appraised and the new value (in 2008 before the real estate drop) was 99k. Probably the most important improvements we made were among the cheapest, such as using cfl's everywhere and additional insulation. Our gas and electric bills were low for a house that size.

I have to agree, a quarter of a million for the Duncan Street house? I mean, the bathroom looks like a typical narrow row house bathroom, but it has been updated with two sinks. Still has an old fashioned claw foot tub, with a wrap around shower curtain. Without any mention of any insulation update, I would not want to pay more than maybe a hundred twenty five grand (taking into account a back deck n'at).

Friday, January 27, 2012 11:47:00 AM  
Anonymous Anonymous said...


That's the asking price for a single-family home in 10th Ward Lawrenceville? Maybe I'd accept that in Central Lawrenceville, but not east of Stanton and Butler.

Friday, January 27, 2012 1:43:00 PM  
Anonymous MH said...

I think in Central Lawrenceville, you'd usually get some off-street parking for that price and this didn't appear to have any.

Friday, January 27, 2012 1:47:00 PM  

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