I wrote about 409 William Street a few months back. I was hoping that some buyer with a few extra bucks would contact me and say "Let's buy that house!" But that did not happen.
For the last umpteen years it was the Gideon Lowe Guesthouse and later Whispers Guesthouse. The current owner bought the property in June 2005 for $2,000,000 and started an extensive renovation of the property. Everything is new and first rate. The owner/developer did not cut costs or corners. The house is 2850 sq ft and sits on a 4422 sq ft lot on one of the best blocks in Old Town. This 2 story historic landmark was originally built by the youngest son of one of the island's earliest Bahamian settlers (c.1845) and expanded c.1866. The latest renovaton was completed in 2007.
The newest incarnation has 4 bedrooms, 3 and 1/2 baths, state of the art amenities, razzle-dazzle kitchen, pool, off street parking, gardens, sunset views, and a killer location. After the home was completed it was initially offered at $2,999,000, but is now offered at $2,195,000--that is $770 per sq ft. Those that read this blog know I think price per sq ft is a useful tool in comparing properties to determine their present and future value. This house is currently under-priced in my opinion. The seller just has too many properties and wants to sell. This is an opportunity some bottom feeders dream about. I do not see the price going any lower, however.
When the economy turns and lots of people start buying expensive second homes again, this is the type of house that ought to be in very high demand because of its history, architectural features, location, and up-to-the-minute quality renovation. Those features are future value which means this house will increase in value much greater than houses without the same qualities. At least that's my opinion. CLICK HERE for more photos and information on this quality home.
If you have the glue to afford a home like this, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw11001v@aol.com to schedule a showing.
No comments:
Post a Comment