Market Insights: Buy the worst house on the best street
That’s what my mother taught me.
Back in the ’60s and ’70s, Jean Webster Johnson, my mom was a pioneer among female real estate brokers (just a generation ago the industry was almost entirely men). Over the years, much of what she taught me have become truisms. “Buy the worst house on the best street” is one of them. It gets even better when you combine this axiom with the buyer’s market we are in right now in Summit County.
The word “worst” needs to put into content. She did not teach me to buy derelict homes with the appliances ripped out. Nope. She said was to look for the absolute best value in the neighborhood. Often it was lowest-price home, as long as it was in good shape. To best illustrate this truism, I searched Summit County and found a prime example in the Summerwood subdivision in Dillon.
Lots of people don’t know where Summerwood is until you say, “Have you seen those expensive homes that are perched above Lake Dillon? The ones you can see when you are coming down Swan Mountain Road toward Summit Cove.” Summerwood fits into what my mom was referring to when she said “the best street.” And 104 High Meadow Drive is, hands down, the best value in Summerwood. Most people assume that to purchase a three-bedroom, three-bath home in the area will be a minimum of $1 million. Not the case.
The house you see in these photos is on the market for $575,000. Some more about this home:
It just came on the market; 1,891 square feet; vaulted ceilings in the great room; attached two-car garage; lots of sun …
Here’s another thing I have learned: Don’t keep a secret. In other words, as a real estate broker, if I find a property that appears to be great value I should tell everyone. I should not keep it a secret and only tell a small handful of “favorite clients” ± hence this article.
Keep an eye on market insights as, every now and again, I will provide more advice from my mother that has passed the test of time.
Daniel Webster Johnson is a Broker Associate at Resort Brokers Real Estate. He can be reached at (970) 393-3300 and/or daniel@YourMountainBroker.com
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