Classic Homes Are Selling at a Premium Again This Year, Especially in Lindley Park and Fisher Park

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609 Magnolia Street in Fisher Park: Sale price, $350,000; asking price, $339,900; for sale, 4 days.

There aren’t enough older homes for sale in Lindley Park and Fisher Park to go around. Since March 1, at least 20 classic homes in Greensboro have sold at a premium to their asking prices. Five have been in Lindley Park and three have been in Fisher Park. The other 12 have been scattered around town.

Houses in both neighborhoods have been selling fast. A total of nine pre-1940 Lindley Park houses have sold since March 1; six were on the market a week or less when their owners accepted offers. In Fisher Park, an amazing 13 classic houses have sold. Four owners accepted offers within a week and four more, within a month.

The pace is holding up, too, in Fisher Park, at least. There are seven pending sales in Fisher Park right now; three of the offers were accepted within a week of listing and two more were accepted within a month. The Lindley Park market is all but exhausted at the moment. Only one house has a pending sale; its owner accepted an offer the day it went up for sale. There are only two other older homes for sale in the neighborhood — one that’s been on the market for two weeks and a single-family home divided into two apartments, which has been on the market for six weeks. Demand has been slow for that type of property.

In many cases, of course, the premium is just a token amount. But anytime you get more than you’re asking, you’re doing awfully well. Among the other classic houses that have sold at prices above their asking prices:

  • The College Hill and Dunleith historic districts have had one each. As in Fisher Park, the supply of houses for sale has been up compared to 2017, and many sales have come quickly, especially among the more expensive properties.
  • Two have been classic Mid-Century Modern homes, one in Hamilton Lakes for $444,000 (plus-$5,000) and one in O.Henry Oaks for $95,000 (plus-$5,100).
  • There has been one house in Guilford County outside Greensboro that sold at a premium, a restored 1902 farmhouse in Whitsett that went for an absurdly low $262,000 in a foreclosure sale (previous sale: $425,000). The asking price had been $259,900.
  • Absent from the list of neighborhoods with classic houses selling at a premium: Irving Park and Sedgefield. Especially for the most expensive older homes in those highest-of-high-end neighborhoods, demand just isn’t there.

Overall, it’s a pattern much like what we saw last year: Strong demand for classic homes, even though the number of homes for sale in many older neighborhoods has been higher in 2018.

Some of the highlights among houses that have sold at a premium recently:

317 E. Hendrix Street, Fisher Park

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  • Sale price: $228,000
  • Asking price: $199,900
  • Days for sale before accepting an offer: 6

105 W. Hendrix Street, Fisher Park

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  • Sale price: $190,000
  • Asking price: $185,000
  • Days for sale before accepting an offer: 5
  • Note: What is it about Hendrix Street?

128 Northridge Street, Lindley Park

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  • Sale price: $155,000
  • Asking price: $152,000
  • Days for sale before accepting offer: 1
  • Note: And then right next door, there’s …

130 Northridge Street, Lindley Park

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  • Sale price: $186,000
  • Asking price: $185,000
  • Days for sale before accepting offer: 5
  • Note: If you want to live on Northridge Street, get in line.

615 Percy Street, Dunleith

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  • Sale Price: $249,000
  • Asking Price: $247,000
  • Days for sale before accepting an offer: 2
  • Note: Built in 1906

1504 Northfield Street, Westerwood

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  • Sale price: $280,000
  • Asking price: $270,000
  • Days for sale before accepting an offer: 3
  • Note: For sale by owner

605 Kemp Road West, Hamilton Lakes

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  • Sale price: $444,000
  • Asking price: $439,000
  • Days for sale before accepting an offer: 3
  • Note: It’s not for everyone, but Mid-Century Modern has an enduring appeal. And there aren’t that many of them in Greensboro and Guilford County.

1611 Longfellow, O.Henry Oaks

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  • Sale price: $95,000
  • Asking price: $89,900
  • Days for sale before accepting an offer: 7
  • Note: Mid-Century Modern wasn’t just for the ritzy neighborhoods.

1502 Upland Street, Cone Mill

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  • Sale price: $90,500
  • Asking price: $85,000
  • Days for sale before accepting an offer: 2
  • Note: Built and originally owned by Cone Mills

7204 Whitsett Park Road, Whitsett

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  • Sale price: $262,000
  • Asking price: $259,900
  • Days for sale before accepting an offer: 18
  • Note: Built in 1902. This could be the bargain of the year — it sold for $425,000 in 2010. But this time it was a foreclosure sale.

107 S. Mendenhall Street, College Hill

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  • Sale price: $370,000
  • Asking price: $369,900
  • Days for sale before accepting an offer: 19
  • Note: For sale by owner. OK, it’s only $100, but a hundred bucks is a hundred bucks.

808 S. Elam Avenue: A 1900 Victorian in Lindley Park, $355,000

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South Elam Avenue between Walker Avenue and Spring Garden Street has a couple of two-story Victorians standing up among the bungalows that line the street. 808 South Elam is the larger of the two at just under 3,000 square feet, and its $355,000 price tag ($121/square foot) makes it an outstanding value in Lindley Park.

Built in 1900, the house has four bedrooms and two and a half bathrooms. Its most distinctive exterior features are a wrap-around front porch and a remarkably deep backyard (the lot is 0.81 acre.). Inside, the large kitchen and bathrooms all have been updated well. The house has a den, five fireplaces, a workshop, a covered deck at the back and a detached three-car carport.

808 South Elam is toward the Spring Garden end of the street, still an easy walk to the restaurants at Walker and Elam. It’s even walkable to the Greensboro Coliseum in good weather. Many Lindley Park homes have sold quickly this year, and $121 per square foot for a move-in-ready, doesn’t-need-updating house is a great price.

The house will be open Sunday, September 17, from 2 p.m. to 4 p.m.

Listing on TriadMLS.com

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8 Classic Homes That Have Sold at a Premium This Year in Greensboro and Guilford County

At least 18 classic homes in Greensboro and Guilford County have sold for more than their asking prices this spring and summer. That’s 17 percent of the 107 sales that I’ve tracked, a nice sign of strength for the local real-estate market. In many cases, the premium was a token amount, but, still, getting anything over asking price is worth celebrating.

Below are the eight that drew the biggest premiums (in dollars, not necessarily in percentage). They’re in the city and the county, in the more expensive neighborhoods you might expect and some lower priced neighborhoods as well. A couple could be classified as starter homes.

Oddly enough, there also have been at least four low-end rentals that have sold at a premium. It would seem as if there are way more than enough of those to go around in Greensboro, but a rental house on Elwell Avenue was listed at $31,200 and sold for $35,500. Smaller premiums were paid for houses in Glenwood, Piedmont Heights and, again, on Elwell Avenue (what’s up with Elwell Avenue?).

1504 Edgedale Road, Irving Park: + $68,000

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  • Sold for $717,000 on July 24 (listed at $649,000), 10.5% premium
  • 3 bedrooms, 3 1/2 bathrooms, 2,835 square feet
  • Price/square foot: $253
  • Built in 1938
  • Listed May 16, 2017
  • Last sale: $450,000, August 2000

There have been a good number of high-end houses available in Irving Park this year (still are, in fact), but there must have been something special about 1504 Edgedale.

2959 N.C. 62 East, Liberty: + $25,000

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  • Sold for $145,000 on August 24, 2017 (listed at $120,000), 21% premium
  • 3 bedrooms, 2 bathrooms, 1,400 square feet, 1.4 acres
  • Price/square foot: $104
  • Built in 1929
  • Listed May 2, 2017
  • Last sale: October 1996, price not available in online records
  • Note: Property is in Guilford County but has a Liberty mailing address.

What makes a property sell at a premium? Right price, right place, good timing. And perhaps some intangibles that don’t show up in the property records.

5510 High Point Road, Sedgefield: + $9,100

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  • Sold for $209,000 on September 5 (listed at $199,900), 4.5% premium
  • 4 bedrooms, 2 1/2 bathrooms, 2,711 square feet
  • Price/square foot: $77
  • Built in 1941
  • Listed April 19, 2017
  • Last sale: $225,000, April 2013

The owners accepted an offer about two weeks after listing it, but then had to wait four months to close. But for $9,100 over the asking price, why not? Sweet location: The house is on the little cut-off section of High Point Road that was bypassed by the rerouted Gate City Boulevard.

305 S. Elam Avenue, Lindley Park: + $5,250

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  • Sold for $255,000 on August 30 (listed at $249,750), 21% premium
  • 3 bedrooms, 3 bathrooms, 1,642 square feet
  • Price/square foot: $155
  • Built in 1926
  • Listed June 24, 2017
  • Last sale: $200,000, November 2005

Nice little house. Great backyard for kids.

1603 Roseland Avenue, McAdoo Heights: + $5,100

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  • Sold for $120,000 on May 26 (listed at $114,900), 4% premium
  • 3 bedrooms, 2 bathrooms, 1,032 square feet
  • Price/square foot: $116
  • Built in 1937
  • Listed April 11, 2017
  • Last sale: $112,000, June 2009

That second bathroom is a killer feature in a starter home like this.

2312 Fortune Lane, Guilford Hills: + $5,000

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  • Sold for $130,000 on June 21, 2017 (listed at $125,000), 4% premium
  • 3 bedrooms, 2 bathrooms, 1,220 square feet
  • Price/square foot: $107
  • Built in 1940
  • Listed May 9, 2017
  • Last sale: $85,000, June 1995
  • Neighborhood: Guilford Hills

Again, a starter home with two bathrooms. This one apparently had been a rental (it wasn’t owner occupied), but the property record now shows this as the new owner’s address.

700 Magnolia Street, Fisher Park: + $4,500

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  • Sold for $199,500 on April 27, 2017 (listed at $195,000), 2% premium
  • 2 bedrooms, 2 bathrooms, 1,680 square feet
  • Price/square foot: $119
  • Built in 1900
  • Listed March 1, 2017
  • Last sale: June 1975, $15,500

The seller accepted an offer two days after putting it on the market.

2509 Sherwood Street, Lindley Park: + $4,000

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  • Sold for $263,000 on June 6, 2017 (listed at $259,000), 1.5% premium
  • 3 bedrooms, 2 bathrooms, 1,850 square feet
  • Price/square foot: $142
  • Built in 1939
  • Listed April 28, 2017
  • Last sale: $232,000, May 2010

Another nice little house that demonstrates how popular Lindley Park is these days.

(Sources: sale figures, Guilford County Tax Department and TriadMLS.com; asking prices, online listings)

 

409 Westdale Place: A hidden 1939 gem in Lindley Park

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Update: The house sold for $228,000 on November 1, 2017.

409 Westdale Place sits off the beaten track (Walker Avenue) in an unusual little corner of Lindley Park.  The street runs one block from Walker north, ending just before it reaches South Lindell Road, so there’s no through traffic. The owners of 409 Westdale also own the undeveloped lot on Longview Street immediately behind their house, which is included in the sale (several neighbors on Westdale also own the undeveloped Longview lots behind their houses). It’s an interesting little spot.

So, a buyer will get a classic Lindley Park home on a deep double lot for $245,000, a reasonable price for one of the hottest neighborhoods in Greensboro this year. The house is an elegantly simple brick bungalow with three bedrooms, two bathrooms and 1,720 square feet (the price works out to $142 per square foot). The interior features such period touches as arched doorways and built-in shelves and cabinets in the living room. It appears to be in 100 percent move-in condition.

Classic homes in Lindley Park have sold for $174 per square foot down to $116 this year. Only three have sold below $142, so 409 Westdale is a relative bargain. It has been on the market for about three weeks. The way older homes have moved in Lindley Park this season, you wouldn’t expect this one to be available much longer.

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409 Westdale is highlighted; the lot immediately behind it is included in the sale. For some reason, Longview Street was never cut through from Walker northward to Wright Avenue and Fry Street, even though it picks up again at Fry and lots were laid out all the way through. Just how an entire block in Lindley Park came to be undeveloped is a real puzzle.

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The backyard extends all the way through the trees to where Longview Street would be if had been extended from Walker Avenue to Fry Street.

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5 Open Houses at Historic Homes on June 4

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306 South Mendenhall Street, College Hill

A classic historic district Victorian, extensively renovated. Built in 1922. Open Sunday 2 p.m. to 4 p.m.

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1905 Rolling Road, Sunset Hills

“Lovingly restored Sunset Hills beauty.” Built in 1938. Open Sunday 2 p.m. to 4 p.m.

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518 Willowbrook Drive, Lindley Park

Overlooking Lindley Park on a lot of just under an acre. Garage includes a two-bedroom apartment. Built in 1946. Open Sunday 2 p.m. to 4 p.m.

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1606 Independence Road, Kirkwood

Fireplaces, built-ins and a beautiful deck. Built in 1946. Open Sunday 2 p.m. to 4 p.m.

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508 Piedmont Avenue, Gibsonville

Fully renovated farmhouse in highly affordable Gibsonville. Built in 1926. Open Sunday 2 p.m. to 4 p.m.

5 classic homes priced to sell

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104 Meadowbrook Terrace is the best value on the market among $1 million classic homes (aka mansions). Priced at $1.765 million, $207/square foot, it’s listed at almost the same price as the much smaller 701 Sunset Drive ($1.785 million), but on a square-foot basis it’s 47 percent less expensive (701 Sunset is $388/square foot). For the value-conscious millionaire, 104 Meadowbrook is the best buy in Greensboro.

[Update: The house was taken off the market June 3, 2017, after 19 months]

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Among the few historic district homes on the market, 214 S. Mendenhall Street is a sweet combination of price and indoor-and-out beauty. At $359,000, $128/square foot, it’s priced almost identically to the nearby and also lovely 306 South Mendenhall Street ($350,000, also $128/square foot), but has a bigger, more private lot and very nice outdoor spaces.

[Update: The house has a contract pending as of June 3, 2017]

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The five vintage neighborhoods west of downtown are the busiest market for classic homes in Greensboro. There are 24 on the market, and 12 are under contract. Eleven more have been sold this spring. 2808 Springwood Drive is an unusual Lindley Park home that almost looks like a beach house. The listing’s pictures of the interior look quite nice. At $199,000, $113/square foot, it’s a steal.

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In east and south Greensboro, there’s nothing else like 211 N. Dudley Street. A Mid-Century Modern classic, it has been meticulously restored by its current owners (the listing’s pictures show it off well). And at $245,000, $88/square foot, it’s an amazing bargain. Located across Dudley Street from A&T, it’s perfect for an Aggie (or anyone else) who values classic Modernist design.

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In the smaller towns and rural areas of Guilford County, 7204 Whitsett Park Road in Whitsett is a standout: a 1902 farmhouse on just under 2 acres, beautifully restored inside and out. The house is 3,100 square feet, and the property has a couple of outbuildings. At $299,000, $92/square foot, it’s a remarkable bargain.

[Update: An offer was accepted June 3, 2017; it fell through and the house went back on the market June 12.]

Open houses at three pre-1950 homes April 22-23

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1109 Grayland Street — open Sunday 1 p.m. to 4 p.m.

  • $269,000 (Update: Sold for $269,000 on June 6, 2017)
  • 3 bedrooms, 2 bathrooms, 2,060 square feet
  • Price/square foot: $131
  • Built in 1928
  • Listed April 19, 2017
  • Last sale: $235,000, June 2009

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104 Northridge Street — open Sunday 2 p.m. to 4 p.m.

  • $225,000
  • 3 bedrooms, 2 full bathrooms and 2 half-bathrooms, 2,763 square feet
  • Price/square foot: $81
  • Built in 1937
  • Listed April 18, 2017
  • Last sale: $142,500, February 2002

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1606 Independence Road — open Sunday, 2 p.m. to 4 p.m.

  • $241,500 (originally $264,900) (Update: The house sold for $224,900 on July 25, 2017)
  • 4 bedrooms, 2 bathrooms, 1,814 square feet
  • Price/square foot: $133
  • Built in 1948
  • Listed: January 4, 2017
  • Last sale: $212,000, February 2006
  • Neighborhood: Kirkwood

 

Offers coming quickly in Irving Park, Sunset Hills, Lindley Park

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607 Woodland Drive, asking $999,000, $312/square foot, offer accepted in three days

The spring home-buying season has gotten off to a fast start, particularly in Irving Park, Lindley Park and Sunset Hills. Two Irving Park homeowners have accepted very quick offers.  607 Woodland had been on the market for three days; the asking price of $999,000 works out to an impressive $312 per square foot. 1104 Sunset Drive (asking $569,000) had been on the market just four days before an offer was accepted.

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309 Woodbine Court, asking $394,900, $159/square foot, offer accepted in two days

In Sunset Hills, we have eight current pre-1950 listings, and six of them went under contract in March. 309 Woodbine Court ($394,900) accepted an offer in two days; 1808 Rolling Road ($400,000), seven days; 2206 W. Market ($618,000), nine days.

In Lindley Park, we have six current listings; four went under contract in March. 2611 Sherwood Street ($164,900) had been on the market two days; 803 Longview Street ($264,000), three days; and 2514 Walker Avenue ($225,000), 34 days.

Elsewhere:

  • The hot item in College Hill has been townhomes in the Wafco area. Four came on the market between February 22 and March 16; all four were under contract by March 27.
  • Listings are at premium in the historic districts. Aside from the townhouses under contract, College Hill has only two houses and a Wafco Mills condo on the market. Just four Fisher Park houses are listed, and two are under contract. An offer was accepted on 700 Magnolia Street ($195,000) after two days on the market. In the newly renamed Dunleath Historic District, only four houses are the market, all smaller homes priced $175,000 or lower.
  • The market for classic mansions in Sedgefield is tight and moving at a pace as stately as the homes themselves. Only three older homes are on the market, all at least 4,000 square feet and on the market at least nine months. Prices range from $425,000 to $2.9 million.