The sale of 48 Chenery Street closed escrow this past Friday with a reported contract price of $1,260,000 ($683 per square foot), up a net 2% since the Glen Park single-family home was purchased for $1,235,000 in May 2006 [see UPDATE below].
And it’s 1 percent over asking on three offers if a reader’s hearsay is correct.
As we noted last month, from July 2006 to July 2010 the median sale price for listed District 5 single-family homes increased over 30 percent while the median sale price in Glen Park was up over 50 percent year-over-year in July (on five sales), down 47% year-over-year in August (on four sales).
UPDATE: While we missed it, luckily a plugged-in reader didn’t.
With a two bathroom remodel in 2008, the resale of 48 Chenery isn’t apples-to-apples. And while the value of the single family home increased $25,000 from 2006 to 2010, that’s perhaps less than half the cost of what was invested in said remodel.
So let’s just say up a gross 2% in price but down a net 3% in value over the past four years after accounting for recorded improvements.
∙ Apples To Apples (Versus Median To Median) In Glen Park [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing “Prices” [SocketSite]