Why does it need all new electrical and plumbing?

It does need some attention to the roof and water leaks - some of those ceilings don't look so hot.

I don't know the Tampa market, but given the Chicago market, this house is overpriced.

It's a real shame that all the woodwork was destroyed with paint.

If I had the money and was willing to buy another fixer upper, I'd have my inspector there in a minute.

In a heartbeat! Once my kids are out of the house you can sell it to me- I love Tampa !

Yep, it's stunning!

I would, but I do say that with reservations. It basically boils down to if you are an old house person. An old house lover realizes that you can't buy woodwork like that today (not unless you are Donald Trump), so the work of updating and maintenance involved is always worth it.

We bought our 1923 home and replaced the wiring, plumbing, and then added on, so the roof also got replaced. We have apent an additional 3/4 of the purchase price with our renovations. I personally have done a lot of the work myself, so if we had hired somone, we would have spent more. If we tried to sell it now, we would barely get what we put in, so it is not like we got a great deal. There really is no such thing as a free lunch. Also, you are always needing to cook it yourself! (No matter how hard I try to get it in a "finished" state, it is not there.) We have lived in it 9 years, and propably have another 3-5 before I have completed my original plans -that means that stuff I started on originally will be almost 15 years old and something is bound to be needing repair by then.......

That being said: If I took our new refinanced mortgage (original + improvemts) and compared it to what I could own in my town for a newer home -no thanks. I will take my house hands down! I would rather have the work and cost than a newer home that it held up by glue that is bound to delaminate soon... (I know I am taking a pot shot at new home builds, but this post is already too long.)

So are you an old house kind of person......?

I would entertain at a much reduced price due to the amount of money you would need to put into it just to make it safe.

Yes, absolutely! It's a gorgeous home. Love the staircase, the woodwork, and the HUGE rooms.

I'm sure it will take bucketloads of money to restore... looks like there is a lot of water damage as well as the plumbing/wiring issues you mentioned. How's the roof & foundation? Termites? Know a good house inspector?

Can we help decorate? :)

Be still, my heart!!! It is gorgeous! It could be a real money pit, but if you have a healthy budget and/or you can do a lot of the work yourselves, I'd go for it in a heartbeat. But definitely hire a *good* home inspector (and not one recommended by the realtor) to be sure it's structurally sound. Also, I have no idea of pricing in that area to know if it's overpriced. My gut is saying that it is considering the economy and housing, but I really don't know. Good luck!

Well, I am a old house lover but it is not for the faint of heart. My house has taken me down to the ground (literally) crying like a baby. Think Baby Boom, mimus the baby. But you have your husband and you only live once.

Remember what won't kill you will hurt you pretty bad. (lol)

....Jane

If I had the money to fix it up I'd buy it in a heartbeat.

My only concern is the commercial area around it. It would depend on what businesses were there.

I think that is one of the busier streets in Hyde Park, isn't it?

I love that area, my husband was a Greco, Wilson, Plant kid.

If you're looking in S. Tampa, I know a nice old house for sale on Harbor View...between MacDill and Himes, a couple blocks off Bayshore.

ML (not a realtor - simply the sister of someone trying to sell) Mona, I think we 'met' on the pet forum a while back..life got in the way of us meeting in real life. I'm glad to see that your surgeries went well.

Sure would!!! We've done it often and love every second of the work. If you're able to do it and foresee the value growing then go for it.

That home is really lovely. I can certainly see why you are interested. Before purchasing, I would get a fairly accurate and realistic handle on exactly how much money would need to go into the home. Additionally, I would be concerned about the surroundings becoming commercial, but that's maybe just my personal opinion. I can't speak to the price for your area, but I would expect quite a deal if the area is becoming commercial and major renovations would be necessary.

maddielee, please tell me about the home on Harbor View and yes, we did meet over there.

My DD and SIL are old house people. She, in fact, bought 2 homes in Savannah and restored them by herself. She just doesn't like new homes; she appreciates the character these old places have. Thyey're the ones looking to buy and I'm kinda scouting out the prospects.

There you go. :) They already know the pitfalls and should be able to evaluate the house accurately. It is gorgeous.

That is an absolutely marvelous house just waiting for someone to fix it up! If we lived in Tampa, I would buy it in a heartbeat once I had an inspection-just to be sure there are no termites, rotted beams from the leaks, or dry rot. If it is basically structurally sound, go for it Mona!

No, No, No, not ever.
There is a reason why "ready to move into" is so popular with real estate agents.
I think there is more to life than pouring every dime and ounce of energy into fixing up a place. Maybe it resonates with some people, but I wouldn't want the headache.

It looks like it's in better condition than the homes we have bought and renovated. I personally love it. I would just be concerned with the location and if it's structurally sound. Other than that, it has my vote.

If you have the money and time to devote to it, it is a beautiful, gorgeous house. Truly a classic.

That being said it looks like it's going to cost a *significant* amount to renovate...between plumbing, electric, fixing the roof, refinishing floors, etc. I'd expect upwards of at least 100,000!!!!! As long as they are aware of what they are getting into...it's a beautiful gem.

Can't comment on the price of it because real estate is so local it does seem a bit high though.

If you put 3 or 400,000 into it, will it be at a reasonable value to sell and break even or profit?

If that's the case...or even if it's not quite even but you can afford to take the hit...hell yes I'd buy it :) I can see it's charms in just those tiny little photo's and want to see her rescued.

They're thinking 200,000- 250,000 to do it right and maybe they could get it for 350,000 or less.

That would be a break even point, I think. But her intent is to keep it as a family estate for the coming generations.

She's looking into Renovation Grants and getting it registered with the Historical Society. I know property taxes would be nearly nothing for the next 10 years.

Who know sif it will work out, but they really want to save this lady.

we updated/replaced our electrical and plumbing in our first home: a 110 year old beauty with six bedrooms, three stories high and a basement. we spent 12 years bringing her back to life. i would certainly consider buying it. it's LOVELY! BUT you need to have the inspector check to see all leaks have been taken care of. there's a LOT of water damage ...and probably mold. i'd also go in fully expecting to replace the roof as well, plus assorted other unforeseeable certainties.

monablair, if they are looking to fix it up to keep it in the family for generations, and to restore her to her old glory, then you are right, break even isn't as important.

What will be important is that they have enough funds/sources of funds to adequately repair/renovate the house so that it isn't a *burden* when the time comes for them to pass away, instead of a *gift*.

It's a beautiful house and I certainly hope someone buys it that cares enough to restore her beauty!

Mona

She is a grand old gal - looking for someone to love her

I cringe at the sight of the water damage - such a shame.

I love old houses - I guess I would be asking a number of questions:

- What is the purpose of purchase - Is this investment? Primary residence?
- WIll you have a place to live during reno
- Do you have school age children? How are the schools
- What is the "commercial" influence?
- What do the surrounding properties look like & what are their values?
- how long do you intend to own the property?

I would def get a excellent Home inspector _ think Mike Holmes & the likes
My biggest concern is the amount of water damage and what if anything it has done to the integrity - we can only see the obvious staining on interior (assume plaster) - what is underneath that? *** The thought of all that plaster having to be demo'd makes me cringe***
Follow up the inspection with a General Contractor to scope out the overall cost of renovation- then add 25% to that (at least!)

Its been on the market for nearly 3 months - If you are still considering after doing diligent investigating I would offer 20-30% less than asking price

Best to you

Thank God we have people like your DD or we could have a big modern thing for the White House, double yuck.

....Jane

Lots of character and charm. Yep I would do it.

Mona, I sent you a message about the Harbor View house through your My Page.

ML

Just my thoughts, knowing the area....It's a wonderful house, in a location that has sadly become, 'iffy'. Lot's of crime just 3 blocks away. Resale, after reno may be hard. If the same house was just 5 blocks to the south, it would be a great find.

ML

ML, got your message and have responded. Many thanks!!!

Mona I think they are on the low side for those costs. That might be the HD replacement value...even then I think it's too low. Rewiring and replumbing a house is not cheap! The plaster isn't such a big deal (lots of hard work to fix or replace but can be done for little expense if you do it yourself).

Our neighbor is in a FABULOUS home much like that one only in a little worse condition...plaster wise, but the electric had been redone. They are doing their own plaster (the old fashioned way...god love them) but you can also repair with drywall and it's invisable. Anyhoo...they're in over 300,000 and about 50% complete. The plumbing was incredibly expensive. And we don't even want to even talk about the extra cost for lead abatement...

I'm not saying don't do it, but I think it's a 300 plus project easily and grant money does not exist for the majority of these types of projects. Even for registered homes. Unless there is some local money (and usually that's not money...it's things like decreased taxes or a hold on increasing them based on the increased value after restoration). There are business grants, but given they want to make it a home...there isn't anything federal right now.

I applaud their drive and hope they can go forward, but they should do so thinking that there won't be money from any outside source so they are not suprised and have to live in an uninhabitable home.

You might steer them to theoldhouseweb.com. Have them visit the forums and ask lots of questions. It's full of passionate old house lovers who will tell them "like it is". They've been an invaluable resource to me in my short journey.

Oh My that house could be incredibly beautiful. I love the refinished floors. they show what the other floors could look like,. I also love the wrap around porch. Remodeling is often a lot harder then building a new house, but old houses have so much more character then the new cookie cutter houses. For an old house the rooms look spacious. (Usually the rooms were small in old houses.) Good luck in what ever you decide. I would certainly have have someone look at it to make sure its structually sound.

I can always look behind what "a house looks like now" to "what it will look like once I'm done renovating it." This house is very charming so I'd say yes, providing I had the time and money to restore it and it was a great deal for the area.

Having said that, I agree with newdawn in that I'm gun shy right now. We've been fixing up our house forever and it's had all sorts of hidden electrical and plumbing issues. Every time we open a wall we get a new surprise and it takes three times as long to finish any project. Right now I'm of the frame of mind that I do not want to buy another fixer upper, but that may change with time.

Isn't remodeling a bit like childbirth, where you eventually forget the pain and want to do it again?

We have many friends and relatives that are tradesmen so that's why we're thinking the costs might be less than expected. Our nephew is a plumber; my husband's best friend is in AC; another friend is a general contractor. We'll see. I know it's a lot of work, but they seem undaunted.

I'd love to have them find a house in better shape that has had some work done but still needs more. I can't drive, but I've talked my DH into driving me down to S.Tampa to take a look. Maybe one will be promising.

I used to live in Tampa for a short while and I *adored* the S. Tampa area! Such a neat place to live! That said, I'm not sure I would have the emotional, physical, and financial resources to work on that house. However, if I did...I'd go for it.

Been there...done that. Never again.

We bought our 6500 sq ft Arts/Crafts house 10 years ago. This house belonged to DH's grandfather, so has been in the family forever. Grand old house that sits in the middle of an entire city block. (that means 4 front yards!). Thought we got a bargain at $115,000. We've spent at least 5 times that amount restoring, renovating, and making her livable again. Don't get me wrong, it's beautiful, but I'm absolutely worn out keeping up with the place. Have had it on the market for almost 2 yrs for $449,000. Had 1 showing. They really wanted it, but had a home to sell themselves. Reduced the price last spring to $399,000. Haven't had another showing. I don't even think we'd get a showing until we bring it down below $300,000. Or maybe even lower.
Remember the movie "The Money Pit"!!

Oh, my dear! What a lovely house...but judging from the listing photos and the local information in the other posts, it would break your heart. Never mind what it will do to your bank account.

In my view, that's a house that might best be bought by a foundation or arts organization that wants housing in an historic house, and has the resources to bring it back, and keep it safe in its iffy area. Sadly, in these times, those folks have their hands full just trying to keep the lights on.

I'd heave a sad sigh, and move on. Like saying a last good-night to an adorable, romantic man with a bad reputation and an unrepentant thirst for gin...

No one but someone intimately knowledgeable about prices in that area is qualified to tell you what it is worth.

I wonder how old the water damage is and if it was fixed and just not cosmetically repaired or is ongoing.
Who said it needed all new electric or plumbing? Lots of people share their opinions but I'd want to make sure it was someone who truly knew and not just someone who is handy who told you.
It is offensive to say never to use the engineer that the agent recommends. I usually give several companies and never would give anyone that was not thoroughly professional. If I want future referrals, you had better believe I only would want a fair report done. (Can you tell I am an agent, lol?).
Nothing can drive an agent battier than people giving their uninformed opinions as facts and often with a ton of conviction more than a professional does.

Now, that all said, I would get several opinions from contractors as to what would be involved in fixing it up to habitable and also what it would take to make her grand again. The engineer can give you a ballpark on certain things but is often out of touch with actual real world costs. They are better suited to say what needs doing than to say how much the bill will be.

I think the home is stunning and the fact that it is near commercial is a quite common thing. Many times, the older grander homes in a town are on or by the main drag. if I got the right house, I'd take the busy location every time.

I love old houses and that place and its yard look like they could be stunning. My personal take is that for someone to spend that amount for a house (taking into account the purchase price plus what you put in it plus any profit you'd like to make) it would have to be in an area with good stable public schools and near places of employment. I suggest checking out greatschools.org to see what the local schools are like (i'm not sure from your post how well you know this area). I currently live in an area where, if someone is up to tackling a fixer upper, they can typically get their money back when they sell because it is an area with nice schools and major employers.

I love old houses, so I can understand wanting to save this one. Others have covered the pros and cons very well.

Location would worry me most, assuming that money and the other pitfalls have been addressed. A neighborhood that works for adults who don't have children can be a completely different kettle of fish with kids. Would there be safe places to play? Would there be playmates nearby or would the kids always have to travel to socialize? Any school district can decline, but the risks are higher in an area that's near a commercial area. Will it be possible send the kids to private schools or to sell the house without significant loss before the kids start school?

The neighborhood schools are very good. The roof was replaced 5 yrs ago, so no recent water damage has occurred.

My DD is being very open minded about the prospects and doesn't want to do something really stupid.

I intended yesterday to drive by a house a forum friend suggested I look at. The spirit was willing but the flesh was weak. I overdid my walking and therapy exercises and I was bone tired and had no energy to get in the car for the ride. I'm so disappointed I couldn't make it.

Lots of potential red flags.... doesn't need a "facelift" but rather a new roof, leak damage repair, maybe plumbing repair, and mold remediation. Obviously needs a boatload of floor refinishing, new flooring, or carpeting & an extensive paint/wallpaper/paneling job. I suspect the windows aren't opening and closing easily - wood framed houses always sag and the window openings get out of square.

Strange with all the pictures they don't show you any of the most important parts of the house. There is a kitchen in here somewhere, right (how often are there no photos of the kitchen in a home advert? What are they hiding?) Only one of the five bathrooms is shown. If there's any basement or attic, it's not shown. Don't know what the side or back yards look like. No garage or carport evidenty. Check zoning and living restrictions if you're not familiar with this locale. That tree dominates the front view - I'd probably chop it, and I don't like chopping trees. Don't know anything of the structual integrity. Can't see anything obviously wrong with the electricals - have a real electrician inspect this and see if it really needs an update (or a 2nd panel); likewise have a real plumber look at the aquaducts. Also inspect HVAC in a house of this age, and with old houses, check for asbestos, lead paint, and the usual old-house hazards.

Rooms are sure nice and big. Layout looks uninspired though, but I'm lost without a floorplan. The big porch is nice. It's been on the market for 3 months w/o sale = overpriced. Proceed with caution.

The house looks like it should be in a Bing Crosby movie............Holiday INN.
I think it's lovely, course I'm a old house lover.

Love the house itself, but for me - no. The small lot is a big minus for us, that and the commercial area around it. I've got to have my wide open spaces. LOL

tina