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Housing market in Fayetteville


mzweig

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We had an open house today at my house at 412 E. Lafayette ("Sweet Lafayette") and more than 125 people came through it. My realtor said it was the most successful open house of his career. I would say this is some indication of the strong housing market in downtown Fayetteville! I am hoping to get another house in Washington-Willow under agreement this week.

They don't make any more houses like that, the market will never be flooded with them. There can be a hundred new tract homes built a day and it doesn't dilute your market much.

In fact as NWA grows I think it pushes those homes up in value even more briskly as they stand out and to quote a cliche "have more character".

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They don't make any more houses like that, the market will never be flooded with them. There can be a hundred new tract homes built a day and it doesn't dilute your market much.

In fact as NWA grows I think it pushes those homes up in value even more briskly as they stand out and to quote a cliche "have more character".

That and many people up here looking for homes can't afford new homes, especially when older homes offer "more bang for the buck."

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That and many people up here looking for homes can't afford new homes, especially when older homes offer "more bang for the buck."

Actually, older houses in these neighborhoods are more expensive than new houses. My house on Lafayette is selling for roughly $200 a square foot and new houses are substantially cheaper than that. Low price is not driving this area.

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Actually, older houses in these neighborhoods are more expensive than new houses. My house on Lafayette is selling for roughly $200 a square foot and new houses are substantially cheaper than that. Low price is not driving this area.

Yes but these aren't just "older homes." They are in the historic district, near Mt Sequoyah, downtown, and the University. A very coveted area of town. I hope that you get the house sold quick, I pass it at least once a day and it looks great.

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Yes but these aren't just "older homes." They are in the historic district, near Mt Sequoyah, downtown, and the University. A very coveted area of town. I hope that you get the house sold quick, I pass it at least once a day and it looks great.

Check out our little project house at 286 S. Church Avenue some time, just down the hill from Loafin' Joe's. This one is for my daughter. It's coming out great--a small 1879 Victorian. Was a hideous vinyl-sided falling down pile a few weeks ago.

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Check out our little project house at 286 S. Church Avenue some time, just down the hill from Loafin' Joe's. This one is for my daughter. It's coming out great--a small 1879 Victorian. Was a hideous vinyl-sided falling down pile a few weeks ago.

Ah 1879, now you're making me curious. Does it have a name or do you know any history behind the house?

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Ah 1879, now you're making me curious. Does it have a name or do you know any history behind the house?

I do not. All I know is it was originally a tiny two-room shotgun shack, then had two more rooms added about 1900, then had the back porch converted to a kitchen somewhere along the way. We did find newspapers stuck to the wall that had Garfield getting assasinated!

I just got a contract on another house today. 413 Willow. Will be a total rehab. One house off of Lafayette, about two blocks from my other house over there. I'm excited. This one will probably be more Victorian as it was built about 1900. Looks bad now-white vinyl siding. Yuck!

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Check out our little project house at 286 S. Church Avenue some time, just down the hill from Loafin' Joe's. This one is for my daughter. It's coming out great--a small 1879 Victorian. Was a hideous vinyl-sided falling down pile a few weeks ago.

yeah, a buddy of mine and i were considering refurbing this house at one point. but when we went inside and saw the extent of the dilapidation and the foot and a half of water standing in the basement we decided it was more than we were willing to take on. excellent location though and so far what you've done looks good.

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That and many people up here looking for homes can't afford new homes, especially when older homes offer "more bang for the buck."

Well, older meaning 1950s to 1980s probably gets you more "bang for your buck". Pre-WWII houses actually will cost you a good bit more than new construction unless they're in an awful neighborhood.

The areas of Fayetteville mentioned as well as Hillcrest and the Heights in Little Rock cost you a hefty premium to live in. Most of these areas go for more than $140 per SF and in the Heights that number is probably more like $200-250 per SF. I expect many of these Fayetteville neighborhoods to be in that price range before long, especially those that are heavily renovated.

One thing you always have to consider is that "new" houses become out of date quickly and they can be difficult to sell with an abundance of similarly-priced new construction. There are houses in Rogers and West LR built 10-15 years ago that are now decidedly out of style. Pre-WWII era homes will essentially never go out of style at this point. From an investment standpoint I think older is definitely better, though it also comes with many more headaches.

From the standpoing of livability, though, some people just prefer more space and fewer headaches that you get with a newer home. I certainly understand that viewpoint as well.

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yeah, a buddy of mine and i were considering refurbing this house at one point. but when we went inside and saw the extent of the dilapidation and the foot and a half of water standing in the basement we decided it was more than we were willing to take on. excellent location though and so far what you've done looks good.

Yep, we corrected all that. New sump pump, new foundation down one side of the house, lots of new piers under the kitchen, new porches front and rear, lots of shoring up. All new plumbing, electrical, a second bath. Blasted out a lot of walls and raised all the ceilings, including vaulting the ceiling in the kitchen. New windows, new doors, roof repairs, rebuilt chimney, all new cabs and appliances, and we're even installing wood floors throughout. We will still have $30K less in it than it will appraise for, I predict.

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  • 1 month later...

I just got a contract on another house today. 413 Willow. Will be a total rehab. One house off of Lafayette, about two blocks from my other house over there. I'm excited. This one will probably be more Victorian as it was built about 1900. Looks bad now-white vinyl siding. Yuck!

The house at 413 Willow was considered a "contributing" structure when the Washington-Willow historic district was formed. Please contact either the city planning office or the Arkansas Historic Preservation Program to learn what the house looked like when it helped qualify the district. The state can offer recommendations on historic preservation rehabs so that the structure can be true to his history and continue to be a "contributing" structure. Too many houses in our neighborhood are being "fixed-up" very nicely but significant changes to the front of the houses (interior changes don't matter) are diluting our status as a National Register Historic District.

http://www.arkansaspreservation.org/preser...cal-assistance/

RESOURCENO HISTNAME ADDRESS&# CONSTYEAR CONTRIBUTING

WA0513 HOUSE AT 413 N WILLOW WILLOW, 413, N 1895 C

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The house at 413 Willow was considered a "contributing" structure when the Washington-Willow historic district was formed. Please contact either the city planning office or the Arkansas Historic Preservation Program to learn what the house looked like when it helped qualify the district. The state can offer recommendations on historic preservation rehabs so that the structure can be true to his history and continue to be a "contributing" structure. Too many houses in our neighborhood are being "fixed-up" very nicely but significant changes to the front of the houses (interior changes don't matter) are diluting our status as a National Register Historic District.

http://www.arkansaspreservation.org/preser...cal-assistance/

RESOURCENO HISTNAME ADDRESS&# CONSTYEAR CONTRIBUTING

WA0513 HOUSE AT 413 N WILLOW WILLOW, 413, N 1895 C

The white vinyl siding, low front porch with wrought iron rails, and 1960 era replacement windows are not worth preserving here, Thia. I can assure you that what I do will look far more appropriate for the age of the house than the way it looks now. I will make significant changes--shingle siding, clapboards, taller windows, etc. Whatever I do won't dillute our status, rest assured! I appreciate the info, tho, and will check it out.

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  • 8 months later...

Hey, All. I still contend that the market in the best parts of Fayetteville is very tight. In addition to the houses I am redoing at 413 N. Willow and 523 E. Rebecca, I just struck a deal to buy a house a 204 W. South Street. It's across from my daughter's house at 238 S. Church Avenue and has almost 1300 square feet plus a two car garage. It will be completely redone, top to bottom, with a new cedar shingle and clapboard exterior. It should be affordable, relatively speaking, and I predict a lot of demand for it just like I am seeing on the other houses I am doing. Time will tell--but it is still very hard to buy out there. I make offers every week.

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  • 1 month later...

I bought two more houses in downtown Fayetteville recently. 204 W. South Street is one--just closed on it Monday. Will be a total rehab and get a big porch, new two-car garage with apartment above, etc. This is great location, I got it for a good price, and it's in very poor condition. It is right across the street from my daughter's house at 238 S. Church Ave.

I also have a contract on 534 N. Willow, a block from the house I just finished at 413 N. Willow. I will close on 534 in a month or so. 413 N. Willow is going on the market this weekend. We will have an open house on Sunday. If anyone would like to see a properly redone old house--with every detail finished to a high standard--come by this Sunday between 2 and 4 pm.

534 N. Willow will be a total rehab--very high end--similar to 413 N. Willow.

The house we are redoing at 523 E. Rebecca is very exciting. A really cool bungalow--all cedar shingled--new windows, porches, garage, etc. Lots of neat detailes on this one.

M

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You seem to take great pride in your work which is a rarity in an age when the ends are more important than the means to the ends. I wish I could afford one of your houses as you make them sound as appealing as gourmet food. I just hope you're leaving plenty of older houses alone so some of us can still afford to buy a house in Fayetteville! :lol:

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You seem to take great pride in your work which is a rarity in an age when the ends are more important than the means to the ends. I wish I could afford one of your houses as you make them sound as appealing as gourmet food. I just hope you're leaving plenty of older houses alone so some of us can still afford to buy a house in Fayetteville! :lol:

I do love it. We still have plenty of tired old houses over here for you to fix up. Come on down!

Here's a link to my 413 Willow project that just went on the market today. http://cottageonwillow.com Check it out if you want to see what I really do with these houses.

M

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I do love it. We still have plenty of tired old houses over here for you to fix up. Come on down!

Here's a link to my 413 Willow project that just went on the market today. http://cottageonwillow.com Check it out if you want to see what I really do with these houses.

M

Very, very nice project. Your talent is revealed in this one. Keep up the great work!!! This adds to the charm of Fayetteville.

Did I say "attaboy"?

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I do love it. We still have plenty of tired old houses over here for you to fix up. Come on down!

Here's a link to my 413 Willow project that just went on the market today. http://cottageonwillow.com Check it out if you want to see what I really do with these houses.

M

Hey Mark, how many homes have you done in the historical area so far?

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I do love it. We still have plenty of tired old houses over here for you to fix up. Come on down!

Here's a link to my 413 Willow project that just went on the market today. http://cottageonwillow.com Check it out if you want to see what I really do with these houses.

M

That is stunning considering how difficult these older houses are to work with compared to new construction. If I had an extra $600,000 lying around, I'd buy it.

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Hey Mark, how many homes have you done in the historical area so far?

I have done my house @ 59 E. Prospect, my guest house @ 65 E. Prospect, a modest interior redo and new roof of the house I sold my in-laws at 100 E. Skyline, managed my daughter's complete redo at 238 S. Church, the house and guest house at 412 E. Lafayette ("Sweet Lafayette"), the house at 413 N. Willow, and am about halfway through with the house at 523 E. Rebecca. We just started on 204 W. South Street and will be closing on 534 N. Willow late in March. That's all for now. I am planning on ramping up and doing about 4-6 projects a year if the market doesn't get too, too bad and I don't run out of dough.

M

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That is stunning considering how difficult these older houses are to work with compared to new construction. If I had an extra $600,000 lying around, I'd buy it.

Aw, shucks...thanks. I really do this for the joy of it. It is something I have always loved to do. We have a really great crew that works together on every job and we all love it. I am also an HGTV addict!

M

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I have done my house @ 59 E. Prospect, my guest house @ 65 E. Prospect, a modest interior redo and new roof of the house I sold my in-laws at 100 E. Skyline, managed my daughter's complete redo at 238 S. Church, the house and guest house at 412 E. Lafayette ("Sweet Lafayette"), the house at 413 N. Willow, and am about halfway through with the house at 523 E. Rebecca. We just started on 204 W. South Street and will be closing on 534 N. Willow late in March. That's all for now. I am planning on ramping up and doing about 4-6 projects a year if the market doesn't get too, too bad and I don't run out of dough.

M

Not too bad, I noticed the house on Rebecca the other day and saw your sign there. That still sounds like a good number of projects to be doing at once. Still, the ones I have been by or have seen the pics are very impressive.

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Aw, shucks...thanks. I really do this for the joy of it. It is something I have always loved to do. We have a really great crew that works together on every job and we all love it. I am also an HGTV addict!

M

Well then, I think you're crazy, but I'm certainly glad you like it! :D It makes your work all that much more rewarding when you like it. I remodeled our house in MH five years back and althought it was fun, I'm not good at it and it took forever... I don't think I'd make a very good living at it.

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Aw, shucks...thanks. I really do this for the joy of it. It is something I have always loved to do. We have a really great crew that works together on every job and we all love it. I am also an HGTV addict!

M

Your impact on the community is great. Every building counts! You are adding to the legacy of Fayetteville. Nice job!

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