Saturday, January 12, 2008

Fixer upper house in Gilroy

From today's San Jose Mercury News

Bill and Beth Scozzola bought a three-bedroom house in Gilroy at an auction in July, redid everything from the floors to the plumbing to the kitchen sink, then put it on the market in September for $599,950. They've had no offers. So this week they parked a brand new, $18,300 Honda Civic in front, and plan to give it to whoever buys their property.

"Everybody's sitting on the fence," waiting for home prices to drop more, said Bill Scozzola, who has been rehabbing and flipping homes like the one on 7289 Dowdy Street in Girloy for nearly 10 years. "To me they're missing out on good opportunities. I'm willing to wheel and deal on this."

There are missing data in the article: The house is fifty eight years old, Scozzola family bought the house just for $378,000 last summer (data from Trulia). He wants to sell it for $599,950 in six months. What are the improvements completed to make it worth this much?

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