Groovy House is selling for less than asking price – why buck market trends?
Here’s a story about a beautiful house that no one will live in.
The mid-century ranch-style home featured on the 1970s sitcom “The Brady Bunch” was listed for $5.5 million and sold on Sept. 11 for $3.2 million to a fan who doesn’t plan to live there.
Tina Trahan, whose husband is former television executive Chris Albrecht, told the Wall Street Journal that she plans to use the house for charity events and fundraisers.
“No one is going to live in it,” Trahan told the Wall Street Journal. “No one would go out there making pork chops and applesauce in that kitchen. Anything you might do to make the house livable would detract from what I consider a work of art.”
While Trahan may think the house is unlivable, HGTV paid $3.5 million for it in 2018 and spent $1.9 million renovating it during “A Very Brady Renovation.” The designers added a second floor and doubled the size of the home from 2,500 square feet to 5,500 square feet. It has five bedrooms and five bathrooms.
Only footage of the exterior of the house was broadcast on television. The show was filmed on a sound stage. HGTV reconstructed the interior of the house to look like the house where the beautiful lady and the man named Brady raised their blended family.
While Trahan appears to have gotten a deal on the property, purchasing homes for less than their listing price is at odds with scenes playing out in real estate markets across the country where high home prices, mortgage rates and limited inventory are cited as barriers to purchasing a home.
In August, there were 1.5 million homes for sale in the United States, down 18.6% year over year, according to Redfin. The number of newly listed homes reached 536,703, down 13.3% year-on-year.
The median sales price of existing homes rose 1.9% from a year ago to $406,700, marking the fourth time the median monthly sale price has exceeded $400,000, according to the National Association of Realtors.
“Homebuyers are facing the toughest affordability conditions in nearly 40 years due to limited inventory and high mortgage interest rates,” said Jessica Lautz, NAR’s deputy chief economist and vice president of research at NAR. “The impact is exacerbated among first-time buyers who are more likely to be from underrepresented segments of the population.”
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This article The Brady Bunch Deal: Gorgeous Home Sold for Below Asking Price – Why Bucks Market Trends? Originally appeared on Benzinga.com
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