March 7, 2009 Charles Goodman, Hickory Cluster, Price Drop, Reston, Townhouse, Virginia

(Sold – 4/2/09; $125K) Further Price Drop: 1965 Goodman Townhome in Reston – $141K

This Charles Goodman Hickory Cluster townhome I mentioned here is now listed at $141K. Originally listed at $239K. Whose looking for a project?

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  1. Anonymous — March 11, 2009 @ 8:12 am         Reply

    has anyone been to see this ? what the heck is going on with it? knockdown or is it salvageable?

  2. Anonymous — March 11, 2009 @ 1:05 pm         Reply

    My wife and I looked at it. It’s a TH with only 1 parking space, serious roof and mold damage, and dog urine saturated into every available surface. Even with those problems, it could prove to be a fun project for someone interested in a complete gut and restore job who just happens to have a spare $150,000 to spend on top of the asking price.

  3. Lexy — March 16, 2009 @ 4:15 am         Reply

    I agree, my husband and I took a peek at it yesterday (through the windows and walked around outside) and you can see that it is pretty much a shell, barely, to work with. Like the comment before, you can see mold damage, electrical work needing to be done, new windows, flooring, etc. It is very close to Reston Town Center and 267, so seems like a great location. It does look like a fun project though, for someone who has the cash to throw at it.

  4. Alex — March 16, 2009 @ 12:23 pm         Reply

    It needs a MASSIVE overhaul in an aging neighborhood that will not provide any return for the investment. That’s the ugly truth of it. I saw this place a while back and it basically needs to be gutted and redone anew. New floors, new hardwood, new windows, new kitchen, new drywall….LITERALLY everything needs to be replaced.

    Plus the Lake Anne area in Reston isn’t exactly on the up and up. While it’s probably safer than it was in the late 90’s, I seriously doubt that it will ever be “like it was” when I was growing up.

    On top of that, the HOA probably needs a firm talking to. There’s potential here, provided the right folks move in, toss out the current board, and work on beautifying the place. ALL the external concrete surfaces could do with a serious power washing, tenant rules need to include/enforce not placing extraneous crap in the parking bays, needs more landscaping…etc

    The list goes on and on, and the final question is, is it worth it? You simply will not get a return on the $100-150K that you’re going to have to sink into this place when the end unit TH next door looks like it has squatters living in it…

  5. Mid-Century Mike — March 16, 2009 @ 5:50 pm         Reply

    Looks like there is a contract on it. We’ll see what happens.

  6. steve — April 8, 2009 @ 6:31 pm         Reply

    That sucks. I bid higher. $125k must’ve been cash.

  7. michael @ hickory cluster — January 3, 2011 @ 3:49 pm         Reply

    Let’s see …

    Bought by Hickory Cluster resident Realtor and Developer partner from Citibank on April 6, 2009 for $125K.

    About $100K in renovations invested. Decent (but could have been better) rescue job on a mid-range unit in very bad shape from serious owner neglect. Every neighborhood has such problems, even Hollin Hills.

    Bought by another Hickory Cluster resident on July 6, 2009 for $329K.

    So … that means about $329K-$125K-$100K = $104K profit, minus miscellaneous expenses.

    Or about $104K/$225K = 46 percent ROI for 3 months effort.

    Or about 4 x 46% = 185 percent ROI annualized.

    AND the current owner is generating monthly income from tenants.

    Not bad.

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