5112 E Camino Alisa was one of those spec renovations where the builder/investor buys an older home tears most of it down and rebuilds. A very popular and often profitable past-time a few years ago.
It was originally built in 1972 as a 2100sf slump-block Territorial,
which they paid $375,000 for, $5000 over list, in June 05.
And after doing their thing, it was reborn in April 08 as a 3558sf frame-stucco contemporary, listed for $950,000.
But timing is everything and by April 08 it was way too late.
This is in Skyline Belair, an older community in the central foothills, with many older homes in dire need of renovation. But most of the renovation craze in Skyline Belair only took-off after investors in Skyline CC, it’s wealthier neighbor to the north, paved the way with successful renovation/rebuild projects. And by then the end was near.
So from $950 it went to $875, to $849, to $775, etc, etc - meanwhile going through 4 listing agents – and finally reaching $577,000, it sold the other day, for $577,000 -$162/sf.
I showed this house a couple of times earlier this year and, though it wasn’t perfect, it was a lot of house for the money. The problem was, it was one of just a handful of homes in this community that had been renovated. So it sat amidst much older, less up-to-date homes. And for now it will likely remain that way.
But with it’s prime location and nice lots with good views, when things do get going again, I think Skyline Belair will once again be ripe for investment and renovation.
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to find your Foothills home
