Sometimes an usual architectural feature can reveal hidden value, but this home is not one of those. The is a bathroom on every floor, so that intrigued me, but the upper floor bedroom has no wall between it and the open cathedral ceilings in the main floor living room. Anyone trying to sleep upstairs would hear and see everything happening on the main floor. The kitchen reflects that “I hate to cook” mentality of the 1970’s with a narrow cooking and prep area that is away from the main living room. These galley style kitchens are the bane of the era. You can’t fix them because in this case there is no way to open it up to the rest of the house. Down stairs, just one bedroom and one bathroom, so it is not really a separate sweet, just a set of stairs up and down between the sleeping quarters and the rest of the house.
We have seen a lot of homes in the $300,000 to $325,000 price range in Wildwood. A ranch floor plan on a flat lot is a much better value, and we have seen several of those for this same price tag. It will be interesting to see what this one sells for. Functional obsolescence can’t be determined from the MLS stats. You have to go and look at the house and ask yourself, how would the space be used? In this house, the answer is, “not well” Does that mean no one will buy it? No, what it means is the seller will have to discount the home to point where buyer resistance to the floor plan is overcome by the discount in the price. That number, that exact “discount” is comparable with other functionally obsolete floor plans, and combined with the stats from the sale of other homes in the neighborhood a complete picture of buyer preferences and the premium buyers are willing to pay for the most desirable floor plans can be ascertained.