Ben Sage - Woodstock Ontario ON Real Estate Sales Representative (Realtor)

MLS # 60-324 - $385,000

DESCRIPTION

This absolutely gorgeous Victorian Queen Anne home has been lovingly maintained and meticulously updated. This circa 1885 executive home is located on the square overlooking Victoria Park in the extremely desirable, prestigious Old North area of Woodstock. You will be just minutes from many amenities, such as highways 401 & 403, Woodstock Collegiate Institute (public high school), Central Public School (kindergarten – grade 8), downtown shopping, Woodstock Art Gallery, Woodstock Museum square, restaurants, Lions Pool, Vansittart Park, the hospital and other emergency services.

HISTORIC SIGNIFICANCE

Originally built in 1885 by Helen and William VanIngen, the ownership lineage of 399 Drew street boasts an impressive collection of professional figures, including William Knowles, longstanding bank manager of CIBC, and E.P Hodgins, principal of Woodstock Collegiate Institute and is currently home to the former proprietors of Currah’s Farm Store, and Woodstock Home Hardware, and of Currah and Company Interior Design and Home Staging.

ARCHITECTURAL DISTINCTIONS

Described as the most elaborate and eccentric Victorian house styles, the Victorian Queen Anne utilizes technologies made less-expensive by the Industrial Revolution. Cut field stone foundation
Full 2-storey L shape, white brick with red brick accents above windows, horizontal parallel lines, dog tooth brick work under windows and along strung course. Gable roof with projecting eaves, decorative wooden vergeboard with center pendant post in gable end over 2 storey bay window, small floor under gable, Flat 1/1 flat double hung windows, A-symmetrical veranda, Original Stained glass window

THE CHARM OF YESTERDAY, WITH THE FUNCTIONALITY OF TODAY

You will be awestruck viewing the fourteen exceptionally large rooms, completed with pristine original trim work, unique ornate corner blocks, 10 foot ceilings, and flawless hardwood throughout. The original plaster walls have been restored and repainted in pleasant neutral tones. The building also boasts such modern amenities as copper wiring with 200 amp service, completed in 1996. Every bedroom, the kitchen, family room, and upstairs office has been wired with Telephone and Cable service. The supply plumbing has been updated with ¾" copper to most of the house. The structure is heated with a High Efficiency forced air gas furnace, and cooled with Central Air conditioning. The triple-brick design and original sash & pulley windows provide excellent insulation. You can live comfortably knowing that the entire roof, including the flat portion, was replaced in 2003. At that time, the chimney was rebuilt as well.
Forget lugging a vacuum cleaner upstairs, this house has a central vacuum system, equipped with two sets of attachments – one for each floor.

Step inside this wonderful home and be amazed!

For more information, to book a private tour, or to design a marketing plan for your own home, please contact:

Ben Sage, Sales Representative
Sutton Group – Right Way Real Estate (2007) Inc., Brokerage
Independently Owned and Operated
Brokerage: 519.539.6194
Agent Cell: 519.532.1295

Can We Give You Some Advice for Pricing Your Home?

When pricing a house, our Real Estate Team definitely does not simply plug numbers in a calculator and spit out a price. There are a few methods that we generally use to determine a fair asking price for your property.

1. Market comparables are used; recently sold houses, expired listings and current market competition.
2. We then weigh the overall quality of the home, the demographic currently buying and their unique needs, and overall market volume in order to assess value.
3. The third method that we use is a Market Value Inflation formula to statistically determine a proper value of your home. This particular formula is fairly specific to our local market within Oxford County and does take the
Toyota impact into consideration.

The Market Value Inflation formula:

Normal market conditions dictate a 2-3% increase in value per year assuming proper renewal has been performed (such as furnace and roof replacement) and good general maintenance. It does not consider major upgrades or renovations. Additionally, we can statistically prove that the announcement of the Toyota plant construction in Woodstock did trigger a 23% increase in property values locally through 2005 and 2006.

For example A house purchased in Woodstock in 2004 for $150,000 could presently be worth $196,000 (as of Feb, 2008) according to the Market Value Inflation formula.

The value of the house increased 30-32%, that is:

23% (the Toyota factor) + 2.5% for the remaining 3 years (Inflationary pressure)

Therefore, $150,000 + $46,500 = $196,000, or, a very good investment!

It is important to note that this formula is not a hard-and-fast RULE for value assessment of property however, it can help you test your own reality and ensure you are prepared for the potential value of your home. It is also a key part of our three step process for market value assessment.

A word about Renovations and “Flipping houses”

A Seller who needs or wishes to sell within 1-2 years of buying will be challenged to recover the costs associated with buying and selling houses (such sales commission, legal fees, moving expenses, etc).

Also, in terms of renovations, you cannot expect to receive dollar for dollar what you have put in to the house. Some improvements are simply considered good maintenance: Ensuring the home is in as good of shape as it was when you bought it, and generally keeping up to date with popular likes and dislikes. Major improvements will of course be considered separately by your Realtor. For example, a seller who has recently invested $10,000 in windows cannot necessarily expect to add $10,000 to the value of their property however, some minor aesthetic repairs and a fresh coat of paint may help the property sell faster, and ideally closer to asking price.

‘Flipping’ a house as a business includes different variables. Normally this is only possible if the house can be obtained though an opportunity to purchase below market value. A flipper must have access to inexpensive products and labour for renovations. Profit is also realized through tax benefits to being in the business of flipping.

This article reprinted courtesy of my team member and close ally, Drew Symons