Can one home really sell 4 times in just 5 years? (and see a 37% increase in value)
On this weeks success story, we take a look back at the sale of 46 Portland Street. This is a home which we have successfully sold 4 times over the course of the past 5 years. We look at this home's history, how the property price has increased by 37% over such a short period and what the influencing factors were. If only walls could talk…..
46 Portland Street is a 2-bed period home located in the heart of Lancaster City Centre. You won’t find a city centre home much more central than this with such character and charm. In just a few minutes you are in the centre with all its shops, restaurants and bars. Lancaster Canal is just at the end of the road.
Built in the early 1900’s, our story begins with a lady owner in her 90’s. Sadly she had gone into care. The lady had lived here for almost 70 years. This home had been her marital home, the only house she had ever lived in with her late husband. As you can imagine it had been a well-loved home but for today’s way of living it now needed some updating.
I’ve been an estate agent in Lancaster for 17 years. Frequently we get called back to sell homes we have previously sold and it is always exciting to see how a home has changed. Never before though have we sold the same house 4 times in 5 years. I’ve loved seeing this homes journey. What excites me though is that it still has even more potential and possibilities for further development. Nobody yet has converted the basement, nor the attic. It could easily become a 3 bed home!
Welcome to 46 Portland Street, a home which has intrigued all of the JDG team. This is a home which was originally in the same family ownership for almost 70 years. Over the past 5 years, it has changed hands 4 times. It has also changed in appearance, considerably since it was first sold, although the layout is the same.
Each owner has had their own different reason for moving ranging from the original owner going into a care home through to one couple's job relocation and also another’s amicable separation. Never once has it been about the area. Interestingly, this home has also sold quickly each time - the longest it has taken to find a buyer has been just 8 days.
Let’s begin back in 2013….
There was something about this home. I knew it the very first time I saw it. I was excited by the homes potential and just how untouched it was. I sat listening as the owners daughter explained to me that her Mum was now in care. As I explored the home, excited by the original features the home had retained, I also felt a little saddended that this ladies pride and joy was going to get transformed. I found myself promising that we wouldn’t sell it to a student landlord. It was a request of the family. The cooker you see on the photo was the couple wedding present. It originally worked off a gas bottle in the 1940’s, however, in the 1970’s they had it converted to mains gas. Fascinating don’t you think? The home sold in just 3 days. It was purchased by a lady for her Mum. They lived very close by and Mum was getting older. Despite the work needed they thought it would be perfect for her needs. It sold for £135,000
In 2016 we were called back to sell this home again. Sadly the new lady owner had passed away and the home needed selling. As you can see from the photo’s, it had changed considerably. The home had been re-wired, gas central heating installed and
both the kitchen and bathroom had been replaced. With all the changes it sold quickly and for £24,000 more.
Martin was now the new owner of 46 Portland Street. Both him and his partner loved this home. They had in fact missed out on it previously. For them, the home still needed some works. The survey had picked up damp issues so they quickly sorted this ( this also meant some re-plastering ). They also repaired the original roof over the bay window in the lounge and re-rendered the chimney. Over £8000 was spent on improvements which also included adding additional wall cupboards in the kitchen to give more storage.
They were delighted to discover the original stone floor under the dining room carpet. However, soon they were torn. Martin had been offered his dream job. Commuting was not an option! We sold the home in 2017 for £170,000. The buyer was found in just 4 days.
We were suprised to get called back to Portland Street just 8 months later. Life had taken this couple in different directions and the home needed to be sold. In theory, little had actually changed. The home was beautifully presented and looked in many ways like it had stepped out of a magazine. The couple did not want to lose money, so we worked out a plan which aimed to ensure they would at least financially break even. We studied our competition closely. The front door was painted to make the home look different online - after all, such a short period of time had passed. A buyer was found at £185,000 in just 8 days!
Can we help you move? Can we help you achieve the best price for your home? At JDG we love to help. Call us on 01524 843322 and Michelle or Darren can work out a tailored, bespoke moving plan, just for you!