The $1 Million Renovations Behind This 350% Listing Price Increase | WSJ Listing Price

Six years ago, two renovators purchased this home in Coeur d’Alene, Idaho, a luxurious lakeside destination with a competitive housing market. Since then, it has been completely remodeled with an updated kitchen, open floor plan, bathroom upgrades, and more renovations to raise the listing price to $1.8 million.
WSJ toured the home to learn about the renovations that led to this increase in the listing price, including moving the location of the front door to a different street.
Chapters:
0:00 Moving the front door
0:30 Before and after
1:03 Kitchen and living space
2:01 Bedrooms and bathrooms
3:36 Structural changes
#RealEstate #Renovations #WSJ

[@wsj]

Developers sit on empty lots after historic apartment boom: on.wsj.com/3x7iwQM

[@Azrael8]

That house isn't worth 1.8 million

[@jessiewonka]

It feels like a basement apartment.

[@zaheerahshareef8131]

Not at all. That house isn’t even worth $750k. This house MIGHT be worth $550k

[@minimalistic_banhaus]

Location!

[@davidlange7803]

Buying a 2 million dollar house with vinyl plank floors and whatever cabinets were on clearance at Home Depot

[@FinancialShinanigan]

Biggest renovation was inflation

[@jorsm.3893]

Home prices have nothing to do with regular inflation. The line "A competitive market for 2nd homes and airbnb's" in the video basically says it all ...

[@bobthemagicmoose]

You look at any place in Idaho and Utah over the past 10 years and it’s the same story. Californians selling their cramped condos and paying a million for a house in Idaho.

[@abdiganiaden]

The logic that housing as an investment and next generation will pay higher than previous seems unsustainable

[@GongChaLover]

Evident in countries such as South Korea and China as well where real estate was treated as investment to make money off of

[@CHMichael]

Looking back in history. Makes it seem exactly that way . ..... about 7% per year.

[@eddiemalvin]

There are financially stable and thriving European countries where homeownership rates are significantly lower than the US. It's absolutely sustainable but some people will have to embrace becoming a "renter nation".

[@CHMichael]

@@eddiemalvin they tend to have positive savings over equity in their real-estate and credit card bills. Ofcause in an environment like this sub prime lending institutions don't thrive as much

[@Alexqzd-mi1ni]

I am sorry but this is borderline ridiculous. Is crazy that we can justify these prices.

[@sirdiealot53]

Don’t pay it if you can’t afford it 😂

[@stephenpan6456]

804 E Wallace Ave, Coeur d'Alene, ID 83814 Was on the market for 110 days (listed on Nov 3, 2023, sold on Feb 23, 2024) Price sold was not disclosed, but seeing how it was only sold after almost 4 months it probably didn't sell close to the listed price.

[@michaelbcohen]

for that price I can get a 5-6 bed room house in the outerboroughs of NYC in a great neighborhood. This is ridiculous and overpriced

[@paxundpeace9970]

This home is in a vacation market or can work sell as an secondary home. People buying those homes already have a townhouse in New York and a Home in LA.

[@drmode]

A $400k to a $1.85M house in Idaho tells you all you need to know that that the market will crash. Greed is why houses are not selling, and the market is frozen.

[@V8-friendly]

But you gotto give it to them: They found an idiot from California who purchased it near asking price as the report stated here. 🤯

[@02nupe]

@@V8-friendlyprolly a value to the cali person based on they make more money there than in Idaho.

[@djp1234]

Are houses being used for money laundering like paintings now?

[@nancymcmonarch]

Isn't it awful? I particularly hate when they trash those charming older homes, which are often the perfect size for small families. Whoever was behind this ghastly "renovation" is typical of all house flippers---all greed, no taste.

[@SolaceEasy]

This might be a cheerful story for Wall Street and second homeowners but it's a terrible story for the local low end real estate market.

[@sa34w]

That house should cost like 300k max and 500k if you find really dumb buyers. 1.8 million isn’t even remotely the price of the house unless it’s in Japanese Yen. It looks like people are so out of touch with reality

[@vinylyearproject]

All it needs are some galvanized square steel, some eco friendly wood veneer and screws borrowed from aunt to renovate it into a fully functional house

[@pruthvirajshiv]

Not for David

[@EnronnSierra]

I'm glad I'm single, pass the house buying age. I'm happy renting until retirement, I'll move out of US to some cheaper country where my hard earned money will actually reward me for all my years of hard work. This right now with the housing market in a America is long term bubble/scam. Saying you have a 1.8 million dollar house is cool, but its still debt that you have maintain, pay property taxes every year on.

[@mkrieger0101]

Looking at other listing in that town and this is overpriced.

[@kendi1417]

The fact that they have no shame in saying this says a lot.

[@180_S]

Yeah there's a bubble.

[@-.TS.-]

Is this listing still available? This is a great price! Are all properties this reasonably priced in the area?

[@aelavia93]

if i were dying and was given one final wish, my wish would be this fugly house remains unsold forever

[@vsznry]

Basically, think ahead & of all possible consumer whims. Im sorry, I hate tubs & am taking them all out. Not compromising on that.

[@ExplorewithMohammed]

I am a director for a European manufacturer and we deal with luxury home in DMV. This home is poorly renovated and cheaply done. Agreed, definitely not worth 1.85

[@TheLazyLabrador]

Oh, you moved a door so that raises the price by *looks at notes* over 1 million dollars?

[@madhavyu]

So you didn´t watch the video.

[@TheLazyLabrador]

@@madhavyu So you don’t understand hyperbole?

[@madhavyu]

@@TheLazyLabrador What is this...looks at notes...hyperbole that you speak of?

[@nancymcmonarch]

So they gutted a cute, cozy little bungalow and made a blah, cheerless blot on the block, with nearly no natural light, and more room than most families need. Bleccch.

[@Xenon-4300]

The entire floor plan looks so re-worked that its akward to me. I don't find any of the spaces to feel natural, it seems so forced. And $1.8M in Idaho. Heavens.

[@kyungshim6483]

My house is dated and things will eventually start falling apart. I will have to do some real renovations someday. I will have to do most of it or all of it myself. Never used a power tool before. It all seems so overwhelming. 😥

[@RayRay109G]

The more you have to explain why something is worth x dollars, the more likely you are being scammed.

[@937553]

Insane price! Not worth 1.8 Million.

[@nancymcmonarch]

No kidding! For that price you could get a nicer house right on the lake. Or in some other city that's not known for Patriot Front and other neo-Nazi neighbors.

[@180_S]

​@@nancymcmonarch the sad and scary thing is, for the right person, that is a selling point.

[@victoriadimon]

NVDA will follow this haha

[@alexeykulikov2739]

The US is the only country in the world that has cardboard homes costing enough to spent a whole life elsewhere. And then you pay the ridiculous property tax that pays for what exactly?

[@sa34w]

Go the Japanese way, Housing as a commodity

[@mastersinr]

feels very suffocating basement apartment

[@MossMini]

If you don't buy now, it will worth 2.5m in 3 years

[@joebullwinkle5099]

When you are in the final frenzy stage of the real estate cycle anything and everything is going to sell for an eye popping price. In 2028 that house will likely have lost at least 1/3 of its value perhaps even 50%.

[@samuraijack1371]

This is how they fool people. Changing the door has zero impact on people’s quality of life.these are all gimmicks and they trap shumcks with such nonsense

[@Tom-fl9bb]

Does there live over 50 people in the house? One bathroom per people? It's unbelievable in my country..

[@khensley7057]

Exterior of house is ugly. Does not look like a 1.8M property at all.

[@fiamond]

So what did it sell for

[@stevengrey1505]

Them folks smoking good dope In Idaho

[@oneilwiz]

What a joke! For 1.8M you can live in a better neighborhood, larger home.

[@Seanpfree]

Disgusting how ppl have 2, 3, 4 homes when an entire generation is being priced out of the middle class, unable to obtain one.

[@02nupe]

I’m not made a person having more homes, Wall Street owning thousands upon thousands of homes is super problematic cause they have way more funds.

[@auro1986]

wsj gets them done for free

[@replay7776]

Almost no property, still a tiny lot - not worth 2 million

[@600tian5]

That house got no character!

[@Avsfan23]

Idaho sucks. You could give that house to me for free, and i would turn it down. I hate Idaho that much

[@alexanderzhukov3773]

Looks like a felony

[@pedrocaravia8166]

It is worse and more expensive. Never buy a house from a renovator. Trust an architect not a flipper.

[@alexandrugheorghe5610]

Meanwhile people struggle with homelessness

[@hippiehillape]

Eat the rich.

[@alonectorch7877]

evil

[@Daniel-es9dq]

Lol

[@JM-gz1ej]

It never worth the hassle, let along the over budgeting, to go through large scale renovation

[@nancymcmonarch]

And notice they don't mention what this tacky "rehab" really sold for. Far below the asking price, I'm guessing.

[@WillieFungo]

I already know the comments will be full of Gen Z and millennials whining.

[@attention_shopping]

cool to watch. def wouldnt want though lol

[@180_S]

Looks generic AF. What a joke.

[@AndreaDoesYoga]

Impressive renovation, definitely worth the price! 👏

[@patrickstevens2473]

scam

[@Osky305]

Who dafuq wants to live in Idaho 😂

[@exs10s]

Idaho and Montana have been two of the hottest markets since the pandemic. They're scenic, generally quiet, full of mountain towns and good vacation spots. But now that the secret is out, who knows, they're dealing with a lot of growing pains.

[@vhufeosqap]

Not you obviously

[@WillieFungo]

The video said Californians are moving there.

[@Arthur-ke9vz]

Not having black neighbors is my best selling point

[@02nupe]

Rent free in your mind. Meanwhile gentrifying is also up your alley. Selective narrative as usual 🤡