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Could TLC Make This Bainbridge Foreclosure Worth $1M?

Foreclosures happen, and sometimes they are expensive; but maybe they're a good deal. Grand dreams available at discount prices.

Buying foreclosed properties is a foggy business. It must be. Look at the photos. There's a house on Bainbridge that could use some TLC to turn it back into a 4 bedroom, 5 bath house instead of just another property. There's an estimate that the house is worth about a million; but, the asking price is $714,900. It looks particularly appealing when you check the price per square foot; it is only $7. $7 per square foot? That may be because the listing could use some TLC too. The square footage of the house is probably 4,292 square feet, not 108,900 square feet. That's probably the dimensions of the 2.5 acre lot.

You like to fix things, right? There's a bit of work to do. The woodstove is gone, or that's an interesting art exhibit. Exposed functional plumbing may be trendy in a downtown loft, but it is more likely that some kitchen cabinets doors are missing. The green stickies might be a sign that something is amiss with the plumbing. Is that a busted mirror? Bad luck.

Look past the projects. Every house has a few. This is a big house on a big lot. It has lots of room and lots of rooms. A 4,292 square foot house is spacious. Four bedrooms and 5 baths mean enough for a large family, and no waiting to get into the bathroom. At least one bathroom has a very nice tub. The kitchen has 2 ovens, and is open enough for everyone to interact. There are enough floor-to-ceiling windows and skylights that light isn't much of an issue, even on misty days.

A 2.5 acre lot can be a lot of grass to grow, but maybe you want that buffer between you and the neighbors. Part of the land is planted in fruit trees, and still there's a lot left over for gardens. There are even 2 sheds as proof that someone was busy on the land. A room that should be in more Northwest homes is the mudroom; especially, when there's 2.5 acres for yard work and playing in the garden.
· 5399 New Sweden Rd NE, Bainbridge Island [Zillow]
Written by Tom Trimbath