One of my favourite tactics of the Calgary realtor is how they have zero concept of project economics but somehow they manage to turn lemons into lemonade.
When marketing a house that has never been renovated they say ‘owned by the same family for 50 years’. How does it benefit the new buyer that the garbage house was owned by someone for 50 years who let it decay without improvement?
somehow the realtor wants to capture the future value of the renovations before the house is sold to the renovator.
The danger with these type of old houses is even a 100k gut renovation will not add any value to the house. It will still trade for land value. And of course the house is already listed over land value.
you can have this fantastic decor for 600,000$