So we decided to take a pass on the awesome house we found. While it's a great home, the commute would not likely be pleasant for either of us. It also is the nicest, most expensive house on the block and while someone has to own it, it isn't going to be us.
Currently the bank is asking for $425K for the house. In my mind, the neighborhood cannot support that price point on any house. It's the classic the person who wants to live there, cannot/will not pay $400K for a home and the person who can afford $400K for a home doesn't want to live there.
Having said that, there are apparently already two offers on it. According to the agent representing the bank the offers are "around the $400K amount." That can be anywhere from $395 to $351K depending on whose interpretation of around the amount you believe. Even so, let's assume he's telling the truth and someone has decided the house is worth $400K, it's still a tough sell for me.
First, this same house in a better neighborhood is definitely worth $400, $500 even $800K. But unless the city decides to build a new transit system out by the Brickyard Mall, it will be hard to re-sell this for as much down the road.
Second, we did have the option of putting in an offer at what I felt this house in this nabe was worth. I even thought about putting in an offer for $375K just in case the first two fell through. [I really wanted to put in an offer of $350K and ask for the bank to pay my closing costs but realize how unrealistic that would be in light of them having two offers already.] Nightingale felt that since we had a tough time on our beta commute test and our financing issue (now resolved), it was a sign that this was not our future home.
Incidently, the second house that we would have considered had we not seen this one is already under contract. The commute might have been better but Nightingale insists she really didn't like it.