UPDATE: Waco's famous Shotgun House from the HGTV hit show Fixer Upper has languished on the market for nearly half a year due, most likely, to its massive price tag of nearly $1 million.
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According to the Waco Tribune-Herald, the home's owner, Cameron Bell, was surprised at the reaction to the listing.
"I think it's a case of sticker shock," Bell told the Tribune-Herald. "I know the price has turned some heads because people typically look at the property as a single-family residence, but I view it as investment property."
"The Shotgun House" has only one bedroom and one bathroom in its 1,050 square feet. It has been available to rent on Airbnb since about May 2017 at a cost of $325 per night. But the owners are now ready to part with it and are asking almost $950,000 in exchange for the home.
Bell informed the Tribune-Herald that the home stays occupied by renters "about 90 percent of the time." If that's accurate, then the owners could potentially make over $100,000 per year just renting out the property (minus maintenance costs).
According to USA Today, the home was built in 1920 and was bought for just $28,000. Bell says he put about $140,000 into the home for its Fixer Upper renovation, so for a roughly $168,000 home that brings in over $100K per year, it seems like the Shotgun House has already been a pretty good investment for the Bell family.
The reaction to the listing price isn't surprising when you consider the market. Waco is on an uptick, but it's still bound by the local economy, industry and job opportunities. For comparison, the Fixer Upper Barndominium house in Lacy Lakeview with more than double the square footage is selling for $1.2 million with three bedrooms, two bathrooms and 16 acres of land attached. It has apparently been on the market even longer than the Shotgun House.
So why are the current owners asking for such a high price? The home is located in the heart of downtown Waco, just minutes from the Magnolia Silos and Baylor University. With the popularity of Chip and Joanna Gaines' projects, the owners believe this unique renovation is a hot commodity.
So will a wealthy Fixer Upper superfan snag this rare opportunity? Or is the price just too high for those wanting to relocate to Waco? The town is growing by the minute, so don't be surprised to see prices rising even more in the months to come. But perhaps Fixer Upper fans are more interested in spending the night than owning the home.
ORIGINAL POST BELOW:
Yet another home featured on Chip and Joanna Gaines' hit show Fixer Upper is hitting the market. And this one comes with a massive price tag.
"The Shotgun House" has been available to rent on Airbnb for a few months now. But the owners are now ready to move on and are asking a whopping $1 million in exchange for the home.
According to USA Today, the home was built in 1920 and was bought for just $28,000 before the Fixer Upper remodel. So why are the current owners asking for such a high price? The home is located in the heart of downtown Waco, just minutes from the Magnolia Silos and Baylor University. But with the ever-rising popularity of Chip and Joanna Gaines' projects, this unique renovation is a hot commodity.
So will a wealthy Fixer Upper superfan snag this rare opportunity? Or is the price just too high for those wanting to relocate to Waco? The town is growing by the minute, so don't be surprised to see prices rising even more in the months to come.
