730 Spring St., Ann Arbor MI

[tinselwolverine]

Did any of you guys know about this?

MichLady just told me that she did.

I just asked Vic and he hasn't gotten back with me.

That's in my old neighborhood; I think it was on of the paper routes I used to throw.

It's just down the street and around the corner from the house I grew up in on Sunset, I would have passed it on my way to just about everywhere.

 

[tinselwolverine]

It looks like the house is just outside - about 10 houses, maybe a block and a half - outside of the Wines Elementary School attendance area.

 

[Michlady]

Falls in Bach elementary area

 

[tinselwolverine]

Falls in Bach elementary area

The dividing line is just above Summit St.

Have they shown the renovation episodes on HGTV yet?

 

[Michchamp]

so they're giving away the house?

winner better get his tax deductions lined up before he/she claims that prize, or they're going to be an unhappy camper next April.

 

[TheVictors]

yeah, while Dr Dave is at Wines, our other good friends live just down Sunset and on Spring and their kids are at Bach.

 

[tinselwolverine]

yeah, while Dr Dave is at Wines, our other good friends live just down Sunset and on Spring and their kids are at Bach.

Yes, it looks like the Wines/Bach dividing line on Spring St. is right at the south end of Hunt Park.

Bach was built after my time; I and my Wines friends had lots of friends and neighbors just down the streets - Spring and Fountain and Miner and Gott and Brooks - who went to Mack School at around the corner of Miller and Brooks St.

Bach is a little more south and a little more east of where Mack is; the former Mack Elementary facility is now I guess a district wide open classroom type elementary school.

EDIT: Man, the Wines attendance area is pretty huge; either it or Logan is by far the biggest one area wise...the Wines attendance area extends way into the "sticks" to the north and west of town...

 

[wlvrnstlr4life]

so they're giving away the house?

winner better get his tax deductions lined up before he/she claims that prize, or they're going to be an unhappy camper next April.

I thought that they also give you $100K and a car(its what they have done before). So I think you pretty much just hand over most of the $100K.

 

[Gulo Blue]

I think it's either zero or one person that's actually managed to live in the house for over 5 years. Almost everyone sells it.

 

[Michlady]

This is like the 3rd or 4th house they have done

I don't watch the show

This one is $50,000 cash. Other winners just turned around and sold

I am just up 7th from Mack

 

[Gulo Blue]

This is like the 3rd or 4th house they have done

That's worth noting. Maybe the Urban Oasis-es are easier to own. The thing I saw about zero or one person being able to live there was about the Dream Homes.

...which, chalk up one more 'time flies' data point. 2016 is the 20th Dream Home. I guess I probably wasn't aware of the first ten or so.

 

[Michchamp]

I thought that they also give you $100K and a car(its what they have done before). So I think you pretty much just hand over most of the $100K.

I just looked up the official rules on their site... Grand Prize includes "home furnishings and merchandise" and has a total approx retail value of $715,805.33 + $50k in cash.

alternatively you can forego the home and receive $350k in cash + $50k for $400k in total.

I'm looking at tax rules regarding prizes... if its a cash prize over $5k, the sponsor withholds 25% of that to cover federal tax liability. if its a non-cash prize over $5k, the winner has to provide 25% of the taxable value in order to receive it. so... if you win the house, you need to come up with ~$179k in order to get the house. Depending on one's personal income, some percentage of that total value of the house will be taxed at higher rates than 25% so you'd still owe anywhere from "a lot" to "a hell of a lot" in taxes on the house next april.

I'd just take the cash...

 

[Michchamp]

That's worth noting. Maybe the Urban Oasis-es are easier to own. The thing I saw about zero or one person being able to live there was about the Dream Homes.

...which, chalk up one more 'time flies' data point. 2016 is the 20th Dream Home. I guess I probably wasn't aware of the first ten or so.

Well, it looks like this particular one would only work for a very narrow subset of the population... Single or married Ann Arborites with no kids or maybe one kid (it's only a 2 bedroom), who have very modern tastes, no interest in decorating or landscaping themselves, and an extra couple hundred thousand to burn.

 

[Michchamp]

according to zillow, it just sold for $282k last year... which seems avg for original houses there.

updated/rehabbed ones seem to be around $400k, with a few outliers higher than that. still... $715k for a two bedroom bungalow in that area? seems WAY overpriced.

 

[wlvrnstlr4life]

I just looked up the official rules on their site... Grand Prize includes "home furnishings and merchandise" and has a total approx retail value of $715,805.33 + $50k in cash.

alternatively you can forego the home and receive $350k in cash + $50k for $400k in total.

I'm looking at tax rules regarding prizes... if its a cash prize over $5k, the sponsor withholds 25% of that to cover federal tax liability. if its a non-cash prize over $5k, the winner has to provide 25% of the taxable value in order to receive it. so... if you win the house, you need to come up with ~$179k in order to get the house. Depending on one's personal income, some percentage of that total value of the house will be taxed at higher rates than 25% so you'd still owe anywhere from "a lot" to "a hell of a lot" in taxes on the house next april.

I'd just take the cash...

Lol, my wife and I were saying to each other the day(we've said it a couple times in fact), that we have never heard of anyone winning one of these homes. We watch HGTV religiously except for a couple shows and we have never watched an announcement of a winner. If there is, there is no like half hour show dedicated to their win and what they have done to the home. Im figuring, if there is any winners, they probably sell because being buttfucked with the taxes you mentioned.

 

[Michchamp]

Lol, my wife and I were saying to each other the day(we've said it a couple times in fact), that we have never heard of anyone winning one of these homes. We watch HGTV religiously except for a couple shows and we have never watched an announcement of a winner. If there is, there is no like half hour show dedicated to their win and what they have done to the home. Im figuring, if there is any winners, they probably sell because being buttfucked with the taxes you mentioned.

yeah, that's why they offer the relatively substantial cash prize in lieu of the house.

honestly giveaways like this are just a way for them to build a marketing list and sell it to every direct mail advertiser on the planet. get ready to have your inbox and mailbox bombed with all sorts of worthless offers once you enter.

I've never won shit, and I remind myself of that whenever I feel the temptation to enter some stupid sweepstakes or contest.

 

[TheVictors]

Just confirmed the house is a block away from our friends on Spring and they sort of "rolled eyes" when I texted and asked. I guess it's been a relative pain in the ass during the whole project, what with the TV crews and additional cars, parking, etc. I know friends in LA who get paid $100's if not a $1000 or more when Hollywood is shooting on their block. My one buddy always negotiates because the producers will lowball and offer whatever the homeowner will take whereas he always makes them bid up.

 

[tinselwolverine]

according to zillow, it just sold for $282k last year... which seems avg for original houses there.

updated/rehabbed ones seem to be around $400k, with a few outliers higher than that. still... $715k for a two bedroom bungalow in that area? seems WAY overpriced.

The bathrooms were refurbished with solid gold plumbing fixtures and toilets...hence the high valuation.

Zillow is showing the Zestimate as around $282 K...the last transaction was $225 K; obviously, the buyer would have been the producers of HGTV Network.

That's $57 K zappreciation in just a year based on the most recent transaction; about 25%; seems maybe optimistic; maybe the last seller was motivated - the place looks like it was kind of crappy before the renovation. Or maybe the seller just wanted to see his or her or their old house on TV.

 

[tinselwolverine]

This looks to be the TV schedule about the renovation...

It looks like they began airing them last week, but a person can probably watch those episodes on line or on demand...

EDIT: It looks like what they showed last week might have been a preview of sorts; the next airing is Monday Oct. 17.

I've already DVR'd the series.

 

[Michchamp]

prices on zillow are notoriously inaccurate, as I learned last year.

before we put our house in Chicago up for sale, I checked zillow and dollar signs started spinning around my head. we then met with our agent and she talked me down to reality.

i just checked it again, and less than a year after we sold it it's apparently appreciated more than $60,000... okaaaaay... I guess we just missed that mass rush of people who really wanted to buy vintage bungalows in a decidely un-hip neighborhood.