This is the second in my series, Ithaca Property Sales of Note. (Link to #1.) Here's the recent price history of 916 Stewart Avenue, courtesy of Zillow:
Price History
Date Event Price $/sqft
01/24/14 Sold $965,000 $369
10/18/13 Listing removed $995,000 $380
10/07/13 Pending sale $995,000 $380
01/19/13 Price change $995,000 $380
05/06/12 Listed for sale $1,150,000 $440
07/16/07 Sold $389,000 $148
09/04/97 Sold $270,000 $103
We can see that it sold at the peak of the bubble (July 2007) for $389,000, but I think it was in very rough shape then, a real "fixer-upper." (This is confirmed by the newspaper article linked to below.) It was bought by a professor of film named Stuart McDougal. Judging by the pictures at Zillow, he sunk some serious money into renovating it -- a lot of custom woodwork, built-in bookcases, stone patio ... it looks really nice. I can't judge how much money he put into it, but buying at 389 and selling at 965 had to be a profitable turn.
It was originally listed at $1,150,000 in May 2012 and finally sold for $965,000 in January 2014, which means it was on the market for around 628 days and sold 16% below the original asking price. The house sits on a tiny 0.62 acre lot and overlooks a gorge and the Ithaca Falls. In 2013 it was assessed at $450,000 and is newly assessed in 2014 at $900,000, which must mean the property tax bill has doubled.
Found this in an article on the house from September 2013 in the Cornell Daily Sun:
The [McDougals were] awarded the 2012 Award of Merit in Historic Preservation by Historic Ithaca for their effort in renovating this historic property.
Update: more detail in this Ithaca Times article which includes this horrible bit: "the home was sold [in 1997] and split into rental units, eventually falling into disrepair."
The owners worked with local architect Charles Hoover to design the transition back to a single family. Carpenter Joe Thompson designed and handcrafted period appropriate windows, doors and interior woodwork and mason Peter Smith restored the exterior brick and stonework.
