Reflecting on the truly ghastly economic news today, I can only marvel at the seemingly impregnable robustness of the local real estate market. Take, for example, this undeniably charming bungalow priced at the high end of the University Place average square foot price of around $250 per.
Listed on July 21st it was under contract within the week. Granted, the listing was at a good price point for the neighborhood, where many properties sell north of $1.5 million.
Yet, one could have bought this house in 2016 for $360,000. That’s a phenomenal appreciation of 44 percent in four years. That is no doubt, a refection of the meteoric population growth of Fort Worth from about 535,000 in 2000 to 910,000 today.
Since we’re doing math, that’s a stratospheric leap of over 70 percent in two decades. Compare that to the still vigorous 24 percent growth rate for Dallas in the same period.
Still, this home has a lot more going for it than a great location. Built in 1935, the 1,800-square-foot, three-bedroom, two-bath cottage is loaded with appeal and updated to absolutely ‘move-in ready’ status.
The arched front door opens into a small vestibule leading to the spacious living room/dining room area. The original plan of the house has been opened to a more modern semi-open concept scheme. The living room fireplace is described as “decorative” but there is a substantial chimney behind it which almost certainly could handle a gas adaptation.
There is an aura of tranquility pervading the home, the result of abundant light and a consistency of materials, like the beautifully maintained original hardwood floors. Also there is a disciplined unity of decor. For example that fashionable French Blue on the kitchen cabinets will reappear on the walls of the master bedroom.
The kitchen is one of the prime beneficiaries of the floor plan rework, taking the original cramped space and bestowing an ambiance of easy functionality with ample cabinetry and room for a mobile prep island.
An additional fillip is the large, cool and casual second living area. The clearly newer Palladian-style windows at the back led me to suspect an addition. But the floors look original and the roofline at the back of the house appears seamless.
This bathroom has a vintage look but, in fact is a complete renovation with new plumbing fixtures and trendy Hispano-Moresque floor tiles.
The master bath sports a large shower stall with subway tiles and fashionable brass fixtures. The floor is a matte slate colored hex.
Again. Tranquilty. Take in the serene balance of the nursery, a soothing composition of pastels and white with nary a note out of place. Ditto the third bedroom with a playful color splashed accent wall and chic modern chair.
At back is a stone-paved outdoor living area with a built-in grill. Also at back is a freestanding, two-car garage. Another bonus is access to top-rated Tanglewood Elementary School.
Going, Going, Gone!
There is an open house this Sunday, August 2 from 1 to 3 pm.
Leigh Crates of Compass Realty has priced 2525 Shirley Avenue at $519,000.