[Editor’s note: Merry Christmas! This week, we’re taking time off to focus on our loved ones, so we are sharing some of our favorite stories from this year. Keep an eye out for our top features from the archives as we rest and get ready for a brilliant 2022! Cheers, from Candy and the entire staff at Daltxrealestate.com!]
Tommy: I’ve always wondered how the homes that Chip and Joanna Gaines of Fixer Upper impact nearby home values. I took a look at the challenges neighbors have when a Fixer Upper project develops on their block.
One of Chip and Joanna Gaines’ Season 1 projects is on the market in Waco, but it could be a hard sell to those who aren’t Fixer Upper fans.
The house on 1403 N. Fifth St. was renovated by the Gaineses and dubbed the Bicycle House. Agent Josh Barrett with Turner Behringer Real Estate lists the house, which was built in 1910, at $550,000.
“We’re not selling it with the intention of someone to live there,” Barrett said. “It’s being sold as a business with all the furniture included and the financials meant to back the listed value.
“It’s not cheap, but the financials support the business because it’s been touched by Chip and Joanna.”
The three-bedroom, two-bathroom 1,516-square-foot house has plenty of the Gaines’ signature touches — shiplap accents and a country-style kitchen. Joanna added gold-toned decor, including a vintage bike that hangs on the office wall. The house is about two blocks from the Brazos River, convenient to the Gaines’ Magnolia Market at the Silos, and near hiking and biking trails of Cameron Park.
With all the charm, why would it be a hard sell?
First off, it would appeal only to fans or investors hoping to cash in on the Gaines’ involvement. The median home value in Waco is $126,300, according to Zillow. Specifically, in the 1400 block of North Fifth Street, the four homes that share the block have an average value of $145,418. We’re all aware of the property tax implications of a home that’s valued (not appraised) at $550,000.
Typically, Fixer Upper-renovated homes that are listed tend to evolve into rentals, vacation homes, or Airbnb destinations. In October, The List provided updates on past renovations that were listed. It included a few successes and a few projects that didn’t have a warm and fuzzy HGTV-style ending.
The Gaineses picked up the home in early 2014 for $44,900, according to Realtor.com. Formerly known as the Mailander House, it was put on the market in 2017 before owners listed it as a vacation rental. In April 2018, the home sold for $293,750, according to Realtor.com. The current owner continues to list the house for vacation rental while it’s on the market. On VRBO, the Bicycle House rents for $267 a night.
When it’s sold, “the bicycle will be included,” Barrett said.
