ASHEVILLE, N.C. -- Nearly a year after the bungalow at 17 Russell St. in Asheville, N.C., was christened, the HGTV Urban Oasis, it has returned to local ownership — perhaps a satisfying conclusion to the saga of a small house with big fame.
This week, mortgage broker Tyler Evans and his wife purchased the two-bedroom home for $399,000. The house has been for sale since April. The Washington state woman who won it through a 2015 HGTV sweepstakes decided the long-distance move wasn't for her.
Evans, who already lives in West Asheville, said he's still deciding whether to move into the house or continue to reside in his current home. One of the properties will become a rental, he said.
"Regardless of what we do, our intentions are … part of the proceeds will go to some of the local charities for affordable housing in Asheville because obviously houses are selling for a premium now," he said. “I think it’s good that somebody local bought it."
He said the 1,300-square-foot house is small for his family, and if he's going to live there, he will want to finish the basement.
The freshly renovated, fully furnished house was originally listed for $490,000, but the price dropped twice. When it hit $399,000, Evans was ready to buy.
“Once it hit the market, I thought that was a very interesting home to purchase," Evans said. "It wasn’t til the last price drop before it was more of a serious contender on a property that I would like to buy.”
Mike Figura of Mosaic Realty said he listed the home at $490,000 because HGTV appraised it at that amount. And it was custom renovated and filled with local art.
But the revision aligns the price with actual market value, Figura said.
“I think it definitely shows there is a limit for what homes will sell for, and even though we have a strong housing market, you can’t just pick a silly price and expect to get it, even if the house is famous and fully furnished," he said. "A good lesson to sellers who want to overprice their house: It does not help to sell a house if you price it higher than the market value.”
Although the house didn't bring $490,000, lots of people considered it at that price, Figura said.
"I did not know if the fame of the house was going to be worth a whole lot of money. It definitely got a lot of attention," he said. “A lot of them just wanted to see the house, and we knew that going into it, but there were some people who did say they had a serious interest in it.”
More than 500 people toured the home during open house events, Figura said.
He said he doubted he would ever sell a house as famous as the HGTV Urban Oasis, but then he reconsidered. After all, this is Asheville, where rumors about movie stars' second homes abound.
“Somebody should come and prove me wrong," he said.
Follow Emily Patrick on Twitter: @eepatrick
