He opened his briefcase and pulled out a thick folder. Mr. Brooks, I'll be direct. This house is a money pit. The restoration costs alone will run well into six figures, and that's assuming you don't discover any major structural issues.
He slid a document across the coffee table. I have clients who are interested in purchasing the property for land development. We're prepared to offer 120,000, significantly above market value given the condition. Ethan glanced at the papers Reed had spread out. The proposed purchase price was substantial enough to buy a decent house in a good school district.
And still have money left over for Noah's future. After 6 months of financial struggle, it was tempting. "That's a generous offer," Ethan said carefully. "But we just got here. We haven't even had time to fully assess what needs to be done. " Reed's smile tightened almost imperceptibly.
"Mr. Brooks, I've been monitoring this property for years. I know its history, its problems, its potential. " He gestured around the room. The foundation has shifting issues on the west side. The electrical system is original knob and tube wiring, a fire hazard that will require complete replacement.
The roof leaks in at least seven places. The plumbing is lead and will need to be brought up to code. His assessment was professionally delivered, but felt like a blow to Ethan's hopes. Everything Reed mentioned would be expensive to fix, requiring specialized knowledge and materials to maintain the historical integrity of the house. "How do you know all this? " Ethan asked.
Monarch Development has been acquiring properties in Riverdale for the past decade. Reed explained. We've had engineers assess every significant building in town. This one has been high on our list, but Thomas Blackwell's unusual will made acquisition challenging. From the doorway, Noah spoke up, having crept down the hall despite Ethan's instructions.
We like this house. It feels like it was waiting for us. Reed's expression softened slightly as he looked at the boy. "I understand the appeal, young man. Old houses have character, but they also have secrets, and not all of them are pleasant. " He turned back to Ethan.
"Did you know Thomas Blackwell disappeared under a cloud of suspicion, financial fraud, embezzlement from the mill? There were even rumors about an affair with his business partner's wife. Ethan felt a surge of protectiveness both for Noah and strangely for the absent Thomas Blackwell. Mr. Reed, I appreciate your offer, but we're not ready to sell.
We need time to consider our options. Reed closed his briefcase with a decisive click. Of course, take your time. My card is in the folder along with our formal offer. He stood and straightened his suit.
Just keep in mind, Mr. Brooks, that sentiment can be expensive. This offer is generous because we value the land. If the house deteriorates further, that value decreases. As they walked him to the door, Reed paused in the entry hall, looking up at the grand staircase.