Today I was flipping through new listings on Craigslist and found SO MANY ridiculously priced homes, I had to start posting some of them here. This weeks home is nice enough, but its priced in Harvard/Yale territory at 179 sq/ft! It gets me thinking, who is falling for these OVERPRICED homes?
The home at 3332 S Santa Rosa Dr., (3275 E),has 2157 sq/ft and has been intermittently listed for sale from June 2006 to August 2008. It was first listed at $360,000 in 2006, until it expired in the fall 2007. It was relisted in February 2008, in a slowing market, for $387,000! It's listed for sale today on Craigslist for $387,000.
A couple negatives right off, the home has a carport, NO GARAGE, and a swamp cooler, no central AC. It fits the profile of many of the hundreds of homes I've been through in the last year. It's updated with modern touches to look good, but there's still heavy lifting to make this a truly remodeled home for todays buyer. I've not been through this home, but I'd bet dollars to donuts it has old school, single pane windows that would also need to be updated. The point, at $387,000, this home still need all kinds of work.
Compare this listing to a recently sold home, at 1975 S 1600 E, a 2148 sq/ft home, that's obviously well cared for, for $380,000. Not only is this home more modern with AC and a garage, its in a WAY better area, and you know what they say about location. Here's home 2.
Even home 2 is overpriced, it's at the HIGH end of rationality, home 1 is well....
No comments:
Post a Comment