Look at the sales history….
Jun 26, 1992 $137,500
—
Oct 16, 1997 $99,429
-5.9%/yr
Oct 20, 1997 $134,890
>1,000%/yr
Apr 23, 1998 $128,000
-9.8%/yr
Jun 21, 2001 $180,000
11.4%/yr
Oct 05, 2005 $389,000
19.7%/yr
Feb 05, 2008 $310,500
-9.2%/yr
Now if we assume that the home was worth about 95k in 1995 or 1996, which was the bottom before… and it sold in 2005 for 389k.
Thats a whopping 409% appreciation in 9 years. That is just insane.
No, it wouldn’t surprise me at all if that home fell back to $160k. I think its a less insane possibility. Don’t forget that markets tend to over correct too.
