This property just sold for 412K without ever coming to market. It seems to be about 200K under value based on local sales. I am very curious how this property will be taxed? Does the city just go by sale price?
Without knowing what it looks like inside, what’s wrong with it, etc, you have no way of knowing what “market value” is for that specific property. It could have been a crack lab with scorch marks on the walls and a cracked foundation for all we know.
Also, it could be something like a family buyout of a jointly owned property.
[quote=gzz]Not sure if it still happens, but some sites used to report refinanced mortgages as sales at the new mortgage amount.[/quote]
Ah, thanks, that make a lot of sense. The house is one of the nicest on the block. Just down the street, a complete tear down was sold for 480K, and then subsequently rebuilt before being sold for 889K. I am keeping an eye on this area for friends.
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