AN
My guess is that rent in 1997 would have been about $2500 for a home that size. I just thought about it and the current rent of 3500 comes out to 40% higher. That’s another data point which suggests 40% appreciation since the bottom is a very reasonable assumption.
My hypothesis for an overshot bottom has always been about $625K for homes like this in this area. You can go back 2 years and you will find my posts confirming that. I dont believe they will get lower than that and even that would take some work. To be clear, I am not talking about 1 or 2 homes selling at that price but rather that being a general price level for homes like that in the area.
BTW, you chose the right elementary school not the wrong one and hopefully thats the one you are angling for. But it is likely the exception. In my area about half the elementary schools (4 of them fall in this range).
Also FWIW, API scores of 930 put a school in the top tier of schools in the county. Probably with a ranking somewhere between 10 and 20 in a county of close to 3 Million people. I’d call that the creme of the crop.
One quick question AN. What do you think prices in PQ will look like this Winter for a decent 3/2 SFR with at least 1400 sq ft?
