It probably was a lucky sale but my guess is that everyone in the neighborhood while believing it was too much to pay also felt good and believed their’s was worth that much too.
Here’s how I ballpark tx costs. They are offering 2.5% to buyers broker. The listing agent is likely getting 1.5% to 2.5%. That’s 4 to 5%. Throw in closing costs of roughly 0.5 to 0.75% and you are looking at 5% tx costs, maybe more. It’s just a guess but that would be $90,000 to $100,000 in tx costs.
Thanks for the education on the difference between SB and VSB. Based upon the size of that lot I’m guessing it’s in SB.
I wouldn’t call it a trend either but it hasnt sold yet and who knows how long and for how much it will sell. The owners have a huge equity position and while they probably wont be thrilled, they’ll be fine. Personally, I think 9 homes for sale in a tract of that size is alot and sooner or later someone is going to get desparate for a sale. 2 or 3 of those and voila! New price levels have been set. I guess CV probably wont be immune to what I’m seeing up North a bit just a couple months behind.
