November 10, 2006 at 3:00 PM #7888kev374Participant
Sale History Per zillow:
Currently listed at $639,000 to $640,000
Basically this greedy buyer is asking for a 652% return on his purchase price over the last 5 years!
Can it get any more RIDICULOUS than that?November 10, 2006 at 3:18 PM #39733(former)FormerSanDieganParticipant
I hope your not serious. This is a data fluke … The 98K value in zillow is likely from a family member change in ownership that is recorded by the county. In 2000 comps for this home were apparently in the 350K range. Zee the compz in zillow and look at their zale value.November 10, 2006 at 4:06 PM #39737kev374Participant
Okay, let’s say it’s a change of ownership record and look at it from another angle.
This home was built in 1988…meaning IT DID NOT EXIST before that. The property was bought at the very end of the peak of RE market (i.e. 1988) at 158K (I checked the title for this house). Since the RE market started declining in a big way between 1990 through 1997 we can assume at the very best that this property was worth less than 158K in 1997? Agreed? Now, between 1998 and 2000, a 2 yr period appreciation was about 10-15% so we’re looking at about 175K or so.
so I don’t know where the 98k figure came from (I thought undervaluing the house for tax evasion constitues fraud!!!) but it’s still 365% appreciation for 5 years.November 10, 2006 at 5:48 PM #39743(former)FormerSanDieganParticipant
Your assumption of 175K in 2000 is off by about 70%.
A house on the same street, same square footage (address: 30051) sold for about 300K in 2000.
So, that makes it not (drum-roll please) not 652% … not 365% … but about 113% appreciation in the 6 years.
Pretty much the same as everywhere else.
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