Home › Forums › Financial Markets/Economics › Great Interview
- This topic has 96 replies, 21 voices, and was last updated 13 years, 1 month ago by
sdrealtor.
-
AuthorPosts
-
November 17, 2011 at 11:22 AM #733110November 17, 2011 at 11:38 AM #733111
bearishgurl
ParticipantIf you decide to buy Dr. Paul’s home, you should know that these little guys (laid back and easy to get along with) come with it …
[img_assist|nid=15571|title=”Armey”|desc=|link=node|align=left|width=123|height=98]
And no, they’ll steer clear of the pool. They don’t swim very well :={
November 17, 2011 at 12:36 PM #733113sdrealtor
Participant[quote=bearishgurl][quote=sdrealtor] . . . UPDATE: Looks like we can rule out him being a flipper or underwater unless he refi’d his way into it.
What he does appear to be however is a delusional seller!!!
http://www.zillow.com/homes/101-Blossom-St.,-lake-jackson,-tx_rb/#/homes/for_sale/Lake-Jackson-TX/18915_rid/29.044445,-95.427283,29.041105,-95.437347_rect/16_zm/0_mmm/
The house next door is currently asking $125,000 and he’s asking $325,0000[/quote]
The $125K house is 1784 sf and Dr. Paul’s longtime homestead is 5500 sf. If this area is not on tract, then this price discrepancy is common in TX. Residents there normally build the type of home they want or need on the land they have available. If Dr. Paul actually built the house 42 years ago on land he previously owned, then the smaller, neighboring houses were already there and didn’t bother him at the time.
I don’t have any proof, of course, but based upon my personal knowledge of semi-rural and rural lifestyles in that area, Dr. Paul’s house was likely paid off many years ago.
Longtime Texas natives typically buy land and build houses exactly the way they want. They don’t care if there is a grain elevator next door, a cattle ranch or a small house. The small neighboring houses will not affect Dr. Paul’s value as he’s not asking for the moon, IMO.[/quote]
Zillow has the house in the mid 200’s which accounts for the larger size. Sorry no dice. he’s delusional.
November 17, 2011 at 12:43 PM #733114Participant“Zillow” is “delusional” in that it uses a “one size fits all” valuation and does not account for individual property improvements OR the differing ways property is appraised in the various regions of the country.
“Zillow” simply valuates all properties by sq footage as if they were situated on a homogenous tract with limited models/floor plans.
I take “Zillow” with a grain of salt.
Edit: Over three of your $125K-comps will fit inside the Paul residence, lol ….
November 17, 2011 at 1:07 PM #733115scaredyclassic
ParticipantHe’s not delusional. It’s worth more because of his celebrity. I think I read there was talk of turning it into a museum. For reals.
November 17, 2011 at 1:14 PM #733116ParticipantHere’s a good active comp to the Paul residence (albeit newer), listed for $425K…
The Paul residence must be an “exclusive listing.” I did not see it listed on the realtor.com multiples there.
November 17, 2011 at 1:15 PM #733117Participant[quote=walterwhite]He’s not delusional. It’s worth more because of his celebrity. I think I read there was talk of turning it into a museum. For reals.[/quote]
scaredy, are you sure this nice brick house in this “plain folks” town is of “museum quality?”
November 17, 2011 at 2:41 PM #733120aldante
Participant[quote=walterwhite]He’s not delusional. It’s worth more because of his celebrity. I think I read there was talk of turning it into a museum. For reals.[/quote]
It may have a few gold coins hidden away. He says that he has been buying physical since the early 70’s.
And I am from Texas. While I am nowhere the expert on home prices as SDRealtor, homes out there are not as uniform as out here. I would question zillow.
Speaking of zillow they valued a clients house at 500k, and the apppraisal came back at 540k. That was here in Encinitas.
November 17, 2011 at 2:41 PM #733121ParticipantWho cares about a good active comp. Those people are delusional also. Only closed sales count. RP is delusional. Wanna know how delusional? The reason its not on realtor.com is because he is trying to fsbo it via Facebook. I’m not kidding either!!!! The pictures belong on our “worst pictures in the MLS contest” though they dont qualify because they arent on any MLS. They look like they were taken with a cell phone camera.
November 17, 2011 at 2:43 PM #733122Participant[quote=aldante][quote=walterwhite]He’s not delusional. It’s worth more because of his celebrity. I think I read there was talk of turning it into a museum. For reals.[/quote]
It may have a few gold coins hidden away. He says that he has been buying physical since the early 70’s.
And I am from Texas. While I am nowhere the expert on home prices as SDRealtor, homes out there are not as uniform as out here. I would question zillow.
Speaking of zillow they valued a clients house at 500k, and the apppraisal came back at 540k. That was here in Encinitas.[/quote]
There is a difference between being off by 8% and being off by close 30%. Check the closed comps and show me anyone who spent anything close to that in his neighborhood recently. If no one is paying that there are no buyers in that price range for a house like and sorry to say it aint worth what he wants.
November 17, 2011 at 3:30 PM #733123Participant[quote=aldante] . . . And I am from Texas. While I am nowhere the expert on home prices as SDRealtor, homes out there are not as uniform as out here. I would question zillow. . . [/quote]
Agree, aldante. The culture of semi-rural and rural TX is that families buy land and then build on it later. Sometimes they subdivide it for other family members and build on it MUCH later. They build whatever they need and can afford and often bring in their own utilities. If, in the interim, a grain Co-op went in next door, or three “Habitat for Humanity” houses were built in the immediate vicinity, so be it. This will not change the future building plans of the longtime owners.
In this case, the $125K and $137K sold comps (1700-1800 sf) were built LONG BEFORE RP’s house was built. We don’t know how long RP owned the land before completing construction on this house in approx 1969.
It’s not uncommon at all to see an estate-quality home on several acres there with much lesser properties in the same area or even on the same street! These “lesser properties” really have no bearing on what a buyer there will pay for an estate property which has everything they want, and, more importantly has the location that buyer is seeking. TX locals in rural/semi-rural areas are not as “hung up” on surrounding area as CA suburban/exurban and even (semi) rural dwellers are. Their main concern is proximity to other land they own (often leased out for ranching and/or drilling purposes) and their relatives and businesses.
This is a bit of a difficult concept to get across to the crowd on this forum, lol ….
***********************
And it makes no diff how RP chooses to market it. If he is truly FSBO, then naturally, if buyers think his price is too high (because he has no commission to pay) they will adjust their offers accordingly. A large proportion of buyers in TX looking for this size house in this type of setting are “intimately-familiar” locals who will pay all cash.
Metaphorically speaking, the phrase, “Never judge a book (or area) by its cover (or surroundings),” doubly applies to TX (and OK) residents AND their RE :=]
November 17, 2011 at 3:32 PM #733125Participant[quote=sdrealtor] . . .There is a difference between being off by 8% and being off by close 30%. Check the closed comps and show me anyone who spent anything close to that in his neighborhood recently. If no one is paying that there are no buyers in that price range for a house like and sorry to say it aint worth what he wants.[/quote]
Where can we get some “closed comps” for nearby houses of this size, sdr? This is why we need bake to help us. You are only speculating here …
November 17, 2011 at 3:37 PM #733127Participantsdr, go ahead and call me “delusional” when I tell you that, believe it or not . . . those longtime residents in “Lake Jackson, TX” and surrounds not only likely have never heard of your “Nirvana,” you likely could never get them to move there!
Different strokes for different folks…
November 17, 2011 at 3:39 PM #733128ParticipantI didnt call you delusional, I called Ron Paul delusional. Your turn will come when you try to sell your house that you have put minimal improvements into over the years you have owned it and which has lots of deferred maintenance as you have told us. Then I’ll call you delusional also.
November 17, 2011 at 3:40 PM #733126ParticipantLook at the pictures of the house and tell me it is estate quality in any way. It looks modest and mundane at best.
There are about 50 homes on the market around him and only 2 recent sales as shown by Zillow. All the other homes on the market are roughly 200K and below. The recent sales are about 110K and 60K. The 90K comp is about 2500 sq ft. HIs house isnt 5 1/2 times as big. Its not even twice the size.
There is also such a thing as over improving a property for a neighborhood and not getting your money back.
-
AuthorPosts
- You must be logged in to reply to this topic.