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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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900K profit in one year....?
I don't get it...the house is only 10ish years old...not like they gutted it. I pass by this house everyday and I can't get over it.
Look at the bottom - Property History link
sold March 2011 - $850K
listed March 2012 - $1.75M
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Posted 3/23/12 10:18 PM  |
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d-h2008
LIF Adult
Member since 10/09 2490 total posts
Name:
D EDD: 8/29/2010
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Re: 900K profit in one year....?
Maybe the market value for this house really is 1.8? Maybe the home was purchased in '08 in foreclosure or short sale for below market value?
OR
The new owners are sooooo out of touch LOL. But honestly its probably the 1st option.
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| Posted 3/23/12 10:24 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 900K profit in one year....?
I agree with you that it's worth more than 850K, but I don't think that much. (We're getting ready to sell and I'm obsessed with comps)
The original listing in 2010-11 was $1.5
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| Posted 3/23/12 10:53 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: 900K profit in one year....?
There was an article in Newsday on houses in Centerport held their value but I would not pay this amount of money to live by the post office, I thought the house was by the water.
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| Posted 3/24/12 6:16 AM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: 900K profit in one year....?
Could be a number of factors.
Assuming it was really on the market and not sold to a family member or something....
Did the house have major issues? ie, was there a foundation problem, a flood, a reason why the property might not be mortgageable then?
I don't know the local market, but I would think that would go for more than 850 wiht a water view in centerport. sSo my thought is that the value was affected by something last year that it isn't this year.
Nice lookin house
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| Posted 3/24/12 9:21 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 900K profit in one year....?
you can get waterview in Centerport for 400K...obviously not as nice as a house. I can see this house around the $1M mark, but really not over. I was just amazed at the increase...I hope there is an unseen factor and they don't think people are fools?
I don't like the location either.
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| Posted 3/24/12 3:51 PM |
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timefortwo
LIF Infant
Member since 10/11 321 total posts
Name:
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Re: 900K profit in one year....?
think about how much they put into it. they are likely pricing it high knowing there will be negotiations and hope to meet in the middle.
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| Posted 3/24/12 4:35 PM |
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Re: 900K profit in one year....?
My sister had a profit like that after 2 years in a house in Centerport but at a much different time. She sold it in 2003 or 2004.
I definitely think that is a million + home but maybe the first transfer was within a family or something. Also, if the seller held part of the note, I am not sure if that is listed in the sale price. I think it should be but may not always be.
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| Posted 3/25/12 12:32 AM |
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Chatham-Chick
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Member since 5/05 10312 total posts
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Re: 900K profit in one year....?
They're on crack.
I don't know what the interior looks like, but the location is bad, property is bad (unusable) and surrounding homes are nowhere near their asking price. I'd be surprised if they got close to 1.25mil.
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| Posted 3/25/12 4:11 PM |
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Chatham-Chick
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Member since 5/05 10312 total posts
Name:
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Re: 900K profit in one year....?
Posted by Erica
you can get waterview in Centerport for 400K...obviously not as nice as a house. I can see this house around the $1M mark, but really not over. I was just amazed at the increase...I hope there is an unseen factor and they don't think people are fools?
I don't like the location either.
Yeah, I'd put that house at the 900-1mil mark.
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| Posted 3/25/12 4:13 PM |
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Re: 900K profit in one year....?
Posted by CSK
Could be a number of factors.
Assuming it was really on the market and not sold to a family member or something....
Did the house have major issues? ie, was there a foundation problem, a flood, a reason why the property might not be mortgageable then?
I don't know the local market, but I would think that would go for more than 850 wiht a water view in centerport. sSo my thought is that the value was affected by something last year that it isn't this year.
Nice lookin house
It looks like the $850K sale was a private sale (not through MLS), so you can't assume it was an arms' length transaction. Often, private sales occur between people who know each other (family members, friends, etc.).
Also, the only thing the asking price should evaluated against are recent sales of comparable homes. I always tell sellers -- what you paid for your home has no relevance to what you will get for it when you sell it. And that is usually said in trying to get them to lower their price to reality. But it works both ways!
The market's been relatively flat over the past year, so if the $850K sale was a true arms' length sale, then the asking price would seem way out of whack. But based on the fact it wasn't an MLS sale, and looking at the house itself and the fact that it's in Centerport, it's highly doubtful that the $850K was market value at that time.
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| Posted 3/25/12 9:18 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Re: 900K profit in one year....?
I am from this area and familiar with where this house is, and while it looks to be a beautiful home no way will they get asking price.
For that amount you can go closer to the water and further from 25a, more private.
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| Posted 3/26/12 2:09 PM |
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