You know me well enough by now to know it hurts me to the core when I see people buying homes with seemingly ill guided foolishness. I don’t want that to happen to you and I want all potential home buyers to know that everything they need to make an educated decision is right there at their fingertips. Information is so readily available on most properties, that you can literally do an analysis (and a thorough one at that) in less than an hour. Really! Some of the key things you want to look at are past sales data, current valuations, price per square foot, physical condition, state of the seller, and location. If your property passes muster on these fronts, then it deserves a closer look and you should delve deeper. If not, dump it or flag it to watch and move on. Here are some sorry souls who didn’t do their homework.
1,135 square foot condo in Hillcrest with two beds, two baths
Sold on 12/11/07 for $610,000 ($537 per square foot)
Last sold for $572,500 on July 28, 2005
eppraisal $551,367
1937 single family home with 2 beds, 1 bath
Sold for $442,500 on 12/31/07
806 square feet, buyer paid $548 per square foot
eppraisal $414,640
1941 single family home with 2 beds, 1 bath
Sold on November 5, 2007 for $550,000
1,001 square feet, buyer paid $549 per square foot
Last sale was on June 29, 2007 for $488,750
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