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Who Bought This?

August 19th, 2007 at 02:29 am

There is a house kitty corner across the street from my parent's house that just sold for $738,000! This is NOT a $738,000 neighborhood. This is a $250,000 to $450,000 neighborhood. We always called this house The Castle, yes in capitals. It had a turret in the middle for the front door area and it went up two stories. The bottom story was done all in brick and the second story looked more like a Swiss Chateau. It's on 3/4 of an acre.

It is a gorgeous house on the outside, but it is not a nicer house on the inside than other neighborhood homes and I don't get why it would sell for such an outrageous amount of money. Most homes in the neighborhood were selling for around $350,000.

It is on the busline, 1/2 mile from the nearest grocery store, 2 blocks from the elementary school and 2 blocks from the hospital, all which raise value a fair bit, but also 2 blocks from the domestic violence shelter which lowers it. So for the most part it is very well located. But still, it seems whoever bought it paid twice what is worth.

My husband's uncle was the realtor on this one. He makes a 6% commission. Not bad for two months of work!

I just hope this ridiculous sale price doesn't cause property taxes to rise in the neighborhood. They're already too high there.

7 Responses to “Who Bought This?”

  1. baselle Says:
    1187490737

    How did that happen? I thought it was nearly impossible to get a jumbo loan (anything above 417K) these days.

  2. disneysteve Says:
    1187491421

    baselle - Just because the house sold for 738K doesn't mean the buyers are borrowing more than 417K. I wouldn't think this is a starter home, so the buyers may have a lot of equity in their previous home. As long as they are bringing at least 321K to the table, it wouldn't be a jumbo loan.

  3. LuckyRobin Says:
    1187492611

    No loan at all. They paid cash!

  4. Amber Says:
    1187499845

    Only a qaurter of an acre for over $700k, They paid cash? get out of here

  5. Amber Says:
    1187500481

    oops I just rea;ize it's actually on a little less than acre but still $700k

  6. LuckyRobin Says:
    1187510177

    All I can think is they sold a house somewhere else, like Southern California and made a huge amount of money, or won the lottery or something. But Uncle said cash.

  7. Amber Says:
    1187541588

    lol I'd have to say they are from CA

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