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Old 12-05-2007, 08:33 AM
 
Location: Tucson
42,837 posts, read 77,236,811 times
Reputation: 22814

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Quote:
Originally Posted by pghquest View Post
Property listed at $795,000 at SJS Listing:

Just sold for $186,200
Allegheny County Assessment (http://www2.county.allegheny.pa.us/realestate/History.asp?CurrBloLot=0213M00081000000&HouseNum=7 177&Street=ohio%20river&SingleResult=True - broken link)

I dont lie..
I didn't say you were lying... Just presumed there was some mistake because it does (still) sound unbelievable. Considering the previous price of the house and the appreciation in this part of the country, the selling price actually sounds quite reasonable. The asking price must've been a serious case of wishful thinking....

I know Pittsburgh is incredibly cheap. Three or four years ago I saw houses there for 20K to 30K... You couldn't buy a trailer here for that kind of money even before the boom. Most likely they weren't in the greatest neighborhoods, but certainly looked decent.
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Old 12-05-2007, 08:52 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,917,223 times
Reputation: 3939
Quote:
Originally Posted by goodbyehollywood View Post
Homes routinely sell for triple or quadruple or even higher than their real worth.
Triple their "real worth"? Who gets to define real worth?
In the real estate market, indeed in the market for most any product, the real market value is best defined as the price a ready & able buyer is willing to pay and a nd a ready & able seller is willing to accept. If someone had the $600k and was willing to pay it for that 700sq. ft. bungalow, why do you think the real worth is any other number? That person could go someplace else & buy some other property for some lesser price, but they chose this one, at this price. Isn't that the perfect definition of market value in a free economy?
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Old 12-05-2007, 09:17 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,917,223 times
Reputation: 3939
Quote:
Originally Posted by muneepenee View Post
1. theer is no such thang as "reel werth"
Yu pae wot the traffik will beer...the going rate (suppli & demand).
Its an auction.
2. Most folks oenlee hav 1 thang av value...theer home (hous).
Thus em feel better if it is werth more...the pries go up.
3. We dont bi land. We bi a plaes tu liv...home. Most plaeses, the land is
10-20% av the pries. We pae for the impruvements...roof, walls, water, lektrons (electricity).
4. hous prieses R hiest in sitees weer the lokal guvt make it hardest tu bild
San Fran & Honolulu. Artificial restraen suppli.
5. Teknikally, yu kan kreeate nu land...dredj up bilyuns av kubik yards av sand from the see floor & make artifishal beeches...several Arab kuntrees
in Mid Eest duit (resiekeled oil dollars).
Is there a reason for this particular style of writing? If it's an inside joke that I'm too new here to get, OK, I apologize for the complaint. But really, it's just annoying.
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Old 12-05-2007, 09:20 AM
 
Location: Southwest Missouri
1,921 posts, read 5,560,887 times
Reputation: 910
Quote:
Originally Posted by muneepenee View Post
1. theer is no such thang as "reel werth"
Yu pae wot the traffik will beer...the going rate (suppli & demand).
Its an auction.
2. Most folks oenlee hav 1 thang av value...theer home (hous).
Thus em feel better if it is werth more...the pries go up.
3. We dont bi land. We bi a plaes tu liv...home. Most plaeses, the land is
10-20% av the pries. We pae for the impruvements...roof, walls, water, lektrons (electricity).
4. hous prieses R hiest in sitees weer the lokal guvt make it hardest tu bild
San Fran & Honolulu. Artificial restraen suppli.
5. Teknikally, yu kan kreeate nu land...dredj up bilyuns av kubik yards av sand from the see floor & make artifishal beeches...several Arab kuntrees
in Mid Eest duit (resiekeled oil dollars).
You're clearly an intelligent person, so I'm perplexed by your choice of writing style.
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Old 12-05-2007, 09:43 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,917,223 times
Reputation: 3939
Quote:
Originally Posted by pghquest View Post
All depends on where you live.

Locally I seen a house drop from $799K to $199K within 6 months..
As far as I can tell with a small amount of time & limited availability to listing info in the fair city of Ben Avon, what you SAW was a house that was WAAYYY overpriced, get sold for what appears to be a reasonable price in that neighborhood. The LIST price got reduced, the value of the house did not drop from $799k, as it was likely never worth that. I am curious to know who thought that it was, and what made them think such a seemingly silly & unrealistic thing, when the highest priced house on the market in town appears to be just under $400k. (I'm not counting the former Friary, as that shouldn't really be listed as a single family residence.)
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Old 12-05-2007, 11:11 AM
 
Location: Lompoc,CA
1,260 posts, read 4,543,497 times
Reputation: 1285
Quote:
Originally Posted by muneepenee View Post
1. theer is no such thang as "reel werth"
Yu pae wot the traffik will beer...the going rate (suppli & demand).
Its an auction.
2. Most folks oenlee hav 1 thang av value...theer home (hous).
Thus em feel better if it is werth more...the pries go up.
3. We dont bi land. We bi a plaes tu liv...home. Most plaeses, the land is
10-20% av the pries. We pae for the impruvements...roof, walls, water, lektrons (electricity).
4. hous prieses R hiest in sitees weer the lokal guvt make it hardest tu bild
San Fran & Honolulu. Artificial restraen suppli.
5. Teknikally, yu kan kreeate nu land...dredj up bilyuns av kubik yards av sand from the see floor & make artifishal beeches...several Arab kuntrees
in Mid Eest duit (resiekeled oil dollars).

What the hey? Oh brother
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Old 12-05-2007, 02:20 PM
 
2,197 posts, read 6,601,685 times
Reputation: 1684
Quote:
Originally Posted by Bill Keegan View Post
Triple their "real worth"? Who gets to define real worth?
In the real estate market, indeed in the market for most any product, the real market value is best defined as the price a ready & able buyer is willing to pay and a nd a ready & able seller is willing to accept. If someone had the $600k and was willing to pay it for that 700sq. ft. bungalow, why do you think the real worth is any other number? That person could go someplace else & buy some other property for some lesser price, but they chose this one, at this price. Isn't that the perfect definition of market value in a free economy?
You're right, of course. Buyers and sellers determine FMV in a free economy. I was referring to the replacement value of a house. You could build those little bungalows for a pittance and land values are all over the place.

Values in L.A. are going to hold, as long as they keep giving away those liar loans. I know someone who closed on one just last week. Bought a $1.1 million house on $150 income and 5% down. And they have two car payments and two kids in private school, so you gotta wonder-- who's doing the math?
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