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Seriously, who in their right mind would list that? They should require a psych eval to buy it.
Certainly seems like quite a jump. Even if they redid everything and added the pool it doesn't make sense. Is there some other factor involved that we are missing?
I guess you cant fault the agent for listing it (probably are doing what the owner asked), no one is forced to pay anything so maybe they are a little high and are seeing if someone bites. Are there any houses in Manorville listed in that range?
You're right...those were people who bought into the bubble and didn't realize housing prices could not continually go up. Of course, there was a RE agent saying into there ear..buy now..the prices will be up next month.
I don't believe any experienced RE agent couldn't see that home prices were in a bubble. But let's face it..they are in it for their commission and I can't fault them for looking out for themselves. Now..many are starving. Hope they put those exhorbitant commissions on the side for leaner days.
You're right...those were people who bought into the bubble and didn't realize housing prices could not continually go up. Of course, there was a RE agent saying into there ear..buy now..the prices will be up next month.
I don't believe any experienced RE agent couldn't see that home prices were in a bubble. But let's face it..they are in it for their commission and I can't fault them for looking out for themselves. Now..many are starving. Hope they put those exhorbitant commissions on the side for leaner days.
Hey, lets remember, that was quite a long bubble. Many first time buyers waited on the sidelines and watched the prices go up every month and finally decided to get in when they could. I bought in 2004, I would guess this is close to the peak but I also sold in 2004 so I did OK. I remember, if you saw a house you liked it was usually gone right away so if you HAD to buy then it was very tough. It is easy to Monday Morning QB some of these people. I met many RE agents when we were looking and they ran the gamut of trash to pretty good, probably more on the negatuve side though i will agree.
FWIW, there is one other available listing in Manorville in that price range, albeit a bit lower - yet, it has almost 3 times the acreage... MLS #2301595 Though slightly dated (built in 1996) it certainly looks more spectacular.
At first glance the listing you mentioned definitely appears overpriced, especially taking the property size into consideration. Sounds like a modern(ized) colonial - but there aren't enough photos to truly compare the two listings.
Town assessments also differ substantially; the one the OP noticed is assessed at about 1/3 of that of the second, lower priced listing, yet the asking price is higher .
The listing real estate company ("broker") is a small agency out of Patchogue; they don't have a website and a total of five agents. Could be they're totally unfamiliar with the area. But since I don't have all the facts, I would consider it unprofessional to make a definitive statement one way or the other...
FWIW, there is one other available listing in Manorville in that price range, albeit a bit lower - yet, it has almost 3 times the acreage... MLS #2301595 Though slightly dated (built in 1996) it certainly looks more spectacular.
At first glance the listing you mentioned definitely appears overpriced, especially taking the property size into consideration. Sounds like a modern(ized) colonial - but there aren't enough photos to truly compare the two listings.
Town assessments also differ substantially; the one the OP noticed is assessed at about 1/3 of that of the second, lower priced listing, yet the asking price is higher .
The listing real estate company ("broker") is a small agency out of Patchogue; they don't have a website and a total of five agents. Could be they're totally unfamiliar with the area. But since I don't have all the facts, I would consider it unprofessional to make a definitive statement one way or the other...
I am definitely not looking to buy anywhere near that range, I was clicking on to get some ideas of what a 1.X million dollar home contains. You'll never, EVER be convincing me that a 350ish home turned into a 1.5 million dollar home.
Who knows, theres always some idiot to be parted with their money, look at the 2006-2007 markets.
Thats right!
And that's why Comps can be truely misleading when you are analyzing what a home "is worth". There are always going to be buyers who do not do their homework (they actually think the REA is on their side in the transaction) then they overpay through the nose.
Best thing to do is to determine how much the home is worth to you - - and only you - - and then make an offer. Don't fall into the "Comp" game with the REA's and their clients.....that game is fixed.
Sometime the info you are looking at from public record does not tell the entire story. When I sold me house the first offer was low because they saw in public record that we bought the house for $80,000. This was not true. It was a remortage and they thought it was from when th house was originally person. The house had been in the family and just changed names due to divorce and going back to a maiden name. You cannot tell the hole story from public records.
Sometime the info you are looking at from public record does not tell the entire story. When I sold me house the first offer was low because they saw in public record that we bought the house for $80,000. This was not true. It was a remortage and they thought it was from when th house was originally person. The house had been in the family and just changed names due to divorce and going back to a maiden name. You cannot tell the hole story from public records.
This is true. I have seen some stuff on zillow that I know for a fact is not true as far as prior selling price. I can tell they were re-fis.
As far as this house, I know nothing about the area, but if it sells for that, who's the idiot, and why does the seller care?
We just sold our house and the comments have run the gamut from "that's ALL you got?" to "wow, you guys did AWESOME!" One person's perception is another's reality - in the end, our buyers offered a price we were happy with and they were comfortable with. Deal done.
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