What's Wrong w/ This Picture? (4600 Sq Ft for only $390k)

[asufan]

Originally Posted by RagingLeo

Public property records show this house was purchased for $635k in September 2005.

At $390k, this seems like potentially a great investment, no?

No. What it sold for 4 years ago has no impact on what it is worth today. What the current comparables are selling for in the market area, adjusted for seller concessions, indicate what it's worth.

[RagingLeo]

Originally Posted by asufan

No. What it sold for 4 years ago has no impact on what it is worth today. What the current comparables are selling for in the market area, adjusted for seller concessions, indicate what it's worth.

Makes sense. Thank you!

Any comments on Higley school district? Anyone?

[asufan]

OK, I just looked it up to get the address. Within 1 mile of this home, there have been 4 sales within the past 90 days similar is square footage and lot size. The sales prices are as follows:

$357,000 - 4,755 Sq. Ft., 3 car garage
$350,000 - 4,602 Sq. Ft., 3 car garage
$300,000 - 4,602 Sq. Ft., 3 car garage
$300,000 - 4,602 Sq. Ft., 3 car garage

The one you listed is just below 4,600 square feet with a 4 car garage. The 4th garage bay can add anywhere between $2,500-$10,000, depending on whether it's a tandem or a true 4th garage. You said this one had a pool, so it can be adjusted for that as well, maybe between $10,000-$20,000.

There you go.

[sh9730]

So, my 60-70 per sq ft estimate (for average selling price on larger homes in the QC area) turned out to be just about right! A little higher on a couple of the comps, but given the info that ASU provided about the area being a little more desirable than some of the Pinal QC areas, that about makes sense!

[RagingLeo]

Originally Posted by asufan

OK, I just looked it up to get the address. Within 1 mile of this home, there have been 4 sales within the past 90 days similar is square footage and lot size. The sales prices are as follows...

Wow, thanks for putting those numbers together! VERY helpful!!

Interestingly, the same model house (identical square footage, etc) is for sale down the street listed for $550k. Someone's dreamin...

Anyone have an opinion about T.W. Lewis homes (that's the builder)? Good quality?

Thanks everyone for your feedback -- you've all been tremendously helpful.

[asufan]

Originally Posted by RagingLeo

Wow, thanks for putting those numbers together! VERY helpful!!

Interestingly, the same model house (identical square footage, etc) is for sale down the street listed for $550k. Someone's dreamin...

Anyone have an opinion about T.W. Lewis homes (that's the builder)? Good quality?

Thanks everyone for your feedback -- you've all been tremendously helpful.

Yes, TW Lewis is a very good builder. The TW Lewis and Toll Brothers homes in Power Ranch should sell at the top of the market there. Some of the things that TW Lewis does that may stand out from the comparables is: Higher ceilings, higher window headers, wooden window sills, higher end appliances, light fixtures, etc. In general, the standard features were much better than the other builders, and a higher % of TW Lewis buyers spend money on upgrades. Since this home is a TW Lewis, it may very well be worth close to that $390K price, especially if it has nice upgrades. I think the two that sold for $300K were absolute steal, and think the market in the area for this type of home may be in the mid to upper 300's.

Take a look at some houses in the Toll Brothers section too. The big 2-story called the Terraza floor plan is really nice. They had basement options as well.

[roosevelt]

Originally Posted by RagingLeo

Public property records show this house was purchased for $635k in September 2005.

At $390k, this seems like potentially a great investment, no?

Sounds about right for that square footage, it is in line with similar sales; however, make the offer and see what happens; I would say there are other offers, some for cash.

[ArizonaBear]

Originally Posted by asufan

Just FYI, this is near the good part of Queen Creek, not the bad part (higher property values, well kept neighborhood). Queen Creek is so spread out that there are many different parts. The portion in Maricopa County is much more preferred to the Pinal County portion. The commute isn't terrible from this area, as it would take ~ 10 minutes to get to the San Tan Freeway at Greenfield Road.

The price sounds about right to me, maybe even a few % high. I didn't look up the lot size, and whether it was a 2-story or has a basement, but the price doesn't seem like a steal to me.

In all fairness: only the town of Queen Creek still uses the name.........QC in Pinal County is now Santan Valley.

[ArizonaBear]

Originally Posted by asufan

No. What it sold for 4 years ago has no impact on what it is worth today. What the current comparables are selling for in the market area, adjusted for seller concessions, indicate what it's worth.

You may be able to get that house for even less money.

My G/F bought a place in central Mesa for about $85K that originally went for ca. $220K just two years ago.