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Old 08-25-2023, 05:25 PM
 
23,560 posts, read 18,707,417 times
Reputation: 10824

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Quote:
Originally Posted by msRB311 View Post
This one went pretty quick for quite a bit over asking:

https://www.redfin.com/MA/Duxbury/45.../home/16342208

I feel like this house was discussed a while ago here? Or another house in that same neighborhood?
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Old 08-25-2023, 08:05 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Almost $250K profit in only 3 yrs time! I would have liked to see the 2020 listing to see if they even did any work to this as it looks like it still has a vintage/original tile bath so probably not. Crazy profit right there for doing nothing but maybe painting. https://www.zillow.com/homedetails/1...6637772_zpid/?
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Old 08-25-2023, 09:53 PM
 
Location: The ghetto
17,737 posts, read 9,192,519 times
Reputation: 13327
Quote:
Originally Posted by newenglandgal123 View Post
Almost $250K profit in only 3 yrs time! I would have liked to see the 2020 listing to see if they even did any work to this as it looks like it still has a vintage/original tile bath so probably not. Crazy profit right there for doing nothing but maybe painting. https://www.zillow.com/homedetails/1...6637772_zpid/?
It was the timing. The market has gone way up. Around here, pretty much any 700k house purchased in 2020 is a million now. This house actually didn't do as well as most have.
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Old 08-25-2023, 09:56 PM
 
Location: The ghetto
17,737 posts, read 9,192,519 times
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Quote:
Originally Posted by redplum33 View Post
^ Street View isn't available for Driftwood Drive, so can't tell if major improvements were done.
Quote:
Originally Posted by msRB311 View Post
If you scroll down a ways you should be able to see before pictures. A lot of work was done, but still kind of insane that it tripled in 5 years.
Oh. Big difference. I wonder how much all of that cost. They definitely didn't triple their money. Probably didn't double it either. They still did good though.
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Old 08-25-2023, 09:56 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
Quote:
Originally Posted by newenglandgal123 View Post
Almost $250K profit in only 3 yrs time! I would have liked to see the 2020 listing to see if they even did any work to this as it looks like it still has a vintage/original tile bath so probably not. Crazy profit right there for doing nothing but maybe painting. https://www.zillow.com/homedetails/1...6637772_zpid/?
Yeah there's nothing unusual about this house compared to others in the price range. A 700k house anywhere in greater Boston area in 2020 is worth a million or so today. That's a 35% increase but half of that is inflation.
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Old 08-26-2023, 05:32 AM
 
Location: Westwood, MA
5,037 posts, read 6,923,971 times
Reputation: 5961
Quote:
Originally Posted by newenglandgal123 View Post
Almost $250K profit in only 3 yrs time! I would have liked to see the 2020 listing to see if they even did any work to this as it looks like it still has a vintage/original tile bath so probably not. Crazy profit right there for doing nothing but maybe painting. https://www.zillow.com/homedetails/1...6637772_zpid/?
Quote:
Originally Posted by redplum33 View Post
It was the timing. The market has gone way up. Around here, pretty much any 700k house purchased in 2020 is a million now. This house actually didn't do as well as most have.
It’s exactly this. And it’s not $250k profit. Transaction costs eat a large fraction of that profit.

People sell stocks for huge profits and no one questions how little work they did to the company.
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Old 08-26-2023, 07:18 AM
 
2,710 posts, read 1,733,872 times
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Quote:
Originally Posted by jayrandom View Post
It’s exactly this. And it’s not $250k profit. Transaction costs eat a large fraction of that profit.

People sell stocks for huge profits and no one questions how little work they did to the company.
Yep some people make 1000%+ in stocks or crypto from just lifting a finger and no one bats an eye. But when someone makes 35% before transaction costs on a house (not to mention property tax, insurance, repairs, etc), everyone loses their mind!
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Old 08-26-2023, 07:37 AM
 
16,396 posts, read 8,198,277 times
Reputation: 11378
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Quote:
Originally Posted by matrix5k View Post
Yep some people make 1000%+ in stocks or crypto from just lifting a finger and no one bats an eye. But when someone makes 35% before transaction costs on a house (not to mention property tax, insurance, repairs, etc), everyone loses their mind!
Im gonna say that it's because everyone needs a house. It's shelter, a necessity. Not everyone needs crypto or to be being stocks.
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Old 08-26-2023, 10:25 AM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by jayrandom View Post
It’s exactly this. And it’s not $250k profit. Transaction costs eat a large fraction of that profit.

People sell stocks for huge profits and no one questions how little work they did to the company.
Transaction costs were maybe around $40-50K so ok that leaves $200K as profit. Still a large profit for only having owned it for ~3 years and doing no upgrades.
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Old 08-27-2023, 06:32 AM
 
Location: Westwood, MA
5,037 posts, read 6,923,971 times
Reputation: 5961
Quote:
Originally Posted by newenglandgal123 View Post
Transaction costs were maybe around $40-50K so ok that leaves $200K as profit. Still a large profit for only having owned it for ~3 years and doing no upgrades.
On $700k capital outlay, they could have done a lot better in the market and no one would blink an eye.

Real estate is both a good and a land investment. Don’t try to understand this sort of profit from the “good” side. This was likely profit all from the land getting more valuable. And maybe some inflation.
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