Market Conditions in 30337>Question Details

Michelle, Real Estate Pro in Atlanta, GA

Can anyone tell me what the comps are for 1871 Lyle Ave college park,ga 30337?

Asked by Michelle, Atlanta, GA Fri Mar 21, 2008

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That block of Lyle is not a fast or high selling block. The house you noted is also a frame house, whereas the others are brick. This will count against the value of 1871. I only saw 1 good comp for that house that sold at $157,000.
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0 votes Thank Flag Link Sun Apr 27, 2008
Andrea identifies an interesting scenario.

Make sure that your lender is aware of the $72,900 to $180,000 leap in value.

The seller may not be able to sell to someone who requires the scrutiny of loan underwriting - the leap in value in 9 months may be too much money for a bank to enable.

Ask the seller if they have a day to day logbook for the job. Ask them for every material receipt and labor invoice. Ask them to justify the asking price as if this were a "cost plus" build that you contracted yourself.

If they are attempting to make more than a 40% profit, then watch out. That means that they must have put at least $30,000 or so into it.

If their labor and materials are legitimately accountable, but their work is not so good, then question their profit margin.

If $180,000 is commensurate with immediate comparable, appraisable like-kind property values, then go for it.
0 votes Thank Flag Link Mon Mar 24, 2008
Michelle,
The property is listed at $180,000 and was sold in July of 2007 for $72,900. I hope this helps and if you need anymore information please don't hesitate to ask me.
0 votes Thank Flag Link Sun Mar 23, 2008
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