Property Q&A in Medford>Question Details

bauerfoto, Home Buyer in Revere, MA

Same house sold for $460K in May 2012. What happened?

Asked by bauerfoto, Revere, MA Tue Feb 19, 2013

Any clues why this home sold for $460K may of 2012 and < 1 yr later sold for $240? A gift to someone? Or did they need to show a big loss on their taxes for some reason?

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Hi Bauerfoto,

That is a different kind of "flip" for experienced developers.
The property has to have specific criteria, or a lot of upside, or both.

Of course choosing a local real estate pro can help you save a lot of time.
(Not me, I'm on the Cape, but I can help you choose a local pro when you are ready.)

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Tue Feb 26, 2013
Deb's right! It looks like an investor purchased 340-342 Malden Street in Medford as a 2-family for $459,900 on 5/1/12. The investor then renovated and later sold the two units individually as condominiums. The 2nd floor unit at 342 Malden Street sold on 9/14/12 for $299K. The smaller unit located at 340 Malden Street sold on 1/7/13 for $240K.
0 votes Thank Flag Link Tue Feb 19, 2013
Hi Deb on the web: aha, it makes sense now. thanks for the help!
0 votes Thank Flag Link Tue Feb 19, 2013
Good catch, but what happened is the house was bought as a 2 family home in 2012 and then converted to condos so the sales price you're seeing for January was just for the 1st floor.
0 votes Thank Flag Link Tue Feb 19, 2013
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