Property Q&A in Indianapolis>Question Details

Chris Clemen…, Home Buyer in Indianapolis, IN

Why did it just sell for $75,002 six months ago and is now listed for $23,000? What's wrong? Zoning issue?

Asked by Chris Clements, Indianapolis, IN Sun Nov 18, 2012

Inspection issue? I believe other houses in the area are listed in the $20,000's...Why the $75,000?

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I am not aware of the 3200 block of Holt undergoing zoning changes.
Most likely scenario is that if it sold by owner 6 months ago for $75,002,
and there is no record of that sale in the blc, and is now being marketed
for $23,000, material changes have occurred.

For example, all the appliances are gone - from both kitchens. A TV has
been removed. Was the home abandoned and the plumbing left to burst?
A quick look at the comps suggests you are correct about area prices for
this size home.

0 votes Thank Flag Link Mon Nov 19, 2012
While values in Indianapolis and the surrounding counties were not impacted to the extent some areas of the country were. there are some communities that were negatively impacted more than others. It could be there were a lot of foreclosures in that neighborhood within the last 6 months. I recently had to deliver the bad news to someone who wanted to sell her home, that her property that was listed for $46,000 2 years ago that the market value was now $10,000. (Her house didn't sell 2 years ago either when it was listed at $46,000.) That wasn't even enough to pay off her mortgage. Since she wasn't in a situation where she HAD to sell, she decided to wait to put her house on the market. I don't think I am her favorite realtor since I was there bearer of such bad news....but I had to be honest.
0 votes Thank Flag Link Mon Nov 19, 2012

According to the records in the MLS (BLC) - the last time this property sold was 1999 and it went for $67,900. It was foreclosed recently and is now listed by HUD for $23,000. Could it have been listed For Sale By Owner for $75,000?
0 votes Thank Flag Link Mon Nov 19, 2012

I show it as having sold for $67,900 in May 1999. Condition and the market value of the neighborhood are most likely the factors for the $23,000 list price.

Scott Orich
RE/MAX Ability Plus
0 votes Thank Flag Link Sun Nov 18, 2012
Thanks Scott. Sorry I just saw the "history" section on the property on the Trulia webpage. It must have the wrong info. But yes the market and the area do make it more in the $20's. Thanks. I really like the property. Has lots of potential for a fixer uppper.
Flag Sun Nov 18, 2012
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