Thank you for your question.
I just ran a data search on this area. Criteria I used was homes w/ 2 bed 1 ba, built between 1920 and 1970 and within a radius of 1 mile of 6708 SE 71st either in active or sold satus- going back 8 months. Only 13 properties fell within this criteria (which is similar criteria one should most likely use if trying to find good comps for this property).
Price per sf was varied from 96/sf up to 186/sf due to the wide range of properties including bank owned and short sale listings. The average price per sf was $136.00
Median listing price of homes currently in active status is $219,900.
Median listed price of sold homes was $189,900
Median sold price $179,950
This is reflective of a 5% decrease in the listed price. Very normal. The numbers you quoted must have included homes that would actually not have similar criteria because I am not seeing the report you received as accurate. There are a variety of homes in and around that listing but not all of them would be comparible to this home for various reasons, too far removed in construction date, condition, size,, some are short sales, bank owned and some are just badly priced even though they would be comps. The comps need to be accurate.
I wanted to take the time to actually do the work to see if that information you received was accurate because I've showed quite a few properties in that area. Those numbers aren't based on precision- based comps. However, this property is a challenge for today's market as it was purchased in October 2007 for 215K and they are trying to get enough to cover the fees to sell it...this is precisely what we are facing with many properties..they purchased at the top of the market a couple years ago when things were hopping and price wars drove prices up...and now their property value has decreased and they are not wanting to face the facts. Even the numbers I ran showed them overpriced by about 10K IF their property was ALL Living Space, but there is some unfinished square feet in that property, which in my opinion makes that property worth less. At the same time, I've been in that house and it's a real nice property with a very nice lot, garage and location with no deferred maintenance that I could visually see, which definitely makes this property attractive except for the fact purchasing at the list price will be paying too much for today's market. And it appears the sellers would be upside down if they sold it for much less than they paid for it.
I hope this helps. If you need someone who will work hard for you as your search for a home I would love the opportunity. You can feel free to use all the services on my web site with a secure login of your choosing. Please feel free to contact me directly if you would like to set up an appointment to focus a search for your new home.
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