House of Pain Graduation
For those of you long time readers, you will recall my past posts on 220 Bloomsbury Ave Catonsville, MD. 21228 (click here for previous posts). This first house in the House of Pain series has graduated from the continued pain and was sold last month.
Below are the details of the sales and listing history
The sale price last month was $490 which is a 3% gain over the 2004 sale price, but once you add inflation (put prior year $'s into 2008$'s) and compare apples to apples, the sale was an -11% loss over the 2004 purchase price. Since the last buyer purchased in 2004, spent at least $50k on upgrades and an spent an unknown amount of closing help, this house in back below 2004 price levels.
Lets look back at the listing prices for this house as it languished on the market for over 700+ days.
At the peak of the listing prices, the owner was clearly drinking the bubble flavor kool aid thinking they could double their purchase price in only 2 years while only putting in $50k worth of work to the home.
The irony to the sale of this house is I knew it was sold even before the settlement since the buyers mother contacted me. This leads me to believe they had read about this house on here and it maybe helped sell the home. Any opinions?
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5 comments:
wow another 50,000 since your last post back in march
I wouldn't have bought that dog for $300k.
Never a shortage of fools or their money.
Not that the person that bought this house was a fool, mind you.
It still sold for almost half a million despite your negative propaganda ;)
And the previous owners still bought it for half a million in 2004 $'s and put in at least $50K of repairs/upgrades. Your fallacy of diversion from the facts wont work on this blog. An 11% loss without even factoring in the $50K in repairs/upgrades. Plus I have no idea what was spent to get the land parceled and lets not forget to consider how many months this "rental" sat completely empty as the owner had already moved to another home. At least 6 month of lost rental income.
Hey Kevin, are you setting up as a censor;)
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