One of our readers points out this house for sale in Laurelhurst:
"Purchased for $250K on 02/12/2002, some permits pulled, looks like some updating, added room and bathroom in basement, I think he's fudging on the square footage.
Here's the kicker: asking price $650K!!!
http://portland.craigslist.org
The seller is a real estate agent, for what it's worth. Let's see how fast it sells. That's 21.1% annual appreciation (not including renovation costs) for those curious.
5 comments:
Denial is a powerful thing.
Some houses "appreciated" that much without the updating. Scary!
The address of that property is 3125 NE Couch St., which was last sold in 1993 (for $110,000). Not sure where the wires got crossed..
Craigslist listing is gone, but according to PortlandMaps the sq. footage is
1 Main 3P 1,298
2 Unfinished Basement 3P 1,118
3 Concrete 3P 200
4 Built-in Garage 3P 180
5 Covered Patio 3P 132
..on a 5000 sq. ft. lot.
looks like a few numbers were transposed, it's listed on the RMLS as 3125 NE Couch, listing no 8011270
"Some houses "appreciated" that much without the updating. Scary!"
true, sometimes i wonder why people invested in repairs, when you could get big returns just by buying, holding for a year or two and selling. then i guess they would just be speculating, not flipping.
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