patrick.net

Anyone with access to property records can explain what's going on with this house?

Person A purchased for $750k in 2006.
Person A short sold the home for $518k to Person B.
*1 year passes by*
Owner is now Person A again via some sort of correction deed.

Cant say...
LOL! you should look up the history of several of the homes up and down the street.
You will find prices from 1986 around $150K and went up 40% or so to low 200K by 1996.
However they doubled and tripled(plus) into the next 10 years (2006).

These home are still way overpriced and need to correct down near 300K at best.
Sure to see many many more homes which were oversold and yet to foreclose years down the road.

Thomas, these houses still have fierce competition because of in-law units. The single story ones are selling for the high 300's-extremely low 400's, with the exception of a few suckers. Without an in-law unit, it's a $200,000 garage.

robot4 says

Thomas, these houses still have fierce competition because of in-law units. The single story ones are selling for the high 300’s-extremely low 400’s, with the exception of a few suckers. Without an in-law unit, it’s a $200,000 garage.

In-laws or out-laws dont matter, do you think in prior decade buyers thought like this ?
$750K at peak or $500K today, its insane. These prices are way beyond incomes and historical inflation trends.

thomas.wong1986 says

do you think in prior decade buyers thought like this ?

They used the in-law units from these homes when it costed $180k or so to give them extra cash. Now that their $180k home has been paid off, they have lots of cash flow from these properties renting out for almost $3000/month. That's where all these cash buyers are coming from. Nobody is bringing money from overseas. Just a bunch of people stashing money in safety deposit boxes, paired with someone whose name they can use to present the money. I'd like to see these types of buyers tone down too but it is unlikely unless they bust.

If Craigslist started charging for rental postings, the rent market would probably bust right now and drag prices down. A fair price should be something someone would rent in 1 week versus an inflated price advertising over and over again for months.