I've decided once a week, I'm going to pick a home and analyze it's pricing based on recent comps, condition and comparative for sale. I'm going to start this exercise by picking one I have on the market.
Here's the link to the detail on this one which is priced at $324,550.
Basically it's your entry level home in the tri-cities. A 2 bedroom, 1 bath single story, condominium on the 2nd floor. No one above or below you.
Recent sales in the complex are:
2123 SKYLARK CT. #1 - closed 3/30/07 for $319,000; Interior condition is good.
Unit #1s are the ones in the front of the building. Single story with no one above you.
2283 PEACOCK PL #1 - closed 3/14/07 for $325,000; Interior - everything is original.
34818 STARLING DR #2- closed 3/29/07 for $320,000 Interior - better than 2283 Peacock.
Unit #2 & 3 are on the side of the building, with living room and kitchen on the 1st story
and bedrooms and bath on the 2nd floor.
32641 BRENDA WAY #4- closed 12/1/06 for $335,000. Beautifully remodeled.
this is from the same builder but in a different neighborhood, about a mile away in Union City.
Based on recent sales:
It's priced $5550 more than 2123 Skylark. What you get for that is an interior that the seller spent about $17,000 to remodel. Skylark has new cabinets and appliances, but starling has higher quality cabinets, that were put up craftsmanship, high-end appliances including a convection oven, walls and ceilings that have been re-textured and tastefully painted, and a totally remodeled bath.
Compared to 2283 Peacock Place, this is a super bargain.
Compared to 34818 STARLING DR #2 - this unit is priced $4550 more but again your getting $17,000 in upgrades. Plus I prefer the single story units, I don't want to run upstairs just to use the bathroom.
Finally compared to 32641 BRENDA WAY #4, this is $10,450 less. Interior condition is similar so than it goes down to location differential. Maybe the neighborhoods deserves a $10K neighborhood differential, however if I were to try to rent these units, they would probably rent for about the same amount of money.
Against what's for sale:
there are 3 units priced less than 34866 Starling Dr#4. I want discuss the ones prices higher, since I think currently they are just dreaming about selling.
2154 Skylark Ct #2 - asking $316,900 - no upgrades. updown unit. Unless the buyer is included to do their own repair, I think they would prefer to pay $7650 more for starling dr and get $17K of repairs and to have it financed by the home mortgage.
34805 STARLING DR #4 - asking $319,950. Exact same plan. There are no interior pictures which usually means nothing good to look at and they're offering a $200 credit for paint, carpet, etc. So I a net price of $317,900. So for $6650 you're getting a totally revamped unit at 34855 starling #4.
32664 BRENDA WAY #4 - asking $319,950. Exact same plan , different neighborhood. Condition is clean but original. If you prefer this neighborhood you may give it a premium for location like we saw at 32641 BRENDA WAY #4. So let's say that premium is $10,000, than you need to subtract $17K for the upgrades and you get a net price of $312,950. So again, 34855 Starling looks to be value prices.
If you have a house you'd like me to evaluate let me know.
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