Bubblelicious 1

A house down the street just sold after being on the market for about five months. The owners, who were old, had already moved.

Out of curiosity, I looked up the sales on the street on the county website (remember, a real estate transaction is a Public Record–I was surprised what you can find on the county website, including the really bad year when I was late on my sewer tax. “Honey,” said the lady with the county, “Don’t worry. They ain’t gonna turn off your sewer.”).

A few notes:

• The street was built in the mid-50s and has fewer than 30 houses. Some–a dwindling number–of the houses are still occupied by persons who bought them when the street was first opened.
• Most of the other houses have been occupied by the same families for 15 or 20 years. There’s not a lot of turnover.
• Even given normal changes and alterations (garages turned into family rooms, partition walls removed or moved, porches and patios added or changed), most of the houses would pretty much fall into the same price range.
• The house that sold on September 25, 1992, had been neglected because owners had become physically unable to keep up with it. The new owners have fixed it up nicely.
• The sales in June 1996; November 2002; and June 2007 were sales on the same house. In 1996, it had a number of unfinished renovations, including an expanded second floor. The “unfinished” part, though, kept the price slightly lower than market. By 2002, when it sold for $189,900, all those renovations were complete and it was–and is–probably the nicest house on the street right. In 2007, when it sold for $345,000, it was pretty much the same house as at the previous sale. It was, nevertheless, hardly almost twice the house it had been five years before.

The most recent sale probably reflects the current ballpark value of houses on the street much more realistically.

The new owners of the nicest house on the street house got a nice house in a quiet, safe neighborhood. But they clearly got bubbled on the price.