House next door sold for $100K over list

[pinkytoe]

It is just incredulous to me what has happened to the real estate market. The house is a small fixer on a small lot. Luckily, it is a young couple who won the house rather than another investor.

[iris lilies]

Yikes! Not s good time to buy.

[Teacher Terry]

Wow! Was the house priced under market in the beginning to get a bidding war started?

[sweetana3]

The potential of interest rates hikes is raising anxiety among potential homebuyers and the inventory of houses for sale is still incredibly limited. Supply and demand.

[ApatheticNoMore]

The house is a small fixer on a small lot.

that will go fast, since the listing price will be less ridiculous - small house, small lot, fixer upper, older house (so expect wear and tear but hopefully not a tear-down), yea *snaps fingers* and it's gone. But not necessarily go for 100k more than listing, since the whole reason a house like that will go real fast is price.

[bae]

My Dad bought a condo on the island this week.

Over the past several years, only one other condo has come onto the market, and it sold for a lot, as it was fancy.

This one is in a building in the village that until recently was sort of a slum. It's improving, as any real estate here is now so expensive that it doesn't make sense to keep it in slum-condition.

The tenant in Dad's place had been there 12 years. A shut-in and a hoarder and a smoker. We will have to spend the next month gutting it. Dad only got it because of a miracle - our realtor heard that it was about to go on the market, and did a deal, knowing that we were looking for a place for Dad. He got it done before about 10 offers piled in the next day as word of the opportunity got out. Luckily. Dad still paid perhaps twice what it would have cost 7 years ago. And the only reason he scored it was because of personal relationships and karma.

[catherine]

Please don't tell DH all these stories. .

We haven't sealed the deal on my son buying our house, but we had agreed to a price a year ago that seemed reasonable, considering a discount based on our passing on them the savings from not needing to get a realtor involved. But our neighborhood continues to climb and DH wants to tear his hair out, knowing our one opportunity to win big in real estate is going to be diluted by this deal with our son. We're not about to our son out, but it would have been fun to be on the winning side of a crazy real estate bubble for once--it would have mitigated the terrible loss we incurred with my MIL's situation.

[JaneV2.0]

I can attest to the lack of properties--at least in the cities I routinely check. I used to be able to find one or two condos in the complex I lived in before, but lately it's just unimproved land and two or three tired properties moldering in the listings. Meanwhile, Chez Decay's Redfin Estimate is skyrocketing, which seems delightful, if--by my estimates--completely unrealistic.

Great news about your father's real estate score, Bae!

[Tybee]

This just happened to my friend in Savannah--house in a less desirable part of my grandparents' old neighborhood just sold for 100 thousand over listing, on the first day it was listed. This is a house that would have sold for about 150k two years ago. It went for 468k.

That is insane.

[pinkytoe]

It was a cute little house though very dated and our hood is central and next to a wonderful park so desirable. We know we could get a really good price for ours right now but have no place to go. Thinking it might be best to sell anyway and rent until things cool down. The thought of having to pay $2000 or more a month to rent though is scary.