Why is this house $299,000?

Profile picture for mekawa
110 San Carlos Rd just sold for $305,000. It's a huge house that is very modern. This house is old and needs $40,000 in remodeling. Please explain why someone would pay $299,000? Maybe $250,000. It used to be for sale for $320,000!!
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December 24 2008
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Answers (3)

I did read your question and if you re-read it you'll see how my line of thinking made sense.  So I'm confused.  You took the time to post a question without an answer online and then took the time to verbally assault me for answering it incorrectly?

Home prices aren't always about square footage and upgrades.  Maybe someone loved the layout, maybe someone needs the house for a special purpose that will work well in that particular property, maybe a million other reasons.  The point is we'll never know and there is no reason to believe it has to be justifiable in some way.
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December 31 2008
Profile picture for mekawa
Maybe you should actually read my question before you answer it. I know that Zillow can't take into account the inside of a house. I don't even know what Zillow appraised the house at. I don't care. I'm talking about the seller of this house. They had the house at $320,000 for about six months, then reposted it for $299,000. The house is so outdated inside and it's not even that big. 110 Santos sold for $305,000 and is big and very clean and modern inside. I've been in both houses. They don't even come close to being comparable. Either their agent sold them a dream or the sellers have no clue what is going on in the housing market.  
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December 31 2008
How do you expect ZIllow to take into account the condition of the inside of the house?  Zillow is a general estimate at best.  If you want to know value you need an appraisal or a RE pro who knows what they're doing.  End of story!
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December 26 2008
 

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