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did I get a good deal?

Contributions: 2

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:2

hi I just purchased a foreclosed home in laveen az for 170,900 its 2853 sq ft with 3 bed 3 bath and 3 car garage it has spiral staircase in front foyer room with a 23ft ceiling in that room. the house is classified as 2 stories however upstairs is only 600-700 sq ft (bedroom, bathroom and small living area) the house was built in 2005 and only needed a few cosmetic repairs such as paint and upkeep on landscaping. the home sold new for 308,000 and sold last year for 385,000 most of the houses in the neighborhood sold for over 300,000 a few yrs ago and its an upcale area off of 71st and baseline any info would be appreciated. thank you

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December 16 2008 - Laveen

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Deidre St. Romain, "Deidre St. Romain"
Contributions: 9

Deidre St. Romain, "Deidre St. Romain"

Real Estate Agent

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You got a good deal if you love the home, the area and it suits your needs. You should plan on staying in the home for at least 5 years before trying to sell - depending of course on market conditions at that time. I am not a predictor but am a Realtor who knows how long it takes to build some equity. That is a lot of sq. ftg. for the money so if the above applies - good for you!! Enjoy your home.

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December 17 2008

Thomas J. Roberts, "tjrltr"
Contributions: 53

Thomas J. Roberts, "tjrltr"

Upper Arlington,OH

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Grandmariener,seems you did,now what did your realtor tell you,when you would get back up to 300's so hopefully you had planned on occupying for awhile.

Regards;

TJ

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December 17 2008

jal74
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jal74

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Sorry, but the short answer is no.

The Az market is still in free fall as foreclosed properties make up over 50% of all sales and continue climbing. I would have reccomended renting for another year. In all likelihood, that house would have cost you significantly less to buy next year.

Regards

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December 17 2008

Caroline York, "cmyork10"
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Caroline York, "cmyork10"

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It sounds like you did quite well but the proof is in the sale price of other homes in the area. If similar homes are selling for less then no, you didn't get a deal. If they are equivalent or higher then you did. I base my answr on the fact that you say the house is in very good condition and needed few repairs. Obviously some people will sit on the fence and watch with the hopes that things will get worse while people like you are taking advantage of the market and buying now.

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December 17 2008

FriendshipProperties
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FriendshipProperties

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Check the town assessment. If you paid the 'assessed value' or less (usually 70% appraisal), then you can say you got a good deal!

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December 25 2008

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