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my neighbors homes are 1/2 size of mine and same age, but their $ is rising as mine dropped. why?

I bought my 2300 sq ft, 3br, 2.5 bath home 5.5 years ago and I have continually improved my home.
Before the market started to drop, my house was valued at 195K. Then when the market stated to drop, my value dropped into the 180K range. The 1300 sq ft, 3br, 2 bath home to the right of mine was bought <2 years ago for 139k and the value has risen since then to >140k. No improvments have been made on that home.
Then, a couple of months ago, the 1600 sq ft, 3 br, 2 bath home to my left was bought for 160k. Prior to it's sale, it was greatly undervalued and listed as 93k. That home is now valued at 162k.
All 3 houses were built around 1916.
I dont understand why the values of the smaller houses to the left and right of mine are rising while the value of my house, within the past 3 months or so, has dropped from over 180k to only 153k. I paid 153 for it 5.5 years ago and have put about 15k or more into the house as improvements and that is with me doing all of the work. If that work was contracted out, it would be probably closer to >30k of improvements.
This doesn't make any sense to me. I don't understand why my large, spacious, well maintained and improved home's value is now lower than that 1600sq ft home that is next to mine when they are the same age or why value the tiny unimproved home to the right of mine is gaining on mine. My home is nearly twice the size of that home, both built in 1916 and mine has had a lot of renovations and that one has had very few, if any. Why is mine only worth 153 and that one is worth over 140?
I have no intention of selling my home any time soon and the drop inf value has only helped me out by allowing me to get my mortgage interest dropped, but I just want to understand this so that when I do want to sell my home, I'll know what the problem is with my home that the value is dropping.
Can anyone help me out with this?
  • January 27 2010 - The Ohio State University
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