Lots of chatter (as usual) on one particular local blog regarding the continued decline of real estate, and the world for that matter. (We get it, we really do. At least they’ve chosen to beat white elephants now along with their dead horses.)
What we’d like to show you is something that is still happening, but going unnoticed by both mainstream media, and sidestream blogs…that is that homes are still selling, and they’re selling for realistic prices, in realistic amounts of time.
Take for example this 2 bed, 1 bath, Fuji apple at 2331 42nd Avenue that was purchased back in 2003 for $515,000.
By all accounts this home was (and still is) in need of some repair.
Enter the Macintosh apple: A 3 bed, 1 bath home at 2335 42nd Avenue right next door to our Fuji.
Almost identical homes in very similar condition at the time of sale. (Save for a bedroom off the sort of remodeled kitchen in the Mac, which in our opinion decreased the value because it blocks views and access to a potential deck from the kitchen, and thus our hesitation to compare as a Mac to Mac, or Fuji to Fuji).
This Mac was listed for $688,000 during the holiday doldrums, and the worst economic/real estate situation we have possibly ever seen.
So what happened to this Mac? It was snatched up in 11 days for $710,000.
Is that a 2003 sales price? Not quite.
Make no mistake, it’s bad out there, but not always as bad as you’re continually forced to read. Train wrecks will always get more attention.
–2331 42nd Avenue, 2 bed, 1 bath, $515k in 2003 [MLS]
–2335 42nd Avenue, 3 bed, 1 bath, $710k in 2008 [MLS]
One thought on “Comparing A Fuji To A Macintosh (We Ain’t Talking Electronics)”
I continually see this too. Like, someone making a larger point will casually say, ” I look to 2009 values mirroring the massive decline seen in areas such as Bayview and the Sunset …. ”
Hold on a sec.