Condo Market Value

I needed a fairly large distraction today... so for your reading pleasure...

There are 4 housing associations near my condo (then a really nice upscale home tract, and a park). Occasionally I’ll run stats on one bedrooms in the area to see what they are selling for now, what they have sold for over the course of a year, and what kind of sales they were. Lately I kept noticing articles on the internet about housing, selling prices, and interest rates, so I figured it was time to take a look at the current market.

Association 1
There is 1, one bedroom condo on the market for $110,000.00 (Short Sale). Over the past year this model has sold anywhere from $113,000.00- $120,000.00----- 3 were foreclosures (the cheaper ones)… one was noted as “not an arm’s length transaction” … 2 were short sales & one looked like a normal transaction, but may have also been a short sale (the $120,000 price tag). There is no pool or additional amenities, but they do get 1 covered, assigned space. HOA Fee $300

Association 2
This is where I live. There is currently 1, one bedroom condo on the market for $124,999.00 (Short Sale) Mine is in better condition too. No other “one bedroom” properties have been bought or sold in the past year because my association doesn’t have too many per building (most are 2 bedroom and 3 bedroom units, and a lot of them were sold over a year ago in the beginning of the market flop). HOA Fee $250, includes water, and gas.

Association 3
I call this the Ritz association. They spend wayyyy to much money to make the outside look nice and pretty, and as a result, they keep special assessing the crud out of the owners to make up for the “shortfalls” they are now incurring. Parking is also horrible there. They have 1, one bedroom listed for $174,900.00 and have had a few places sell anywhere from $127,000- 165,000.00 (2 foreclosures and a short sale). They have a pool and detached garages. HOA $303, water included.

Association 4
This is the one association on the other side of the street, making it closer to the shopping center so it occasionally gets graffiti near it on some of the signs and utility boxes… :/ So location wise, this place is louder and tends to get more unwanted visitors, but they have a pool and some covered parking. There are currently no units for sale in the one bedroom range, but they have had one place sell for $152,500.00 (Foreclosure). HOA Fee$250.00

I widened the parameters for 2 bedrooms in my association just to see what was currently on the market. There are 5 properties listed, 3 are short sales for $149,900, $154,990, and $170,000 … and 2 are regular sales, one just listed and the other has been on market for about 90 days for 179,000 and 188,000.00
So considering the single bedroom listed for 124,999 is a short sale and the next 3 properties are short sales too, I think it’s safe to say my condo is worth at least the price I paid for it.