- We finally had a ONE BEDROOM actually sell in my complex which is the best indicator what what my unit might sell for. It went for $115,000.00 (with an upgraded kitchen.... but the rest of the place needed some TLC. Over all my place is much nicer since the entire thing was redone.) I'm just not sure my place is $5k nicer with this crazy market...)
- Something to note though, is the two bedroom market in my complex. 5 months ago a two bedroom sold for $186,000.00, 3 months ago in December one sold at the beginning of the month for $178,000.00... and two sold at the end of the month for $177,500.00, and then for $169,000.00. Finally, This month one sold for 166,000.00... The downward trend doesn't give me the warm fuzzys because as 2 bedrooms become cheaper, the likelihood of people opting for a 2 bedroom place over a one bedroom place drastically increases. But, properties are finally selling and closing which is a very good thing!
But then, the association next door had a one bedroom sell last month for $145,000.00. It definitely was a fixer upper on the inside, but that association has a detached garage, fireplace, and community pools as extra amenities.
The association on the other side of me with less complex amenities (so its similar to mine since we don't have garages, fireplaces, or pools... ) is showing a downward trend. Comparetlively I think the Units are smaller than the one bedroom units in my complex... but 6 months ago a one bedroom went for $113,000.00 and $115,000.00... 4 months ago $113,000.00... 2 months ago $115,000.00... last month $105,000.00 (Ouch!) Their Two Bedrooms last month sold for $153,000.00 and $161,500.00
The complex across the street had a one bedroom sell last month for $155,000.00 (that association has a pool, & covered parking)
So who knows if my place is valued around the $120,000.00 I paid for it. I'm not looking to sell for the next few years (if then), so for now i'll sit back and watch.
- One Bedrooms (145,000 159,000 184,995) All three are at the place with the pool, gargage, and fireplaces.
- Two Bedrooms (160,000 163,000 170,000 170,000 179,000 189,000 210,000) some from my complex, the fancy one, and the one across the street.