Homes for sale in Huntsville AL; Market value and research for specific homes for sale in Huntsville AL January 15, 2012
January 14th, 2012 8:19 PM
Homes for sale in Huntsville AL; Market value and research for specific homes for sale in Huntsville AL January 15, 2012<!-- end META -->
The link below is to the active listing and two previous sales of 220 GLEN MEADOWS LANE. The current owners bought the house in 2008 at $145,000 / $89 per square foot. The agent that listed the property in this sale is in our office. I checked with her about any issues with he house or neighborhood. She said her seller had a job transfer and only lived in the house a couple of months. She liked the house and neighborhood while se was there.
The house has been on the market this cycle since 11/20/11. There have been no price changes.
Even if the house sold at the current list price, the seller would have a substantial loss when we consider their closing costs.
The link below is to a summary of MLS activity of homes for sale in Huntsville AL in the neighborhood since 01/01/11. 217 GLEN MEADOWS LANE across the street is still on the market at $179,500 / $66 per square foot. The full listing is at the second link.
The average sold price was $66 per square foot with a range of $51 to $87 per square foot. The average days on market for the sales were remarkably low at 2 days and a range of 3 to 63 days.
217 GLEN MEADOWS LANE
The house at 217 GLEN MEADOWS LANE has been on market since 05/20/11. Since the house has been on market for so long and is now empty, seller may be motivated to negotiate. Just from the MLS data, I cant tell waht they paid for the house.
The flood map below shows the neighborhood is not close to a flood zone.
The link below is to the Google satellite image of the house.
101 BRAMBLE WAY is listed at $147,000 / $84 per square foot. The listing history doesn’t show where the current owner bought the house.
The link below is to a summary of MLS activity in the neighborhood since 01/01/11. There were no sales and one pending sale. This is a foreclosure that was listed at $70 per square foot.
Two of the active listings are foreclosures.
While 117 BRAMBLE WAY shows expired. I am working a lease purchase directly with the seller and my buyer. The sale price won’t be public knowledge until after closing.
The link below is to the recorded deed on the house from 6/18/07
The link below is to the recorded mortgage on the same date.
It looks like he and his now wife refinanced 2/12/10 at $109.000.
Unless I am missing a second mortgage, this is about what he owes.
The purchase money loan was for $110,400 and was not a VA loan. Assuming a 3% down Payment seller probably has about $114,000 in the house. He could have made a larger down payment and my estimates below would be way off. If this house does become a contender I may be able to research the Madison County Probate records for the actual sale price.
The listing agent on the listing is Amerisell Realty. A national limited service realty firm. All they do is list the house in MLS . Seller is paying them from $200 to no more than $500 in a flat fee.
Assuming he is paying $200 in a flat fee and didn’t pay any of your closing costs, his break even point on a sale will be in the $118,000 range. Again my estimate may be based on an incorrect down payment,
Even if my estimates are correct, we don’t know what seller would be willing to take and if they need money for a down payment on a new house.
The middle and high schools are the same as the prior property. The elementary school data is at the link below.
The house is about 1,000' from the nearest flood zone.
The link below is to the current listing on 147 DANFORTH DRIVE and the archived listing where the current owner bought the house 02/18/01 for $134,820 / $77 per square foot with their seller paying $6,528 of their closing costs. The house has been on the market since 11/28/11 at $81 per square foot $142,000.
The link below is to a summary of MLS activity in the neighborhood since 01/01/11. The average sold price was $57 per square foot with a range of $40 per square foot to $67 per square foot. The average days on market were low at 43 days and a range of 5 to 109 days. The $40 per square foot house (113 DANFORTH DRIVE) took 109 days to sell. It was a foreclosure and may have been in very bad condition.
At $81 per square foot the house is priced well above the highest recent sale. Since we know the seller paid $134,820 There break even point on a sale will be in the $147,000 range. They are priced at $142,000 which would probably net them something near the loan payoff.
At the highest recent sale of $67 per square foot the 1,757 square foot house would be at $117,000 way off the $142,000 list price.
I’m thinking seller is upside down in the house and unless they were willing and able to bring a lot of cash to closing we couldn’t make a transaction work.
The house is near but not in a flood zone.
Please let me know your thoughts on these or any other homes. I can try to gather more information.
In the meanwhile I spent some time searching for more homes at the link below. There are two new construction homes. One listed at $117,000 / $61 per square foot, 207 ELDERBERRY CIRCLE . The listing at 139 CLUBHOUSE LANE is not done very well but this is a nicer neighborhood. We just have to watch for septic system problems that are common in the neighborhood.
Filed under: Homes for sale in Huntsville AL — Philip Winburn @ 1:09 am Tags: Homes for sale in Huntsville AL, homes for sale in huntsville alabama