{"id":503,"date":"2006-10-03T20:04:59","date_gmt":"2006-10-04T03:04:59","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=503"},"modified":"2006-10-03T20:05:38","modified_gmt":"2006-10-04T03:05:38","slug":"the-bloodhoundblog-valuation-challenge","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/503\/the-bloodhoundblog-valuation-challenge\/","title":{"rendered":"The BloodhoundBlog Valuation Challenge . . ."},"content":{"rendered":"

Here’s a cute little game for people who think they know a thing or two about real estate…<\/p>\n

I’m looking at houses for an investor client who is also a close friend of the family. He picked out a house he was interested in, and, as a matter of course, I ran every comp listing in that subdivision — active, pending and sold — going back to May.<\/p>\n

I found ten active listings in that exact floorplan in that same subdivision. Unzillowables be damned, this is as close as you can get to stone identical comps, like little plastic Monopoly houses, each one the twin brother of the next. All of them were built between 2002 and 2004, all by the same builder, of course, all upgraded to some degree, none to the ultimate degree. No premium lots, no view lots, no pools.<\/p>\n

What would you expect the spread of prices to be?<\/p>\n

You would be wrong, no matter what you said, wrong by a lot. There is actually $115,000 between the highest and lowest priced homes.<\/p>\n

The nature of this insane market is that people are still seeking prices for their homes that would have been obscene a year ago, as we neared the end of our housing boom.<\/p>\n

This is the range of prices sought for these ten homes:<\/p>\n