What is this house worth?

Discussion in 'Homesteading Questions' started by Bruce in NE, Dec 10, 2004.

  1. Bruce in NE

    Bruce in NE Well-Known Member

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    This house was recently sold at auction in a small north central South Dakota town. Can you guess what it sold for?

    A nice well kept, 1200 sq. ft., 2 story home with 3 bedrooms, 1 1/2 baths, and a 16' X 20' detached garage on a large lot.

    [​IMG]
     
  2. agmantoo

    agmantoo agmantoo Supporter

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  3. Windy in Kansas

    Windy in Kansas In Remembrance

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    Here it would bring about $60,000. I'm of the opinion it should bring about $35,000 because of age, etc.

    In the ice box of the north, i.e. South Dakota I would expect $18,000 would buy it.
     
  4. marvella

    marvella Well-Known Member

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  5. edcopp

    edcopp Well-Known Member

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    We can guess all day long, and into the night but this means nothing at all.

    Nice looking house in where?

    The most important three things to consider in the sale of a house are Location, Location ,Location. So the same house in another location might bring a different price.

    The state that it is in is near the lowest in resale values. There is a reason for that. The national average for new construction is around $90 per square foot (too rich for my blood @ around $108,000). Then again I saw a similar size house recently advertised in the same state for $8,000. Most likely in a remote area.

    The house is worth exactly what a willing buyer will pay and what a willing seller will accept on a given day. What changes the numbers is any one of hundreds of factors like needs, wants, and desires of the parties. Whatever it sold for it most likely would have sold for more in almost any other state.
     
  6. seedspreader

    seedspreader AFKA ZealYouthGuy

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    Around here that house would bring between 85K - 135K depending on the location and community it was in. It would be that low because it is an older house (for this area)
     
  7. mammabooh

    mammabooh Metal melter Supporter

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    Yep, I agree with ZealYouthGuy. I was gonna say $95,000-115,000.
     
  8. fordy

    fordy Well-Known Member

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    ..............I would say 75k . Now , what did it sell for , Bruce??? Also , what are the Property taxes on the house prior to the sale , which will obviously increase the property taxes after the paperwork is filed at the courthose . ..fordy... :)
     
  9. Bruce in NE

    Bruce in NE Well-Known Member

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    No, I'm going to prolong the agony a bit longer and let you keep guessing.

    Don't know what the property taxes were.
     
  10. lacyj

    lacyj Well-Known Member

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    Soooooooooo tell us, please.......
     
  11. Bruce in NE

    Bruce in NE Well-Known Member

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    Well, okay, since you asked that way.

    It sold for $6,000. Yes six thousand semi-worthless US dollars.

    Wouldn't it be nice to be able to pay all cash for you house on the spot and avoid the 20 or 30 year mortgage ball-and-chain altogether. UnAmerican, to say the least.
     
  12. Windy in Kansas

    Windy in Kansas In Remembrance

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    Well----in 1969 I paid $2,000 for my starter home of about 625 square feet.
    It was red clay tile block with stucco and plaster of them. Hardwood floors, fair roof. Needed remodeled, which I did over the 12 years we lived there.

    Sold it for $20,000, that buyer sold just a year or two later after it became a seller market. They got about $40,000 but had installed all new kitchen cabinets and sided over the exterior.

    The people that paid $40,000 wound up not being able to sell it at all after the oil fields busted. It eventually sold just prior to a tax sale and basically sold for the taxes against it.

    So goes the housing market in small farming towns as the towns collapse. The high school closed 2 or 3 years ago, the grade school closes at the end of the spring semester. Anybody want to buy the buildings before they bulldoze them to protect from liability? I've heard rumors along those lines.
     
  13. Sarah J

    Sarah J Well-Known Member

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    Welcome to house *auctions*...location is everything. North Central South Dakota is probably very similar to Northwest Iowa...lots of small towns where nobody but us really want to live! :haha: And if you're auctioning off a house, it must have something wrong with it somewhere (was this an estate auction?).

    *Sigh* I tried to get a decent house that way. The one we were looking at went for $10K, but with the expense of *moving* it and the cost of the land where we wanted to put it, drilling a new well, running electric...it all added up to be too much and not worth it. :no: If you're leaving it there, though... :)
     
  14. Zuiko

    Zuiko Well-Known Member

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    Houses in small towns tend to be cheap, plus this was sold at auction, which hurts, especially if it was an exclusive real estate auction, with no stuff. It looks really nice from the outside though, and it doesn't seem like it would be hard to make a living if you dont have a morgage... The nice thing about auctions for the seller though is that you dont have to show it, just an open house or two, then after the auction its sold with no contingencies. My Grandfather in South Central ND had a farm, 160 acres, 70's ranch house, old barn, machine shed, etc. that appraised for 23,xxx. Across the street from me there is 8 acres for sale, no house, no buildings, no utilities, 80 miles from the twin cities, they want 35,000 for it. Location is huge, especially since a lot of people think to farm you need 2000 acres and 500 hp tractors. Most of the people who want something like that I think would be horse people who would commute to the cities, therefore the price is high. I wouldn't mind buying it, but not for that price...
     
  15. chickmomma57

    chickmomma57 Well-Known Member

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    Okay, wait til you hear this. In the next town over from us in NW Jersey, a 2 bedroom house, 1 bath, no garage on 50X100 lot just sold at auction last month for $419,000.00. Taxes are $6,800.00 a year. House needed lots of updating. Can you believe it! What you pay in taxes yearly here in Jersey can buy you a home elsewhere, unbelievable. Guess maybe it's time to sell and relocate.
     
  16. edjewcollins

    edjewcollins Well-Known Member

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    You guys are freakin killing me! That house in a crappy area in rural michigan would easily go $150000 No kidding! People here are nuts. I've been at auctions where the price the house goes for plus the amount required to bring it up to code greatly exceed the fair market value of an equal house in the same neighborhood thats already up to code. It's kind of like some of the crazy bidding that goes on on EBAY.

    Ed
     
  17. 3girls

    3girls Well-Known Member

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    I have a friend in the Bay area of CA who recently sold her 2BR, 1BA cottage (under 1000 sq ft) with almost no yard (mayber 10x10 in back and another the same size along the side.

    Be sure you are sitting down--$505,000!!!!! There is a firm back up offer. I'm not only astounded at the price, but that there are people who think this is a bargain. :eek: :eek: :eek: :eek: :eek: :eek: :eek:
     
  18. antiquestuff

    antiquestuff Well-Known Member

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    Wow! :eek: I wish my area was like that........no such luck around here... :no:
     
  19. chickflick

    chickflick Well-Known Member

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    Not true.... not 'luck'! Keep your eyes on the postings at the County Courthouses!! When property owners don't pay thier taxes.... the county gets to repo it, then sell it for the taxes owed!! (Bad for previous owner.. GREAT for bidders!) These are possibilities EVERYWHERE.
     
  20. Freeholder

    Freeholder Well-Known Member

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    The Dakotas are on my short list of possible places to move to when Grandma doesn't need us here anymore, primarily because of prices like that. Property taxes are my biggest concern, though.

    Other places on my short list are eastern Oklahoma (probably too hot for us), northern Maine, the Ozarks, and the area of West Virginia, east Tenn. and east Ky.

    Kathleen