huntsville homes for sale; consider renting until market corrects

Huntsville AL homes for sale; Market review, consider renting until market corrects
August 11th, 2012 2:46 PM


Happy to oblige on the market study. The link below is to the listing where you purchased the property 8/24/07 at $222,184 ($76 psf) with seller paying $1,000 in purchasers closing costs.,

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7110015585

The link below is to a summary of MLS activity in the neighborhood of two-story properties in the past twelve months.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7110015595

The average sold price was $71 psf with a range of $67 to $73 psf. The average days on market were high at 223 days with a range of 71 to 409 days on market. The long days on market is an indication that the market probably won't bear higher prices at present. There is one active listing at $75 psf and two listings that were withdrawn without selling that were listed at $73 and $64 psf. They were on market 763 and 349 days.
You stated that you owe $224,000. Assuming standard brokers fees, transactions costs and $1,000 contribution to purchaser closing costs, your breakeven point on a sale will be in the $261,000 range.

The link below is to properties in the area in that price range.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7110015647

The data is not encouraging for selling.

The link below is to the listings of huntsville al homes for sale.
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7110015614

The rental listing history is a little puzzling. The older listing indicates the property was rented at $1,850 on 11/21/07 which seems above what the market would bear. The current active listing's history shows the property active as a rental at $1,550 from 5/28/09 to 9/25/09 (379 days) when the price was changed to $1,600. Did the property rent for $1,850?

273718m
06/11/09
UPD
RNT
5X
105 GREY MARE STREET
AUGUST
$1,600
379
88800
09/25/08
UPD
5X
AUGUST
$1,550
120
88800
06/30/08
UPD
5X
AUGUST
$1,550
33
88800
06/30/08
UPD
5X
AUGUST
$1,550
33
88800
06/25/08
UPD
5X
AUGUST
$1,550
28
88800
06/09/08
UPD
5X
AUGUST
$1,550
12
88800
06/09/08
UPD
5X
AUGUST
$1,550
12
88800
05/30/08
PHT
5X
$1,550
0
88800
05/28/08
ACT
5X
AUGUST
$1,550
0
88800
2
251872m
11/21/07
UPD
RNT
5X
105 GREY MARE STREET
$1,850
86
88800
11/21/07
UPD
5X
$1,850
86
88800
11/15/07
UPD
5X
$1,850
80
88800
11/14/07
UPD
5X
$1,850
79
88800
08/27/07
PHT
5X
$1,850
88800
08/27/07
ACT
5X
$1,850
88800

The link below is to rental property in the area that might be comparable to yours. Note that there are two other active rental listings in the same neighborhood as your property.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7110015658

Without seeing the house my best estimate is that the market rent would be nearer the $1,500 range


Search Criteria: county= Madisonprop_type= SFDstatus= ACT, CNT, PND, SLD and <> XF((status date >= 01-Aug-2011) and status in (R,S,X,W,K,L) or status in (A,M,P,T,V,C,AC,H))(subdivision like WILLIAMSBURG VILLAGE) Properties Currently for Sale Addr: 3816 MASTIN LAKE ROAD MLS#: 511152 A #1 City/Area: HUNTSVILLE/HN PropType: SF List Price: $59,000 Sold Price: $0 $/Sqft: $34.97 Beds: 4 Baths: 2 AprxSqFt: 1,687 Lot: 80X146 SldDate: Acres: 0.33 AprxAge: Unknwn Fireplc: One, GasLog DOM: N/A ElemSch: W.MASTIN Mid: DAV-M High: JOHN Subdivision: WILLIAMSBURG VILLAGE Features: SL Frame, 1/4Brick CookTop, Oven None Deck, CvrdPati Agent Comments: Remarks: NICE HARDWOOD FLOORS IN THE LIVING ROOM, DINING ROOM AND 3 BEDROOMS. TILE FLOORS IN THE KITCHEN AND BATHS. Addr: 3723 JAMESTOWN ROAD MLS#: 874672 A #2 City/Area: HUNTSVILLE/HN PropType: SF List Price: $59,900 Sold Price: $0 $/Sqft: $32.38 Beds: 4 Baths: 2 AprxSqFt: 1,850 Lot: 86X140 SldDate: Acres: 0.2764 AprxAge: 26-49Yr Fireplc: None DOM: N/A ElemSch: W.MASTIN Mid: EDWHIT High: JOHN Subdivision: WILLIAMSBURG VILLAGE Features: 2S 1/2Brick Rng/Ovn 1CarGar Patio, Curb/Gut Agent Comments: Remarks: Investors Special!!! This 4 bedroom home in a well established neighborhood and can be restored to its original beauty with a little TLC! Wont last long :) --Information deemed reliable but not guaranteed--Copyright: 2012 by NALMLS, Inc. WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012 Properties Currently for Sale Addr: 3814 JAMESTOWN ROAD MLS#: 697997 A #3 City/Area: HUNTSVILLE/HN PropType: SF List Price: $89,900 Sold Price: $0 $/Sqft: $49.83 Beds: 4 Baths: 3 AprxSqFt: 1,804 Lot: 80X140 SldDate: Acres: 0.25712 AprxAge: 26-49Yr Fireplc: None DOM: N/A ElemSch: W.MASTIN Mid: DAV-M High: JOHN Subdivision: WILLIAMSBURG VILLAGE Features: 2S Frame, 1/2Brick CookTop, Oven, Dshwsh 1CarGar, AttGar Patio, TreedLot, Curb/Gut, Sidewalk Agent Comments: Remarks: Home has been renovated with new paint, vinyl and a kitchen with granite countertops plus a tiled backsplash. Hardwood floors have been resurfaced. New roof and some new landscaping. Some new mirrors and fixtures. Level fenced in backyard. Properties Recently Sold Addr: 3814 MASTIN LAKE ROAD MLS#: 539161 S #4 City/Area: HUNTSVILLE/HN PropType: SF List Price: $43,000 Sold Price: $43,000 $/Sqft: $26.71 Beds: 4 Baths: 2 AprxSqFt: 1,610 Lot: 80 X146 SldDate: 06/22/2012 Acres: 0.26814 AprxAge: 26-49Yr Fireplc: None DOM: 15 ElemSch: W.MASTIN Mid: DAV-M High: JOHN Subdivision: WILLIAMSBURG VILLAGE Features: SL Frame Rng/Ovn, Disposl None Patio, Deck, Porch, TreedLot, Curb/Gut, Sidewalk Seller Paid Costs: $0 Seller Paid Points: $0 Agent Comments: Remarks: WOW, good curb appeal, great floor plan and ample space for everyone in this 4 bedroom home. Home recently freshened with paint and carpet. Lower level features a bedroom, rec room, laundry room and a private office. Entertain in the spacious treed yard from the lower patio or upper level deck. Ready for a new owner today so don't miss out on this charming home. Call for your appointment today and start packing tomorrow. --Information deemed reliable but not guaranteed--Copyright: 2012 by NALMLS, Inc. WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012 Comparable Property Statistics Active properties Total # of Listings 3 Lowest Price Listing $59,000 Highest Price Listing $89,900 Average Price $69,600 Avg. Price/SqFt $39 Avg. Days on Market 0 -------------------------------------------------------------------------------- Sold properties Total # of Listings 1 Lowest Price Listing $43,000 Highest Price Listing $43,000 Average Price $43,000 Avg. Price/SqFt $27 Avg. Days on Market 15 --Information deemed reliable but not guaranteed--Copyright: 2012 by NALMLS, Inc. WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012 Homes for Sale Huntsville Homes for sale Huntsville; Search the Huntsville Al MLS for homes for sale in Huntsville Al at www.HomesForSaleHuntsville.net
Cumulative AnalysisListing Category Lowest Price Highest Price Average Price Avg Price/Sqft Active $59,000 $89,900 $69,600 $39 Sold $43,000 $43,000 $43,000 $27 Total $43,000 $89,900 $62,950 $36 Sold Property AnalysisAddress List Price Sold Price DOM % Chg SP/Sqft 3814 MASTIN LAKE ROAD $43,000 $43,000 15 0.0% $26.71 Total Averages $43,000 $43,000 15 0.0% $27 --Information deemed reliable but not guaranteed--Copyright: 2012 by NALMLS, Inc. WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012 Property Summary . Sta Street Address Bed Baths SqFt Aprx. Age L Price S Price Sold Date DOM 1 A 3816 MASTIN LAKE ROAD 4 2 1,687 Unknwn $59,000 $0 N/A 2 A 3723 JAMESTOWN ROAD 4 2 1,850 26-49Yr $59,900 $0 N/A 3 A 3814 JAMESTOWN ROAD 4 3 1,804 26-49Yr $89,900 $0 N/A 4 S 3814 MASTIN LAKE ROAD 4 2 1,610 26-49Yr $43,000 $43,000 06/22/2012 15 --Information deemed reliable but not guaranteed--Copyright: 2012 by NALMLS, Inc. WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012 WWW.HuntsvilleRealty.NET Prepared by Philip Winburn on 8/11/2012