Wednesday, May 27, 2009

more Burgh property for sale on ebay.... and why Allegheny County lost their assessment appeal

Remember Elwin talking about noticing some Homewood properties for sale on Ebay and my comments on his comments. Just caught this current ebay listing for a property in Garfield. This house is not far from where I live. Looks like a NJ owner is trying to sell the property for $5K on ebay. Good deal eh? I love this line "Make no payments for 3 months on this purchase - eBay MasterCard".

Property is 5322 Kincaid St. which you can look up on the Allegheny County Assessment site. It lists recent transactions on this property. In recent years it looks like it was foreclosed on, then transferred to HUD, and then resold recently for $700 to the new NJ owner who obviously thought he was getting a good deal. Probably bought it unseen and thought he was going to flip this for a quick profit. Ironic thing is that at a purchase price of $700, selling it for $5K would be quite an appreciation assuming he has had no other major expenses.

The recent transactions are:




The difference with the Homewood sale Elwin caught is that there the back taxes were unpaid. It looked to me it was going to be an expensive proposition to get the taxes paid up which distorted the value a lot. Here it looks like the taxes are mostly current although 2008 county taxes were only paid last month. I would want to check city and school district taxes before touching this one. Probably a couple grand coming due this year even though the property looks boarded up and likely isn't habitable. So anyone buying to try and flip probably needs to invest some $$$ after purchase.

Here is the assessment kicker. This property that can't be sold for $5K, has a recent sale of $700 is assessed at $29K. So roughly 40 times the only datapoint that exists for current market value. Not only that, but it looks to be assessed at twice its nearly identical house next door at 5324 Kincaid. Despite being in obviously better shape than 5322 it is assessed at only $15K.


Anonymous Anonymous said...

And check out the "comparables", some of which sold for around $30K in 1999 and 2000.

Wednesday, May 27, 2009 8:55:00 AM  
Anonymous Anonymous said...

I guess the homeowners in this neighborhood are not the constituency for baseline assessments?

Wednesday, May 27, 2009 8:58:00 AM  
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