How accureate is Trulia for real estate ?

http://www.trulia.com/homes/Connecticut/Essex/sold/264953-15-Sunset-Ter-10-Essex-CT-06426

I bought this for 43k ( foreclosed), they say 96k I've bought 10 12k into with new everything, so I'm in for 55k max. I'm thinking I could rent it for like $500-600 a week in the summer months and maybe $800-900 a month academically in the winter. expenses are not more than 5k with taxes and condo fees....not bad !

maybe like 15k in rental income ?

not very

Way off! Estimates aren't even close to reality!

Zillow much better... and a higher price for you

http://www.zillow.com/homes/15-Sunset-Terrace-.num.10,-Essex-CT-06426_rb/

If I am seeing this right, it was sold on 1/27/12 for the grand sum of $1 and then put up for sale the same day for $43,860 by William Raveis Real Estate. Sold on 2/24/12 for $43,000

The estimate showing on Trulia is way off. The cheapest home valuation (yours being the lowest) on the street is roughly $200,000.

Hotpizza said:

If I am seeing this right, it was sold on 1/27/12 for the grand sum of $1 and then put up for sale the same day for $43,860 by William Raveis Real Estate. Sold on 2/24/12 for $43,000

The estimate showing on Trulia is way off. The cheapest home valuation (yours being the lowest) on the street is roughly $200,000.

Click to expand...

well this is a unique type of place, it is only 540 sf, but will have new everything from paint to flooring, kitchen cabinets, countertops, vanity, toilet, shower, etc,

Essex is not a cheap place to live.....you can't really touch a place here for much under 150k, so my 43k foreclosure purchase was an excellent investment. I figure I could re-sell it for 85k ( being into for 55k total), live there myself...or rent it for like $500-600 a WEEK in the summer and $800+ a month academically in the winter.

I have expenses of $233 a month in condo fees ( includes water and oil heat) then a land lease fee of about $60 a month , so call it $300, with property taxes maybe 5k a year.....the place should generate 15k annually in rent ( if I rent it out).

I wish I could buy 5 more of these things.

Buying this will be one of the best things I ever purchased.

Sounds like a great buy, Doug.

Just wondering, did you buy this with all cash or how hard was getting the loan and what down payment, if a loan was involved? I'm looking into investment properties too and my potential lender is telling me 20% down for SFR's and 25% down for units...not easy to come up with that.

pure cash, my credit is not great, but I have some cash.

Betallsports said:

Zillow much better... and a higher price for you

http://www.zillow.com/homes/15-Sunset-Terrace-.num.10,-Essex-CT-06426_rb/

Click to expand...

that is way high at 141k

I'd sell it for 85k-90k and not regret it while I pocket 30k +.

Hotpizza said:

If I am seeing this right, it was sold on 1/27/12 for the grand sum of $1 and then put up for sale the same day for $43,860 by William Raveis Real Estate. Sold on 2/24/12 for $43,000

The estimate showing on Trulia is way off. The cheapest home valuation (yours being the lowest) on the street is roughly $200,000.

Click to expand...

I'm not sure about the $1 thing, but I snapped it up quickly at 43k ( my realtor buddy tipped me off on it). You will not find ANYTHING in this area of Ct for that kind of money. This is not some slum area. I don't even lock the door if I'm gone during the day....sort of like being a Canadian almost, EH !

This is much smaller than anything nearby, so 200k+ is accurate for the area.....having the least expensive place in an expensive area works well.

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New England's Best Small Towns: Essex, CT

Because... sometimes the river trumps the sea.

By Matthew Reed Baker
October 2009
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Underrated and therefore blessedly uncrowded, Essex's central village juts into the Connecticut River some eight miles north of Long Island Sound. There are no rip tides here—just lovely river views and a nautical culture underscored by artifacts like the world's first combat submarine, tested in these very waters. Would-be mariners can book a schooner ride at the Connecticut River Museum, or opt for a more leisurely fall-foliage trip aboard the steamboat Becky Thatcher. Across the river in East Haddam, the 133-year-old Goodspeed Opera House produces classic musicals like 42nd Street and Camelot; for drama of a different kind, head to nearby Gillette Castle, a Gaudi-esque palace built by William Hooker Gillette (Broadway's original Sherlock Holmes), which offers tours, walking trails, and unparalleled river views. The appropriate way to wind down in Essex is with a cup of grog in the taproom of the 1776 Griswold Inn, where, surrounded by weathered oak beams and antique boat models, you can sing along to the inn's banjo band. —Matthew Reed Baker
WHERE TO EAT, STAY, AND PLAY
New England's Best Small Towns

Photo by Paul Rezzendes
Originally published in Boston magazine, October 2009





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