Tuesday, January 6, 2009
Here’s another overpriced home a few blocks from the plaza. Listed for nearly $1.5 million, 423 Haydon is off the charts.
According to Zillow this home was worth $360,000 in January 1999. Currently they value it at $940,000 (37% less than the listed price, and I still think Zillow’s estimate is inflated). The home sold for $650,000 in October 2003.
Assuming you had $300,000 laying around for a down payment, you would still be facing a monthly mortgage payment of $8,800 (over $100,000 a year). Add in yearly property taxes of $15,000 plus maintenance and you get the picture.
UPDATE (7/17/09): See comments below regarding the history of this home and remodeling dollars spent to rehabilitate the house. It also has sold for over $1 million, well above the Zillow estimate.