Cohousing-L Mailing List: Re: Fair market value of cohousing homes

[Sharon Villines (sharon]

On May 4, 2014, at 12:33 PM, Philip Dowds <rphilipdowds [at] me.com> wrote:

> But how can sales between willing buyers and willing sellers be above market? 
>  The prices are the prices.  Would you not be better off saying, “During this 
> period, the market prices were above (below) historical averages”?

Above market and below market, I think, are standard real estate market terms, 
"market" meaning average.

The bidding wars were between people who really wanted to live here and no 
units had been for sale for a long time. Years? I don't remember. Those of us 
watching thought each bid was astronomically over the top. One seller refused 
the war. He sat down and talked to each of the 3-4 people and decided who would 
be "best for the community." Two others took the highest price. One was sold to 
the person who had been waiting for a unit for a number of years and had a 
contract on a unit nearby. That was before 2009.

Most ask for "market price." Smallest units have biggest demand, though a 3 
bedroom with a full basement just sold in less than 2 weeks for cash. The 
owners didn't have a place to go yet thinking they had at least a few months 
wait.

But then a unit sold last fall had been on the market for 2-3 years.

In one sense real estate has always been data driven because the numbers were 
so available. But on the other hand, you never know.

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org