Craziness
A house in my neighborhood recently sold for $700k and immediately went up for rent. It is around 1200 square feet. I do not understand these business decisions. It looks like the buyer owns two other properties in King County.
The previous owner bought it in 2005 for just over $400k.
The previous owner bought it in 2005 for just over $400k.
Comments
Where is this home located?
Well there's your problem. We breed pink ponies here.
I pulled up a list on redfin and looked up each entry in the King County Parcel viewer. From the property report from each page, I went to the records search page for the property. On the deed or warranty deed for the appropriate sale I got the buyer's name in the grantee field. I then did a new search for that grantee. I checked the resulting records to make sure it looked like the same person (same spouse was a good hint). From there I counted the number of properties the person currently owns by purchase records without matching sales records. I may have some errors here, but I think the numbers are pretty accurate.
Here is the "privacy protecting" data. The first field is the purchase month/year. The second number of properties the buyer owns today (including this purchase). I couldn't get one value because it was a very common Chinese name with well over a hundred records matching. A cursory inspection of the records told me they were different people.
6/6 4
7/6 2
9/6 3
9/6 1
9/6 1
9/6 ?
12/6 3
1/7 6
3/7 2
3/7 3
3/7 3
Notice the trend of single home buyers right at the beginning of the school year. I think I can assume the ? is a 1.
The rest are investors! (although this may be their primary residence)
That is a ratio of 8:3. The sample size is very small though. I wonder how well it reflects the area as a whole.
Anyone want to repeat the experiment in their area (it is kind of tedious work)?
What's the area?
I might take a gander at the Cedar Park area if I find some time.