While appraising a triplex in Sacramento I came across an interesting property history of another nearby triplex in the “Gardenland” area of Sacramento in the 95833 zip code. As you can see below, this property has changed hands quite a bit in the past five years, and it has gone into foreclosure twice too. This is actually a fairly common phenomenon because investors and first-time buyers purchased properties several years ago when property values had already come down since 2005, but then the economy took a turn for the worse. Property values decreased even more and unemployment increased dramatically also.
Sales History of a Triplex Property:
10/01/2010 $117,500 (sold on MLS as bank-owned)
08/11/2010 $60,376 (foreclosure transfer)
02/28/2008 $180,000 (sold on MLS as bank-owned)
07/25/2007 $306,000 (foreclosure transfer)
06/22/2006 $399,000 (sale – not on MLS)
05/27/2005 $360,000 (sale – not on MLS)
It’s remarkable to think this triplex once sold at $399,000 and yet closed days ago for $117,500. This property seems to tell the story of the housing bust and current economy, huh? What do you see?
