Frog Legs

I decided to make a post to track real estate for sale. I will update this post when I find some piece of RE that is of particular interest and which I want to keep track of for posterity’s sake.

281 Matt Abbott Road, Mayflower, AR
3800 sq. ft.
Built 2006
20 acres
Asking Price (12/04/2008): $1,995,000
Previous Sale: N/A
Estimated future value: $338,000

I expect this land isn’t the best, based on the location. I figure at the best of times this house maybe would have been worth ~800,000 (20k per acre plus $100/sq ft).
Right now I would say $600,000 is probably closer to FMV.
Once the bubble finishes popping I estimate about 5k per acre plus $60 per sq. ft so about $338,000 total, maybe even less when you consider a “bulk” discount on the square footage and acreage.

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5528 Lexington – Benton, AR
4200 sq. ft.
Built 2006
0 acres
Asking Price (12/04/2008): $299,999
Previous Sale (11/27/2007): $450,000

Estimated future value: $250,000

Amazing how far things have fallen and we have barely begun. This one is in a gated community. It’s hard to estimate the future value of these monstrositys because there is really no from which history to judge. They are for the most part a recent phenomenon.

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10 Sternwheel - Conway, AR
2565 sq. ft.
Built 1996
3.57 acres
Original Price: $256,00\0
Asking Price (3/29/2009): $240,000 (market time – 138 days)
Previous Sale (6/22/2006): $270,000

Parcel#: 712-00286-000
MLS: 10211151

This is the first good example I’ve seen of actualy changes in market value of a house. It makes my heart warm.