This is a listing of Cloister home sales including Purchase Price, Appraised Value, and Selling Price as a percent of Appraised Value. These are listed from most recent sales to the first sale of the year 2012.
The Graph below indicates purchase price and appraised value for the 25 homes sold in 2012. The trend lines suggest that the larger homes with 2 car garages sell at better prices vs appraised value. Possibly some of the smaller units are selling below appraised value because the new buyer must pay for the Fee Simple ownership that was offered as an option to owners several years ago. Some owners rejected the “Fee Simple” purchase option when it was offered, their property values are being effected in two ways.
- In some cases the asking price must be reduced since the new owners must purchase the “Fee Simple” ownership on the property.
- Required Fee Simple purchase by the new owner causes an increase in the time (days on market) necessary to sell the property. The seller usually then reduces the asking price.