Strange Dealings: Paid 3x market value?

Question

I'm looking into properties (Ohio) and comparing similar SFH in the neighborhood and came across something I don't understand. The average price in this neighborhood is about 75k. But there is this one property across the street from the one I'm looking at that sold for 225k. Same size as the others, nothing apparently special about it at all. If anything, it looks a bit older than most. I looked up the corporation (seems to be listed as a "Ohio Foreign Corporation") that bought it and they bought a few other properties around the city (not close by) at WAY over market value (like 300%) as well.

Is this a green flag? Can this neighborhood be suddenly skyrocketing in value (which I strongly doubt)? Or is it a red flag? Like foreign investors that are buying up random properties with no intention of improving them or even renting them out? Or just ignore it?

Account Closed · Answer

Where in Ohio? Also check the auditor site and make sure it was just a single property transaction. I was posting on another thread here where 5 properties sold together as one sale on the auditor site, but Zillow was displaying the total for the 5 properties as a sale price for just one of them, confusing people.

Hiromitsu Masuda · Answer

UPDATE: it seems that both Zillow and the county auditor's website are a bit misleading. On both websites, three separate properties were listed as being sold for $225k each, when it was apparently actually a package deal.

Hiromitsu Masuda · Answer

This is in Franklin County. I did check the auditor's page and from what I can tell these are all individual properties that appear to be massively overpaid for. I suppose it's not something I need to concern myself about, but this is the first time I've seen something like this and it doesn't make any sense to me. Brandon, I'll PM you.

Brandon Sturgill · Answer

@Peter Simmons There could be a multitude of things going on...feel free to PM the address and I can get some info your way.

Strange Dealings: Paid 3x market value?

4 Replies