Why are cheap properties selling for millions?

[James Guillot]

In my location, I've noticed that when I'm trying to run comps off public MLS sites like Zillow and Redfin, there are properties marked as sold for over a million dollars. These properties are never worth more than 60-90k. Is it some sort of error or maybe something to do with investors evading taxes? I guess I could understand if it were 1 or 2 if those properties had some sort of sentimental value to someone who has that kind of money, but it's happening far too often to be isolated events.

[Matt Devincenzo]

I doubt it's something as nefarious as you imply...why would you overpay 900K+ to save 2-300K on taxes?

The most likely scenario is since the greater OKC area is a pretty popular rental market you're seeing investment home packages being sold. So that property was probably one of 15 sold together hence the appearance of a high individual price. That would also likely be why you see 'so many' like that. If just one or two package sales went through, you might have 30-50 multi million dollar comps likely all within the same general area too.