Why are cheap properties selling for millions?
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.
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.
Quote from @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.
That makes sense thank you.
Something that is particularly common in Lawton. Lots of package deals and the way Comanche county records things doesn’t help.